ALTAMIN LIMITED — AGM Information 2012

Nov 28, 2012

ASX Announcement 29 November 2012

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Annual General Meetin Presentations g

ASX Code EMX

ABN 63 078 510 988

Please find attached a copy of the Chairman’s address and Managing Director’s presentation to be given at the Annual General Meeting of Energia Minerals Limited being held at 3:00pm WST today.

PO Box 1785 West Perth WA 6872

Level 2 20 Kings Park Road West Perth WA 6005

For and on behalf of the board

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Jamie Armes For media enquiries contact: Company Secretary Nicholas Read +61 8 9321 5000 Read Corporate info@energiaminerals.com +61 8 9388 1474 info@readcorporate.com.au

T: + 61 8 9321 5000 F: + 61 8 9321 7177 E: info@energiaminerals.com W: www.energiaminerals.com

Board of Directors Tony Iannello Non Executive Chairman Kim Robinson Managing Director Leigh Bettenay Executive Director – Exploration and Development Max Cozijn Non Executive Director Ian Walker Non-Executive Director Bryn Jones Non-Executive Director

Company Secretary Jamie Armes CFO and Company Secretary

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CHAIRMAN’S ADDRESS ANNUAL GENERAL MEETING - ENERGIA MINERALS LTD Thursday, 29 November 2012

Energia listed just under 3 years ago. Over that time, the sentiment of the environment in which we operate has shifted dramatically. Not only over investors views on Uranium but also over investors' appetite for equity investments.

In December 2009 when Energia listed the spot price of uranium was US$44.50 /lb, a price very similar to the current price of US$42.50/lb. The price of uranium reached US$72.25/lb in January 2011 prior to the Fukishima incident occurring in March 2011. This demonstrates how quickly commodity prices can move, especially when you consider that in June 2007 the uranium price peaked at US$135/lb. Almost two years since Fukishima the future of nuclear energy is starting to become more positive with China recently announcing that it would “steadily return to normal construction” of nuclear power plants, and with an emerging view that Japan will reopen many of its nuclear reactors..

I believe that the uncertainty that has surrounded the uranium industry will have a significant impact on future supply. A number of projects in Australia and around the world have already been stalled due to the depressed uranium market and increasing development costs. Many companies are indicating that they require a price in excess of US$80/lb to make their projects economically viable. The Board remains optimistic that that these supply constraints will eventually lead to strengthening of uranium prices.

Our flagship Nyang project remains in a fortunate situation as studies have indicated that the existing identified resource will be amenable to insitu recovery, a method of extraction that has significantly lower operating costs than traditional mining techniques. Work undertaken on the project now will provide the Company with the opportunity to benefit from the predicted strengthening of the uranium price. The potential of the Nyang project assisted in attracting Uranium Equities as a strategic partner during the recent capital raising undertaken by the Company. The management and staff of Uranium Equities have a significant background in the insitu recovery of sandstone hosted uranium mineralisation having been involved with the development of the Beverly operation in South Australia.

During the year Mr Kim Robinson was appointed as Managing Director. The Board was delighted to have been able to secure the services of someone of Kim’s calibre. His experience and proven ability at project generation and development will be of significant importance to Energia with its exciting portfolio of projects.

Since Kim’s appointment, not only has he gained an understanding of Energia’s uranium projects but has also undertaken work on the zinc-lead projects that are located in northern Italy. This work has revealed that the Gorno project could potentially provide a low cost production opportunity.

The Company is currently completing a capital raising that consisted of a placement combined with an underwritten non-renounceable rights issue. This fund raising will provide $2.3 million to assist the Company in continuing its exploration activities. Thank you to all the shareholders that participated, your continuing support is appreciated.

I would also like to welcome Bryn Jones to his first AGM at Energia as a non-executive director. Bryn is the Managing Director of Uranium Equities, and his experience and expertise, particularly in uranium exploration and development, is a very helpful addition to the Board.

I would like to take this opportunity to advise that Leigh Bettenay will step down as Executive Director in the near future for personal reasons. Leigh has been instrumental in the development of Energia since inception and I thank Leigh for his dedicated effort and assistance.

In closing, I would like to acknowledge the efforts of management, employees, contractors and my board colleagues and thank them for their efforts during the year.

All of the team at Energia is looking forward to the coming period, as we continue to enhance the value of the Company’s assets and execute our growth strategy.

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November 2012

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Developing uranium resources to fuel global growth Annual General Meeting – Kim Robinson, Managing Director

• The following disclaimer applies to this presentation and any information provided regarding the information contained in this presentation. You are advised to read this disclaimer carefully before reading or making any other use of this presentation or any information contained in this presentation. In accepting this presentation, you agree to be bound by the following terms and conditions, including any modifications to them.

• This presentation has been prepared by Energia Minerals Limited (“Energia Minerals”). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Energia has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Energia.

• The information contained in this presentation is for information only and does not constitute an offer to sell, issue or arrange to sell securities or other financial products.

• Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to Energia Minerals. In particular, they speak only as of the date of this document, they assume the success of Energia’s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks.

• Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients of this document (“Recipients”) are cautioned to not place undue reliance on such forward-looking statements. Part performance is not guarantee of future performance.

