EURASIA – MENA Mining, Industrial Minerals and Mineable Energy Trade & Investment Summit May 17, 2012

Legal disclaimer This presentation contains forward-looking statements and factual information that are current as of the date the presentation was originally prepared. European Uranium Resources Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in European Uranium’s business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward- looking statements. Forward-looking statements include, but are not limited to, statements with respect to the preliminary feasibility study, the timing and amount of estimated future exploration, success of exploration activities, expenditures, permitting and requirements for additional capital. Mineral exploration is subject to a high degree of risk, which even a combination of experience, knowledge, and careful evaluation fail to overcome. Exploration activities seldom result in the discovery of a commercially viable mineral resource. Exploration activities are also expensive. The Company will therefore require additional financing to carry on its business and such financing may not be available when it is needed. Information concerning risks specific to European Uranium and its industry, are incorporated by reference to Tournigan Energy Ltd.’s Annual Information Form for the year ended September 30, 2011, dated as of January 9, 2012, in the section entitled “Description of the Business – Risk Factors”. The qualified person for any technical information in this presentation is Dorian (Dusty) Nicol, President and CEO and a qualified person under NI

European Uranium Resources Ltd – Recent Developments European Uranium Resources Ltd. (formerly Tournigan Energy Ltd.) is well placed to become the key uranium exploration and development company in Europe. Areva NC became major shareholder in European Uranium Resources in December 2011 and will perform metallurgical and environmental test work for the Kuriskova Feasibility Study as part of a Technical Services Agreement. European Uranium Resources acquired 7 uranium properties in Sweden and Finland from Mawson Resources Ltd. in December European Uranium Resources announced the results of its Compliant Preliminary Feasibility Study in January 2012.

Slovakia

Slovakia - Nuclear Energy Population: 5.4 million EU member since 2004 Excellent infrastructure with manufacturing centers 20% flat corporate tax rate 3rd largest user of nuclear energy per capita, producing about 60% of its electricity 4 reactors currently operating at 2 plants - 2 reactors under construction Mochovce Nuclear Station, Slovakia

Kuriskova High-grade resource Open at depth and along strike 55,000 meters drilled to date Preliminary Feasibility Study - January 30, 2012 April Indicated resource - 28,487,000 pounds U at 0.555%U 3 O 8

Kuriskova Resource and Reserve Estimates U% Tonnes (000)%U 3 O 8 U 3 O 8 lbs (000)Mo% Tonnes (000) Mo lbs (000) Total Indicated (Main Zone, Hanging wall zone and Zone 45 )0.4712, , ,3013,312 Total Inferred (Main Zone, Hanging wall zone and Zone 45 )0.1573, , ,9962,185 1 Mo resource numbers represent Mo associated with Uranium resource blocks above a 0.05%U cutoff Mineral reserves (including dilution) were estimated at 2.5 million tonnes at an average grade of 0.346%U (0.408%U 3 O 8 ) which was determined to provide an underground mining rate of about 210,000 ore tonnes per year at an economic cutoff of 0.13% U for approximately 13 years. No Inferred resources were used in reserve calculation or mine plan.

View Of Proposed Mine Access and Plan - Kuriskova Internal rate of return 30.8%* 1.9 year pay back US$276 million net present value (8% discount rate)* Base case prices US$68/lb U and US$15/lb Mo Initial capital US$225 million** First 4 year operating costs US$16.68/lb U (with Mo credit) Life of mine operating costs US$22.98/lb U (with Mo credit) * Pre-tax. ** Includes contingency.

