2010 Full Year Results

Presentation to the Financial Community

Rob Atkinson – Chief Executive

Steeve Thibeault – Chief Financial Officer

28 January 2011

1

Acknowledge Traditional Owners

The mining operations of Energy Resources of Australia Ltd (ERA) are located on

Aboriginal land and are surrounded by, but separate from, Kakadu National Park.

ERA respectfully acknowledges the Mirarr, Traditional Owners of the land on which

the Ranger Mine is situated.

2 2010 Full Year Results

Forward-looking statements

This presentation has been prepared by Energy Resources of Australia Ltd (“ERA”) and consisting of the slides for a presentation concerning ERA.By reviewing/attending this presentation you agree to be bound by the following conditions.

Forward-looking statementsThis presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation,including, without limitation, those regarding ERA’s financial position, business strategy, plans and objectives of management for future operations(including development plans and subjectives relating to ERA’s products, production forecasts and reserve and resource positions), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actualresults, performance or achievements of ERA, or industry results, to be materially different from any future results, performance or achievementsexpressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding ERA’s present and future business strategies and the environmentin which ERA will operate in the future. Among the important factors that could cause ERA’s actual results, performance or achievements to differmaterially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of demand andmarket prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on sales revenues, marketprices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of

3

prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions ofcompetitors, activities by governmental authorities such as changes in taxation or regulation and such other risk factors identified in ERA’s mostrecent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not beplaced on forward-looking statements. These forward-looking statements speak only as of the date of this presentation.

Nothing in this presentation should be interpreted to mean that future earnings per share of ERA will necessarily match or exceed its historicalpublished earnings per share.

The information in this presentation relating to exploration results is based on information compiled by Greg Rogers, who is a member of theAustralasian Institute of Mining and Metallurgy. Greg Rogers is a full-time employee of the company and he has sufficient experience which isrelevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a CompetentPerson as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. GregRogers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

2010 Full Year Results

Agenda

� Safety

� People and community

� Operational performance

� Financial performance

4

� Financial performance

�Water management

� Outlook

2010 Full Year Results

2010 Summary

� Record plant performance

� Ore treated up by 6%

� Difficult mining conditions

� Late access to the bottom of the pit

� Geotechnical issues

� Average grade at the bottom of the pit, lower than expected

� Financial results impacted by low production

� Purchase of material on the spot market

5

� Purchase of material on the spot market

� Infill drilling programme completed in the Ranger pit

� Ranger in-situ reserves reduced by approximately 2,400 tonnes of uranium oxide

� The infill drilling programme has significantly enhanced the resolution of the geological model and will enable more accurate mine scheduling of the remaining ore.

� Strategic projects continuing

� Work continued on the feasibility study for the proposed heap leach facility at the Ranger mine.

� Completion of the study for the development of an exploration decline to conduct close spaced underground exploration drilling of the Ranger 3 Deeps resource.

2010 Full Year Results

2.5

3

3.5

4

4.5

5

Fre

quen

cy r

ate

(per

200

,000

hrs

wor

ked)

Safety

• 278 consecutive days without a lost time

injury; a company record

• 1,470,557 hours worked without a lost

time injury

All injury frequency rate (AIFR) and lost time injury frequency rate (LTIFR)

6

0

0.5

1

1.5

2

2.5

2004 2005 2006 2007 2008 2009 2010

Fre

quen

cy r

ate

(per

200

,000

hrs

wor

ked)

