Disclaimer

Caution about Forward-Looking Information

Statements contained in this report include statements and information about our expectations for the future. When we discuss our strategy, plans and future financial and operating performance, or other things that have not yet taken place, we are making statements considered to be forward-looking information or forward-looking statements under Canadian and US securities laws. These include our statements about the future of nuclear energy, uranium supply and demand, and about our plans to increase annual uranium production to 40 million pounds by 2018. They also include other statements using other words such as plan, expect, anticipate, goal, outlook, ensure, could and will. They represent our current views as of June 15, 2012 and can change significantly.

Forward-looking information is designed to help you understand management's current views of our near and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws. Actual results and events may be significantly different from what we currently expect, because of the risks associated with our business. This information is based upon a number of material assumptions, which may prove to be incorrect, and is subject to a number of material risks, which are discussed in our current annual management discussion and analysis, including under the heading Caution about Forward-Looking Information.

In particular, we have made assumptions about demand for uranium, our expected production level and production costs, the reliability of our mineral reserve and resource estimates, the geological, hydrological, and other conditions at our mines and our ability to continue operations without any significant disruptions due to accidents or other development or operating risks. The material risks that could prevent us from reaching our production target for 2018 including risks that actual market prices are lower than we expect; production costs are higher than planned; our mineral reserve and resource estimates are not reliable; or we face unexpected or challenging conditions; or our operations are disrupted for any reason. We are also subject to the risk that we are affected by changes in the regulation or public perception of the safety of nuclear power, which adversely affect the demand for uranium and future prospects for nuclear energy.