ENOVA MINING LIMITED — Investor Presentation 2012

May 17, 2012

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CROSSLAND URANIUM MINES LTD (ASX: CUX) Featuring Charley Creek, Northern Territory

- a rapidly developing strategic Rare Earth Resource

The following presentation briefly outlines:

• The Rare Earth industry, the factors driving Rare Earth supply and demand issues, • The potential for Crossland’s Charley Creek . Project to exploit those opportunities

Disclaimer

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 This presentation should not be considered as investment advice. Any party to whom this information is made available must make their own investment decisions.

 Any forward-looking statements included in this document involve subjective judgment, and are subject to uncertainties, risks and contingencies, which may be beyond the control or knowledge of Crossland.

 Future events may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are based. Attendees at this presentation are cautioned not to place undue reliance on such forward-looking statements.

 Crossland makes no representation or warranty as to the accuracy, reliability or completeness of information 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.

 JORC Statement: The review of exploration activities and results, and Mineral Resource contained in this presentation are based on information compiled by Geoffrey S Eupene FAusIMM(CP), a Fellow of the Australasian Institute of Mining and Metallurgy. He is a director of the Company and a full time employee of Eupene Exploration Enterprises Pty Ltd. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Geoffrey S Eupene has consented to the inclusion in this report of the matters based on this information in the form and context in which it appears.

 Crossland Uranium Mines Ltd

(ASX: CUX)

• Listed on ASX April 2007

• Experienced, well qualified team

• A lot of NT, and uranium, experience

• Projects mostly internally generated, - low acquisition costs; - good prospects for capital gain

• Initial uranium focus: with an evolved importance of

REE

• Charley Creek Alluvial REE Project under definition since Late 2010.

• Crossland’s immediate focus is to confirm the viability of developing its alluvial REE resources in Charley Creek and getting them quickly to production.

 Our Projects

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REE SUPPLY CRITICALITY

(from USDoE Critical Materials Strategy, Dec 2011)

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Short Term (0-5 yrs) Criticality: Dy, Tb, Y, (Heavy REE) Eu (Medium REE) Nd (Light REE)

Medium Term (5-15yrs) Criticality: Dy, Tb, Y (Heavy REE) Eu (Med REE) Nd (Light REE)

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Charley Creek’s advantages:

• Contains a broad mix of all REE, but with ~80% of value in the CRITICAL REE.

• The mineralisation is in alluvial deposits which are free digging, with no overburden, so mining costs are low

• The mineralisation is readily upgradeable to high grades of contained TREO in concentrate (>35% TREO) by physical, low cost methods: -low process risk

• REO are present in two phosphate (so easily dissolved) minerals: the LREO are in Monazite; the HREO are in Xenotime:

• These are the preferred feedstock for REO production with well established process routes:- low process risk and potentially saleable concentrate product

• These advantages give potential for scaleable and flexible development options….

• The Critical REO (Dy, Tb, Y, Nd, Eu) dominate the Charley Creek REO distribution by value: 80.2% of value (Toyota 2016 Estimate), or 75.5% of value (current FOB prices)

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MINERALOGY

• The light rare earths ( LREE -atomic numbers 57–61), such as La and Nd , and medium rare earths ( MREE -atomic numbers 62–64), such as Eu , are found mainly in bastnäsite and monazite .

• Heavy rare earths ( HREE -atomic numbers 65–71), such as Tb and Dy , Y more scarce and

• along with (atomic number 39), are somewhat typically concentrated in ionic adsorption clay found in south eastern China, and xenotime

• The Phosphate Minerals, Monazite and Xenotime have long been the prime source of REE, and these minerals have relatively simple and predictable processing characteristics.

• Comment: Crossland’s REE mix contains a good spread of REE, including significant HREE (17% by weight, and 50% by value) , and the mineralogy is monazite and xenotime . Almost all of the HREE are in xenotime.

COMPARISON OF NEW REE PRODUCTION* AND SOME RECENT CUX RESULTS

*Source: USDoE Critical Strategic Materials Report, Dec, 2010 and CUX data

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Crossland’s recently announced (15 May 2012)

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Resource Statement:

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Charley Creek Alluvial Fan Resources: <5% of potential evaluated

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ALLUVIAL FAN AREA

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Potentially billions of tonnes of alluvium: - Plenty of scope to optimise grade, REO mix, costs

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SELECTED REE PROJECTS OUTSIDE CHINA • Vast alluvial flats:

• Cheap and easy to work and rehabilitate:

