Canada Research | Page 76 of 87<strong>Uranium</strong>Appendix 2: Covered Equity ComparisonsMarket Statistics (in CAD$) David Sadowski, 604.659.8255 david.sadowski@raymondjames.caSpot <strong>Uranium</strong> Price (US$/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 2.87<strong>Uranium</strong> 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 <strong>and</strong> 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 FUNDS<strong>Uranium</strong> 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 <strong>Uranium</strong> (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%<strong>Uranium</strong> 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 <strong>and</strong> 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 FUNDS<strong>Uranium</strong> 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 <strong>and</strong> fully diluted shares (adjusted for future equity requirements), in CDN dollarsNet Debt = (long term debt + short term debt) - (cash <strong>and</strong> cash equivalents)NAV multiples weighted by EVNR = Not Rated; UR = Under Review; 1: STRONG BUY; 2: OUTPERFORM; 3: MARKET PERFORM; 4: UNDERPERFORM<strong>Uranium</strong> 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
<strong>Uranium</strong> Canada Research | Page 77 of 87Company CitationsCompany Name Ticker Exchange Currency Closing Price RJ Rating RJ EntityA-Cap Resources Ltd. ACB ASX NCAGF Management Limited AGF.B TSX NCAngloGold Ashanti Ltd. AU NYSE NCAreva SA AREVA EPA NCAura Silver Resources Inc. AUU TSXV NCBannerman Resources Limited BAN TSX NCBerkeley Resources Ltd. BKY ASX NCBHP Billiton Ltd BBL NYSE NCContinental Precious Minerals, Inc. CZQ TSX NCDeep Yellow Ltd. DYL ASX NCEnergy <strong>and</strong> Minerals Australia Limited EMA ASX NCEnergy Fuels Inc. EFR TSX NCEnergy Resources of Australia Ltd. ERA ASX NCEuropean <strong>Uranium</strong> Resources Ltd. EUU TSXV NCFidelity National Financial, Inc. FNF NYSE NCFission Energy Corp. FIS TSXV NCForsys Metals Corp. FSY TSX NCGalahad Metals Inc. GAX TSXV NCGreenl<strong>and</strong> Minerals <strong>and</strong> Energy Limited GGG ASX NCHeritage Oil Corp. HOC TSXV NCKivalliq Energy Corp. KIV TSXV NCLaramide Resources Ltd. LAM TSX NCMacusani Yellowcake Inc. YEL TSXV NCMarenica Energy Ltd. MEY ASX NCMega <strong>Uranium</strong> Ltd. MGA TSX NCNewmont Mining Corporation NEM NYSE NCPele Mountain Resources Inc. GEM TSXV NCPeninsula Energy Ltd. PEN ASX NCPowertech <strong>Uranium</strong> Corp PWE TSX NCRio Tinto RIO NYSE NCRockgate Capital Corp. RGT TSX NCStonehenge Metals Limited SHE ASX NCStrateco Resources Inc. RSC TSX NCStrathmore Minerals Corp STM TSX C$ 0.26 UR RJ LTD.Tigris <strong>Uranium</strong> Corp. TU TSXV NCTullow Oil TLW LSE NCU308 Corp. UWE TSXV NCUEX Corporation UEX TSX NCUracan Resources, Ltd. URC TSXV NCUranerz Energy Corp. URZ TSX NC<strong>Uranium</strong> Energy Corp. UEC AMEX NC<strong>Uranium</strong> Resources Inc. URRE NASDAQ NCUSEC Inc. USU NYSE NCWildhorse Energy Limited WHE LSE NCNotes: Prices are as of the most recent close on the indicated exchange <strong>and</strong> may not be in US$. See Disclosure section forrating definitions. Stocks that do not trade on a U.S. national exchange may not be approved for sale in all U.S. states. NC=notcovered.Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2