Contents:

1 Table Of Contents 2 1.1 List of Tables 6 1.2 List of Figures 7 2 Executive Summary 8 2.1 Uranium Mining Industry in Australia 8 2.2 Trends and Developments in Australia’s Uranium Mining Industry 8 3 Uranium Mining Industry in Australia 9 3.1 Overview 9 3.2 Uranium Reserves in Australia 9 3.3 Uranium Production in Australia 11 3.3.1 Australia Uranium Production vs. Global Uranium Production 11 3.3.2 Australia Uranium Production vs. Asia Pacific Uranium Production 12 3.4 Major Mines in Australia 13 3.5 Uranium mining sector development 15 3.5.1 Australia’s Historical and Projected Uranium Production 15 3.5.2 Olympic Dam Mine 16 3.5.3 Ranger Mine 19 3.5.4 Beverley Mine 22 3.5.5 Four Mile Deposit 24 3.5.6 Honeymoon Mine 25 3.5.7 Uranium Mines under Exploration 27 3.6 Regulatory Framework 28 3.6.1 Mining Policy 28 3.6.2 Regulations 29 4 Trends and Developments in Australias Uranium Mining Industry 31 4.1 Key drivers, Challenges and Trends 31 4.1.1 Key drivers 31 4.1.2 Challenges 32 4.1.3 Trends 33 4.2 Australias Uranium Mining Outlook 33 4.2.1 Investment Opportunities: Uranium mining 34 5 Key Players in Australia’s Uranium Mining Industry 35 5.1 BHP Billiton 35 5.1.1 Key Information 35 5.1.2 Company Overview 35 5.1.3 Business Description 35 5.1.4 Business Strategy 36 5.1.5 Corporate Social Responsibility 37 5.1.6 Specific CSR Initiatives 37 5.1.7 SWOT Analysis 38 5.1.8 BHP Billiton Strengths 38 5.1.9 BHP Billiton Weaknesses 39 5.1.10 BHP Billiton Opportunities 40 5.1.11 BHP Billiton Threats 41 5.1.12 Competitors 42 5.1.13 Locations And Subsidiaries 43 6 Australia, Deals, Year 2004 to YTD 2009 45 7 Recent Developments 56 7.1 New Projects 56 7.1.1 Apr 24, 2009: South Australia Commences Construction Of Honeymoon Uranium Mine 56 7.2 New Contracts 56 7.2.1 Jan 22, 2009: Paladin Signs Second Malawi Uranium Sales Contract 56 7.2.2 Dec 12, 2008: Ausenco Receives EPC Contract From Uranium One For Honeymoon Uranium Project In South Australia 56 7.2.3 Nov 12, 2008: GRD Wins Second Olympic Dam Contract 56 7.3 Operations Updates 57 7.3.1 May 19, 2009: Deep Yellow Provides Drilling Update On Eldorado North, Isa West Project 57 7.3.2 May 15, 2009: Energy Metals Announces Resource Estimate Results For Bigrlyi Project, Northern Territory, Australia 57 7.3.3 May 14, 2009: Adelaide Resources Commences Drilling Program At Cleve Project, South Australia 57 7.3.4 May 12, 2009: Pancontinental Announces Exploration Plans For 2009 On Australian Uranium Properties 58 7.4 Financial Announcements 58 7.4.1 May 14, 2009: Paladin Energy Reports $6.7 million Net Loss In Q3 Fiscal 2009 58 7.4.2 Apr 28, 2009: Dioro Exploration Reports AUD45.05 Million Revenues In H1 Fiscal 2009 58 7.4.3 Mar 31, 2009: Resource Star Reports AUD812,614 Net Loss In H1 Fiscal 2009 58 7.4.4 Mar 31, 2009: Strategic Minerals Reports AUD782,622 Net Loss In 2008 59 7.4.5 Mar 31, 2009: Southern Cross Exploration Reports AUD235,834 Net Loss In 2008 59 7.5 Strategy and Business Planning 59 7.5.1 May 07, 2009: BHP Billiton To Receive Approval For Olympic Dam Uranium Mine Expansion In 2010 59 7.5.2 May 01, 2009: BHP Billiton To Decide Expansion Of Olympic Dam Mine In Australia 59 7.5.3 Apr 28, 2009: Marathon Resources Receives Approval From PIRSA For Rectification Works At Mount Gee Uranium Project 60 7.5.4 Apr 27, 2009: Extract Resources Receives Licence Renewal Of EPL 3138 From Namibian MME 