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1 ASX RELEASE 13 February 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 Shares on Issue: 147,274,756 Quoted shares: 147,274,756 Unlisted Options: 7,550,000 INVESTOR INQUIRIES executive@uraniumsa.com.au Inquiries regarding this report and company business may be directed to: David Paterson Acting CEO VISIT OUR WEBSITE MAIDEN EXPLORATION TARGET Wigetty titanium-iron-phosphate project UraniumSA Limited (ASX: USA) is pleased to announce a maiden Exploration Target of mineralisation in the Company s Muckanippie project in northern South Australia. The Wigetty prospect has multicommodity mineralisation with potential for the development of an open-pit operation to produce mineral concentrates of ilmenite (titanium) with co-product magnetite (iron) and apatite (phosphate). 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. There are a significant and increasing number of mining operations in the Coober Pedy Tarcoola district in South Australia, with several iron ore projects trucking product from mine site to the Adelaide-Darwin broad gauge rail connection (map next page). The Muckanippie project (Exploration Licence 4694, 100% UraniumSA) is located 44km west of the Adelaide-Darwin broad gauge rail connection and covers a large portion of the Muckanippie Anorthosite Complex. UraniumSA has estimated an Exploration Target of ilmenite-magnetiteapatite mineralisation at Wigetty comprising a global target of 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%) This estimation is based on a reinterpretation of the results of iron ore only exploration by Aztec Mining Company Limited (1998, a subsidiary Normandy Mining Limited) and of ilmenite only exploration by Iluka Resources Limited (2002). NOTE. Grades are estimated at a 7.6% ilmenite cut-off rounded to the nearest ½%. Global targets are rounded to the nearest 10MT; target zones are rounded to the nearest 1Mt. Wigetty Maiden Exploration Target February

2 BACKGROUND The Wigetty prospect is a well define aeromagnetic feature located on the western margin of Exploration Licence 4694, some 74km north of Tarcoola and 44km west of the Adelaide-Darwin broad gauge rail connection. The license is within the Woomera Prohibited Area (WPA) south of the Defence Periodic Use Zone 2 corridor. UraniumSA have a Deed of Access for exploration and mining for the WPA and a current PEPR (Program for Environment Protection and Rehabilitation) issued by DMITRE (Department for Manufacturing, Innovation, Trade, Resources and Energy). Commencing late 2013 UraniumSA has examined the Wigetty prospect as a hard-rock ilmenite play with potential magnetite and apatite co-product credits. Integrating geophysical, geological and assay data from prior Aztec (iron ore exploration) and Iluka (ilmenite exploration) work interpretive models of the mineralisation have been created and JORC compliant Exploration Targets estimated for a conceptual operation producing ilmenite with co-product magnetite and apatite. PRIOR EXPLORATION The Wigetty prospect (the origin of the name is not known) was recognised in PIRSA regional exploration drilling (1991), evaluated as an iron ore play by Aztec (a Normandy subsidiary, 1998) and subsequently examined as an ilmenite play by Iluka (in Joint Venture, up to 2002). There have been 43 holes drilled at and in the immediate environs of the Wigetty prospect; 3 drilled by DMITRE/PIRSA during a regional reconnaissance program, 34 drilled by Aztec, and 6 drilled by Iluka. Iluka informally estimated a resource of ilmenite mineralisation at Wigetty (2002): the estimate does not comply with JORC 2012 and is not reported herein. Wigetty Maiden Exploration Target February

