uranium demand

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eResearch Corporation

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Telephone: 416-703-6258 Toll-Free: 1-877-856-0765 www.eresearch.ca

Update Report November 11, 2011

ALDERSHOT RESOURCES LTD.Closing Price (Nov. 10, 2011) $0.03552-Week High-Low $0.115 - $0.025Shares O/S 156.5 millionMarket Cap $5.48 million50-day Average Volume 74,100Year-End January 31Symbol TSX-V: ALZWebsite www.aldershotresources.com

Financial Data

12 monthsC$ 000' 2010 2011 Jul-11

Selected Income/(Loss):

Exploration 84 (211) (174)

Property investigation (185) (196)

Professional fees (42) (106) (162)

Salaries and benefits (131) (167) (160)

General and administrative (28) (34) (29)

Net Loss (344) (1,059) (1,106)

Selected Balance Sheet:

Cash and equivalents 188 122 113

Non-current assets 258 190 31

Current liabilities 63 146 451

Shareholders' equity 195 44 (290)

Total Assets 258 190 161

Shares O/S 71,131,662 82,312,153 156,492,975

Key Indicators

Monthly OpEx Burn 17 26 29

Earnings (Loss ) Per Share ($0.005) ($0.013) ($0.007)

Cash Per Share $0.003 $0.001 $0.001

Book Value Per Share $0.003 $0.001 ($0.002)

Multiples

Price/Cash 29.2x 45.0x 48.5x

Price/Non-current assets 21.2x 28.8x 179.5x

Price/Book Value 28.1x 124.0x -18.9x

Source: Company, eResearch estimates

FY Ending Jan. 31

eResearch Analysts:Yuri Belinsky, B.A., M.A.Bob Weir, B.Sc., B.Comm., CFA

Note: Report was prepared with public information only.

COMPANY PROFILE

Aldershot Resources Ltd.(Aldershot Resources or theCompany) is a Canadian-based junior resourceexploration company focused on uranium projects in theUSA, Australia, and Zambia.

INVESTMENT HIGHLIGHTS

Aldershot Resources achieved a breakthrough in itsdevelopment when it acquired four USA-based uraniumexploration properties in March 2011;

Two of the USA-based uranium projects, Lynx-RoyalJV and Colorado Plateau JV, are located in the

historically productive Uravan Mineral Belt of theColorado Plateau;

The Sage Plain complex of claims within the ColoradoPlateau JV is the Companys most advanced project,with a number of historical resource estimates. TheCompany expects that the project will receive allmining permits and become production-ready in 2012.
http://www.canadianorebodies.com/http://www.canadianorebodies.com/http://www.canadianorebodies.com/


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Aldershot Resources Ltd. Update Report

eResearch Corporation ~ 2 ~ www.eresearch.ca

PROJECTS

Aldershot Resources has interests in 13 uranium properties in Australia, Zambia and USA. See the summary table andmap below.

Mineral Ownership Area, ha

Northern Australia Uranium

George EL24550 100%, 60% option granted to Royal Resources Ltd 84km2

Waterhouse West EL24563 -- 145km2

ABC EL24555 -- 37km2

Ngalia EL24571 -- 211km2

Western Australia Uranium

Turee Creek EL52/1763 100% 100km2

Yuinmery EL57/593 100% 100km2

Republic of Zambia Uranium

Kariba JV 51% option granted to African energy 1075km2

United States Uranium

Arizona Strip JV 50%, Energy Fuels Resources is manager

Colorado Plateau JV (Sage Plain, Spud Patch) 45% 23km2Lynx-Royal JV (Egnar Area, Wray Mesa) 90% 6km2

GeoLynx JV (Tallahassee Creek) 80% 11km2

Burro Canyon Royal Resources Ltd owns 100% 5km2

Bordeaux Ck Uranium option to earn 100% 16km2

Source: Company

Since the acquisition of the USA uranium properties in March 2011, the Company has been focusing on theseproperties. See below for a description of the USA properties which are currently being explored most actively.


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Acquisition of the USA Properties: In March 2011, Aldershot Resources signed an agreement with RoyalResources Limited (Royal Resources) of Australia and its wholly-owned Colorado subsidiary Royal USA Inc.(Royal USA), in which the Company agreed to acquire all of the shares of Royal USA for 35,000,000 Aldershotshares and 51,128,186 warrants. Under the Agreement, Royal Resources subscribed to Aldershot Resources33,000,000 units at a price of $0.05 per Unit for $1.65 million. Royal USAs uranium exploration properties areLynx-Royal JV LLC, Geolynx LLC, Colorado Plateau Partners JV and Arizona Strip Partners JV (see the map

below).

