September 1, 2011 Industry Update

URANIUM REACTION
Camecos Bid for Hathor May be the Starters Pistol TIMING IS EVERYTHING
Last week we noted that we were at a point of maximum pessimism and that there were no foreseeable negative catalysts in the uranium space. Thanks to Cameco (CCO-TSX), that point may have only lasted a day. As a result of Camecos $520 million dollar hostile bid for Hathor Exploration (HAT-TSXV) the uranium sector appears to have reignited again. Since our first report last week, the average return of the group of equities we highlighted gained 11.8% on average. We continue to believe that there is more potential upside in the uranium sector relative to potential downside.
Exhibit 1. One-Week Performance of Highlighted Uranium Names

Equity Research

Company Name Cameco Uranium One Uranium Participation Fission Energy Kivalliq Energy Energy Fuels Group Average
Source: Versant Partners

Ticker CCO UUU U FIS KIV EFR

24/08/2011 31/08/2011 Return $21.98 $22.73 3.4% $2.77 $2.68 -3.2% $5.84 $6.00 2.7% $0.50 $0.71 42.0% $0.33 $0.41 24.2% $0.31 $0.32 1.6% 11.8%

Since we do not formally cover Hathor Exploration we will refrain from commenting on what a fair value for the company should be. However we would like to highlight that at an enterprise value per in-situ pound of U3O8 (EV/Lb) of $7.75/lb (market capitalization per pound of $9.01/lb), Camecos bid for Hathor is significantly below the EV/Lb values that were north of $12/lb we observed last year and notably below the $9.50/lb takeover valuation for Mantra Resources by ARMZ/Uranium One (UUU-TSX). In a world where grade is king, Mantras global U3O8 grade of 0.042% is significantly less than the 8.628% at Hathor, yet the offer for the latter is at a discount to the takeover value for the former. Not to mention the fact that Hathors Roughrider zone is in an established uranium mining jurisdiction with significant infrastructure already in place.

FISSION ENERGY HATHORS UNDERVALUED NEIGHBOUR

Due to this development between Cameco and Hathor, we highlighted the impact to Fission Energy (FIS-TSXV, Buy (Speculative) Target: $1.50), which has a 60%-interest in Waterbury Lake. The J-East zone at Waterbury is located right at the border between Hathor and Fissions property and is the likely western extension of Roughrider. Thirty-meters to the west of J-East is the J-Zone, which Fission just announced a 56% increase in strike length to 578m. We estimate a resource of 388,416 tonnes grading 2.1% and containing 17.98 MM lbs of U3O8. It is our view that if Cameco is successful in its acquisition of Hathor Explorations Roughrider deposit, the Company will turn its attention towards the acquisition of Fission Energy as its shallower lying J-Zone and J-East zones would be the natural starting point along the path of mining uranium from the deeper Roughrider deposit. Rob Chang
rchang@versantpartners.com (416) 849-5008 (866) 442-4485 Sales/Trading Montreal: (514) 845-8111, (800) 465-5616; Toronto: (416) 363-5757, (866) 442-4485 See disclosure and a description of our recommendation structure at the end of this report.

Uranium Update

September 1, 2011

KIVALLIQ ENERGY IMPRESSIONS OF LAC CINQUNATE

This week we had the pleasure of visiting Kivalliq Energys (KIV-TSXV, BUY (Speculative) Target: $1.00) Angilak Property located in Nunavut, which is home of the highest grade uranium deposit located outside of the Athabasca Basin - the Lac Cinquante deposit (14.15 MM lbs U3O8 at 0.79%). Outside of this zone, we had the opportunity to look at several highly prospective targets including the: Western Extension, Eastern Extension, Blaze Zone, Joule Trend, Forte Zone, PWR Zone, Force Zone, Lucky Break, Bog, VGR, YAT and BIF. As displayed in exhibit 2, Kivalliq has an abundance of high quality targets to explore and we will monitor the results from these targets with great interest.
Exhibit 2. Angilak Property Targets

Source: Kivalliq Energy

GERMANY BRACING FOR BLACKOUTS

Despite importing massive amounts of nuclear energy from France after shutting down eight of 17 nuclear post Fukushima, Germany may deal with blackouts not seen since the end of WWII. German utilities have warned about potential blackouts if Germany experiences a particularly tough winter. Calls have been made to place one of the reactors back online but Matthias Kurth, president of the Federal Network Agency has stated that the nuclear power plants will not be reactivated. The decision to shut down the German nuclear program is more emotional than practical and the idea of simply replacing the source of 25% of Germanys power with renewable energy by 2019 is wildly optimistic.

