ALTAMIN LIMITED — Capital/Financing Update 2012

Oct 31, 2012

1 November 2012

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- Non renounceable rights issue

Dear Shareholder,

This letter is to notify you that on 31 October 2012, Energia Minerals Limited ( ASX: EMX ) ( Company ) announced a capital raising of up to approximately $2.3 million ( Capital Raising ) comprising:

• a placement to Uranium Equities Ltd (ASX:UEQ), through its wholly owned subsidiary, UEQ Investments Pty Ltd ( UEQ ) to raise a total of $574,875; and

• a fully underwritten pro rata non-renounceable rights issue to raise up to a further $1.76 million before costs of the issue ( Rights Issue ).

The key information in connection with the Rights Issue and important dates are set out below for your reference:

• the Rights Issue is non-renounceable and is being undertaken on the basis of two (2) new fully paid ordinary shares for every five (5) ordinary shares held by eligible shareholders at $0.035 per share. The Rights Issue for existing shareholders will allow for participation in the Capital Raising at the same price as the share placement. The placement shares will be eligible to participate in the Rights Issue;

• the record date to determine entitlements for shareholders is 5.00pm AWST on 9 November 2012 (Record Date). All shareholders on the Company’s register on the Record Date will be entitled to participate in the Rights Issue;

• funds raised from the Rights Issue will be used to expand the current exploration program at the Company's flagship Nyang Uranium Project in Western Australia, as well as to progress investigations into its Gorno zinc/lead projects in northern Italy and for working capital purposes;

• each new ordinary share will be issued on the same terms as those ordinary shares already issued by the Company;

• for the purposes of calculating your entitlement, fractional entitlements to new shares will be rounded up to the nearest whole number of shares;

• rights will not be tradeable on the ASX or otherwise transferrable. Shareholders who do not take up their entitlements in full will not receive any value in respect of those entitlements that they do not take up;

• shareholders on the Company’s register on the Record Date may, in addition to their initial entitlement under the Right Issue, apply for additional shares up to a maximum of $5,000 per shareholder. Applications for additional shares will be satisfied out of any new shares for which applications have not been received from shareholders before the closing date of the Rights Issue ( Shortfall );

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• the Rights Issue is fully underwritten by Blue Ocean Equities Pty Ltd ( Underwriter ). This means that the Company will receive the full amount of $1.76 million before costs under the Rights Issue, even if some eligible shareholders don’t subscribe for their rights, unless the underwriting agreement is terminated;

• UEQ has entered into a priority sub-underwriting agreement with the Underwriter pursuant to which it will subscribe for up to $500,000 (or 14,285,715 shares) of any Shortfall;

• a maximum of 50,370,003 ordinary shares will be issued under the Rights Issue. This number is subject to reconciliation of entitlements and rounding;

• after the Rights Issue, the Company will have approximately 176,295,008 ordinary shares on issue;

• no shareholder approval is required for the Rights Issue; and

• the Rights Issue is being made in accordance with section 708AA of the Corporations Act 2001 (Cth) without the need for a prospectus.

Timetable

Full details of the Rights Issue are set out in an offer document which was lodged with the ASX on 31 October 2012 and will be despatched to shareholders on 13 November 2012. The offer document will be accompanied by a personalised entitlement and acceptance form and instructions on how eligible shareholders may accept their entitlement. Any shareholder who wishes to acquire new shares under the Rights Issue will need to complete the personalised entitlement and acceptance form that will accompany the Rights Issue offer document.

Other important dates for eligible shareholders are:

Event	Date
Shares quoted on an "ex" basis	2 November 2012
Record Date	5pm (AWST) on 9 November 2012
Offer document and entitlement and acceptance forms	13 November 2012
despatched to eligible shareholders
Opening date for Rights Issue	13 November 2012
Rights Issue closing date for acceptance and payment in	5pm (AWST), 28 November 2012
full
Trading of new shares commences on a deferred settlemen	29 November 2012
basis
ASX notified of under-subscriptions	3 December 2012
Issue of new shares and despatch of transaction	5 December 2012
confirmation statements for new shares
New shares commence trading on ASX	6 December 2012

Further information

For further information on the Rights Issue, please see the Company’s ASX announcement made on 31 October 2012 or contact:

Jamie Armes CFO and Company Secretary Tel: +61 8 9321 5000 Email: info@energiaminerals.com

The board of directors of the Company commends this Rights Issue to eligible shareholders and hopes you will take the opportunity of increasing your investment in the Company by participating.

Yours sincerely,

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Kim Robinson Managing Director

The information provided in this announcement is not investment advice. You should read the entire Rights Issue offer document when you receive it, as well as all other materials lodged with ASX which you consider relevant and consider all of the risk factors that could affect the performance of the Company and the new shares in light of your particular investment objectives, financial circumstances and investment needs (including financial and taxation issues) and seek professional advice from your accountant, financial adviser, stock broker, lawyer or other professional adviser before deciding whether to invest in new shares. Specifically, shareholders should seek advice on the taxation implications of participating in the Rights Issue and have regard to the risks of investing in the Company highlighted in the offer document.