Project Advances in Preliminary Feasibility Study (PFS) 94% increase of Indicated Resource to 28.5 million pounds of U 3 O 8 since June 2009 Preliminary Economic Assessment (“PEA”); 92% uranium recovery in PFS, increased from 90% in the PEA; 62% increase in the uranium grade to the process plant to 0.408% U 3 O 8 in the PFS from 0.252% U 3 O 8 in PEA; 26% lower life of mine operating costs in the PFS compared to the PEA. The PFS estimates US$22.98/lb U 3 O 8 life of mine operating costs and US$16.68/lb U 3 O 8 during the first 4 years of production. These are net of a molybdenum credit of about US$1.27 per pound of U 3 O 8; 1.5 year decrease of preproduction construction period in PFS to 3 years compared to 4.5 years in the PEA; The project can be developed as an underground mine/processing facility with a very small surface footprint; and There are multiple exploration targets within the Kuriskova License area, with the potential to expand the resource base and extend project life.

View of Underground Process Plant Facilities Best Available Technologies in mining and processing Conventional alkaline (non- acid) processing underground 210,000 ore tonnes per year at 0.13% U cutoff – 13 years production based on Indicated resources Resource expansion potential 92.0% uranium recovery 86.8% molybdenum recovery

View of Surface Plant Facilities Underground processing plant results in small surface plant footprint estimated at 4.8 hectares

Life of Mine Production Schedule

Kuriskova Preliminary Feasibility Study DescriptionUnitsValue Mine lifeYears13 Ore production capacityTonnes/year210,000 Total mine life uranium productionTonnes U ,493 Average mine life uranium productionTonnes U Uranium priceUS$/lb U Uranium recovery%92.0 Initial capital cost (including contingency)US$ millions225 Operating cost mine life (with Mo credit)US$/lb U Operating cost-first 4 years (with Mo credit)US$/lb U Internal rate of return – pre-tax%30.8 Net present - pre-taxUS$ millions616 Net present - pre-taxUS$ millions374 Net present - pre-taxUS$ millions276 Net present - pre-taxUS$ millions225

Sweden

Sweden uranium exploration licenses Hotagen District – 6,693 hectares Mawson resource estimate - Measured and Indicated Resource of 1.94 million tonnes averaging 0.08% U 3 O 8, containing 3.3 million pounds of U 3 O 8 using a cut-off of 0.025% U 3 O 8. * Duobblon Project – 1,524 hectares Mawson resource estimate - Inferred Resource of 13.8 million tonnes averaging 0.029% U 3 O 8, containing 8.75 million pounds of U 3 O 8 using a cut-off of 0.01% U 3 O 8. * Kapell Project – 4,379 hectares - earlier stage project Aronsjo Project – 1,844 hectares – earlier stage project * European Uranium considers Mawson’s resource estimates to be relevant but has not independently verified the estimate.

Finland

Finland uranium exploration licenses Nuottijarvi Project – 96 hectares Mawson resource estimate - Inferred Resource of 2.0 million tonnes averaging 0.074% U 3 O 8 and containing 3.27 million pounds of U 3 O 8 using a cut-off of 0.03% U 3 O 8. * Riutta Project – 790 hectares Over 500 mineralized boulders have been identified at Riutta, with more than one hundred of these boulders giving assays over 1.0% uranium. Asento Project (“10,000 Boulders”) – application stage new discovery. * European Uranium considers Mawson’s resource estimate to be relevant but has not independently verified the estimate.

Uranium Market Uranium Demand Uranium Supply Uranium Pricing

Uranium Demand Uranium demand is now driven by its consumption for the generation of electricity in nuclear reactors. 15 countries produce more than 25% of their electricity from nuclear – lead by France at 75% and Slovakia at about 60%; U.S. is 20%. Uranium events have resulted in mixed demand scenarios for uranium:  Fukushima accident for nuclear safety which will probably impact demand over the next few years.  Voluntary constraints on carbon emissions which will lead to more reliance on nuclear power.  Withdrawal of some countries such as Germany, Japan, Mexico and Switzerland from nuclear energy; in fact, two weeks ago Japan shut down the last of its 50 nuclear power plants.  However, there is expansion of nuclear power planned in several key countries including China, India, Russia and South Korea.  Uranium demand for 2012 is forecast to be million pounds of U 3 O 8 e; slightly less than the 2011 demand of 112 million pounds.

