Clock - Uranium Supply Crunch and Critical ... - Andrew Johns

Canada Research | Page 76 of 87UraniumAppendix 2: Covered Equity ComparisonsMarket Statistics (in CAD$) David Sadowski, 604.659.8255 david.sadowski@raymondjames.caSpot Uranium Price (US$/lb) 50.15 RJL Cnsus RJL RJL Cnsus Basic EV/Spot CAD/USD 1.01 Share Stock Stock 6-12 Mo Target 6-12 Mo Shares Mkt Total WCap P/ All18-Jul-12 Price Rating Rating Target Return Target O/S Cap Debt Cash EV per sh NAVPS NAV US$/lbTicker (C$) (C$) (%) (C$) (C$mln) (C$mln) (C$mln)(C$mln)(C$mln) (C$) (C$) (x) US$/ozURANIUM PRODUCERSCameco Corp. CCO $22.34 2 2 $28.00 25% $30.00 395.3 8,830 922 1,358 8,394 4.66 $19.50 1.15 x 8.24Paladin Energy, Ltd. PDN $1.12 2 2 $1.80 61% $2.08 835.4 936 815 174 1,577 0.22 $1.79 0.63 x 2.87Uranium One Inc. UUU $2.46 2 2 $3.60 46% $4.45 957.2 2,355 860 518 2,697 0.65 $3.43 0.72 x 8.25Weighted Average 34% 12,668 0.99 x 7.57 xURANIUM DEVELOPERS and EXPLORERSDenison Mines Corp. DML $1.33 3 3 $0.61 -54% $1.88 384.7 512 1 44.0 469 0.00 $1.95 0.68 x 1.72UR-Energy Inc. URE $0.67 1 2 $1.50 124% $1.80 121.1 81 0 37 45 0.30 $2.02 0.33 x 0.59Weighted Average -39% 513 0.65 x 1.62 xURANIUM FUNDSUranium Participation Corp. U $5.78 1 2 $8.00 38% $7.35 106.4 615 0 14 600 0.12 $6.66 0.87 x 44.55Share Price Performance (in CAD$) 0 David Sadowski, 604.659.8255 david.sadowski@raymondjames.caSpot Uranium (US$/lb) 50.15Spot CAD/USD 1.01 1.578 Curr Annual High % chg Annual Low % chgPrice Change18-Jul-12Ticker Price Price Date AH Price Date ALDay Week Mo Qtr YearURANIUM PRODUCERSCameco Corp.CCO $22.34 $27.05 07/26/11 -17% $17.25 11/25/11 30% 0% -1% 4% 7% -10%Paladin Energy, Ltd.PDN $1.12 $2.85 07/27/11 -61% $1.07 10/04/11 5% -6% -10% -15% -36% -54%Uranium One Inc.UUU $2.46 $3.82 07/26/11 -36% $1.85 10/04/11 33% 0% -3% -7% -19% -23%Weighted Average -26% 27% 0% -2% 0% -3% -18%URANIUM DEVELOPERS and EXPLORERSDenison Mines Corp.DML $1.33 $2.08 07/25/11 -36% $0.87 10/04/11 53% -4% -4% -13% -24% -26%UR-Energy Inc.URE $0.67 $1.63 08/04/11 -59% $0.65 07/20/12 3% -6% -9% -21% -39% -55%Weighted Average -38% 48% -4% -4% -14% -25% -29%URANIUM FUNDSUranium Participation Corp.U $5.78 $6.42 07/26/11 -10% $5.00 10/04/11 16% 0% 2% 3% 3% -10%Source: Company reports, Bloomberg, Thomson Financial, Raymond James Ltd.R = Research restrictedEnterprise Value (EV) = market capitalization + net debtNet Asset Values based on 8% discount rate and fully diluted shares (adjusted for future equity requirements), in CDN dollarsNet Debt = (long term debt + short term debt) - (cash and cash equivalents)NAV multiples weighted by EVNR = Not Rated; UR = Under Review; 1: STRONG BUY; 2: OUTPERFORM; 3: MARKET PERFORM; 4: UNDERPERFORMUranium Price Forecast '09A=US$46.76/lb, '10A=US$46.37/lb, '11E=US$57.09/lb, '12E=US$53.50/lb, '13E=US$63.00/lb, '14E=US$72.50/lb, LT=US$70.00/lbC$/US$ Price Forecast '09A=0.88, '10A=0.97, '11E=1.01, '12E=1.00, '13E=1.00, '14E=1.00, Long Term=1.00Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2