Source: Company

Lynx-Royal JV

The Company: Royal USA has a joint venture with Lynx2 LLC of Salt Lake City in relation to the uranium interestsin the Uravan Mineral Belt. Royal USA currently holds a 90% interest while Lynx2 LLCs 10% interest is freecarried by Royal USA until the completion of the first bankable feasibility study. Royal USA is the operatingmanager of the Lynx-Royal JV.

Composition and Location: The interests are located within the prospective and historically productive UravanMineral Belt of the Colorado Plateau, a uranium/vanadium province in the USA which since 1885 has delivered over30% of the USAs uranium from over 2,500 uranium mining operations, producing at an average grade of 0.32%U3O8. The propertys projects (Wray Mesa and Egnar) are located within trucking distance of the existing WhiteMesa uranium mill and Energy Fuels proposed Pion Ridge mill (see the map below).


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Source: Company

Expansion and Exploration: According to our estimates, the JVs landholding totals 6,630 acres, including 28mining claims totalling 579 acres which were added to the Wray Mesa project in October 2011. The new claimsshould completely encompass the high-grade uranium/vanadium deposit associated with the historic Geo #1 mine

(see the map below). The mine was in operation until the late 1980s, when it was shut down due to depressed uraniumpricing. The mine, reportedly, was a producer of high-grade uranium and vanadium.

According to the Company, there is very little current physical data on the Wray Mesa project. Aldershot Resourcesobtained one map containing the mine site and drill holes from 1968-1976. The Company claims that fieldinvestigations, previous drilling results coupled with the data from the old map, and comments from the previousmine foreman and operator make the project a strong target and helped select the drill-hole targets. The current roundof drilling, consisting of up to 15 holes planned for a total of 3,000m, was announced in September 2011. Eight drillholes have been completed to date, with several showing significant mineralization. A full report will be providedupon completion of drilling.


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Area Property Type Acres Historical Resources

lbs. U3O8

Historical Resources

lbs. V2O5

Sage Plain BLM Mining Claims 1645 483,400 3,100,000

ML 51145 Utah SITLA Lease 160 Unknown Unknown



ML 49301 Utah SITLA Lease 733 344,880 2,700,000

Crain Private Mineral Lease 640 225,000 1,400,000

Calliham Private Mineral Lease 320 520,800 3,500,000

TOTAL 4,915 1,574,080 10,800,000

Source: Company

Exploration: The combined historic resource in the potential mining unit created by the Crain Lease and otherproperties owned or controlled by Energy Fuels Resources and CPP is 1.6 million lbs U3O8 and 10.7 million lbsV2O5. These historic resource estimates are based on drilling and reporting by Umetco Minerals. The mining in thisarea ceased at the time of Umetcos report, so the resources are deemed to still be in place. Aldershot Resources plansto evaluate the data package acquired as part of this property purchase, and complete an NI 43-101 technical report bythe end of 2011. Drilling is currently underway on the southern portion of the Sage Plain complex with resultsexpected in December 2011.

Further Development: Preliminary mine permitting activities through the Utah State Department of Oil Gas andMining were supposed to begin in October-November 2011. The Company considers the Sage Plain complex as themost advanced in its pool of projects (see the chart below) and expects that it will evolve into a fully permitted andproduction-ready mining project in 2012.

Source: Company


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FINANCIAL POSITION

As of July 31, 2011, Aldershot Resources mineral properties did not have carrying value. The Companys cash

position was just under $113,000. Consequent to that reporting date, in September 2011, the Company closed aprivate placement for C$1.65 million.

MANAGEMENT AND DIRECTORS

Jeremy Caddy President, CEO, and DirectorMichael Leidich Chief Operating OfficerMarcus Flis DirectorPhilip G. Crabb DirectorIan Adam Independent Director

CORPORATE INFORMATION

Aldershot Resources Ltd.Suite 1500, 885 West Georgia Street

Vancouver, BC, Canada, V6C3E8Tel:+ 1 (604) 682-6718Fax: +1 (604) 682-6722

USA813 14

thStreet, Suite A

Golden, ColoradoUSA, 80401Tel: +1 (303) 955-5820Fax: +1 (303) 382-5900

AUSTRALIALevel 3, IBM Building1060 Hay StreetWest Perth WAAustralia, 6005

Tel: +61 8 9321-9680Fax: +61 8 9321-9670


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eRESEARCH CORPORATION

eResearch Analysts on this report:Yuri Belinsky, B.A., M.A.Bob Weir, B.Sc., B.Comm., CFA

Analyst Affirmation: I, Yuri Belinsky, and I, Bob Weir, hereby state that, at the time of issuance of this researchreport, I do not own, directly or indirectly, any shares of Aldershot Resources Ltd.

NOTE: eResearch reports on Aldershot Resources Ltd. and other companies are available FREE on our website atwww.eresearch.ca. You must REGISTER to gain access to these reports.

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