• • Almost unlimited siting options

CHARLEY CREEK

1) Lynas Corp, 2) Moly Corp Minerals, 3,4) Great Western Minerals, 5) Alkane Minerals, 6) Vietnamese Govt/Toyota Tsusho/Sojitz, 7) Arafura Resources, 8) Avalon Rare Metals, 9) Karitomprom/Sumitomo, 10) Stans Energy, 11) Greenland Minerals and Energy, 12) Rare Element Resources, 13) Pete Mountain Resources, 14) Quest Rare Minerals, 15) Ucom Uranium, 16) US Rare Earths, 17) Matamet Explorations, 18) Etruscan Resources, 19) Montero Mining, 20) Tasman Medals, 21) Neo Material Technologies/Mitsubishi ( Source: USDOE Critical Minerals Strategy, Dec 2010 )

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Expected Process Stages:

1. Alluvial Mining- free- dig and no overburden; 2. Wet Plant Processing to produce Heavy Mineral Concentrate (HMC);

3. Dry Plant Processing of HMC to produce saleable mineral products (e.g. Zircon), or process feed (e.g. monazite and xenotime).

4. Chemical processing of monazite and xenotime to produce value added oxide and hydroxide products.

5. Production of separate refined REE metals (Crossland has no plans to produce refined metals; it will sell value added oxide and hydroxide products (Stage4) and zircon (Stage3).

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• Mining and Stage 2 (wet plant HMC) : processing concept

-initially dry mining with contractors feeding mobile washing plants; -multiple sites to enhance flexibility; -evolving into dredging operation; -all alluvial tailings returned directly to excavation sites for rehabilitation, with slimes management; -expect HMC recoveries of 15kg- 25kg/ T of feed with grades of x% TREO (6.25%TREO in current tests) -expect mineral sands type costs .

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•

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Wet plant processing:

Process development tests currently nearing conclusion at AML in Perth: Spirals showing good HM Recoveries

Dry plant processing tests:

• Sighter tests completed on concentrates prepared on site at Charley Creek:

• Report imminent;

• Process validation tests to follow on concentrates from wet plant testwork.

• Magnetic and electrostatic separation of monazite and xenotime is producing high grade concentrates (>35%TREO: TARGET 50%TREO).

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Extraction testwork Will demonstrate that conventional process routes for monazite and xenotime are applicable to concentrate products. (Timed for August/ September)

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Crossland’s development concept for Charley Creek Alluvial deposits:

• a. Mining- using low cost alluvial methods

• b. Pre- Concentration- using low cost well tested methods to produce very high grade REE concentrates of monazite and xenotime

• c. Extraction of initial saleable product: production of a range of oxides/ hydroxides on-site in small low- cap plant (because of high grades) using proven technology on ideal mineral feed- stocks in a regime familiar with nuclear materials, which are by-products of this processing. CUX plans to market the REE oxide/ hydroxide products produced in this stage.

• d. Refining of pure metal products:

CUX will not initially be involved in REE metal production

2011 drilling program at Cattle Creek Alluvial Fans

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• Light air- core rig averages 200m/ shift in holes to 100+m deep (if required):

• Alluvial holes up to 30m deep and 200m- 400m apart

2012 Forward Program:

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• Complete Cockroach initial Alluvial Resource estimate (by May 2012)

• Process development for heavy mineral and leach products (Present – August 2012)

• Follow up process and marketing studies (June 2012-)

• Initial testing of Alluvial fans (Complete; Initial Resource estimate May 2012):

• Pre- feasibility study completed late 2012; commence long- lead environmental baseline studies Q3 this yearResource

• definition of alluvial fan deposits (April- August 2012: Targeting over 1,500M Tonnes@150-450g/T Recoverable TREO)

• Regional exploration for more Xenotime (April 2012-); Bedrock deposit exploration at Cattle Creek Prospect

• Feasibility Studies during 2013: A pathway to early permitting and production .

 NB: Conceptual Target quantities are expressed as ranges in conformity with Clause 18 of the JORC code. No Mineral Resources as defined by JORC Code have as yet been established at the Charley Creek Alluvial Fans, and it remains uncertain if further exploration will result in definition of a Mineral Resource. An estimate of an inaugural Mineral Resource for the Charley Creek Alluvial Fans is expected in Q2, 2012.

Current Share Structure

31 Jan. 2012

CUX – Ordinary Listed Shares

137,123,067

UnlistedOptions

Expiry

Price

 CUXAS 31 Mar 12  CUXAT 31 Dec 12  CUXAU 30 Jun 15

 Fully Diluted

$0.50 1,200,000 $0.20 2,300,000 $0.15 5,750,000 146,373,067