3 Iron rich metamorphic rocks of the Mulgathing Complex in the Tarcoola Coober Pedy district are host to various magnetite dominated iron ore prospects and plays and these appear to have been the model for the Aztec exploration (samples were assayed for Fe - iron but not Ti - titanium). Examples from within the district are Hawkes Nest (35% Fe, equivalent to 48% magnetite), Mount Woods (27% Fe, equivalent to 37% magnetite) and the adjacent Cairn Hill mine. Magnetite iron ore mines and prospects within South Australia average 22% Fe, equivalent to 30% magnetite (raw tonnage weighted, various PIRSA publications). High Fe/Ti values occur at the Wigetty prospect associated with mafic rocks of the Muckanippie Anorthosite Complex. Previous tenement holders, Platsearch, recognised the hard-rock ilmenite possibilities and Iluka Joint Ventured into the prospect to explore for high grade hard rock mineralisation. GEOLOGY Exploration Licence 4694 covers the majority of the Muckanippie Anorthosite Complex (MAC) emplaced in Archaean rocks of the Mulgathing Complex (MC). The MAC was identified and informally named by PIRSA from the results of regional drilling, supported by geochemistry and petrology. It comprises anorthosite, gabbroic-anorthosite, gabbro, diorite, syenite, granodiorite and granites. The limits of the MAC are not geologically well constrained but interpretation of aeromagnetic imaging indicates an area in the range of 500km 2, with no estimates of thickness. Wigetty is located on the northwest edge of the Exploration Licence at the margins of the MAC and within a clearly defined magnetic feature. Rock types comprise gabbro intruded into metamorphic granulite. The magnetic stratigraphy strikes to the northeast, inferred dips are steeply southeast. At Wigetty, titanium, iron and phosphorous mineralisation is associated with mafic intrusive activity and largely hosted by granulite, but the extent, geological controls and grade distribution of mineralisation within the granulite is poorly constrained. GEOPHYSICS Aztec helicopter aeromagnetic surveys defined the Wigetty aeromagnetic anomaly and Iluka conducted detailed magnetic and gravity ground surveys across a northwest trending belt across it. The Iluka geophysical consultant interpretation was for steep southeast dipping bodies (perpendicular to line direction of 315 degrees (AMG) and a profile of six drill holes was drilled to test this model. Mineralisation is known from outcrop sampling and drilling over ~1.2km of strike and the geophysics indicates that it can be projected out to ~2.5km at reasonable levels of confidence. GEOLOGICAL INTERPRETATION The best-fit to the regional and detailed geophysical, geological and drilling data is of northeast trending, steeply east dipping complex of gabbro bodies and granulite metamorphic rocks. The geology of the Wigetty prospect is divisible into a Western Granulite Zone (WGZ) corresponding to the peak aeromagnetic response, with separate Central Granulite Zone (CGZ) and Eastern Granulite Zone (EGZ) zones corresponding with lower aeromagnetic response profiles. The WGZ is bounded to the east by unnamed metamorphic rocks, and to the east by a MAC Gabbro (Central Gabbro, CG). Repetitions of MAC Gabbro separate the CGZ and EGZ. Wigetty Maiden Exploration Target February

4 Composite Profile through the Wigetty Prospect Drill hole profiles central line is the geology from Iluka field logs left side is %TiO2, orange >5% right side is %Fe, orange >20% Section 315AMG perpendicular to strike. Scale as shown. No vertical exaggeration. TA0001 TA0002 TA0003 TA0004 TA0005 TA0006 Western Granulite Zone Central Gabbro Central Granulite Zone Eastern Granulite Zone Unscaled magnetic profile from Iluka ground survey data, refer to the section line and plan location below Geological shapes interpreted by UraniumSA from drill logs and the Iluka geophysical interpretation Wigetty Prospect - footprint of WGZ on aeromagnetic contours EL 5195 Marmota Energy Ltd Magnetic contour map is a Helimag survey reported by Aztec. The coloured outlines are interpretations by UraniumSA of the footprint of mineralised WGZ. Red outline is at the outer trace of the upper range estimation of global tonnage (herein) Brown outline is the outer trace of the lower range estimation of global tonnage (herein) Composite Profile section line above Green outline is the outer trace of the upper range estimation of target tonnage (herein). The lower range estimation of target tonnage assumes a strike extent of 1.1km (not shown). Blue line is the position and extent of the composite profile (above) with the Iluka drill holes. EL 4694 UraniumSA Ltd Purple dashed line is the EL. The cross-hatched area has been excluded from the estimation of an Exploration Target. Plan view, north to top, graticules are 500m Wigetty Maiden Exploration Target February

