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1 ASX ACTIVITIES REPORT 3 months ended: 31 March 2014 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 Pine Hill EL 4787 Wild Horse Plains EL 4693 Muckanippie EL 4694 ISSUED CAPITAL 14 Apr 2014 Shares on Issue: 162,274,756 Unlisted Options: 12,550,000 INVESTOR INQUIRIES executive@uraniumsa.com.au Inquiries regarding this report and company business may be directed to: David Paterson Acting CEO MONTHS TO 31 MARCH 2014 OVERVIEW During the quarter to 31 March 2014 the following activity was undertaken: 1. Capital raising of $300,000 through a placement of shares and options to a sophisticated investor was completed after the close of the March 2014 quarter. (ASX 1 April 2014). 2. Samphire project located south of Whyalla on the Eyre Peninsula in South Australia. Work continued with progression of metallurgical work on Blackbush mineralisation, drilling of the Stock Dam iron ore prospect, the Cowleds IOCGU prospect, and the Dragon uranium prospect (ASX 31 March 2014). 3. Muckanippie project located in the Coober Pedy Tarcoola district of South Australia. Initial metallurgical appraisal of the Wigetty titaniumiron-phosphate mineralisation commenced with samples from the South Australian Government Core Library. Evaluation of the results of previous field programs for copper-nickel mineralisation continues. FINANCE Exploration expenditure for the period $172,000. Cash position at the end of the period $0.740m (no debit, unaudited). Estimated expenditure for the June 2014 quarter $290,000. After the close of the March 2014 quarter UraniumSA completed a capital raising involving a placement of shares and options to a sophisticated investor to raise $300,000 (ASX 1 April 2014). The placement involved the issue of 15,000,000 fully paid ordinary shares at a price of $0.02 and the issue of 5,000,000 unlisted options for no consideration. The options have an exercise price of $0.06 and expire on 02 April The funds raised by the placement will assist financing exploration on projects and general working capital requirements. The UraniumSA board is mindful of ongoing capital needs and will involve all shareholders where it can. VISIT OUR WEBSITE 14 April

2 ACTIVITIES SAMPHIRE PROJECT The Samphire project comprises Exploration Licence 4979 (Samphire, USA 100%) and the Midgee portion of EL 4242 (Stellar Resources Ltd, ASX: SRZ, USA earning 73%). UraniumSA was the successful applicant in a competitive bid for Exploration Retention Area 278 over ground to the immediate west and south of EL The area is underlain by geology prospective for repetitions of Blackbush style sediment hosted uranium and Dragon style mylonite hosted mineralisation. Metallurgical work on the Blackbush deposit continued in association with our strategic partners and with the assistance of funding from Grant from the South Australian Government (ASX 17 January 2014, ASX 26 March 2014). Several new exploration targets and prospects were identified and reconnaissance drilling completed (ASX 19 February 2014, ASX 31 March 2014). METALLURGY UraniumSA received a $50,000 Grant from the South Australian Government to advance metallurgical test work connected to its Samphire Project uranium deposits at Blackbush and Plumbush (ASX 17 January 2014). The testwork commenced in March. The Grant will facilitate the continuation of research and test work by UraniumSA to optimise pathways for uranium recovery from hyper-saline solution using ion-exchange resins which will be used in a field trial of in-situ recovery mining at Blackbush. Under a previously announced MOU with CleanTeq Stage 1 (kinetic testing) work has been completed. The South Australian Government grant will be applied towards Stage 2 (locked cycle testing) in collaboration with the respected University of South Australia s Ian Wark Research Institute. It will enable more extensive lock cycle testing and separation and purification processes using three different ion exchange resins to determine the most favourable technique to extract uranium from hyper- saline leach solutions. An MOU for collaboration with Lanxess Pty Ltd (the Australian wholly owned subsidiary of international chemical company and ion exchange specialist LANXESS AG, ASX 26 March 2014) extends the range of partnerships established in support of the UraniumSA work. LANXESS have provided one of the resins to be tested at the University of South Australia. Metallurgical work on the Samphire project uranium mineralisation has been reported previously in various ASX releases. In particular interested parties are directed to an ASX Release 13 June 2012, titled Metallurgical Development Samphire Uranium Project. STOCK DAM MAGNETITE PROSPECT The Stock Dam magnetite prospect is centred on a high amplitude aeromagnetic anomaly located ~4.6km north of the Blackbush prospect. The anomaly is within north-south trending sub-vertical Broadview Schist adjacent to the northern margin of the Samphire batholith. A single vertical rotary mud hole was drilled to identify the rock type responsible for the magnetic anomaly (ASX 31 March 2014). From below the base of younger cover at ~35m the Stock Dam drill hole intersected soft red schistose materials which from ~60m was contained a few percent magnetite/mag-hematite, and 15-30% magnetite/mag-hematite from 68m to end-of-hole at 72m (visual estimation on drill cuttings, no 14 April

