Shareholder Update December 2012 GB  Energy  Limited  (ASX:  GBX)  is  a  focused  uranium  explorer  with  two  exploration  licences  in  the  Slovak  Republic.  

This  document  updates  Shareholders  on  GB  Energy’s  strategy  and  recent  activities,  including  a  number  of  exploration  licence  applications  in  South  Australia  and  New  South  Wales.  

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Corporate  Snapshot  

Shares   185,192,770  

Share  Price:  28  November  2012   AUD  0.007  

Shareholders   423  

Top  5:  1.  Graeme  Kirke  and  associated  entities  2.  N  &  J  Mitchell  Holdings  Pty  Ltd  and  associates    3.  Freshwater  Resources  Pty  Ltd  4.  Mr  Roderick  McIllree  and  associated  entities  5.  Panstyn  Investments  Pty  Ltd    

 20,500,200  (11.070%)  17,060,437  (9.212%)  15,250,000  (8.235%)  12,534,771  (6.768%)  9,000,000      (4.860%)    

Disclaimer  and  Forward  Looking  Statements    

• This  document  contains  forward  looking  statements.  Forward  looking  statements  are  not  based  on  historical  facts,  but  are  based  on  GB  Energy’s  current  expectations  of  future  results  or  events.  These  forward  looking  statements  are  subject  to  risks,  uncertainties  and  assumptions  which  could  cause  actual  results  or  events  to  differ  materially  from  the  expectations  described  in  such  forward  looking  statements.  While  GB  Energy  believes  that  the  expectations  reflected  in  the  forward  looking  statements  in  this  document  are  reasonable,  no  assurance  can  be  given  that  such  expectations  will  prove  to  be  correct.  Matters  as  yet  not  known  to  GB  Energy  or  not  currently  considered  material  by  GB  Energy,  may  cause  actual  results  or  events  to  be  materially  different  from  those  expressed,  implied  or  projected  in  any  forward  looking  statements.  Any  forward  looking  statement  contained  in  this  document  is  qualified  by  this  cautionary  statement.  

• The  information  contained  in  this  presentation  is  for  informational  purposes  only  and  does  not  constitute  an  offer  to  issue,  or  arrange  to  issue,  securities  or  other  financial  products.  The  information  contained  in  this  presentation  is  not  investment  or  financial  product  advice  and  is  not  intended  to  be  used  as  the  basis  for  making  an  investment  decision.  The  presentation  has  been  prepared  without  taking  into  account  the  investment  objectives,  financial  situation  or  particular  needs  of  any  particular  person.    

• No  representation  or  warranty,  express  or  implied,  is  made  as  to  the  fairness,  accuracy,  completeness  or  correctness  of  the  information,  opinions  and  conclusions  contained  in  this  presentation.  To  the  maximum  extent  permitted  by  law,  none  of  GB  Energy  Limited,  its  directors,  employees  or  agents,  nor  any  other  person  accepts  any  liability,  including,  without  limitation,  any  liability  arising  out  of  fault  of  negligence,  for  any  loss  arising  from  the  use  of  the  information  contained  in  this  presentation.  In  particular,  no  representation  or  warranty,  express  or  implied  is  given  as  to  the  accuracy,  completeness  or  correctness,  likelihood  of  achievement  or  reasonableness  or  any  forecasts,  prospects  or  returns  contained  in  this  presentation  nor  is  any  obligation  assumed  to  update  such  information.  Such  forecasts,  prospects  or  returns  are  by  their  nature  subject  to  significant  uncertainties  and  contingencies.    

• Before  making  an  investment  decision,  you  should  consider,  with  or  without  the  assistance  of  a  financial  adviser,  whether  an  investment  is  appropriate  in  light  of  your  particular  investment  needs,  objectives  and  financial  circumstances.  Past  performance  is  no  guarantee  of  future  performance.    

• The  distribution  of  this  document  in  jurisdictions  outside  Australia  may  be  restricted  by  law.  Any  recipient  of  this  document  outside  Australia  must  seek  advice  on  and  observe  any  such  restrictions.  

