ENERGY METALS LTD — Capital/Financing Update 2012

Jun 24, 2012

25 June 2012

Company Announcements Office Australian Securities Exchange Limited 20 Bridge Street SYDNEY NSW 2000

Energy Metals Limited ABN 63 111 306 533 Ground Floor 10 Kings Park Road West Perth WA 6005 PO Box 1323 West Perth WA 6872 Western Australia Telephone: (08) 9322 6904 Facsimile: (08) 9321 5240 Email: enquiry@energymetals.net Web: www.energymetals.net

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Dear Sir/Madam

UPDATE ON URANIUM TRADING

On 30 April 2012 Energy Metals Limited (ASX: EME) announced that due to delays of administrative approvals the first trading shipment of Natural Uranium Concentrates (“the Concentrates”) did not occur as scheduled.

Energy Metals is pleased to advise that subsequent negotiations with the Australian uranium producer (“the Supplier”) and CGNPC – Nuclear Fuel Corporation Limited (“CGNPC - NFC”), formerly known as CGNPC – Uranium Resource Corporation Limited, have been finalised.

Energy Metals has signed Amendment to the Natural Uranium Concentrates Sales Agreement (“Amendment”) with the Supplier and CGNPC - NFC, respectively. The Amendment mainly stipulates a new shipment schedule.

Under the Amendment, the shipping date shall occur as soon as practicable following the execution of the Amendment; however, that in no event shall the shipping date occur after 31 October 2012. The shipping date is contingent upon the logistical availability and obtaining any and all required approvals of the Chinese and Australian Governments.

Energy Metals wishes to confirm that almost all prerequisite government approvals have been received and both parties are awaiting the confirmation of the “Statement of Peaceful Use of Uranium Concentrates” to be issued by the China Atomic Energy Authority to the Australian Safeguards and Non-Proliferation Office.

In March, the Company was granted a waiver from the ASX Listing Rule 10.1 subject to certain conditions. The Company has submitted an application to the ASX for variation of the waiver.

Yours sincerely,

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WEIDONG XIANG Managing Director