ALICE QUEEN LIMITED — Director's Dealing 2011

Mar 1, 2011

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2 March 2011

The Manager Companies ASX Limited 20 Bridge Street Sydney NSW 2000

(3 pages by email)

Dear Madam

RE: DIRECTOR'S INTERESTS

In accordance with Listing Rule 3.19A, I attach an Appendix 3Y, Change of Director's Interest Notice, for Stephen McCaughey.

Yours faithfully

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Richard Edwards Company Secretary pjn5878

Registered Office Level 2, 66 Hunter Street Sydney NSW 2000 T: +61 2 9300 3366 F: +61 2 9221 6333 E: redwards@callabonna.com.au

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----- Start of picture text ----- Technical Office----- End of picture text -----

6 Powlett Street East Melbourne Vic 3002 T: +61 3 9417 2920 F: +61 3 9417 2728 E: smccaughey@callabonna.com.au

Callabonna Uranium Limited - ABN 71 099 247 408

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity	Callabonna Uranium Limited
ABN	71 099 247 408

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Stephen McCaughey
Date of last notice	13 December 2010

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect interest
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest.	Mrs Nathalie McCaughey, wife of StephenMcCaughey
Date of change	24 February 2011 to 1 March 2011
No. of securities held prior to change	250,000 fully paid ordinary shares250,000 40 cent options expiring 31 May 2012250,000 80 cent options expiring 31 May 2012250,000 $1.20 options expiring 31 May 20121,500,000 20 cent options expiring 31 May2012
Class	Fully paid ordinary shares
Number acquired	88,119
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	10.5 cents per share

• See chapter 19 for defined terms.

Appendix 3Y Page 1

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	338,119 fully paid ordinary shares250,000 40 cent options expiring 31 May 2012250,000 80 cent options expiring 31 May 2012250,000 $1.20 options expiring 31 May 20121,500,000 20 cent options expiring 31 May2012
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participationin buy-back	On market purchase

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Nil
Nature of interest	N/A
Name of registered holder(if issued securities)	N/A
Date of change	N/A
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract in relation to whichthe interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation	N/A
Interest after change	N/A

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed Yes above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow the Yes trade to proceed during this period? If prior written clearance was provided, on what date 24 February 2011 was this provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 1

01/01/2011