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GB  Energy  Ltd  Board    Russell  Barnett  –  Non  Executive  Chairman  B.Com  (UWA),  MBA  (UWA),  Grad.Cert.Min.Ec  (Curtin)  Mr  Russell  Barnett  is  the  founder  and  a  partner  at  Australian  Venture  Consultants,  a  Perth  based  strategic  advisory  firm  established  in  2002.  He  has  over  18  years  experience  in  complex  strategic  and  operational  analysis  across  a  range  of  industries  in  the  Australian  and  Asia  Pacific  Region.  With  a  primary  focus  on  the  resources  sector,  Russell  has  led  operational  and  strategic  analytical  advisory  engagements  with  a  wide  range  of  public  and  private  organisations  operating  in  the  mining  and  petroleum  industries.  He  is  an  adjunct  associate  professor  with  the  University  of  Western  Australia  and  a  member  of  the  Senate  of  Murdoch  University.    Graeme  Kirke  –  Managing  Director  B.Com  (UWA),  MSDIA  Mr  Graeme  Kirke  has  more  than  25  years  experience  in  capital  markets.  Mr  Kirke  was  a  founding  shareholder  and  director  of  GB  Energy.    Gordon  Hart  –  Executive  Director      Mr  Gordon  Hart  has  over  30  years  of  experience  in  Investment  Banking  including  Stockbroking,  Mergers  &  Acquisitions  and  Corporate  Finance.  Gordon  is  currently  Managing  Director  of  Venture  Group  Equities  Pty  Ltd,  specializing  in  activities  associated  with  the  emerging  Resource  and  Energy  sectors.  Activities  include  IPO's  &  other  raisings,  strategic  corporate  advice,  mergers  &  acquisitions,  and  project  &  business  development.  Mr  Hart  is  also  a  Director  of  Convergent  Minerals  Ltd  and  a  sponsor  of  The  Sydney  Mining  Club.    

Technical    Nick  Burn  BSc  (Hons),  MBA,  MAIG  –  Consulting  Geologist Mr  Nick  Burn  has  over  25  years  geological  experience,  including  extensive  uranium  exploration  experience  throughout  Australia.    Nick  was  previously  CEO  of  ASX-­‐listed  uranium  explorer  Regalpoint  Resources  Ltd,  Business  Development  Manager  at  GB  Energy  and  Exploration  Manager  for  Energy  Metals  Ltd.    Stuart  Rechner  BSc  LLB  –  Project  Generation  and  Review  Geologist  Mr  Stuart  Rechner  holds  degrees  in  both  Geology  and  Law  from  the  University  of  Western  Australia  and  worked  with  a  junior  mineral  exploration  company  for  several  years  before  joining  the  Department  of  Foreign  Affairs  and  Trade.  Stuart  was  posted  to  Beijing  and  Jakarta  where  his  duties  included  reporting  on  the  resources  industry.  Most  recently  he  was  Senior  Adviser  for  National  Security  and  International  Policy  at  the  Department  of  Prime  Minister  and  Cabinet.    

Company  Secretary/  CFO    Anna  MacKintosh  B.Com.  (UWA),  CPA  Mrs  Anna  MacKintosh  has  25  years  commercial  experience  with  the  last  13  years  employed  as  Responsible  Manager  of  Australian  Financial  Services  Licence  holder  KSL  Corp  Pty  Ltd,  and  three  and  a  half  years  in  her  current  role  with  GB  Energy  Ltd.  

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SLOVAKIA URANIUM PROJECTS - KLUKNAVA AND VITAZ-II

Background

During the 1960s and 1970s, Slovak Socialist Republic state-owned enterprise Uránovy Prieskum explored for uranium in the Inner Western Carpathians discovering a uranium prospective belt within Permian meta-sedimentary and meta-volcanic sequences.

In October 2007, GB Energy (via fully owned subsidiary Crown Energy sro) acquired a four year licence to explore the Kluknava-1 area where Soviet-era exploration had identified numerous radiometric anomalies.

The Kluknava licence was renewed for a further four years in October 2011.

In April 2010, GB Energy also acquired a four year licence to explore the Vitaz-II exploration area adjacent to Kluknava-1

During  2012,  GB  Energy  completed  exploration  programs  over  Kluknava  and  Vitaz-­‐II  and  reported  results  in  the  March  quarter  (see  ASX  announcement  of  22  March  2012  for  full  details).    In  June  2012,  following  an  extensive  review  of  Soviet-­‐era  archival  material,  GB  Energy’s  Slovakia-­‐based  subsidiary  –  Crown  Energy  s.r.o.  –  uncovered  a  1960s  drilling  program  in  the  vicinity  of  the  Kluknava  and  Vitaz-­‐II  licence  areas.  Given  the  potential  for  data  that  was  generated  from  this  activity  to  provide  new  information  relevant  to  our  Slovakia  program,  GB  Energy  deferred  new  exploration  work  on  the  Slovak  licences  until  the  data  could  be  fully  analysed.    We  have  commenced  a  detailed  study  and  interpretation  of  the  1960s  program  and  expect  to  publish  results  early  in  the  new  year.  