• Energia Minerals makes no representation or warranty, expense or implication as to the accuracy, reliability or completeness of information or the likelihood of achievement or reasonability of forecasts, prospects or returns capital in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued.

• To the extent permitted by law, Energia Minerals and its related bodies corporate and any of their respective officers, employees and agents and any other person (“Agents”) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Energia Minerals and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

• This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. You are totally responsible for forming your own opinions and conclusions on such matters in the market and for making your own independent assessment of the information. You are solely responsible for seeking independent profession advice in relation to the information and any action taken on the basis of the information.

All currency amounts are in A$ unless stated otherwise.

• The information in this presentation concerning the Carley Bore Mineral Resources and Exploration Target is a high level summary of information previously released in the public reports issued by Energia Minerals. This information should be read in conjunction with the assumptions and qualifications contained in the ASX announcement released by Energia Minerals on 25 August 2011. That information was prepared in accordance with the JORC Code and was issued with the prior consent of Competent Persons.

• Competent Person Statement: The information in this presentation that relates to Exploration Results, the Exploration Target and/or Mineral Resources is based on information prepared by Mr Kim Robinson who is a member of the Australian Institute of Geoscientists and a full-time employee of Energia Minerals Limited. Mr Robinson has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Robinson consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

• Exploration Target: The Exploration Target is conceptual in nature and has yet to be fully drill tested. There has been insufficient exploration (ie. close-spaced drilling) to define a JORC compliant mineral resource and it is uncertain if future exploration will result in the determination of a further mineral resource within it.

The release, publication or distribution of this presentation in jurisdictions outside of Australia may be a violation of applicable laws.

Extensive Australian portfolio of uranium projects, predominantly in prouranium jurisdictions

Emerging large-scale uranium project in WA:

• JORC inferred resource = 12Mlbs U3O8 at 200ppm cut-off

• Additional Exploration Target[1] = 15-25Mlbs U3O8 at a grade of between 300500ppm U3O8

• 95km of undrilled strike potential

• 10,000m aircore drilling program underway

Aiming to substantially grow uranium resource inventory

Advanced base metal and uranium opportunities in northern Italy:

• Historical base metals mine at Gorno with Exploration Target[1] of 10-15Mt at 5-6% Zn + Pb and uranium deposits at Val Vedello and Novazza

1 The Exploration Target is conceptual in nature and has yet to be fully drill tested. There has been insufficient exploration (ie. close-spaced drilling) to define a JORC compliant Mineral Resource and it is uncertain if future exploration will result in the determination of a further Mineral Resource within it.

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Actively exploring and developing in Australia’s premier uranium provinces

Drilling program commenced at Nyang Project (WA) in November 2012 to grow resources and lay the foundations for a Pre-Feasibility Study

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New exploration programs commencing at Gorno, a historical base metals mine potentially offering a low-cost pathway to production

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Activities continuing to secure the grant of the previously developed Val Vedello and Novazza uranium licences in northern Italy

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	Corporate Snapshot	Corporate Snapshot
		Capital Structure
		Share Price	$0.034
		Shares on Issue(post completion of rights issue)	176.3M
		Market Capitalisation	$6.0M
		Cash(post completion of rights issue)	$3.2M
		Unlisted Options(incl. options for approval today)	32.1M
		Directors & Management
		Non Executive Chairman	Tony Iannello
		Managing Director	Kim Robinson
		Non Executive Director	Leigh Bettenay
		Non Executive Director	Max Cozijn
		Non Executive Director	Ian Walker
		Non Executive Director	Bryn Jones
		CFO & Company Secretary	Jamie Armes
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Fukushima had a significant impact on uranium prices – the second interruption to a 17year upward trend (the other was the GFC):

• Japan took most of its 55 nuclear power plants offline

• Germany pledged to close its 17 plants by 2022

• Other countries undertook a review of their own programs

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Since Fukushima, the market has stabilised with the underlying supply/demand fundamentals remaining unchanged

There are still some 433 nuclear power reactors operating in 30 countries = 13.5% of global electricity supply

There are five more reactors in the planning or construction phases globally than before Fukushima

Over 60 reactors are currently being constructed in 13 countries

160 reactors are planned in total with 323 more proposed

China and India have recently reiterated plans to substantially increase nuclear capacity

"Uranium is a great investment asset class because it combines the need for more energy consumption and the production of [low-carbon] energy”

- Bruno del Ama, CEO of Global X Management, the exchange-traded fund provider behind the Global X Uranium ETF (ticker: URA).

Analysts predict that demand will exceed supply when Russia’s 20-year deal to sell recycled uranium from warheads expires in late 2013

This will take ~24Mlbs of supply off the market annually With secondary sources of uranium drying up, the market is likely to move further into deficit

Olympic Dam expansion on hold – will impact supply until at least 2020

170Mlbs of uranium was consumed last year vs. 140Mlbs of production from mining Current contract uranium price of US$60 per pound of U3O8 is not incentivising new mining projects

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The deferral of major projects like Olympic Dam and Kintyre will only serve to further tighten the supply situation.

