Ownership

The PhosEnergy Process is a joint development between PhosEnergy Limited and Cameco Corporation, one of the world’s largest Uranium Producers, through Colorado registered Urtek, LLC.

Ownership of the Process is as follows:

PhosEnergy Limited:                       27%

Cameco Corporation:                     73%

Both companies retain pro-rata marketing rights over future uranium production.  In addition, Cameco has agreed to fund at least 50% of PhosEnergy’s share of first facility capital requirements.

Cameco have invested US$21 million into the project, including US$4.5m to acquire a 10% interest in August 2011.