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

Uranium Canada Research | Page 83 of 87Valuation Methodology: We value Paladin Energy Ltd. on a comparative basis by applying a historic P/NAV to ourcompany NAVPS estimate.Security Price (C$)$10.00$9.00$8.00$7.00$6.00$5.00$4.00Jul-27-09Aug-21-09Sep-18-09Oct-16-09UraniumParticipation Corporation (U) 3 yr. Stock PerformanceMO2 C$8.90 MO2 C$8.70 MP3 C$7.00 MP3 C$7.50Nov-13-09Dec-11-09Jan-08-10Feb-05-10Mar-05-10Apr-02-10Apr-30-10May-28-10Jun-25-10Jul-23-10Aug-20-10Sep-17-10Oct-15-10MO2 C$9.20Nov-12-10Dec-10-10MO2 C$10.70Jan-06-11Feb-03-11MO2 C$8.80Mar-02-11Mar-29-11MO2 C$8.70Apr-26-11May-21-11Jun-18-11MO2 C$8.50 MO2 C$8.20Jul-16-11Aug-12-11Sep-08-11Oct-06-11Nov-02-11UR URNov-30-11Analyst Recommendations & 12 Month Price ObjectiveSB1: Strong Buy MO2: OutperformMP3: Market Perform MU4: UnderperformNR : Not Rated R: RestrictedDec-28-11Jan-25-12Feb-23-12Mar-22-12Apr-20-12May-18-12Jun-14-12Jul-13-12UpdateDateClosingPriceTargetPriceRatingDec-08-11 5.75 UR URNov-02-11 5.72 8.20 2Aug-04-11 6.24 8.50 2May-06-11 6.67 8.70 2Mar-16-11 6.84 8.80 2Feb-11-11 8.95 10.70 2Dec-07-10 8.26 9.20 2Oct-25-10 7.40 7.50 3Aug-05-10 6.28 7.00 3Feb-02-10 6.07 8.70 2Sep-22-09 6.50 8.90 2Date: July 23 2012Price Rating Change Target Price ChangeCoverage Suspended Target Price and Rating Change Split AdjustmentValuation Methodology: We value Uranium Participation Corp. by pricing the company’s uranium inventories, net ofcurrent assets and liabilities, at our U3O8 price assumption for next year.Security Price (C$)Ur-Energy Inc. (URE) 3 yr. Stock PerformanceSB1 C$3.90MO2 C$2.90SB1 C$1.60 SB1 C$1.50 MO2 C$1.80 MO2 C$2.40 MO2 C$2.20 UR URMP3 C$1.80MO2 C$2.30SB1 C$3.50$3.30$3.00$2.70$2.40$2.10$1.80$1.50$1.20$0.90$0.60$0.30$0.00Jul-27-09Aug-21-09Sep-18-09Oct-16-09Nov-13-09Dec-11-09Jan-08-10Feb-05-10Mar-05-10Apr-02-10Apr-30-10May-28-10Jun-25-10Jul-23-10Aug-20-10Sep-17-10Oct-15-10Nov-12-10Dec-10-10Jan-06-11Feb-02-11Mar-02-11Mar-26-11Apr-22-11May-20-11Jun-17-11Jul-14-11Aug-10-11Sep-06-11Oct-01-11Oct-28-11Nov-24-11Dec-22-11Jan-19-12Feb-16-12Mar-16-12Apr-14-12May-12-12Jun-08-12Jul-09-12Analyst Recommendations & 12 Month Price ObjectiveSB1: Strong Buy MO2: OutperformMP3: Market Perform MU4: UnderperformNR : Not Rated R: RestrictedUpdateDateClosingPriceTargetPriceRatingDec-08-11 0.95 UR URAug-04-11 1.59 2.20 2May-06-11 1.45 2.30 2Mar-23-11 1.87 2.40 2Mar-16-11 1.57 2.90 2Jan-12-11 2.94 3.90 1Dec-07-10 2.28 3.50 1Nov-04-10 1.65 1.80 3Oct-25-10 1.42 1.80 2Feb-02-10 0.86 1.50 1Jul-29-09 1.00 1.60 1Date: July 23 2012Price Rating Change Target Price ChangeCoverage Suspended Target Price and Rating Change Split AdjustmentRaymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2