Slovak  Uranium  Projects  -­‐  Location  Map  

Kluknava  and  Vitaz-­‐II  Project  Areas  with  Soviet-­‐era  Radiometric  Anomalies  

Cross Section of 2011 Drillholes K-4 and K-5 showing Downhole Gamma Log Highlights

(Note:  see  uranium  equivalent  disclaimer  page  8)  

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ELA  2012/280  and  ELA  2012/298  • These  former  Rio  Tinto  Exploration  tenements  cover  1875km2  of  the  Stuart  Shelf  on  the  north  east  margin  of  the  Gawler  Craton,  an  area  identified  by  Geoscience  Australia  as  of  high  prospectivity  for  Iron  Oxide  Copper  Gold  (Uranium)  –  IOCG(U)  –  mineralisation  • There  has  been  no  significant  drilling  on  the  applications  since  three  holes  in  the  1970’s  failed  to  reach  basement  and  test  geophysical  targets.  • BHP  Billiton  Olympic  Dam  Corporation  Pty  Ltd  has  recently  pegged  four  exploration  licence  applications  to  the  north,  south  and  east.    

ELA  2012/253  • ELA  2012/253  lies  within  the  Frome  Uranium  Province,  a  region  identified  by  Geoscience  Australia  and  other  explorers  as  prospective  for  sandstone-­‐hosted  uranium  mineralisation  in  Tertiary  sediments.  • The  recent  Frome  Airborne  Electromagnetic  Survey  identified  a  substantial  extension  of  the  Blanchewater  Palaeovalley  north  into  the  southern  portion  of  ELA  2012/253.  This  establishes  a  potential  fluid  pathway  within  the  permeable  Tertiary  sands  in  ELA  2012/253  and  the  potential  uranium  source  rocks  of  Yerilla  Granite  (up  to  270ppm  U)  of  the  Mount  Babbage  inlier.  • GB  Energy  considers  the  project  area  to  include  all  components  required  for  uranium  mineralisation;  uranium  enriched  source  rocks  to  the  south,  a  pathway  for  uranium  transport  and  reduced  Tertiary  sequences  that  could  provide  redox  boundaries  to  facilitate  uranium  deposition.  

SOUTH AUSTRALIA EXPLORATION LICENCE APPLICATIONS In  September  and  October  2012,  GB  Energy  applied  for  several  South  Australian  Exploration  Release  Areas  (ERAs)  under  a  new  process  initiated  by  the  Department  for  Manufacturing,  Innovation,  Trade,  Resources  and  Energy  (DMITRE)  for  expired,  surrendered  or  cancelled  exploration  licence  (EL)  areas.    GB  Energy  successfully  advanced  through  the  initial  competitive  phase  of  the  ERA  process  and  now  holds  five  Exploration  Licence  Applications  (ELAs)  across  SA.  It  is  important  to  note  that  an  ELA  does  not  guarantee  the  offer  of  an  EL  and  is  subject  to  assessment  by  DMITRE.  No  work  can  commence  on  the  tenements  until  an  EL  is  granted.  

ELA  2012/184  and  ELA  2012/273  • These  blocks  cover  an  Eastern  section  of  the  Proterozoic  Peake  and  

Denison  Inliers  and  adjacent  Mesozoic  Algebuckina  Sandstone,  Cadna-­‐owie  Formation  and  Bulldog  Shale  which  unconformably  overlie  the  Proterozoic  basement.  

• GB  Energy  is  targeting  sandstone-­‐hosted  uranium  as  well  as  investigating  historic  uranium  occurrences.  

• The  Peake  Denison  inliers  are  radiogenic  and  considered  potential  source  rocks  for  sediment  hosted  uranium  mineralisation  in  reduced  portions  of  the  overlying  Mesozoic  and  younger  sediments.  

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In  April  2012,  the  NSW  Government  passed  legislation  removing  the  26-­‐year  ban  on  Uranium  exploration  in  NSW.    The  Act  was  proclaimed  on  14  September  2012.    In  November  2012,  GB  Energy  submitted  four  expressions  of  interest  (for  a  total  area  of  1200km2)  to  the  NSW  Resources  Minister  for  Exploration  Licences  in  the  newly  created  category  of  Group  11  Minerals  –  Uranium  and  Thorium.    A  total  of  39  expressions  of  interest  have  been  submitted  from  16  companies.  No  grants  have  been  made  to  date  and  the  timing  of  any  decision  by  the  relevant  NSW  authority  is  unknown.    GB  Energy  believes  the  the  Frome  Uranium  Province  is  highly  prospective  for  sedimentary  uranium  in  Cenozoic  sediments.    The  Province  extends  across  the  SA  /  NSW  border.  Mineralisation  in  the  Frome  Uranium  Province  occurs  in  roll-­‐front  and  tabular  styles  associated  with  palaeochannels  and  palaeovalleys.  

