ALTAMIN LIMITED — Capital/Financing Update 2013

May 15, 2013

16 May 2013

ASX Announcement

Energia Scoping Study delivers positive $61M NPV for Carley Bore Uranium Project

Strong results pave the way for advancing Carley Bore deposit

Highlights:

ASX Code EMX

ABN 63 078 510 988 PO Box 1785 West Perth WA 6872

Level 2, 20 Kings Park Road West Perth WA 6005

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

W: www.energiaminerals.com

• Pre-tax NPV of $61M at US$65/lb U3O8 and 8% discount rate

• Pre-production capital cost $114M

• Forecast production cash costs of US$20 per pound U3O8

• Total operating cash costs of US$39 per pound U3O8

• Steady-state production rate of 1.4Mlbs per annum U3O8

• Work to continue on further optimisation

• Additional Exploration Target[1] of 15-25Mt grading 300-500ppm U3O8 remains with potential to add further value

Board of Directors Tony Iannello Non Executive Chairman Kim Robinson Managing Director Max Cozijn Non Executive Director Ian Walker Non-Executive Director Bryn Jones Non-Executive Director Company Secretary Jamie Armes CFO and Company Secretary

• Aircore and Mud Rotary Drilling programs currently being planned

Energia Minerals Limited (ASX:EMX) is pleased to advise that it has received highly encouraging results from an independent Scoping Study carried out on its 100%-owned Carley Bore uranium deposit in Western Australia by leading mining consultants Coffey Mining, paving the way for the project to move to the next stage of development.

Key highlights of the study – which focused on the potential to develop a low-cost In-situ Recovery (ISR) uranium operation at Carley Bore producing 1.4Mlbs of U3O8 per annum – included an estimated Pre-tax Net Present Value (NPV) using an 8% discount rate of A$61 million at an Internal Rate of Return (IRR) of 23%.

The Scoping Study was based on a uranium price of US$65/lb, which reflects both longterm analyst forecasting and current long term contract prices.

The Carley Bore deposit is located in the highly prospective and emerging Carnarvon Basin Uranium Province to the north-east of Carnarvon in Western Australia which also contains the high grade Manyingee deposit owned by Paladin Energy Ltd and the low-grade Bennett Well deposit owned by Cauldron Energy Ltd.

1 Refer Exploration Target Cautionary Note on page 4 of this release

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Scoping Study Key Outcomes

The key findings of the Scoping Study are summarised in Table 1, with relevant physical and financial input parameters.

Table 1: Scoping Study Outcomes with Operational and Financial Assumptions

Plant capacity	2Mlb per annum
Production rate	1.4Mlb per annum
Mine life	7 years
Pre-production capital cost	$114 million
Base price assumption	US$65 per pound
Pre-tax NPV (8% discount rate)	$61 million
Internal rate of return (IRR)	23%
Life of mine net pre-tax cash flow	$127 million
Exchange rate AUD:USD	1:1
Production cash cost	US$20 per pound
Total cash cost	US$39 per pound

Overall recoveries of 65% have been assumed in the Scoping Study. This is based on an average 90% metallurgical recovery achieved from bottle roll testwork on 10 composite samples and an assumed 72% mine recovery from a potential mineral inventory of 19Mt grading 360ppm U3O8 calculated by Coffey which is potentially available for extraction and based on the current Inferred Resource Estimate announced earlier this year. In calculating the potential mineral inventory, Coffey considered that two cut-offs, a block cut-off and a grade cut-off, were appropriate and for this model a block cut-off of 500kg of U3O8 contained within a 25m by 25m block and a 200ppm U3O8 grade cut-off have been applied. The potential mineralised inventory lies within the outline of the current Inferred Mineral Resource boundary as shown on the attached plan (see Figure 1).

The forecast cash production cost, averages US$20 per pound U3O8 over the life of the potential operation and the total cash cost, which includes well field development and royalties averages US$39 per pound U3O8.

In this preliminary assessment of Carley Bore, no attempt has been made to optimise cash flows by high grading in the early years and this will be investigated as part of the optimisation of the project. During this optimisation process, the high grade (490ppm U3O8) resource in Zone 6 or “Bull Run” (see March Quarterly Report for detail) will be the initial focus for additional hydrogeological drilling.

Capital Expenditure

Pre-production project development capital is estimated at $114 million. This includes $75 million for a 2 million pound per annum capacity treatment facility and $20 million for initial well field development and commissioning.