NEW JAPANESE PRIME MINISTER FAVOURS BETER REGULATION

Yoshihiko Noda has been selected as leader of the ruling Democratic Party of Japan and assumes the role as the prime minister of the country. Unlike his

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predecessor, the former minister of finance favours the 'independence and empowerment' of a new nuclear safety regulator. Unlike outgoing prime minister Naoto Kan, whom envisioned a future Japan that did not use nuclear energy, Noda prefers a new independent institution reporting directly to the cabinet office, with the authority to instigate criminal investigation of any wrongdoing it may find. We view this as a positive development for the nuclear industry as Japan new prime minister will work towards improving nuclear regulation as opposed to the removal of nuclear power from Japan altogether.
Exhibit 3. Yoshihiko Noda receives applause from his party and leadership rivals after the announcement of his victory

Source: World Nuclear News

IF CASH IS KING
Uranium equities trading at the lowest multiples relative to their most recently reported balance sheet cash positions are the following:
Exhibit 4. Top 10 Uranium Companies - Price to Balance Sheet Cash
August 31, 2011 Company Name Stage All figures in $CAD Stock Price $0.29 $0.25 $0.19 $0.03 $0.08 $0.32 $0.12 $0.15 $0.20 $0.15 Market Cap (MM) 15.01 14.17 20.02 9.95 5.56 32.86 23.25 12.67 68.23 15.50 Enterprise Value (MM) -5.23 1.42 4.49 2.69 1.95 12.63 9.04 5.04 30.97 17.27 Price/Cash 0.7x 1.1x 1.3x 1.4x 1.5x 1.6x 1.6x 1.7x 1.8x 2.3x Cash (MM) 20.24 12.75 15.53 7.26 3.61 20.23 14.21 7.63 37.26 6.86 Shares O/S 51.75 56.68 105.38 331.71 69.50 102.68 193.73 84.44 341.17 103.30

Continental Precious Minerals, Inc. (TSX:CZQ) Exploration Tigris Uranium Corp. (TSXV:TU) Exploration Macusani Yellowcake, Inc. (TSXV:YEL) Exploration Australian American Mining Corporation Limited (ASX:AIW) Pre-Feasibility Energia Minerals Limited (ASX:EMX) Exploration U308 Corp. (TSXV:UWE) Exploration Tournigan Energy Ltd. (TSXV:TVC) Pre-Feasibility Uranium North Resources Corp. (TSXV:UNR) Exploration Alliance Resources Ltd. (ASX:AGS) Development Powertech Uranium Corp. (TSX:PWE) Pre-Feasibility

Source: Versant Partners and Capital IQ

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IMPLIED EV/LB VALUATION

Applying the concept of mean reversion, a market-implied valuation can be derived by applying the average EV/Lb value to the valuation of each constituent company to determine its value if it reverted to the mean.
Exhibit 5. EV/Lb Averages by Development Stage

Global # of 43-101/JORC Stage Resource Constituents EV/Lb Avg EV/Lb Avg Producer 7 $7.20 $8.46 Developer 4 $3.83 $3.55 Feasibility 7 $0.66 $0.61 Pre-Feasibility 10 $1.38 $1.19 Exploration 32 $1.72 $1.45 60 $1.90 $2.03
*Results higher than three standard deviations are removed from the calculation of averages Source: Versant Partners

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Exhibit 6. Uranium Comparables