NSW LIFTS BAN ON URANIUM EXPLORATION GB Energy submits Expressions of Interest

The  NSW  portion  of  the  Frome  Uranium  Province  possesses  all  the  ingredients  for  sedimentary  uranium  mineralisation:  • The  radiogenic  Barrier  Ranges  contain  potential  

source  rocks.  • The  recent  Frome  Airborne  Electromagnetic  

Survey  led  by  Geoscience  Australia  resulted  in  a  comprehensive  re-­‐interpretation  of  palaeovalley  boundaries  in  the  Frome  Uranium  Province,  including  the  uranium-­‐hosting  Lake  Charles  and  Yarramba  Palaeovalleys.  This  establishes  a  potential  fluid  pathway  within  the  permeable  Tertiary  sands  (Eyre  Formation  and  Namba  Formation)  and  potential  uranium  source  rocks.  

• GBE  Exploration’s  area  selection  is  based  on  targeting  the  NSW  portions  of  the  Lake  Charles  and  Yarramba  Palaeovalleys.  

Frome  Uranium  Province  (Geoscience  Australia  2012)  

Potential  Uranium  source  rocks  in  the  Frome  Uranium  Province  (Geoscience  Australia)  

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The  Way  Forward…    • Continue  to  explore  Slovak  Uranium  licences,  subject  to  

the  results  of  the  analysis  and  interpretation  of  the  historic  drilling  

• Advance  South  Australia  ELAs  to  granted  Exploration  Licences  and  commence  exploration  programs  including  appropriate  field  geophysical  surveys  to  identify  and  refine  existing  targets  in  the  project  areas  with  follow-­‐up  drill  testing  of  high  priority  targets  

• Continue  to  evaluate  project  opportunities  in  Australia  and  abroad  

Kluknava  Outcrop  

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Suite  2,  Ground  Floor,  26  Eastbrook  Terrace  EAST  PERTH  WA  6004    PO  Box  6377  EAST  PERTH  WA  6892    Telephone:  (61  8)  6555  0322  Facsimile:  (61  8)  9325  1238  Web  site  :  www.gbenergy.com.au  

The  information  in  this  report  that  relates  to  Exploration  results  is  based  on  information  reviewed  by  Mr  Nick  Burn  who  is  a  member  of  the  Australian  Institute  of  Geoscientists.  Mr  Burn  is  a  consultant  to  GB  Energy  Ltd.  Mr  Burn  has  sufficient  experience  which  is  relevant  to  the  style  of  mineralisation  and  type  of  deposits  under  consideration  and  to  the  activity  which  he  is  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  Burn  consents  to  the  inclusion  in  this  announcement  of  the  matters  based  on  the  information  provided  by  GB  Energy  in  the  form  and  context  in  which  it  appears.    Uranium  Equivalent  Disclaimer:  Uranium  mineralisation  grades  through  this  report  are  annotated  with  a  suffix  ‘Uel%’  because  they  have  been  reported  as  uranium  equivalent  grades  derived  from  down-­‐hole  gamma  ray  logging  and  should  be  regarded  as  approximations  only.  Gamma  logging  or  “total  count  gamma  logging”  is  a  common  method  used  to  estimate  uranium  grade  where  the  radiation  contribution  from  thorium  and  potassium  is  very  small.  Total  count  gamma  logging  includes  the  generally  small  number  of  gamma  rays  emitted  by  background  levels  of  thorium  and  potassium.  These  background  gamma  rays  add  the  equivalent  of  a  few  parts  per  million  to  the  equivalent  uranium  values  and  are  relatively  constant  in  each  geological  unit.  Downhole  gamma  logging  of  drill  holes  provides  a  powerful  tool  for  uranium  companies  to  explore  for  and  evaluate  uranium  deposits.  Such  a  method  measures  the  natural  gamma  rays  emitted  from  material  surrounding  a  drill  hole.  Gamma  radiation  is  measured  from  a  volume  surrounding  the  drill  hole  that  has  a  radius  of  approximately  35cm.  The  gamma  probe  is  therefore  capable  of  sampling  a  much  larger  volume  than  the  geological  samples  recovered  from  any  normal  drill  hole.  

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