Clock - Uranium Supply Crunch and Critical ... - Andrew Johns

Uranium Canada Research | Page 81 of 87Company NameUr-Energy Inc.Uranium One Inc.DisclosureRaymond James Ltd - the analyst and/or associate has viewed the material operations ofUr-Energy Inc..Raymond James Ltd - within the last 12 months, Ur-Energy Inc. has paid for all or a materialportion of the travel costs associated with a site visit by the analyst and/or associate.Raymond James Ltd. has provided non-investment banking securities-related serviceswithin the last 12 months with respect to Ur-Energy Inc..Raymond James Ltd. has received compensation for investment banking services within thelast 12 months with respect to Ur-Energy Inc..Raymond James Ltd. has received compensation for services other than investmentbanking within the last 12 months with respect to Ur-Energy Inc..Raymond James Ltd. makes a market in the securities of Ur-Energy Inc..Raymond James Ltd - the analyst and/or associate has viewed the material operations ofUranium One Inc..Raymond James Ltd - within the last 12 months, Uranium One Inc. has paid for all or amaterial portion of the travel costs associated with a site visit by the analyst and/orassociate.Raymond James Ltd. has provided non-investment banking securities-related serviceswithin the last 12 months with respect to Uranium One Inc..Raymond James Ltd. has received compensation for services other than investmentbanking within the last 12 months with respect to Uranium One Inc..Stock Charts, Target Prices, and Valuation MethodologiesValuation Methodology: The Raymond James methodology for assigning ratings and target prices includes a number ofqualitative and quantitative factors including an assessment of industry size, structure, business trends and overallattractiveness; management effectiveness; competition; visibility; financial condition, and expected total return, amongother factors. These factors are subject to change depending on overall economic conditions or industry- or companyspecificoccurrences.Target Prices: The information below indicates target price and rating changes for the subject companies included in thisresearch.Security Price (C$)$47.00$45.00$43.00$41.00$39.00$37.00$35.00$33.00$31.00$29.00$27.00$25.00$23.00$21.00$19.00$17.00$15.00Jul-27-09Aug-21-09Sep-18-09MP3 C$37.50Oct-16-09MP3 C$38.50MP3 C$34.00Nov-13-09Dec-11-09Jan-08-10Feb-05-10Cameco Corp. (CCO) 3 yr. Stock PerformanceMP3 C$32.30MP3 C$27.00Mar-05-10Apr-02-10Apr-30-10May-28-10Jun-25-10Jul-23-10Aug-20-10MP3 C$30.00Sep-17-10MP3 C$33.00Oct-15-10MP3 C$37.20Price Rating Change Target Price ChangeCoverage Suspended Target Price and Rating Change Split AdjustmentNov-12-10Dec-10-10Jan-06-11Feb-03-11MP3 C$35.10Mar-01-11Mar-26-11Date: July 23 2012MO2 C$35.10MO2 C$33.50Apr-22-11May-19-11Jun-16-11MO2 C$32.20 MO2 C$30.50Jul-14-11Aug-09-11Sep-03-11MO2 C$29.50Oct-01-11Oct-28-11Nov-22-11UR URAnalyst Recommendations & 12 Month Price ObjectiveSB1: Strong Buy MO2: OutperformMP3: Market Perform MU4: UnderperformNR : Not Rated R: RestrictedDec-20-11Jan-17-12Feb-14-12Mar-14-12Apr-12-12May-10-12Jun-06-12Jul-05-12UpdateDateClosingPriceTargetPriceRatingDec-08-11 19.01 UR URNov-08-11 20.64 29.50 2Nov-02-11 21.36 30.50 2Aug-05-11 23.76 32.20 2May-06-11 27.68 33.50 2Apr-15-11 26.92 35.10 2Mar-16-11 32.07 35.10 3Dec-07-10 38.28 37.20 3Nov-25-10 38.18 33.00 3Oct-25-10 31.58 30.00 3Apr-09-10 27.63 27.00 3Mar-03-10 28.10 32.30 3Dec-09-09 31.32 34.00 3Dec-04-09 32.65 38.50 3Nov-23-09 31.42 37.50 3Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2