August 31, 2011 SYM Exch Company Name Stage All figures in $CAD Stock Price $22.73 $1.60 $4.18 $2.16 $3.43 $2.68 $0.23 $0.20 $0.32 $2.33 $1.23 $0.31 $0.39 $0.39 $0.30 $0.34 $0.61 $0.20 $0.03 $0.30 $0.90 $1.08 $0.06 $0.15 $0.50 $0.09 $0.12 $0.43 $0.05 $0.29 $0.29 $0.65 $0.06 $0.17 $0.08 $0.35 $8.38 $0.71 $0.05 $4.14 $0.12 $0.41 $0.19 $0.03 $1.68 $0.20 $0.23 $0.14 $1.41 $1.98 $0.25 $0.32 $0.87 $0.07 $0.10 $0.15 $1.14 $0.16 $0.22 $0.16 Implied EV/Lb Valuation $19.61 $6.58 $26.05 $4.24 $4.65 $1.39 $0.05 $0.31 $0.60 $1.51 $1.32 $0.60 $0.52 $0.34 $0.58 $0.22 $1.03 $0.21 $0.07 $2.88 $1.58 $1.38 $0.04 $0.30 $0.24 $0.08 $0.51 $0.27 $0.13 $8.36 $35.91 $0.92 $0.14 $0.10 $0.24 $0.30 $3.78 $0.72 $0.04 $1.08 $0.04 $0.36 $0.59 $0.24 $4.51 $0.63 $2.46 $0.24 $0.93 $0.54 $1.20 $1.12 $0.81 $0.31 $0.61 $0.29 $2.09 $0.29 $0.30 $0.60 Upside to Market Implied Value -13.71% 311.41% 523.15% 96.19% 35.52% -48.29% -76.49% 52.72% 88.45% -35.21% 6.98% 92.62% 32.30% -13.74% 94.52% -34.89% 68.24% 3.00% 143.66% 860.06% 75.74% 27.38% -29.23% 101.45% -52.50% -9.94% 324.04% -36.38% 154.77% 2784.41% 12283.07% 40.96% 140.61% -43.91% 195.92% -14.08% -54.90% 1.26% -27.76% -74.00% -68.92% -12.55% 212.66% 705.39% 168.17% 215.94% 968.83% 69.72% -34.26% -72.54% 379.76% 251.00% -6.36% 347.13% 511.57% 92.26% 83.15% 82.15% 35.23% 277.99% Market Cap (MM) 8,971.76 615.46 797.29 1,621.88 247.95 2,565.30 47.35 68.23 39.68 179.29 127.43 61.69 91.43 67.98 16.27 87.41 54.86 25.96 9.95 6.70 72.12 73.29 116.53 15.50 72.47 86.84 23.25 72.87 4.75 38.31 15.01 30.86 6.85 191.51 5.56 47.00 2,038.85 69.27 29.14 449.85 12.74 49.31 20.02 14.96 85.19 26.78 4.74 5.58 153.22 431.60 14.17 32.86 176.67 2.18 13.28 12.67 106.62 25.89 27.41 15.60 Enterprise Value (MM) 8,963.22 482.88 605.78 2,283.53 216.24 2,744.31 50.31 30.97 31.17 136.13 96.05 46.38 82.37 60.54 10.00 56.29 39.65 19.59 2.69 4.98 65.00 69.65 90.63 17.27 78.11 50.86 9.04 67.55 3.99 31.77 -5.23 20.07 6.73 169.98 1.95 35.85 2,002.89 41.98 28.06 432.62 10.38 30.55 4.49 11.36 72.43 22.43 4.00 3.17 100.27 420.04 1.42 12.63 163.17 1.90 7.73 5.04 99.25 18.15 18.49 11.65 Price/Cash 7.4x 4.6x 4.2x 14.3x 7.8x 8.4x 157.8x 1.8x 4.7x 4.1x 4.1x 4.0x 4.9x 9.1x 2.6x 2.8x 2.5x 4.1x 1.4x 3.9x 10.1x 20.1x 4.5x 2.3x 15.4x 2.4x 1.6x 13.7x 5.9x 5.9x 0.7x 2.9x 57.1x 8.9x 1.5x 4.2x 56.7x 2.5x 27.0x 26.1x 5.4x 2.6x 1.3x 2.9x 6.7x 6.2x 6.4x 2.3x 2.9x 37.3x 1.1x 1.6x 13.1x 7.5x 2.4x 1.7x 13.4x 3.3x 2.6x 3.9x Based on 43-101/JORC Resource MKT / LB $9.14 $5.08 $1.20 $3.32 $13.03 $12.27 $3.90 $3.68 $9.41 $4.64 $0.39 $0.54 $0.87 $0.42 $2.22 $0.97 $0.85 $0.81 $0.31 $0.83 $1.18 $3.53 $0.65 $3.58 $2.84 $0.56 $2.45 $0.72 $0.06 $0.01 $1.72 $0.72 $3.84 $0.75 $2.77 $3.97 $2.78 $2.51 $7.76 $3.48 $0.73 $0.22 $5.57 $0.57 $1.36 $5.52 $6.95 $0.44 $1.91 $2.00 $0.30 $1.30 $1.13 $1.62 $0.55 EV / LB $9.13 $3.98 $0.91 $4.68 $11.36 $13.12 $1.77 $2.89 $7.14 $3.50 $0.29 $0.48 $0.78 $0.26 $1.43 $0.70 $0.64 $0.22 $0.23 $0.75 $1.12 $2.75 $0.72 $3.86 $1.66 $0.22 $2.27 $0.61 $0.05 ($0.00) $1.12 $0.71 $3.41 $0.26 $2.11 $3.90 $1.69 $2.42 $7.47 $2.16 $0.16 $0.17 $4.74 $0.48 $0.77 $3.61 $6.76 $0.04 $0.73 $1.85 $0.18 $0.52 $0.79 $1.09 $0.41 Based on Global Resource MKT / LB $8.56 $1.85 $1.20 $3.10 $5.87 $12.27 $24.19 $3.90 $2.29 $9.41 $4.64 $0.39 $0.54 $0.87 $0.42 $2.22 $0.51 $0.84 $0.81 $0.15 $0.83 $1.13 $2.84 $0.65 $2.50 $2.84 $0.38 $2.45 $0.72 $0.06 $0.01 $1.62 $0.72 $3.84 $0.75 $2.77 $3.97 $2.78 $2.51 $7.76 $13.72 $3.48 $0.73 $0.22 $0.68 $0.57 $0.16 $1.36 $5.52 $6.95 $0.44 $0.59 $2.00 $0.40 $0.30 $1.30 $0.98 $1.13 $1.62 $0.49 EV / LB $8.55 $1.45 $0.91 $4.37 $5.12 $13.12 $25.70 $1.77 $1.80 $7.14 $3.50 $0.29 $0.48 $0.78 $0.26 $1.43 $0.37 $0.63 $0.22 $0.11 $0.75 $1.07 $2.21 $0.72 $2.69 $1.66 $0.15 $2.27 $0.61 $0.05 ($0.00) $1.06 $0.71 $3.41 $0.26 $2.11 $3.90 $1.69 $2.42 $7.47 $11.17 $2.16 $0.16 $0.17 $0.58 $0.48 $0.14 $0.77 $3.61 $6.76 $0.04 $0.23 $1.85 $0.35 $0.18 $0.52 $0.91 $0.79 $1.09 $0.36 Avg Grade 9.393% 0.419% 0.308% 0.078% 0.066% 0.072% 0.105% 0.324% 0.206% 0.103% 0.066% 0.015% 0.020% 0.045% 0.127% 0.112% 0.089% 0.113% 0.088% 0.083% 0.024% 0.116% 0.036% 0.138% 0.434% 0.050% 0.302% 0.014% 0.527% 0.016% 0.019% 0.044% 0.043% 0.035% 0.028% 0.091% 0.046% 0.058% 0.030% 8.628% 0.090% 0.790% 0.021% 0.017% 0.031% 0.045% 0.057% 0.230% 0.110% 0.075% 0.105% 0.103% 0.741% 0.063% 0.012% 0.087% 0.168% 0.028% 0.021% 0.076% Resources and Reserves (MM lbs) Total P&P M&I Inferred Historical 484.04 141.65 355.67 67.28 2.87 78.80 39.51 212.15 246.20 272.64 144.74 0.00 159.20 192.06 136.91 34.58 0.00 6.53 12.50 23.24 47.97 59.93 101.25 0.00 0.00 0.00 0.00 1.96 0.00 8.00 9.50 0.00 0.00 6.45 4.35 6.53 0.00 15.72 3.34 0.00 0.00 23.72 3.71 0.00 0.00 50.20 107.60 0.00 0.00 118.96 51.12 0.00 0.00 34.90 43.15 0.00 30.68 6.61 1.39 0.00 0.00 34.56 4.76 0.00 0.00 36.85 19.51 50.50 0.00 30.40 0.00 0.65 0.00 0.00 12.31 0.00 0.00 11.46 10.16 23.73 0.00 77.20 9.50 0.00 0.00 43.26 19.07 2.70 0.00 10.50 22.50 8.00 0.00 17.06 6.85 0.00 0.00 7.46 12.78 8.80 0.00 10.87 19.74 0.00 0.00 28.49 12.66 20.00 0.00 4.35 25.40 0.00 0.00 1.96 4.63 0.00 0.00 0.00 638.00 0.00 0.00 14.41 1,037.96 15.34 0.00 7.40 10.50 1.10 0.00 8.30 1.20 0.00 0.00 30.80 19.09 0.00 0.00 0.00 7.46 0.00 0.00 4.90 12.08 0.00 319.90 38.51 154.80 0.00 0.00 0.00 24.89 0.00 0.00 0.00 11.60 0.00 0.00 17.21 40.73 0.00 0.00 0.00 0.00 0.93 0.00 0.00 14.15 0.00 0.00 10.37 16.97 0.00 0.00 9.60 58.40 0.00 0.00 0.12 15.17 110.00 0.00 15.18 31.44 0.00 0.00 0.00 0.00 29.00 0.00 0.00 4.10 0.00 0.00 6.07 21.68 0.00 0.00 32.70 29.44 0.00 0.00 32.08 0.00 0.00 0.00 12.10 5.14 38.00 0.00 72.77 15.49 0.00 0.00 0.00 0.00 5.49 0.00 0.00 43.95 0.00 0.00 0.00 9.71 0.00 0.00 0.00 0.00 109.15 0.00 0.00 22.90 0.00 0.00 6.24 10.66 0.00 0.00 28.56 0.00 3.40

