Annual Report ELR 46 to ELR 55 Bigrlyi Project period ending 17 November 2014

Abstract

The Bigrlyi project comprises ten granted Exploration Licences in Retention (ELR's 46 to 55 inclusive) located 390 kilometres (by road) northwest of Alice Springs. The project is a Joint Venture between Energy Metals Limited with 53.3% (operator), Valhalla Uranium (a subsidiary of Paladin Energy Ltd) with 41.7% and Southern Cross Exploration NL with 5%. Due to the depressed uranium market and consequent budget restrictions, the Bigrlyi project was placed on a care and maintenance footing during 2014 with limited works conducted during the period. Exploration work undertaken in period 18 November 2013 to 17 November 2014 included: Radiation Baseline Monitoring; Environmental Baseline Studies. Because of market conditions the joint venture partners have experienced difficulties in raising/committing exploration funds for the project. Consequently, expenditure on the ELR's for the current reporting period was less than the previously proposed expenditure covenant and a variation of covenant application has been submitted to the NT DME.