LIGHTBRIDGE Corp — Director's Dealing 2006

Nov 4, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Thorium Power, Ltd (THPW.OB)
CIK: 0001084554
Period of Report: 2006-10-06

Reporting Person: GRAE SETH (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-06	Common Stock	J	8039390	—	Acquired	14039390	Direct
2006-09-28	Common Stock	D	2000000	$0.31	Disposed	12039390	Direct
2006-11-01	Common Stock	P	30000	$0.299	Acquired	12069390	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-06	Compensatory Stock Option	$0.39	J	1486412	Acquired	2006-01-31	Common Stock (1486412)	Direct
2006-10-06	Compensatory Stock Option	$0.156	J	3844170	Acquired	2010-08-17	Common Stock (3844170)	Direct

Footnotes

F1: Mr. Grae held an aggregate of 313,698 shares of Thorium Power Inc. prior to a merger between Thorium Power Inc and Novastar
Resources Ltd (now Thorium Power, Ltd.). Pursuant to the merger agreement, each share of Thorium Power Inc. was converted
into 25.628 shares of Novastar Resources Ltd. Accordingly, on October 6, 2006, Mr. Grae received 8,039,390 shares of the
issuer's common stock as merger consideration.

F2: The issuer redeemed 2,000,000 shares from Mr. Grae on September 28, 2006. The proceeds of this redemption were paid directly
to federal and/or state taxing authorities to cover Mr. Grae's tax liability relating to the original grant of 5,000,000
shares to Mr. Grae pursuant to his employment agreement dated February 14, 2006.

F3: Mr. Grae held an aggregate of 58,000 compensatory stock option (exercise price of $10) of Thorium Power Inc. prior to a
merger between Thorium Power Inc and Novastar Resources Ltd (now Thorium Power, Ltd.). Pursuant to the merger agreement,
each option of Thorium Power Inc. with a exercise price of $10 was converted into 25.628 options of Novastar Resources Ltd.
with a exercise price of $0.39 Accordingly, on October 6, 2006, Mr. Grae received options to purchase 1,486,412 shares of
the issuer's common stock at $0.39 per share as merger consideration.

F4: Mr. Grae held an aggregate of 150,000 compensatory stock option (exercise price of $4) of Thorium Power Inc. prior to a
merger between Thorium Power Inc and Novastar Resources Ltd (now Thorium Power, Ltd.). Pursuant to the merger agreement,
each option of Thorium Power Inc. with a exercise price of $4 was converted into 25.628 options of Novastar Resources Ltd.
with a exercise price of $0.156 Accordingly, on October 6, 2006, Mr. Grae received options to purchase 3,844,170 shares of
the issuer's common stock at $0.156 per share as merger consideration.