3 assays). The drilling confirms the source of the magnetic anomaly as magnetite/mag-hematite within a soft and relatively low strength host rock. Initial interpretation indicates the hole drilled in the hanging wall sequence and stopped short of the main zone. Given its favourable location adjacent to Whyalla and established infrastructure, tonnes/grade potential and mining characteristics, the Stock Dam discovery is regarded as a significant discovery and worth further investigation. Geophysical modelling will be carried out to determine the trace, width and dip direction of the magnetite/mag-hematite source for future drilling. COWLEDS IOCGU COPPER PROSPECT The Cowleds IOCGU copper prospect is located ~4km northeast of the Blackbush deposit on the northern margin of the Samphire granite intrusive where it is in contact with interpreted Wandearah Formation and the regionally significant Roopena Fault. Geochemistry of end-of-hole samples (previous sediment hosted exploration drill holes, portable XRF on hand grab samples of cuttings) shows statistically significant copper-iron anomalism is associated with a subtle aeromagnetic anomaly. Two vertical rotary mud holes (MRM909, 911, aggregate depth 119m) were drilled to test the geological interpretation and obtain samples for geochemical analysis and petrology. (ASX 31 March 2014). The holes intersected hematised brecciated granites (MRM909) and brecciated, silicified roof-pendant metasediments (MRM911) which are geologically consistent with the IOCGU model. Primary mineralisation was not visually apparent and samples are being selected for geochemical assay. DRAGON URANIUM PROSPECT The Dragon uranium prospect is centred on a track-etch radon anomaly which is coincident with a deep (~130m) AEM response. Shallow vertical rotary mud holes MRM 2001 to MRM 2012 were drilled in two traverses across the tack-etch anomaly to provide bedrock geological data and test for alteration and secondary mineralisation (12 holes, 20m centres, aggregate 324m, average depth ~27m). Traverses were oriented which is perpendicular to the geological strike direction, and are inclined 45 0 the AEM section. Drill cuttings were geologically logged at site and holes surveyed with natural gamma and formation density sondes. No significant radiometric anomalism was detected. Samples are being selected to investigate alteration and geochemical dispersion patterns. The Dragon prospect exploration model is for uranium mineralisation hosted by strike-extensive metasomatised mylonite rocks below younger cover. Internationally and elsewhere in Australia uranium deposits associated with metasomatised mylonite rocks contain significant uranium mineralisation and deposits (ASX 19 February 2014). The objective of the drilling was to establish the thickness and character of the cover rocks (see the discussion below), to look for indications of secondary dispersion of mineralisation at the base of cover, confirm the presence of potential source mylonite rocks below the track-etch anomaly, and check for basement alteration. Radon gas is a unique daughter product of the radiogenic decay of uranium, but it is dispersed through the natural environment from a range of primary sources and by very diverse mechanisms such as variation in the cover sequence which can change the pathways of upward migration of radon gas, or cross-cutting structures which can accumulate and focus radon gas movement. One objective of the shallow drilling completed was to determine the characteristics of the young cover over basement. The drilling encountered laterally homogenous younger cover rocks extending across the area, with no 14 April

4 significant vertical variation in thickness of components or of depth to basement. The base of younger cover is a Gibbon Bed plastic marine clay unit which lies directly on basement rocks. The uniform characteristics of the young cover indicate that the pattern of track-etch anomalism is a reflection of a bedrock source for the radon. The interface between Gibbon Bed marine clays and basement is sharp and there is no secondary dispersion halo of mineralisation. Indications of possible minor alteration were observed in basement cutting from drill holes across the crest of the track etch anomaly confirmation and follow up work has commenced. The drilling has confirmed that the most probable source of the radon gas track-etch anomaly is uranium mineralisation in altered mylonite basement rocks. The next rounds of work will investigate the relationship between the track-etch peak response, the geology and geometry of the alteration halo, and the deep AEM response (~130m) to target primary uranium mineralisation for testing with inclined drill holes. MUCKANIPPIE PROJECT UraniumSA owns 100% of Exploration Licence In the quarter to the end of March 2014 an Exploration Target for the Wigetty titanium-iron-phosphate prospect was released to ASX (12 February 2014). Work on processing soil samples collected in previously reported field programs continued. WIGETTY TITANIUM-IRON-PHOSPHATE PROJECT Exploration Target. At the Wigetty prospect multi-commodity mineralisation is disseminated within a metamorphic host rock and is regarded as having potential for the development of an open-pit operation to produce mineral concentrates of ilmenite (titanium) with co-product magnetite (iron) and apatite (phosphate). UraniumSA has estimated an Exploration Target of ilmenite-magnetite-apatite mineralisation at Wigetty comprising a global target of (ASX 12 February 2014): Mt of mineralisation at 11% ilmenite (range 9.9% to 12.3%) 13% magnetite (range 11.4% to 14.0%) 2.5% apatite (range 2.3% to 3.1%) within which there is a target zone for higher grade material of 14-35Mt of mineralisation at 12% ilmenite (range 9.9% to 12.3%) 14% magnetite (range 11.4% to 14.0%) 3.0% apatite (range 2.3% to 3.1%) Cautionary statement. The Exploration Target is an estimation of the conceptual quantity and grade of mineralisation at the Wigetty prospect based on prior work by third parties. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Throughout the world there are a number of deposits and prospects which have similar mineralisation and tonnage/grade characteristics to Wigetty. These are hosted within various norite igneous intrusive rocks which have generally uniform isotropic strength characteristic resulting in relatively high mining and milling costs. The potential competitive advantage for Wigetty is that the metamorphic granulite host rock which has a pronounced strength isotropy may have significantly lower mining and milling costs. 14 April

