Cautionary Note to U.S. Investors
Disclosure Regarding Foreign Estimates Pertaining to JORC
URI wishes to confirm that the information reported in relation to the URI Mineral Resources is on the basis of a foreign estimate (Foreign Estimate) and as such is not reported in accordance with the JORC Code. The following additional information is provided in accordance with Listing Rule 5.12.
The information provided in relation to Foreign Estimates was extracted from URI’s website and various filings with the SEC (USA). URI discloses Mineral Resources, including inferred resources, pursuant to the CIM Standards and NI 43-101.
URI believes that the categories of mineralisation reported are similar to the JORC Code (2012) classification. The Foreign Estimates in their current form are considered to be an accurate representation of the available data, and are the most recent Resource Statement by URI.
URI considers the Foreign Estimates to be material to URI. URI also believes that the Foreign Estimates are relevant to shareholders as they provide an indication of the current estimated mineralisation under the control of URI.
URI believes that the Foreign Estimates are sufficiently reliable and consistent with estimation methodologies commonly used at the time of their estimation. URI reported the Foreign Estimates and has been involved in the exploration and evaluation of these deposits. URI has significant experience in uranium exploration and the production of uranium from its uranium assets in South Texas, USA, and files all necessary information relating to their activities with the governing authorities (SEC).
Information relating to the key assumptions, mining and processing parameters, and methods used to prepare the Foreign Estimates are documented in a number of historic NI 43-101 reports held by URI, and various filings with the SEC.
After completion of the merger of URI and Anatolia, URI intends to evaluate the required work necessary to verify the Foreign Estimates in accordance with Appendix 5A (JORC Code).
The Foreign Estimates of mineral resources and reserves contained herein are not reported in accordance with the Australian JORC Code. A competent person has not done sufficient work to classify the Foreign Estimates as mineral resources or ore reserves in accordance with the JORC Code but URI notes the close similarity of the Canadian NI 43-101 and JORC classification systems. It is uncertain that following evaluation and/or further exploration work that the Foreign Estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code. This will require new estimates and future reporting under JORC (2012) after completion of the merger.