Update Report

November 11, 2011

ALDERSHOT RESOURCES LTD.

Closing Price (Nov. 10, 2011) $0.035 52-Week High-Low $0.115 - $0.025 Shares O/S 156.5 million Market Cap $5.48 million 50-day Average Volume 74,100 Year-End January 31 Symbol TSX-V: ALZ Website www.aldershotresources.com Financial Data
C$ 000' Selected Income/(Loss): Exploration Property investigation Professional fees Salaries and benefits General and administrative Net Loss Selected Balance Sheet: Cash and equivalents Non-current assets Current liabilities Shareholders' equity Total Assets Shares O/S Key Indicators Monthly OpEx Burn Earnings (Loss) Per Share Cash Per Share Book Value Per Share Multiples Price/Cash Price/Non-current assets Price/Book Value FY Ending Jan. 31 2010 2011 84 (42) (131) (28) (344) (211) (185) (106) (167) (34) (1,059) 12 months Jul-11 (174) (196) (162) (160) (29) (1,106)

188 258 63 195 258

122 190 146 44 190

113 31 451 (290) 161

COMPANY PROFILE
Aldershot Resources Ltd.(Aldershot Resources or the Company) is a Canadian-based junior resource exploration company focused on uranium projects in the USA, Australia, and Zambia.

71,131,662 82,312,153 156,492,975

17 ($0.005) $0.003 $0.003

26 ($0.013) $0.001 $0.001

29 ($0.007) $0.001 ($0.002)

INVESTMENT HIGHLIGHTS
Aldershot Resources achieved a breakthrough in its development when it acquired four USA-based uranium exploration properties in March 2011; Two of the USA-based uranium projects, Lynx-Royal JV and Colorado Plateau JV, are located in the historically productive Uravan Mineral Belt of the Colorado Plateau; The Sage Plain complex of claims within the Colorado Plateau JV is the Companys most advanced project, with a number of historical resource estimates. The Company expects that the project will receive all mining permits and become production-ready in 2012.

29.2x 21.2x 28.1x

45.0x 28.8x 124.0x

48.5x 179.5x -18.9x

Source: Company, eResearch estimates

eResearch Analysts: Yuri Belinsky, B.A., M.A. Bob Weir, B.Sc., B.Comm., CFA

Note: Report was prepared with public information only.

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Aldershot Resources Ltd.

PROJECTS

Update Report

Aldershot Resources has interests in 13 uranium properties in Australia, Zambia and USA. See the summary table and map below.
Mineral Uranium Ownership 100%, 60% option granted to Royal Resources Ltd ---Uranium 100% 100% Uranium 51% option granted to African energy Uranium 50%, Energy Fuels Resources is manager 45% 90% 80% Royal Resources Ltd owns 100% option to earn 100% 23km2 6km2 11km2 5km2 16km2 1075km2 100km2 100km2 Area, ha 84km2 145km2 37km2 211km2

Northern Australia George EL24550 Waterhouse West EL24563 ABC EL24555 Ngalia EL24571 Western Australia Turee Creek EL52/1763 Yuinmery EL57/593 Republic of Zambia Kariba JV United States Arizona Strip JV Colorado Plateau JV (Sage Plain, Spud Patch) Lynx-Royal JV (Egnar Area, Wray Mesa) GeoLynx JV (Tallahassee Creek) Burro Canyon Bordeaux Ck Uranium

Source: Company

Since the acquisition of the USA uranium properties in March 2011, the Company has been focusing on these properties. See below for a description of the USA properties which are currently being explored most actively.

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Aldershot Resources Ltd.

Update Report

Acquisition of the USA Properties: In March 2011, Aldershot Resources signed an agreement with Royal Resources Limited (Royal Resources) of Australia and its wholly-owned Colorado subsidiary Royal USA Inc. (Royal USA), in which the Company agreed to acquire all of the shares of Royal USA for 35,000,000 Aldershot shares and 51,128,186 warrants. Under the Agreement, Royal Resources subscribed to Aldershot Resources 33,000,000 units at a price of $0.05 per Unit for $1.65 million. Royal USAs uranium exploration properties are Lynx-Royal JV LLC, Geolynx LLC, Colorado Plateau Partners JV and Arizona Strip Partners JV (see the map below).

Source: Company

Lynx-Royal JV
The Company: Royal USA has a joint venture with Lynx2 LLC of Salt Lake City in relation to the uranium interests in the Uravan Mineral Belt. Royal USA currently holds a 90% interest while Lynx2 LLCs 10% interest is free carried by Royal USA until the completion of the first bankable feasibility study. Royal USA is the operating manager of the Lynx-Royal JV. Composition and Location: The interests are located within the prospective and historically productive Uravan Mineral Belt of the Colorado Plateau, a uranium/vanadium province in the USA which since 1885 has delivered over 30% of the USAs uranium from over 2,500 uranium mining operations, producing at an average grade of 0.32% U3O8. The propertys projects (Wray Mesa and Egnar) are located within trucking distance of the existing White Mesa uranium mill and Energy Fuels proposed Pion Ridge mill (see the map below).

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Aldershot Resources Ltd.