5 Metallurgy. The Wigetty titanium-iron-phosphate mineralisation appears to be relatively uniformly distributed through the granulite host rock - the grade of mineralisation is comparable to other known deposits and there is significant tonnage potential in the prospect. Initial investigations will focus on the crushing and grinding characteristics of the granulite host rock, the metallurgy of the mineralisation and the range of products which may be obtainable. Drill chips from a South Australian Government regional exploration hole and several of the holes drilled by Aztec and Iluka (previous exploration, ASX 12 February 2014) are retained in the Mines Department Core Library. Small samples of this material have been made available to UraniumSA to enable it to complete an initial metallurgical appraisal of the granulite hosted mineralisation. COPPER-NICKEL BASE METAL EXPLORATION Appraisal of the geological mapping and soil sampling programs carried out over two areas of interpreted mafic complex rocks (previously reported) continues. Work has been delayed by the other exploration activities reported above. OTHER PROJECTS CHARLESTON PROJECT Pine Hill JV (Centralian Mining Pty Ltd, USA earning 70% EL 4787). Midgee portion of SRZ JV (Stellar Resources Ltd, USA earning 73% EL 4242). The new exploration title has been offered and is being accepted. No significant work was completed during the Quarter. WILD HORSE PLAIN USA 100% uranium, Archer Exploration Limited (ASX: AXE) 100% other minerals, EL Archer Exploration is continuing its work on the project. No work was done by UraniumSA. CORPORATE DIVERSIFICATION AND NEW PROJECTS The Board has given effect to its decision to diversify UraniumSA s exploration efforts with the drilling of the Stock Dam iron ore prospect and the Cowleds IOCGU prospect, both in the Samphire project. This drilling achieved its objectives and each of these newly identified prospects has the potential to deliver further good outcomes to the portfolio. The Company and its advisors are actively seeking out and evaluating advanced projects which have the potential to meet the Boards business criteria and which would be capable of adding significant shareholder value. Work on the Blackbush deposit within the Samphire project will continue at a rate which reflects the current global uranium market, production opportunities and investor sentiment. 14 April

6 FORWARD WORK PROGRAM TO END JUNE 2014 SAMPHIRE PROJECT Blackbush uranium deposit Continuation of the metallurgical program in conjunction with our strategic partners. Conceptual design for drilling out high grade mineralisation in the Western Zone, Blackbush. Continuation of the investigation of granite basement mineralisation. Samphire basement iron ore, IOCGU and uranium Stock Dam iron ore prospect, geophysical model of mineralisation for drill targeting. Cowleds IOCGU copper prospect, drill sample geochemistry, geophysical and geological interpretation. Dragon uranium prospect, geology and geochemical data and interpretation. Plumbush deposit and SRZ-JV Continuing discussions with the landowners and in the Wardens Court aimed at a resolution of access issues for follow up exploration and drilling of the Plumbush deposit. MUCKANIPPIE PROJECT Geological and metallurgical appraisals of existing drill materials. Ongoing appraisal and reporting of base metal exploration at Sensational Bore and White Nose Bore prospects. OTHER PROJECTS Charleston project Geological and geophysical review; appraisal of track etch as an exploration tool. Wild Horse Plains (Cleve) project, eastern Eyre Peninsula Archer Exploration will be continuing its work on the project. No work is planned by UraniumSA. 14 April

7 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. The Board has continued its diversification of UraniumSA s exploration efforts into commodities and opportunities other than uranium. Work on the Blackbush deposit within the Samphire project will continue at a rate which reflects the current global uranium market, production opportunities and investor sentiment. David Paterson Acting Chief Executive Officer UraniumSA Limited The exploration results mineral resources reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr Russel Bluck a Director of UraniumSA Limited and Member of the Australian Institute of Geoscientists with 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 Person as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Bluck consents to the inclusion in the report of matters based on his information in the form and context in which it appears. It should be noted that the abovementioned exploration results are preliminary. 14 April