CCO TSX Cameco Corp. (TSX:CCO) Production DML TSX Denison Mines Corp. (TSX:DML) Production ERA ASX Energy Resources of Australia Ltd. (ASX:ERA) Production PDN TSX Paladin Energy, Ltd. (TSX:PDN) Production UEC AMEX Uranium Energy Corp. (AMEX:UEC) Production UUU TSX Uranium One Inc. (TSX:UUU) Production WU TSXV White Canyon Uranium Ltd. (TSXV:WU) Production AGS ASX Alliance Resources Ltd. (ASX:AGS) Development EFR TSX Energy Fuels Inc. (TSX:EFR) Development URZ amex Uranerz Energy Corp. (AMEX:URZ) Development URE TSX UR-Energy Inc. (TSX:URE) Development ACB ASX A-Cap Resources Ltd. (ASX:ACB) Feasibility BAN TSX Bannerman Resources Limited (TSX:BAN) Feasibility BKY ASX Berkeley Resources Ltd. (ASX:BKY) Feasibility KRI TSX Khan Resources Inc. (TSX:KRI) Feasibility MGA TSX Mega Uranium Ltd. (TSX:MGA) Feasibility STM TSX Strathmore Minerals Corp. (TSX:STM) Feasibility TUE TSXV Titan Uranium Inc. (TSXV:TUE) Feasibility AIW ASX Australian American Mining Corporation Limited (ASX:AIW) Pre-Feasibility BYU TSXV Bayswater Uranium Corp. (TSXV:BYU) Pre-Feasibility FSY TSX Forsys Metals Corp. (TSX:FSY) Pre-Feasibility LAM TSX Laramide Resources Ltd. (TSX:LAM) Pre-Feasibility PEN ASX Peninsula Energy Limited (ASX:PEN) Pre-Feasibility PWE TSX Powertech Uranium Corp. (TSX:PWE) Pre-Feasibility RSC TSX Strateco Resources Inc. (TSX:RSC) Pre-Feasibility TOE ASX Toro Energy Ltd (ASX:TOE) Pre-Feasibility TVC TSXV Tournigan Energy Ltd. (TSXV:TVC) Pre-Feasibility UNX ASX Uranex NL (ASX:UNX) Pre-Feasibility ABE TSXV Abitex Resources Inc. (TSXV:ABE) Exploration AEE ASX Aura Energy Limited (ASX:AEE) Exploration CZQ TSX Continental Precious Minerals, Inc. (TSX:CZQ) Exploration CXZ AMEX Crosshair Exploration & Mining Corp. (AMEX:CXZ) Exploration CUE TSXV Cue Resources Ltd (TSXV:CUE) Exploration DYL ASX Deep Yellow Ltd. (ASX:DYL) Exploration EMX ASX Energia Minerals Limited (ASX:EMX) Exploration EME ASX Energy Metals Limited (ASX:EME) Exploration EXT ASX Extract Resources Ltd. (ASX:EXT) Exploration FIS TSXV Fission Energy Corp. (TSXV:FIS) Exploration FTE ASX Forte Energy NL (ASX:FTE) Exploration HAT TSX Hathor Exploration Ltd. (TSX:HAT) Exploration JNN TSXV JNR Resources Inc. (TSXV:JNN) Exploration KIV TSXV Kivalliq Energy Corp. (TSXV:KIV) Exploration YEL TSXV Macusani Yellowcake, Inc. (TSXV:YEL) Exploration MEY ASX Marenica Energy Ltd (ASX:MEY) Exploration MAW TSX Mawson Resources Ltd. (TSX:MAW) Exploration GEM TSXV Pele Mountain Resources Inc. (TSXV:GEM) Exploration PIT TSXV Pitchblack Resources Ltd. (TSXV:PIT) Exploration PXP TSXV Pitchstone Exploration Ltd. (TSXV:PXP) Exploration RGT TSX Rockgate Capital Corp. (TSX:RGT) Exploration SMM ASX Summit Resources Ltd. (ASX:SMM) Exploration TU TSXV Tigris Uranium Corp. (TSXV:TU) Exploration UWE TSXV U308 Corp. (TSXV:UWE) Exploration UEX TSX UEX Corp. (TSX:UEX) Exploration ULU TSXV Ultra Uranium Corp. (TSXV:ULU) Exploration URC TSXV Uracan Resources, Ltd. (TSXV:URC) Exploration UNR TSXV Uranium North Resources Corp. (TSXV:UNR) Exploration URRE NASDAQ Uranium Resources, Inc. (NasdaqCM:URRE) Exploration USA ASX Uraniumsa Limited (ASX:USA) Exploration VEM TSX Vena Resources Inc. (TSX:VEM) Exploration VAE TSXV Virginia Energy Resources Inc. (TSXV:VAE) Exploration

Total 1,048.64 333.33 663.59 522.74 42.27 209.14 1.96 17.50 17.32 19.06 27.43 157.80 170.08 78.05 38.69 39.32 106.87 31.05 12.31 45.35 86.70 65.03 41.00 23.91 29.03 30.61 61.15 29.74 6.59 638.00 1,067.71 19.00 9.50 49.89 7.46 16.98 513.21 24.89 11.60 57.94 0.93 14.15 27.34 68.00 125.29 46.63 29.00 4.10 27.75 62.14 32.08 55.24 88.25 5.49 43.95 9.71 109.15 22.90 16.90 31.96

Source: Versant Partners and Capital IQ

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DISCLAIMERS AND DISCLOSURES Disclaimers

The opinions, estimates and projections contained in this report are those of Versant Partners Inc. (Versant) as of the date hereof and are subject to change without notice. Versant makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, Versant makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Versant that is not herein. This report is provided, for informational purposes only, to institutional investor clients of Versant Partners Inc. Canada, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This report is issued and approved for distribution in Canada, Versant Partners Inc., a member of the Investment Industry Regulatory Organization of Canada ("IIROC"), the Toronto Stock Exchange, the TSX Venture Exchange and the CIPF. This report is has not been reviewed or approved by Versant Partners USA., a member of FINRA. This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Versant Partners USA.

Potential conflicts of interest

The author of this report is compensated based in part on the overall revenues of Versant, a portion of which are generated by investment banking activities. Versant may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Versant and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Versant makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

Disclosures as of September 1, 2011

Versant has provided investment banking services or received investment banking related compensation from Kivalliq Energy and Energy Fuels within the past 12 months. Versant has not received investment banking related compensation from Cameco, Fission Energy, Uranium One, Uranium Participation and U3O8 Corp. The analyst responsible for this research report does not have, either directly or indirectly, a long or short position in the shares or options of Kivalliq Energy, Energy Fuels, Cameco, Fission Energy, Uranium One, Uranium Participation and U3O8 Corp. The analyst responsible for this report has visited the material operations of U3O8 Corp, Uranium Energy Corp, Uranerz Energy and Kivalliq Energy. The analyst responsible for this report has not visited the material operations of Cameco, Uranium One, Uranium Participation, and Fission Energy.

Analyst certification
The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein.

Definitions of recommendations
BUY: The stock is attractively priced relative to the companys fundamentals and we expect it to appreciate significantly from the current price over the next 6 to 12 months.

BUY (Speculative): The stock is attractively priced relative to the companys fundamentals, however investment in the security carries a higher degree of risk. NEUTRAL: The stock is fairly valued, lacks a near term catalyst, or its execution risk is such that we expect it to trade within a narrow range of the current price in the next 6 to 12 months. The longer term fundamental value of the company may be materially higher, but certain milestones/catalysts have yet to be fully realized. SELL: The stock is overpriced relative to the companys fundamentals, and we expect it to decline from the current price over the next 6 to 12 months. TENDER: We believe the offer price by the acquirer is fair and thus recommend investors tender their shares to the offer. UNDER REVIEW: We are temporarily placing our recommendation under review until further information is disclosed.
Member-Canadian Investor Protection Fund. Customers' accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request.

Rob Chang, (416) 849-5008

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