60 7.5.5 Apr 22, 2009: CNNC In Preliminary Talks With Australia Uranium Miners 60 7.5.6 Apr 21, 2009: NuPower Seeks Approval For Drilling At Eva Mineral Lease 60 7.5.7 Apr 21, 2009: ERA Announces Progress Of Applications For Ranger Uranium Mine Expansion 61 7.5.8 Apr 15, 2009: ERA Applies For Statutory Approval Of Exploration Decline At Ranger Operations 61 7.6 Government and Public Interest 61 7.6.1 May 11, 2009: Federal Opposition Urges Federal Intervention To Allow Queensland Uranium Mining 61 7.6.2 Apr 24, 2009: South Australia Commences Construction Of Honeymoon Uranium Mine 61 7.6.3 Apr 02, 2009: Australia To Raise Uranium Production For China: Federal Resources And Energy Minister 62 7.6.4 Mar 23, 2009: Uranium Mining Will Not Be Approved In Queensland, Australia: Opposition Leader 62 7.6.5 Mar 19, 2009: Australia Unwilling To Export Uranium To India 62 7.6.6 Mar 17, 2009: Russia Asks Australia To Honor Uranium Deal 62 7.6.7 Mar 16, 2009: Australias Uranium Production To Increase 20% By 2012 63 7.6.8 Mar 09, 2009: Queensland May Drop Ban On Uranium Mining 63 7.6.9 Mar 08, 2009: Australia To Increase Mining Of Uranium For Maximizing Export 63 7.6.10 Mar 06, 2009: South Australia Signs MoU With Saskatchewan Province To Endorse Improved Scientific And Technical Cooperation 63 7.7 Other Significant Developments 64 7.7.1 May 15, 2009: Black Range Minerals Appoints Duncan Coutts As Non-Executive Director 64 7.7.2 May 06, 2009: NuPower Appoints Robert Owen As Non Executive Director 64 7.7.3 Apr 30, 2009: Adelaide Resources Appoints Andrew Brown As Non-Executive Director 64 7.7.4 Apr 27, 2009: Berkeley Resources Receives Approval For Co-Operation Agreement With ENUSA 64 7.7.5 Apr 22, 2009: Artemis Resources Appoints Richard Sealy As Director 65 7.7.6 Apr 14, 2009: Mantra Resources To List On TSX 65 7.7.7 Apr 14, 2009: Navigator Resources Appoints Matt Healy As Non-Executive Director 65 7.7.8 Apr 07, 2009: West Australian Metals Appoints Graham Woolford As Non-Executive Chairman 65 7.7.9 Apr 06, 2009: Extract Resources Chooses GRD Minproc To Conduct Feasibility Study For Rossing South Uranium Project In Namibia 66 7.7.10 Apr 03, 2009: Extract Resources Appoint Inge Zaamwani-Ka As Board Member 66 8 Appendix 67 8.1 Methodology 67 8.1.1 Coverage 68 8.1.2 Secondary Research 68 8.1.3 Primary Research 69 8.1.4 Forecasts 69 8.1.5 Expert Panel Validation 69 8.2 Definitions 70 8.2.1 Units of Measure 70 8.3 Contact Us 70 8.4 Disclaimer 70 Executive Summary 1.1 List of Tables Table 1: Australia, Uranium Reserves, tU, 2000-08 10 Table 2: Uranium Production from Major Mines in Australia, tU, 2000-08 14 Table 3: Australia, Historical and Projected Uranium Production, Tons of U, 2000-15 16 Table 4: Australia, Olympic Dam Uranium Ore Reserves and Resources, 2008 17 Table 5: Olympic Dam Mine, Historical and Projected Uranium Production, tU, 2000-15. 19 Table 6: Australia, Ranger Mine Ore Reserves and Resources, 2008 20 Table 7: Ranger Mine, Historical and Projected Uranium Production, tU, 2000-15. 22 Table 8: Beverley Mine, Historical and Projected Uranium Production, tU, 2000-15. 24 Table 9: Australia, Uranium Mines Under Exploration 27 Table 10: BHP Billiton,Key Facts, 2007 35 Table 11: BHP Billiton, SWOT Analysis , 2007 38 Table 12: BHP Billiton, Other Locations 44 Table 13: Australia, Deals, Year 2004 to YTD 2009 46

Companies Mentioned

BHP Billiton