ENERGY METALS LTD — Capital/Financing Update 2010

Oct 28, 2010

29 October 2010

Company Announcements Platform Australian Securities Exchange Level 4 20 Bridge Street SYDNEY NSW 2000

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Dear Sir/Madam

PROPOSED PLACEMENT OF SHARES

On 16 June 2010 Energy Metals Limited (ASX: EME) announced that Camry Development Hong Kong Limited (“Camry”), a wholly owned subsidiary of Kangde Group, had agreed to subscribe for 19,472,773 shares at $1.02 per share to raise approximately $19,862,228 (“Placement”). The Placement was conditional on the receipt of all necessary regulatory approvals from public authorities, with subscription for the Placement to be completed by 30 September 2010.

On 28 September 2010 Energy Metals announced that due to administrative delays it had been agreed to extend the deadline for completion of the Placement to 31 October 2010.

Camry has subsequently advised that Frontier Hong Kong Development Limited, also a wholly owned subsidiary of Kangde Group, will now act as its nominee and subscribe for the Placement, and has requested additional time to complete the transaction.

Energy Metals has agreed to extend the deadline for completion of the Placement to 30 November 2010.

Yours sincerely

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LINDSAY DUDFIELD Executive Director Energy Metals Limited.

Forward-Looking Statements: This document may include forward-looking statements. Forward-looking statements include, but are not limited to statements concerning Energy Metals Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Although Energy Metals believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.