1. Council for Mineral Technology Increased production of uranium in Southern Africa 09 March 2010 Dr Roger Paul General Manager: Business Development

2. Price Long term prediction

3. Historic Production Highly enriched U, HEU Diluted for fuel

4. Source: International Atomic Energy Agency, U.S. is from Energy Information Administration Updated: 9/09 Nuclear Power Production  437 in operation  5 in long term shut down  55 new plants under construction  142 planned  327 proposed

5. Resource and Production Reasonably assured resources + inferred resources at $130/kg - World Nuclear Association 2007 Uranium production in 2006 - British Geological Survey

6. Companies active in Namibia

7. Mintek Registered Laboratory  RSA: signatory to international agreement on non proliferation of nuclear weapons and weapons of mass destruction  Authorisation of Minister of Energy and registration with National Nuclear Regulator (NNR)  Radiation Protection Programme and health monitoring  Radiation Protection Specialist – registered with the NNR, has to be an external consultant  Radiation Protection Officer – on site, accredited by NNR  Registered to hold 500 kg U 3 O 8  Mintek complies strictly to regulations, audits done unannounced: Sept 09 – not single non-compliance found  Ore, products, waste streams, etc. to be sent back to site of origin (not to be diluted and disposed of)

8. Some Flowsheet Options  Uranium One, Klerksdorp: CCD  BPC SX  ADU  Ezilweni: CCD  NIMCIX  SX  ADU ppt  Langer Heinrich: CCD  Clarific  FBIX  SDU  Vaal River South: CCD  NIMCIX  MS/SX  ADU  Trekkopje: Heap leach  NIMCIX  SDU  Kayelekera: RIP  direct ppt  AngloGold Ashanti: NIMCIX / RIP  Harmony demonstration: RIP  direct ADU ppt  Rand Uranium: CCD  BPC SX  ADU Development of recent uranium flow sheets is based on grade and mineralogy of ore, unlike “one fits all” approach of the Wits Au mines

9. Uranium One: BPCs Klerksdorp

10. AngloGold Ashanti: Vaal River South

11. Research & Development  HPGR crushing vs conventional: evaluations underway to quantify any metallurgical advantages (leaching, heap leaching)  Bio heap leaching: direct generation of oxidant (Fe3+) and acid (pyrite content)  3% pyrite reduced acid consumption by 50%  Major IX developments:  Re-estalishment of NIMCIX expertise  Resin-in-Pulp  Resin evaluations, improved resins  Silica behaviour and management: effect of pH, adsorption time  Direct precipitation from high grade eluate (>30 g/L U 3 O 8 )  Continuous elution: novel approach  Significant reduction in elution time  CAPEX and OPEX potential savings

12. Conclusions  Southern Africa’s uranium resources are under-invested  Attainment of environmental targets easier in dry climate  Good infrastructure in many countries  Technological advances allow economic recovery at lower grades  Availability of skilled engineers

13. Thank you www.mintek.co.za Mintek Site