AIFR LTIFR

2010 Full Year Results

People and community

86

54

83

99

60

80

100

120

Num

ber

10

12

14

16

18

20

Per cen

t of w

ork force

Ave No. Ind employees

% Ind employees

Indigenous employment

7

25

46 46

54

0

20

40

60

2004 2005 2006 2007 2008 2009 2010

Num

ber

0

2

4

6

8

10

Per cen

t of w

ork force

h

2010 Full Year Results

Operational performance

2010 2009 Change

Material mined (million tonnes) 10.6 19.5 - 46%

Ore mined (million tonnes) 1.4 2.2 - 36%

Ore treated (million tonnes) 2.4 2.3 + 6%

8

Average mill head grade (%) 0.19 0.26 - 27%

Mill recovery (%) 87.2 88.3 - 1%

Production drummed– U3O8

- tonnes

- 000 lbs3,793

8,362

5,240

11,553

- 28%

2010 Full Year Results

Financial overview

2010 2009 Change

Net profit after tax - $ million 47.0 272.6 - 83%

Underlying earnings - $ million 52.8 272.6 - 81%

Income - $ million 586.0 780.6 - 25%

9

Revenue from sales of uranium oxide - $ million 572.0 767.8 - 26%

Net cash flow - $ million (66.0) 146.8 - 145%

Capital expenditure - $ million 45.0 37.1 + 22%

Sales volume (tonnes uranium oxide) 5,026 5,497 - 9%

Average realised price – US$/lb 48.16 50.84 - 5%

Total dividends for the year (cents per share) 8 39 -79%

2010 Full Year Results

273

62

26

49

47

175

225

275

AU

D $

m

Net profit after tax

Purchase of 925 tonnes of material, 653t

sold in 2010, 272t held in Inventory

10

47411

7

1322

35

25

75

125

2009

Pric

e

Sal

es V

olum

e

Exc

hang

e

Pur

chas

es U

3O8

Mat

eria

ls

Chg

e in

inve

ntor

y

Labo

ur

Roy

altie

s

Dep

reci

atio

n

Fin

anci

ng

Oth

er

2010

AU

D $

m

Increased maintenance and projects

Note: Figures expressed in AUD, net of tax

2010 Full Year Results

Capital expenditure

53

18

19

100

120

140

160

180

$ m

illion

Deferred StrippingHealth, Safety & EnvironmentSustainingDevelopment

11

8

4625

38

95

5

13

37

21 21

3

18

710

2

124

0

20

40

60

80

2004 2005 2006 2007 2008 2009 2010

$ m

illion

2010 Full Year Results

Temporary suspension of milling operations

On 28 January 2011 ERA will commence an orderly suspension of plant processing operations, for a period of 12 weeks as a

precautionary measure to ensure that levels in the Tailings Storage Facility (TSF) remain below the authorised operating limit

Wet Season Rainfall Tracker

2010/11 Wet Season to date 998.6mm (0900 21 Jan 2011)

2250

2500

• The La Niña weather pattern, which has brought extensive flooding to the eastern states of Australia, has also brought significantly higher than average rainfall to the Ranger Mine since October 2010.

• Water levels in the TSF are currently higher than predicted for this time of the year.

• Higher than average rainfalls are forecast for remainder of the 2011 wet season

• Reduced inflows into the TSF, due to the suspension of plant processing, will allow extra capacity to manage unexpected extreme rain events in the coming months

12

0

250

500

750

1000

1250

1500

1750

2000

2250

01

-Se

p

01

-Oc

t

01

-No

v

01

-De

c

01

-Ja

n

01

-Fe

b

01

-Ma

r

01

-Ap

r

01

-Ma

y

01

-Ju

n

01

-Ju

l

01

-Au

g

01

-Se

p

Ra

infa

ll (

mm

)

Cumulative Rainfall 2006-07 Cumulative Rainfall 2007-08 Cumulative Rainfall 2008-09

Cumulative Rainfall 2009-10 Cumulative Rainfall 2010-11 Average Cumulative 1974-2010

2010-11 Wet Season

• Opportunity to bring forward important planned maintenance and improvement initiatives

• All sales commitments to ERA customers will be met. The shortage of supply will be managed by inventory management, swaps and loans

• ERA has advised regulatory authorities and key stakeholders of this precautionary measure

• Subject to weather conditions, mining operations continue as planned

2010 Full Year Results

Development projects and exploration

Heap Leach• 15,000 to 20,000 tonnes of Uranium Oxide contained in low grade material stockpiles• Heap Leach facility feasibility continuing• Environmental Impact Statement submission in the first half of 2011

Ranger 3 Deeps• Ranger 3 Deeps resource of 34,000 tonnes of Uranium Oxide indicated• First stage of potential development sequence is construction of exploration decline to conduct close

spaced underground exploration drilling

13

spaced underground exploration drilling• Final decision expected in the second quarter of 2011• Subject to approvals decline construction commencement targeted for May 2011

Further exploration• Program to commence exploration of prospective targets on the Ranger lease

2010 Full Year Results

Outlook

2011

• 2011 production of uranium oxide expected to be at a similar level to 2010

• Sales commitments are around 4,500 tonnes

• The supply shortfall due to the suspension of processing will be covered by way of inventory

management, swaps and loans.

• Approximately 450 tonnes of sales supplied from purchases (currently contracted)

• Average realised price favourably impacted by the completion in 2010 of a large volume and lower

priced legacy contract

14

priced legacy contract

The outlook of the uranium industry remains robust

• Sustained government and public interest, given the carbon constrained economy

• Significant nuclear power build programs underway globally, particularly China

• New supplies of uranium slow to come to market

• Spot and term prices recovering strongly from the lows of early 2010

2010 Full Year Results

2010 a challenging year

� Record plant performance

� Difficult mining conditions

� Financial results impacted by low production, due primarily to grade

� Strategic projects continuing (Heap Leach, R3D)

� The environment has remained protected

15

� The environment has remained protected

2010 Full Year Results