General Development of the Business

The Corporation is the result of a merger between the former Southern Cross Resources Inc. (“Southern Cross”) and Aflease Gold and Uranium Resources Limited of South Africa (subsequently renamed Uranium One Africa Limited), which was completed in December 2005. The Corporation subsequently expanded through the acquisition of UrAsia Energy Ltd. (“UrAsia”) in April 2007, the acquisition of Energy Metals Corporation (“EMC”) in August 2007, the acquisition of a 50% participating interest in Karatau in December 2009, and the acquisition of a 50% interest in Akbastau and a 49.67% interest in Zarechnoye in December 2010.