HIGHLIGHTS
1. 20% upgrade to the Centipede/Millipede resource which now includes 15.3 Mlbs U3O8 at an average grade of 1021ppm (500ppm cut-off). Total resources at Wiluna stand at 80.5 Mlbs. Resource revision for Lake Maitland and Nowthanna deposits imminent1.
2. Promising results from metallurgical testwork studies including testing a beneficiation process that produced a de-slimed product effectively rejecting up to 15% of mass with minimal loss of uranium.
3. Release of Public Environmental Review (PER) for mining at Millipede and Lake Maitland for 12-week public review.
4. Traditional owner agreement negotiations continued including the completion of a heritage survey in October.
5. Heads of Agreement signed with Oz Minerals for exploration joint venture on highly prospective nickel tenements at Lake Maitland.
6. Mr Tim Netscher appointed as Non-Executive Director and Chairman on 1 November 2015.
7. Uranium spot price remained steady at US$34.20/lb and long term prices remained steady at US$44.00/lb at end of December 2015.
8. Japanese reactor restart program well underway with two reactors operating and a further three reactors likely to restart in Q1 2016.
9. China committed to 40 new reactors by 2020 for domestic power, and extended nuclear technology interests internationally with Britain, Iran, Argentina and others.
10. $6M interest free loan refinancing completed with The Sentient Group, remaining $6M balance of Macquarie Bank loan repaid in full.
11. Cash balance at end of the quarter was $13.4M.
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