Yellow Dune Joint Venture

The Yellow Dune Joint Venture includes EPL 3498 covering 253km2. The tenement contains the Aussinanis calcrete resource of 5.6Mt at 222ppm U308 of Indicated Resources and 29Mt at 240 ppm U308 of Inferred Resources for a total of 18Mlb contained U308.

Yellow Dune is a joint venture partnership with Oponona Investments (Pty) Ltd (Oponona, 10%), Epangelo Mining Company (Epangelo, 5%) and RUN (85%), with RUN being the operator on behalf of the JV partners. RUN has been the holder of EPL3498 since 8 May 2007 and the transfer of ownership to Yellow Dune was approved by the Minister of Mines and Energy on 4 December 2012.

Renewal for EPL3498 was due on 7 May 2016. The resource is drilled out with little chance to find additional uranium resources within the EPL. The Joint Venture partners have applied for a Mineral Deposit Retention Lease to protect the defined uranium resource while waiting for uranium prices to recover.