Actively exploring and developing in Australia’s premier uranium provinces

Drilling program commenced at Nyang Project (WA) in November 2012 to grow resources and lay the foundations for a PreFeasibility Study

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Flagship Nyang Uranium Project:

• 1,350km[2] tenement package on eastern margin of Carnarvon Basin

Located in emerging uranium province, near other significant deposits:

• Manyingee (Paladin) – 24Mlbs

• Bennett Well (Cauldron Energy) – 4.8Mlbs

JORC compliant Inferred Resource at Carley Bore:

• 13.8Mt @ 390ppm U3O8 for 12Mlbs of U3O8 at 200ppm cut-off

• Exploration Target[1] of 15-25Mlbs @ 300-500ppm U3O8

Outstanding potential to increase the resource inventory

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Extensive technical studies completed

1 The Exploration Target is conceptual in nature and has yet to be fully drill tested. There has been insufficient exploration (ie. close-spaced drilling) to define a JORC compliant Mineral Resource and it is uncertain if future exploration will result in the determination of a further Mineral Resource within it.

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Only 5.5km ( within 100km of prospective paleochannels ) systematically drill tested, resulting in delineation of Carley Bore resource (12Mlbs). Resource will increase as a result of current drill program

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Carley Bore Resource	Carley Bore Resource	Carley Bore Resource
	Table	1:Carley Bore Deposit, Nyang Uranium Project – Western
		Australia
		Inferred Mineral Resource – 25th August 2011
		OK Estimate - Reported at Various Lower Cut-Offs Using a Density of 1.6t/m3
		(Preferred Cut-off – 200ppm U3O8) / Block Size of 50mX by 50mY by 5mZ
	Lower Cut Off U3O8 Tonnage Grade Contained Metal		Contained Metal
	(ppm )	(Mt) U3O8 (ppm) t U3O8	Mlb U3O8
	100	16.9 350 5,900	13.0
	150	15.6 370 5,700	12.6
	200	13.8 390 5,400	11.9
	300	8.9 470 4,200	9.2
	New resource calculation at completion		of current
	aircore drilling program

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Nyang Uranium Project – Planned Drilling
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Drilling programs (2013) planned to further test 95km strike length of untested palaeo-channel Further increase size of Carley Bore resource

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Extensive metallurgical and mineralogical testwork completed, providing good support for In Situ Recovery (ISR) Global trend towards ISR mining (low environmental impact, low capital and low cost of production)

ISR represents 46% of current world uranium production and virtually all of US production

Metallurgical testwork averaged 90% uranium recovery over 48 hour period

Acid consumption very low with an average of 8kg/tonne Test pumping undertaken provided comparable results to other highly permeable sandstone-dominated aquifers

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Schematic In Situ Recovery (ISR) Plant

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Focus on Lombardia region of northern Italy Region with long history of mining extending back to Roman times 5 granted base metal Exploration Licences and 5 applications at Gorno Applications covering two previously developed uranium deposits at Val Vedello and Novazza

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Mississippi Valley Type (MVT) / Alpine Type (AT) zinc-lead-silver deposits Mined extensively by Samim (now ENI) – produced over 800,000t of zinc plus lead metal in concentrates from ore averaging 5- 6% Zn + Pb (cf 3-4% from MVT mines in USA)

Mines closed in 1985, with significant unmined ore Exploration Target[1] of 10-15Mt grading 5-6% Zn + Pb

1 The Exploration Target is conceptual in nature and has yet to be fully drill tested. There has been insufficient exploration (ie. closespaced drilling) to define a JORC compliant Mineral Resource and it is uncertain if future exploration will result in the determinationof a further Mineral Resource within it.

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230km of underground development

Substantial infrastructure in place to mine “Lower Plate” mineralised zone, 340m vertically below upper zone – accessed by 12km long subhorizontal adit New exploration program planned including drilling to test extensions of known mineralisation to JORC standard

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194km[2] Exploration Licence Application in Paterson Province of WA Located 15km NW of world-class Kintyre uranium deposit (62Mlbs U3O8) Adjacent to recent high-grade copper intercepts reported by Encounter Resources (ASX: ENR) Numerous deep conductive targets identified Discussions underway with Traditional Owners to secure tenement grant

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Two recently granted tenements targeting basement uranium mineralisation in NW Queensland Located 20km E of Westmoreland uranium deposits (Laramide Resources) – 52Mlbs of U3O8 Exciting exploration opportunity in pro-uranium jurisdiction

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Eight granted tenements covering 1,330km[2] in South Australia Two tenements in the Frome Basin targeting sandstone-hosted roll-front uranium Six tenements in the Gawler Craton targeting iron oxide copper-gold (IOCG) deposits

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Large growing uranium resource

Substantial upside within 95km of untested strike Mineralisation amenable to low-cost extraction via In-Situ Recovery (ISR) Positioned to meet looming uranium supply gap Advanced base metal project in Italy with extensive development in place Work programs planned to establish base metal JORC resources in Italy Extensive Australian uranium and copper-gold portfolio Strong technical and operational team

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November 2012

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Developing uranium resources to fuel global growth Annual General Meeting – Kim Robinson, Managing Director