5 From the interpretive Composite Profile it is inferred that the WGZ is the source of the magnetic high. The various outlines (above) tracing aeromagnetic contours are an empirical approximation of the plan footprint of various parts of the WGZ rock unit. The Iluka drill data and assay results show that the Western Granulite Zone hosts broadly disseminated titanium/iron mineralisation. The assay data indicates that the WGZ is extensively mineralised at potentially economic grades. Bulk grade increases east to west within the WGZ (from drill hole TA0003 in the east through TA0002 to TA0001 in the west) and if this trend is sustained there is a possibility that better than deposit-average grades will occur along the western footwall. Ilmenite Mineralisation Mineralisation in the WGZ (TA0001, 2, 3) is relatively continuous down the length of the holes and overall titanium and iron grades are at potentially significant levels throughout the WGZ. Drill samples were assayed for Ti and have been converted to ilmenite assuming stoichiometric compositions. Iluka commissioned Scanning Electron Microscopy (SEM) on ilmenite grains indicates near stoichiometric Ti:Fe:Mn compositions. On the available drill assay data and petrology neither the Gabbro (TA0004), the CGZ (TA0005) nor the EGZ (TA0006) are host to potentially significant titanium-iron mineralisation. Iron Mineralisation Petrology descriptions of the WGZ semi-quantitatively estimated both magnetite and ilmenite as major components. The Fe values from the Iluka drilling are interpreted to be distributed between ilmenite, as a component in ferromagnesian silicates, and as magnetite. For the present purpose, it is assumed that a stoichiometric portion of Fe (~37%) is incorporated with Ti in ilmenite, and that the balance is equally distributed between magnetite and ferromagnesian minerals. These assumptions give an outcome which is in line with the petrology; there is no other supporting data at this time. An iron cutoff grade is not applied; magnetite is assumed as a co-product of the processing of the mineralisation and not a primary determinant of material mined. Apatite Mineralisation Apatite was consistently reported in the Iluka petrology and rock chip sampling returned phosphate P 2 O 5 grades averaging 2.5% (median 2.8%, range 0.2% to 5.73%). Assuming the phosphate is in apatite and stoichiometric composition, these results are equivalent to ~6.0% apatite (median 6.6%, range 0.5% to 13.7%). No drill samples were assayed for phosphorous. The rock chip samples were collected along a magnetic strike extent of ~1.2km and across the magnetic stratigraphy. There is a linear relationship between P 2 O 5 and TiO 2 (r 2 = 0.725) in the data which is consistent with that seen in other mineralised mafic systems reported in the literature. The relationship is accepted as an indicative approximation for the present purpose, and has been used to infer an apatite credit for the Exploration Target estimation. A phosphorous cut-off grade is not applied; apatite is assumed as a co-product of the processing of the mineralisation and not a primary determinant of material mined. Wigetty Maiden Exploration Target February

6 METALLURGY Iluka composited two samples for initial metallurgical test work; one from TA0001 in the Western Granulite Zone; a second from TA004 in the Central Gabbro. Drill cuttings were processed using standard heavy mineral sands flow sheets and methods. The Iluka report (ENV09624, pp 107) notes that the bulk results are not very meaningful because a large portion of host rock gangue was attached to the oxide grains. Despite limitations in the processing and the incomplete results available, the reported magnetic separation work indicated that; a magnetite product separates cleanly. iron-titanium products separate over the range rpm (drum rotation). phosphorous is concentrated into the >200rpm (drum rotation) non-magnetic fraction. The available metallurgical work has been examined by Simon Hall, the UraniumSA Metallurgical Manager. Overall, the work has provided very limited and only indicative information which does not materially assist in the effective metallurgical investigation of the Wigetty prospect hard rock mineralisation. ESTIMATES OF MINERALISATION Cautionary statement This work has relied upon historic data from open file reports and the information relied upon cannot be duplicated or otherwise verified by UraniumSA. The estimate made here is an Exploration Target under JORC 2012 Clause 17. The Exploration Target estimation is of the potential of the Wigetty prospect based on prior work by third parties and interpretation of that data by UraniumSA. 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. Iluka Resources Limited Iluka made an estimate of mineralisation based on their data and interpretations (ENV09624, pp176, no JORC classification). The estimate does not conform to JORC 2012 and is not provided herein. The Iluka work was focussed on a Lac Tio model targeting a massive high grade titanium-inilmenite mineralisation in a mafic host rock. Associated magnetite and apatite was identified but not investigated. The Iluka estimate is separated into an Oxide Resource with Fresh Rock and High Grade categories. Wigetty Maiden Exploration Target February

