•Roughrider resource revealed; C$4.50 target and SPECULATIVE BUY rating maintained

Event

Hathor Exploration has announced the initial NI 43-101 compliant resource estimate for the

Roughrider zone on its 90%-owned Midwest NorthEast project, Athabasca Basin,

Saskatchewan. Hathor reported 116,000 tonnes indicated grading 2.57% U3O8 and 83,000

tonnes inferred grading 3.00% U3O8 for 12.0 million pounds U3O8 on a global basis.

Impact – Positive

Although our conceptual resource estimate for Roughrider is 20 million pounds of U3O8,

the NI 43-101 compliant resource process is highly constrained. We had been guiding

toward an initial resource of 10 million pounds U3O8. Our target was exceeded by

approximately 20%.

Valuation and action

We maintain our valuation approach albeit with increased confidence. We value the

Roughrider zone using a DCF(10%) model based on the nearby Midwest project feasibility

study. We generate a total project NAV of C$522 million, or C$5.72 per share. We apply a

0.7x target project P/NAV multiple to generate our C$4.50 per share target. The 149%

projected return supports a SPECULATIVE BUY rating. Although some may be

disappointed by the initial Roughrider compliant resource, we recommend exploiting this
disappointment as the release of chemical assays from impactful Hole MWNE-09-170 is

imminent.