Total life of mine (LOM) capital costs are estimated to be $130 million. A summary of the estimated capital costs is provided in Table 2 below.

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Table 2 : Capital Cost Estimate Summary

Carley Bore Deposit

Capital Cost Estimate Summary

Table 2: Capital Cost Estimate Summary	Table 2: Capital Cost Estimate Summary	Table 2: Capital Cost Estimate Summary
Carley Bore Deposit Capital Cost Estimate Summary
Description	Project ($M)	Sustaining ($M)
Pre-production Boreholes Processing Plant Power Accommodation Commissioning Sustaining	6.25 75.00 13.20 5.25 14.00 -	- - - - - 16.0
Total CAPEX	113.70	129.70

Sensitivities

Various sensitivities, which are summarised in Table 3 below, have been run as part of the Scoping Study, and these confirm the robust nature of the Carley Bore Project. The sensitivity analysis in Table 3 below, demonstrates that that Carley Bore is less sensitive to costs and most sensitive to revenue, grade and recovery.

Table 3: Sensitivity analysis

Sensitivity Variance	Grade U3O8	Grade U3O8	Price U3O8	Price U3O8	Borefield Development	Borefield Development
%	NPV	IRR	NPV	IRR %	NPV	IRR
80	$(21)m	2%	$(21)m	2%	$81m	28%
90	$20m	13%	$20m	13%	$71m	26%
100	$61m	23%	$61m	23%	$61m	23%
110	$102m	32%	$102m	32%	$50m	21%
120	$143m	41%	$143m	41%	$40m	18%

Energia’s Managing Director, Mr Kim Robinson, said: “This is a very good outcome from a Scoping Study, which gives the Board a significant level of confidence to further progress the development of the Carley Bore deposit as an ISR project. We are now investigating options to fund this next exciting phase of Carley Bore’s development.”

“This will initially include an aircore drilling program, to define more accurately high-grade ‘roll-fronts’ within and peripheral to the deposit that have the potential to increase the current resource base, coupled with a rotary mud drilling program to confirm the hydrogeological aspects of the orebody which is expected to enable the calculation of an Indicated Resource.”

“Conversion of the Exploration Licences to a Mining Lease will also be advanced as a priority as will the commencement of baseline environmental studies.”

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Cautionary Note

The Scoping Study results are indicative only and are calculated to a level of accuracy of +/- 50% which is standard for a Scoping Study. They are based on various assumptions considered reasonable by Energia’s independent consultants, but which may or may not be ultimately achieved. Based on results to date, there is no certainty that the Carley Bore Inferred Mineral Resource will be converted, in whole or in part, to an Indicated Resource or that a mining operation will ultimately be established.

Forward-Looking Statement

Certain statements made in this announcement, including, without limitation, those concerning the Scoping Study, contain or comprise certain forward-looking statements regarding Energia Minerals Limited’s exploration operations, economic performance and financial condition. Although Energia believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in metals prices, exchange rates and business and operational risk management. Energia undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events.

Competent Person Statements

Information in this release that relates to the Exploration Targets and Exploration Results 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.

The February 2013 update for the Inferred Mineral Resource at Carley Bore is based on information compiled by Mr David Andreazza, who is a full time employee of Energia Minerals Limited; and Ms Ellen Maidens, who is employed by Coffey Mining Limited. Mr Andreazza is the Competent Person responsible for the drilling assay database, QA/QC validation and density measurements. Ms Maidens is the Competent Person responsible for the resource estimation and classification. Ms Maidens and Mr Andreazza are both Members the Australian Institute of Geoscientists. Both Mr Andreazza and Ms Maidens have 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 Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Both Mr Andreazza and Ms Maidens consent to the inclusion in this release of the matters based on their information in the form and context as it appears.

The information in this report which relates to the Scoping Study is based on a report prepared by Coffey Mining Pty Ltd using information supplied by Energia Minerals. The Scoping Study was undertaken by Steve O’Dea. Mr O’Dea is employed by Coffey Mining Pty Ltd as a Principle Mining Consultant and is a Member of the Australasian Institute of Mining and Metallurgy. Mr O’Dea 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 O’Dea consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

1. Exploration Target Cautionary Statement

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

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Figure 1: Outline of the potential mineral inventory within the outline of the current Inferred Mineral Resource

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