7 UraniumSA Limited Classification of the estimation UraniumSA has acquired data from the SARIG database and from available public domain reports. The data has been collated, copied or converted where necessary into electronic formats, and imported into MapInfo/Discover. All data is in MGA94, having been converted where necessary. The entire raw data set is generated by third parties and obtained from DMITRE/PIRSA open file reports and UraniumSA cannot verify that the work has been done to current standards or that the results have been correctly captured and reported. Basis of the estimation The estimations rely on the geological interpretations and evaluation of analytical data provided previously, principally; mineralisation comprises ilmenite with potential co-product magnetite and apatite. the WGZ has an associated distinctive aeromagnetic signature which is used to empirically outline a footprint for the rock unit and mineralisation. the estimation extends between the base of saprolite at ~19m to the depth of deepest drill intersection, a length of ~111m. mineralisation is disseminated through the WGZ with a possible grade break in the range between 4 5% TiO 2. a bulk density of 2.5 is assumed (Iluka assumed 3.0 for granulite). Wigetty Maiden Exploration Target February

8 PROPOSED EXPLORATION The work required to improve the confidence level of the Wigetty prospect Exploration Target estimation comprises; 1. Soil sampling across the inferred extent of the WGZ to map the surface plan projection of ilmenite-iron-phosphate mineralisation. The drilling completed indicates that much of the inferred area of the WGZ is overlain by a lag or saprolite weathering surface potentially amenable to standard soil geochemical methods. Soil geochemical work by UraniumSA in other parts of the tenement has detected both iron and titanium in soils (phosphorous not determined). 2. Integrating the magnetic data from airborne surveys with drill samples susceptibility measurements and the present geological interpretations to re-model source bodies. 3. Targeted RC/core drilling to obtain samples of mineralised material to investigate the tenor and distribution of the targeted ilmenite-magnetite-apatite assemblage, to provide feedstock for indicative metallurgical testing, and enable an assessment of potential mining characteristics. 4. Initial investigation of the potential marketability and range of values of mineralisation concentrates produced by the metallurgical test work. 5. Broad spaced RC /core drilling investigate variations in mineralisation and metallurgical performance within the WGZ target. 6. Systematic drilling, assaying, metallurgy to increase confidence levels within selected areas. Phases 1, 2 are anticipated to be completed by UraniumSA in the first half of Phases 3, 4 will be designed using Phase 1, 2 outcomes and delivered over a month period subject to the availability of funding. Phases 5, 6 are significant programs the design, cost and delivery of which are subject to the outcomes of the preceding work and to the availability of funding. Wigetty Maiden Exploration Target February

9 TABLE 1 CHECKLIST OF ASSESSMENT AND REPORTING CRITERIA JORC TABLE 1 Section 1 Sampling Techniques and Data Criteria Sampling techniques Drilling techniques Drill sample recovery Logging Sub-sampling techniques and sample preparation Comment (specific to the work being reported) Iluka report that drill sample was collected at 2m intervals using the on rig riffle splitter connected to the bottom of the cyclone. One 12.5% split was bagged and left on site for reference and a smaller split averaging 2-3kg was sent to Genalysis for analysis. Surface rock chip sample characteristics and sampling procedures are not recorded. GPS locations were recorded. The estimation relies upon 6 RC holes that were drilled and reported on by Iluka. Holes were drilled azimuth 315 o, dip 60 o. Holes TA0001-TA0004 drilled to 150m and TA0005-TA0006 drilled to 100m. Chip samples were collected throughout. No core was taken. No recovery information was recorded by Iluka. The onsite geologist sieved and panned each sample on site and logged each 2m sample. Qualitative logging of 2m depth intervals, colour, grain size, lithology, mineral and percentage, weathering, alteration, magnetic susceptibility. Minimal descriptions were recorded for the rock chip samples. Drill cutting split off the rig see above. The procedures described are appropriate for the target and stage of work. No information is available on preparation and sub-sampling of the rock chip samples. Quality of assay data and laboratory tests Verification of sampling and assaying Drill samples went to a certified and accredited laboratory for all assays (Genalysis) with limited check assay (not systematically reported). Iluka 2m drill samples were composited to 4m (method not recorded) and assayed for Fe, Nb, Ni, Pb, TH, Ti, Cr2O3, Fe2O3, U, V, V2O5, Y and Zn. Standard laboratory methods, codes have not been interpreted at this time. Intersections were not regarded by Iluka as significant, no verification was undertaken. No holes were twinned by Iluka. Aztec twinned one hole south of the Iluka traverse (iron only assaying). Records available to UraniumSA are from DMITRE/PIRSA archives and the SARIG site. Data is reported in hard copy, some has been Wigetty Maiden Exploration Target February

