2012 Annual General Meeting Presentation2012 Annual General Meeting Presentation

Weidong Xiang Weidong Xiang Managing DirectorManaging Director

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DISCLAIMERThis presentation has been prepared by Energy Metals Limited (“Energy Metals or EME”). The informationcontained in this presentation is a professional opinion only and is given in good faith.

Certain information in this presentation has been derived from third parties and though Energy Metalshas no reason to believe that it is not accurate reliable or complete it has not been independentlyhas no reason to believe that it is not accurate, reliable or complete, it has not been independentlyaudited or verified by Energy Metals.

Any forward looking statements included in this presentation involve subjective judgement and analysisand are subject to uncertainties, risks and contingencies, many of which are outside the control of, andmaybe unknown to Energy Metals In particular they speak only to the date of this presentation theymaybe unknown to, Energy Metals. In particular they speak only to the date of this presentation, theyassume the success of Energy Metals’ strategies, and they are subject to significant regulatory, business,competitive and economic uncertainties and risks. Actual future events may vary materially from theforward looking statements and the assumptions on which these assumptions are based. Recipients ofthis presentation are cautioned not to place undue reliance on such forward looking statements.

Energy Metals makes no representation or warranty as to the accuracy, reliability or completeness ofinformation in this document and does not take responsibility for updating any information or correctingany errors or omissions which may become apparent after this presentation is released.

To the extent permitted by law Energy Metals and its officers employees related bodies corporate andTo the extent permitted by law, Energy Metals and its officers, employees, related bodies corporate andagents disclaim all liability, direct, indirect or consequential (and whether or not arising out of thenegligence, default or lack of care of Energy Metals and/or any of its agents) for any loss or damagesuffered by a recipient or other persons arising out of, or in connection with, any use or reliance on thispresentation or information.

All amounts in A$ unless stated otherwise.For

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Current EME Share Price $0.29 Current Spot Price $52.50

Long Term Uranium Price $70-73

Current EME Share Price $0.29 Current Spot Price $52.50

Long Term Uranium Price $70-73

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CGNPC (China Guangdong Nuclear Power Holding Co. Ltd)

• Clean energy group (established 1994)

• Total assets US$39.7B Total assets US$39.7B

• Net Assets US$11.1B (Jan 2012)

6 operating nuclear power plants (6 110 Mwe) close to HK• 6 operating nuclear power plants (6,110 Mwe) close to HK

• 15 power plants (17,540 MWe) under construction

• One of only 2 Chinese companies which can import Uranium

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C it l St t Capital Structure (current)

Shares on Issue 153.8m

Shareholders ≈1,000

Cash (31 March 2012) $ 23 89mCash (31 March 2012) $ 23.89m

CGNPC 93.1m shares 60.6% KangDeJindalee

19.5m shares 14.0m shares

12.7%9.1%

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Highly Experienced BoardHighly Experienced Board

Mr Zuyuan He (Chairman) Dr Weidong Xiang (Managing Director)

CGNPC - URCCGNPC - URCg g ( g g )

Mr Bin Cui (Finance Director)Ms Zheng Xiaowei (Non Exec)

CGNPC - URCCGNPC - URC

Mr Zhong Yu (Non Exec)Mr Lindsay Dudfield (Non Exec)M G ff J (N E )

KangDe

Mr Geoff Jones (Non Exec)Xuekun Li (Company Secretary)

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U i T diUranium Trading

U i U i E P i G d• Unique Uranium Export Permit Granted

• Permit to Possess Granted

• 150,000lb Uranium Concentrates purchased and sold

in export trial

• Further Purchase and Sales Contracts expected• Further Purchase and Sales Contracts expected.

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Photo from Google

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Bigrlyi June 2011 Resource* (250ppm cut off)Bigrlyi June 2011 Resource (250ppm cut off)

JORC Mt U3O8 U3O8 U3O8 V2O5 V2O5 V2O5JORC status

Mt U3O8ppm

U3O8t

U3O8Mlb

V2O5ppm

V2O5t

V2O5Mlb

Ind. 8.8 890 7,800 17.3 1,026 9,000 19.9

f 6Inf.

TOTAL

6.2

15

715

818

4,400

12,200

9.7

27

805

935

5,000

14,000

10.9

30.8

•Multiple Indicator Kriging; tonnes are metric (2204.62 pounds), figures may not total due to rounding.

, ,

•Announced 28th June 2011For

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Bigrlyi PFS Summary*Bigrlyi PFS Summary

• Excellent metallurgy (>95% recovery Acid leach)• Excellent metallurgy (>95% recovery Acid leach)

• Excellent geotechnical ground conditions

Total Ca e Plant Mining and infrastr ct re $270M• Total Capex Plant, Mining and infrastructure $270M

• Total Opex $160/t

• 8 year mine life

• Resource increase essential to improve Economics

• Feasibility Studies continuing including• Review of Pit Optimisation

* More details in 17th June 2011 ASX release

• Acid / Alkaline Leach Optimisation

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Bigrlyi Drilling

Bigrlyi Camp Oct06 019.jpg

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Photo from Google

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Camel Flat Prospect

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Watch out for:

• Completion of Trial Uranium Export• Completion of Trial Uranium Export• Uranium Trading Transactions

• Exploration Updates• Exploration Updates

• Bigrlyi, • Camel Flat and Regional Targets Camel Flat and Regional Targets

• Updated Bigrlyi Resource and Pit Optimisation•Bigrlyi Extensional and Infill Drillingg y f g

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Compliance StatementCompliance StatementThe information in this presentation is based on information compiled by Mr Paul Dunbar and Mr Lindsay Dudfield, who are both Members of The Australasian Institute of Mining and Metallurgy and The Australian Australasian Institute of Mining and Metallurgy and The Australian Institute of Geoscientists. Mr Dunbar is a full time employee of the Energy Metals, Mr Dudfield is a consultant employed by Energy Metals. They both have sufficient experience which is relevant to the style of

i li ti d t f d it d id ti d t th ti it mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Dunbar and Mr Dudfield ,consent to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.

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