Update Report

Source: Company

Expansion and Exploration: According to our estimates, the JVs landholding totals 6,630 acres, including 28 mining claims totalling 579 acres which were added to the Wray Mesa project in October 2011. The new claims should completely encompass the high-grade uranium/vanadium deposit associated with the historic Geo #1 mine (see the map below). The mine was in operation until the late 1980s, when it was shut down due to depressed uranium pricing. The mine, reportedly, was a producer of high-grade uranium and vanadium. According to the Company, there is very little current physical data on the Wray Mesa project. Aldershot Resources obtained one map containing the mine site and drill holes from 1968-1976. The Company claims that field investigations, previous drilling results coupled with the data from the old map, and comments from the previous mine foreman and operator make the project a strong target and helped select the drill-hole targets. The current round of drilling, consisting of up to 15 holes planned for a total of 3,000m, was announced in September 2011. Eight drill holes have been completed to date, with several showing significant mineralization. A full report will be provided upon completion of drilling.

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Aldershot Resources Ltd.

Update Report

Source: Company

Colorado Plateau Partners JV

The Company: Colorado Plateau Partners (CPP) is a 50/50 joint venture of Lynx-Royal JV LLC and Energy Fuels Resources Corp., where Royal USA is the manager. CPP explores and develops mineral resources in the Sage Plain District and surrounding areas. Location and Composition: CPP owns two groups of claims: the Sage Plain and Spud Patch complexes. The Sage Plain complex is located in the Uravan Mineral Belt, within 55 miles of Denisons White Mesa Mill and 70 miles of Energy Fuels proposed Pion Ridge mill. The complex consists of numerous mining claims, State of Utah SITLA leases, and private leases in the Sage Plain area at the southern end of the Uravan Mineral Belt. It includes the Sage Mine and borders the famous Deremo and Calliham Mines that had a combined historic production of over 8 million pounds (3,600 tons) U3O8 and 70 million pounds (32,000 tons) V2O52. The complex includes 94 unpatented mining claims (7 sq km), which straddle the Colorado-Utah border. A NI 43-101 compliant technical report for the claims for the prior owner U.S. Energy Corporation refers to historic mineralization estimates for the claims of 107,350 tons @ 0.23% U3O8 and 1.45% V2O5 containing 483,000 lbs. U3O8 and 3.1 million lbs. V2O5. The complex also includes four Utah State mineral leases covering five parcels (9 sq km). Reports by Umetco Minerals Corp. (successor to Union Carbide Corp.) indicated mineralization on the southern State lease (ML49301) of 84,800 tons @ 0.195% U3O8 and 1.60% V2O5 containing 344,880 lbs. U3O8 and 2.7 million lbs. V2O53. This resource pre-dates the adoption of NI 43-101 and is not NI 43-101 compliant. To the Sage Plain complex, Aldershot Resources has recently added the Crain Lease and the Calliham Lease (described in the table below).

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Aldershot Resources Ltd.

Area Sage Plain ML 51145 ML 51963 ML 51146 ML 49301 Crain Calliham TOTAL Property Type BLM Mining Claims Utah SITLA Lease Utah SITLA Lease Utah SITLA Lease Utah SITLA Lease Private Mineral Lease Private Mineral Lease Acres

Update Report
Historical Resources Historical Resources lbs. U3O8 lbs. V2O5 1645 483,400 3,100,000 160 Unknown Unknown 480 Unknown Unknown 640 Unknown Unknown 733 344,880 2,700,000 640 225,000 1,400,000 320 520,800 3,500,000 4,915 1,574,080 10,800,000

Source: Company

Exploration: The combined historic resource in the potential mining unit created by the Crain Lease and other properties owned or controlled by Energy Fuels Resources and CPP is 1.6 million lbs U3O8 and 10.7 million lbs V2O5. These historic resource estimates are based on drilling and reporting by Umetco Minerals. The mining in this area ceased at the time of Umetcos report, so the resources are deemed to still be in place. Aldershot Resources plans to evaluate the data package acquired as part of this property purchase, and complete an NI 43-101 technical report by the end of 2011. Drilling is currently underway on the southern portion of the Sage Plain complex with results expected in December 2011. Further Development: Preliminary mine permitting activities through the Utah State Department of Oil Gas and Mining were supposed to begin in October-November 2011. The Company considers the Sage Plain complex as the most advanced in its pool of projects (see the chart below) and expects that it will evolve into a fully permitted and production-ready mining project in 2012.

Source: Company

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Aldershot Resources Ltd.

FINANCIAL POSITION

Update Report

As of July 31, 2011, Aldershot Resources mineral properties did not have carrying value. The Companys cash position was just under $113,000. Consequent to that reporting date, in September 2011, the Company closed a private placement for C$1.65 million.

MANAGEMENT AND DIRECTORS

Jeremy Caddy Michael Leidich Marcus Flis Philip G. Crabb Ian Adam President, CEO, and Director Chief Operating Officer Director Director Independent Director

CORPORATE INFORMATION
Aldershot Resources Ltd. Suite 1500, 885 West Georgia Street Vancouver, BC, Canada, V6C3E8 Tel:+ 1 (604) 682-6718 Fax: +1 (604) 682-6722 USA 813 14th Street, Suite A Golden, Colorado USA, 80401 Tel: +1 (303) 955-5820 Fax: +1 (303) 382-5900 AUSTRALIA Level 3, IBM Building 1060 Hay Street West Perth WA Australia, 6005 Tel: +61 8 9321-9680 Fax: +61 8 9321-9670

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Aldershot Resources Ltd.

eRESEARCH CORPORATION
eResearch Analysts on this report: Yuri Belinsky, B.A., M.A. Bob Weir, B.Sc., B.Comm., CFA

Update Report

Analyst Affirmation: I, Yuri Belinsky, and I, Bob Weir, hereby state that, at the time of issuance of this research report, I do not own, directly or indirectly, any shares of Aldershot Resources Ltd.

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