10 able to be captured through OCR and cross-check. Location of data points Collars were located on the geophysical traverses used for gravity surveying. GPS is assumed but not recorded. Collar elevations are assumed to be from this data. All coordinates were recorded in AGD 66 Zone 53 and were reprojected to MGA94 Zone 53. Data spacing and distribution Orientation of data in relation to geological structure Sample security Audits or reviews Drillhole spacing varied from 140 to 300m and was appropriate for the stage of work. Each Iluka 2m sample was composited to 4m for assay. The regional strike of the magnetic body is approximately 45 o N with interpreted steep dips toward 135 o N. Interpretation of the drill logs assuming these orientations gave the best fit to all of the data this is the only verification available at this stage. N/A In house reviews by UraniumSA of its data transcriptions, interpretations and documentation. No external review considered to be required. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria Mineral tenement and land tenure status Exploration done by other parties Geology Comment (specific to the work being reported) The Wigetty prospect is contained within EL 4694 held by Fatjack Pty Ltd, a wholly owned subsidiary of UraniumSA Ltd. EL 4694 is located on both the Mulgathing and Bulgunnia pastoral stations. Wigetty is located within Mulgathing Station. No national parks or conservation reserves are located within the tenement. The tenement is located entirely within the Woomera Prohibited Area. An Exploration PEPR (Program for Environment Protection and Rehabilitation) for the entirety of EL 4694 has been approved by DMITRE (Department for Manufacturing, Innovation, Trade, Resources and Energy). The Wigetty prospect was first recognised by PIRSA in the 1991 regional exploration drilling. It was later evaluated by Aztec (Normandy subsidiary) as an iron ore play and by Iluka as an ilmenite play. The Iluka work is the basis of this work. Wigetty is a NE striking, linear magnetic anomaly located within Mulgathing complex granulite, intruded by gabbro on the margins of the Muckanippie Anorthosite Complex. The feature is located on the edge of the Muckanippie Anorthosite Wigetty Maiden Exploration Target February

11 Complex which has an area of approximately 500km 2. Disseminated titanium, iron and phosphorous grades of potential economic interest are present within the granulite. Drill hole Information Data aggregation methods TA0001, E N, RL 186m, Dip -60, Azimuth 315, EOH 150m TA0002, E N, RL 186m, Dip -60, Azimuth 315, EOH 150m TA0003, E N, RL 186m, Dip -60, Azimuth 315, EOH 150m TA0004, E N, RL 186m, Dip -60, Azimuth 315, EOH 150m TA0005, E N, RL 186m, Dip -60, Azimuth 315, EOH 100m TA0006, E N, RL 186m, Dip -60, Azimuth 315, EOH 150m No exploration results are being reported No metal equivalents are reported Relationship between mineralisation widths and intercept lengths On the basis of the present interpretation drill holes are inclined to the fabric of the host rock. Mineralisation lengths are drill hole intercept lengths. Diagrams Balanced reporting Other substantive exploration data Further work Diagrams and sections appropriate to the work are contained in the body of the text. The Exploration Target is estimated to appropriate upper and lower limits and across a range of grade using the information and interpretations that are available. Commentary is provided on the methodology used in the estimation of the various components of the mineralisation. The available metallurgical work has been reviewed and commented on by the UraniumSA Metallurgical Manager. Commentary is provided in the body of the text. The range of extensions is adequately represented in the range of estimations given in the body of the text. Wigetty Maiden Exploration Target February

12 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 U3O8 at a 100ppm eu3o8 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 U3O8 at a 100ppm eu3o8 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 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. Wigetty Maiden Exploration Target February