Uranium Demand (continued) It is estimated that there are currently 61 reactors under construction and another 162 being planned. The above table shows that approximately the same number of nuclear power plants were being operated, constructed, planned or proposed before Fukushima as one year later yielding the same MWE capacity.

Uranium Reactors in Europe

Uranium Demand (continued) The uprating of existing nuclear plants during the past several years has served to improve efficiency or increase output, and upgrades over time have worked to postpone some decommissionings. Uncertain uranium demand factors are whether the Chinese will be less active in supply contracts in the near and long term as well as the lingering impacts of the Fukushima accident. However, there appears to be increased interest in the signing of longer term uranium supply contracts for the period,

Uranium Supply Uranium production increased significantly between 2003 (35,300 tons U) and 2010 (53,700 tons U), or annual increase of 4.3% as the result of increase demand for new nuclear power plants. In 2010, four companies accounted for 59% of the uranium production – Areva, Cameco, KazAtomProm, and Rio Tinto – of which the10 largest mines accounted for 55% of the uranium production. Uranium is produced in different ways (2010 data):

Uranium Supply (continued) Mining methods have changed over time:  In 1990 approximately 55 percent of world production was derived from underground mines; this proportion declined dramatically until 1999 with new Canadian high-grade mines and the Olympic Dam operation in Australia,  Conventional underground mining now has nearly 33 percent of total uranium output.  In situ leach mining has steadily increased, mainly because of Kazakhstan production, and currently accounts for 41 percent of uranium production.  Uranium production from new mines is forecast to increase between 40 and 100 million pounds U 3 O 8 over the next 15 years – principally from Canada, Australia and Africa.

Uranium Pricing The price of a commodity at any given point in time depends on the supply/demand situation then in existence. Most metals such as gold and copper are traded on an international exchange, but uranium is distinct in that a formal marketplace does not exist and trading in this commodity is largely conducted through various contract negotiations. Buyers typically elect to purchase some of their requirements from the spot market in an attempt to gain a more favorable price than may exist in their long-term agreements. The spot market has become more transparent over the past several years and is increasingly acceptable as a proxy for uranium transaction prices. Historical spot prices for U 3 O 8 are available from a number of sources and illustrate the general behavior of trading levels and volumes over time. The following figure shows historical U 3 O 8 prices from 1988 to 2011.

Uranium Pricing (continued)

As noted earlier, there was significant increase in uranium production due to increased demand between 2003 and 2010 – resulting in the price increases shown. However, a number of concurrent events have contributed to the recent spot price fluctuations and exacerbated price volatility including:  Worldwide announcements of significant planned nuclear power generation;  Production shortfalls or delays at major uranium mines;  Fukushima accident;  Withdrawal of some countries from nuclear power generation due to safety concerns;  Voluntary constraints on carbon emissions; and  The phasing out of highly enriched uranium (HEU) as a source of fuel for power generation will require an enhanced focus on uranium exploration in the future.

Uranium Pricing (continued) Given these, one “would think” that uranium pricing would generally behave according to the laws of supply-demand – however, as we know, emotions from the Fukushima accident have impacted uranium pricing. In general, except for the one price spike in 2007, uranium pricing has been increasing with demand until Fukusima. Since Fukushima, both spot and long-term uranium prices have softened -- from US$65-70 to US$50-55/pound U 3 O 8 for spot and US$65-72 to US$60-63/pound U 3 O 8 for long-term. Most nuclear utilities have secured contracts in the medium term. Uranium demand is being forecast to increase by analysts on the order of million pounds U 3 O 8 in 2012 and million pounds in Based on the forecasted increase in demand during the period , an associated uranium price increase is being forecast from its current level of US$60 to US$90-95/pound U 3 O 8 by 2017.

Thank you Alva “Al” Kuestermeyer Executive Vice President Tel: