Document:

Exhibit 10.27

 

“Certain portions of this Exhibit have been omitted and filed
separately with the Commission based upon a request for confidential
treatment.”

 

Contract for the Sale of

 

Uranium Concentrates

 

from

 

URI, Inc.

 

to

 

 

THIS
CONTRACT is made and entered into as of this 12th day of August 2003, by
and between URI, Inc., a Delaware corporation having its principal offices in
Dallas, Texas (hereinafter referred to as “URI”) and           
a               
corporation having its principal offices in              
(hereinafter referred to as “            ”).

 

WITNESSETH:

 

WHEREAS,
URI desires to sell U308, as defined herein; and

 

WHEREAS,
             has a
need for and desires to purchase a quantity of said U308 from URI; and

 

NOW, THEREFORE, in consideration
of the premises above recited and the mutual covenants hereinafter set forth,
the parties hereto (hereinafter referred to as the “Parties”) agree to the
following terms and conditions:

 

Article 1 – Definitions

 

When used herein with initial or complete
capitalization, the terms set forth below shall have the definitions
provided.  Words importing persons
include corporations and words importing only the singular include the plural
and vice versa where the context requires.

 

1.1                                 Annual
Notice shall mean that notice to be given by              
pursuant to Article 4.1, which shall identify the Binding Quantity to be
purchased during the next Delivery Year, the non-binding Delivery Date(s), and
the binding Convertor(s) to which deliveries are to be made.

 

1.2           Binding
Delivery Notice shall mean that notice to be given by               
pursuant to Article 4.2, which shall identify the Binding Delivery Date in
a Delivery Year.

 

1.3           Binding
Quantity shall mean the firm quantity of U308 to be purchased by              
during a Delivery Year.

 

1.4           Book
Transfer shall mean the account-to-account transfer of U3O8 at the
Convertor from the concentrates account of URI, or an account designated by
URI, to the account of                 ,
or an account designated by                 .

 

1.5           Contract
shall mean this document, including any Exhibit(s) hereto.

 

1.6           Convertor
shall mean the operator of the conversion facility or the conversion facility
itself of ConverDyn or Cameco Corporation, as specified by                
in accordance with Article 4, or Comurhex, if mutually agreed to in
writing by URI and            .

 

1.7           Delivery
has the meaning assigned to it in Article 5.

 

1

1.8           Delivery
Date shall mean the date upon or by which the Delivery Quantity shall be
scheduled for delivery to               .

 

1.9           Delivery
Quantity shall mean the total Binding Quantity to be delivered on a
specific Delivery Date within a Delivery Year during the term of the Contract.

 

1.10         Delivery
Year shall mean each Calendar Year during the initial term and any
extensions of this Contract.

 

1.11         Force
Majeure shall be as defined in Article 10.1(a) through (d).

 

1.12         GDP-IPD  shall mean the Gross Domestic Product
Implicit Price Deflator as published in the Survey of Current Business
by the U.S. Department of Commerce, Bureau of Economic Analysis.

1.13         Index
Value shall mean the most recent and available Gross Domestic Product
Implicit Price Deflator quarterly value, as published in the Survey of
Current Business by the U.S. Department of Commerce, Bureau of Economic
Analysis.

 

1.14         Laws and
Regulations shall mean all applicable statutes, regulations, codes, laws,
licenses, decisions, orders, directives, interpretations, policy statements, regulatory
guides, rules, criteria, and license requirements enforced or issued by any
applicable government, federal, state, or local, or any governmental agency,
authority, or body.

 

1.15         Natural
UF6 shall mean uranium in its natural, unenriched state, having a
concentration of the isotope U235 of at least 0.711 weight percent (w/o), which
uranium is in the form of natural uranium hexafluoride.

 

1.16         Nominal
Quantity shall mean the non-binding estimate of the quantity of U308 to be
provided by URI and purchased by                 
during a Delivery Year.

 

1.17         U3O8
shall mean uranium as triuranium octoxide (U3O8) contained in uranium
concentrates of domestic U.S. origin which conform to the specifications set
forth in Article 8 or which are otherwise accepted by the Convertor.  Unless otherwise indicated, all measurements
expressed in pounds shall refer to pounds (avoirdupois weight) of U3O8
contained in such concentrates.

 

1.18         U235
shall mean the isotope of uranium with the atomic weight 235.

 

Article 2 – Term of Contract

 

2.1           The
initial term of this Contract shall begin on January 1, 2005 and will end
on December 31, 2008, unless earlier terminated or extended in accordance
with the applicable provisions of this Contract.

 

2

Article 3 – Scope of Contract

 

3.1           URI shall provide quantities of U308 to
be specified by              
pursuant to Article 4.  URI shall
deliver the U308 in accordance with Article 5.    The U308 shall meet the specifications
provided in Article 8.

 

3.2           The Nominal Quantity of U308 to be sold
and delivered in each Delivery Year shall be 300,000 lbs U3O8, plus or minus
fifteen percent (+/-15%).

 

3.3           and URI agree that URI’s obligation to
supply U308 hereunder is not limited to the success of any specific uranium
development project to be undertaken by URI, and that URI has the right to
supply U3O8 to be delivered hereunder from any source whatsoever, provided such
U3O8 is of U.S. origin.  Notwithstanding
this, URI represents that it presently has under lease or otherwise secured
sufficient economically recoverable uranium reserves to satisfy the
requirements of this Contract.

 

3.4           URI agrees that the failure of URI to
maintain reserves as provided hereby and to proceed deliberately to produce the
U3O8 from the properties it controls on such a schedule as is reasonably
anticipated to maintain URI in a position to sell and deliver U3O8 to                 
in accordance with this Contract shall not constitute a Force Majeure under Article 9
hereof.

 

3.5           URI agrees that it will not, without
prior written consent of                  ,
dedicate, use, or sell to third parties, U3O8 from its properties that, at the
time of entering into a new sales commitment, will reduce the recoverable
balance of U3O8 in these properties to an amount less than the amount required
to be supplied to                 
hereunder.

 

Article 4 – Notices

 

4.1           shall establish the Binding Quantity,
which shall be no less than 255,000 lbs U3O8 and no more than 345,000 lbs U3O8,
to be in effect for a given Delivery Year by written notification to URI, given
by September 1 of each year preceding a Delivery Year (“Annual Notice”).  The Annual Notice shall also set out the
non-binding Delivery Date(s), a maximum of two (2) deliveries per Delivery
Year, on which                     
will require the Delivery Quantity of U308 to be delivered, and the binding
Convertor(s) to which the deliveries are to be made.                  
may elect only one delivery location for a given Delivery Quantity, but may
elect different delivery locations for different Delivery Quantities within a
given Delivery Year.

 

4.2           shall
provide a binding notice of the Delivery Date(s) at least one hundred and
twenty (120) days prior to the Delivery Date by written notification to URI (“Binding
Delivery Notice”).  However, delivery in
Delivery Year 2005 shall occur between January 1, 2005 and January 31, 2005,
unless otherwise agreed.

 

3

Article 5 – Delivery

 

5.1           Delivery
shall mean Delivery of the U308 by URI as set forth in Article 4.1, by
Book Transfer to a Convertor.

 

5.2           Delivery
shall be deemed to have been effected when the U308 is credited to               
or a designated account of              
at the Convertor.

 

5.3           URI shall
request Convertor to provide written confirmation to                     
that delivery has occurred.

 

Article 6 – Price

 

6.1           Payment
will be made in U.S. Dollars.  All prices
for U308 delivered pursuant to this Contract shall be expressed in terms of
U.S. Dollars per pound ($/lb) U3O8.

 

6.2           The Price
shall be $                    
per pound U3O8, which shall be adjusted from the fourth quarter 2003 until the
quarter immediately preceding a quarter of Delivery by changes in the GDP-IPD Index
Value.  The price includes any transfer
fees that may be imposed by the Convertor at the time of Delivery to                     .

 

6.3           In the
event that the basis for the GDP-IPD is substantially modified or the Index is
discontinued, the appropriate adjustment to the Index Value or selection of a
substitute index, as applicable, shall be made by agreement of the
Parties.  If the Index is converted from
one base period to a new base period, U.S. Department of Commerce re-basing
factors will be applied so that the basis for determining the percent change
between the Index figures is not altered.

 

6.4           Under
these price adjustment provisions, the percentage change from the Base Index
Value to the Index Value at time of Delivery will be calculated and rounded to three
(3) decimal places and all dollar values calculated and rounded to two (2)
decimal places.  If the first digit
discarded is less than five (5), then the last digit retained shall not be
changed; if the first digit discarded is greater than five (5), and if such
first digit is five (5) and is followed by at least one digit other than zero,
then the last digit retained shall be increased by one.  See Exhibit 1 for an example of a price
calculation.

 

Article 7 – Invoicing and Payment

 

7.1           URI shall
make delivery by Book Transfer to an account designated by                     
at a Convertor.  URI shall prepare and
transmit, in accordance with Article 16, a final invoice for one hundred
percent (100%) of an amount equal to: 
the weight of the U3O8 in pounds (avoirdupois weight) based on the
Convertor’s notice of transfer at the Convertor, multiplied by the unit price
as specified in Article 6 hereof. 
URI shall indicate on any final invoice the publication(s) used to
obtain any Index Values used in the price computation.                      
shall pay to URI the amount specified in the final invoice within thirty (30)
days after the later of (1) the actual Delivery Date or (2) receipt by                     
of the final invoice.

 

4

 

7.2           URI shall
pay all taxes (other than                     
income taxes, if any) duties, royalties, or charges levied or imposed on the
U3O8 prior to and coincident with Delivery. 
All taxes, duties, or charges of any kind imposed on the U3O8 subsequent
to Delivery shall be paid by                     .  Any book transfer fees imposed by the
Convertor shall be paid by URI.

 

7.3           Any additional shipping cost (if any)
incurred by URI as a result of Delivery to Comurhex shall be for                     
account.

 

7.6           All
amounts due and payable to URI hereunder shall be paid by wire transfer to the
account of URI or its nominee at a financial institution of URI’s choice in the
United States, to be designated on each and every invoice.

 

7.7           Any amount
due and payable by either Party under this Contract which is not paid by the
time specified herein shall bear interest accruable from the date payment was
due until the date payment is finally received, at a rate per annum equal to
the Prime Rate of interest, as published by Citibank N.A., New York, New York.

 

Article 8 – Specifications

 

8.1           The U308
delivered hereunder will meet the Convertor’s specifications in effect at the
time of Delivery.                      
shall not be obligated to accept or pay for U308 delivered hereunder unless
such U308 meets such Convertor’s specifications, or as otherwise has been
accepted by Convertor.  Notwithstanding
any other provisions of this Contract to the contrary, in the event that any
U308 delivered under this Contract is acceptable to the Convertor, only if
defined surcharges and treatment charges are paid, URI shall pay or cause to be
paid such treatment charges or surcharges to the applicable Convertor, and                    
shall be obligated to accept and pay for such U308.

 

8.2           Convertor’s
procedures for weighing, sampling, and assaying, as they may be amended from
time to time, shall apply.  All weighing,
sampling, and assaying charges shall be the responsibility of URI.

 

Article 9
– Default

 

9.1           In the
event that URI is in default by failing to make a scheduled U308 Delivery, provided
such failure to deliver is not caused by Force Majeure, and provided such
default continues for a period of thirty (30) days after notice from                     
to URI specifying the events of default, then                     
shall have the option, without prejudice to any other rights and remedies, to
terminate this Contract or such Delivery, and the damages payable to                     
by URI shall be limited to the amount, if any, by which the cost of replacement
U308 exceeds the cost of such U308, if such Delivery had been purchased under
this Contract; provided, however, that                     
shall use its best efforts to obtain such replacement U308 at the lowest
available cost; and

 

9.2           In the event that                     
is in default by failing to accept or pay for a conforming scheduled U308

 

5

 

Delivery, provided such failure to accept is not caused by Force
Majeure, and provided such default continues for a period of thirty (30) days
after notice from URI to                       
specifying the events of default, and provided such default substantially
impairs the value of the whole Contract, then URI shall have the option,
without prejudice to any other rights and remedies, to terminate this Contract
or such Delivery, and the damages payable to URI by                     
shall be limited to the amount, if any, by which the resale price of the U308
is less than the Contract price of such U308, if such Delivery had been
accepted under this Contract; provided, however, that URI shall use its best
efforts to resell such U308 at the highest available price.

 

Article 10 – Force Majeure

 

10.1         If the
performance of this Contract or any obligation hereunder is prevented,
restricted, or interfered with by any cause or unforeseeable circumstance
beyond the reasonable control of the Party so failing (Force Majeure),
including, but not limited to:

 

(a)           an act of
God or the public enemy, fire, explosion, perils of the sea, flood, drought,
war, riot, sabotage, accident, terrorist acts, or embargo;

 

(b)           interruptions
of or delay in transportation, inadequacy or shortage or failure of supply of
materials (other than the U308 to be supplied hereunder), equipment breakdowns,
or labor trouble from whatever cause arising;

 

(c)           compliance
by                     
or URI with any order, action, direction, or request of any court, governmental
office, department, agency, authority, or committee thereof; or

 

(d)           refusal,
non-grant, revocation, or suspension of any permit, license, authorization, or
certificate or consent by any governmental authority necessary for the
performance of this Contract;

 

then,
except as provided in Article 10.2 below, the Party so affected, upon
giving prompt written notice to the other Party, including the cause or
circumstance and the expected duration of such cause or circumstance, shall be
excused from performing such obligation to the extent of such prevention,
restriction, or interference; provided, however, that the Party so affected
shall have used its best efforts to avoid such cause or circumstance or to
remove the consequences thereof, and shall continue performance of its obligations
hereunder with the utmost dispatch whenever the Force Majeure situation has
ceased and shall provide information on a timely basis regarding the
circumstances and any change or cessation of the impediment to performance.

 

10.2         In the event
that, due a Force Majeure, URI’s performance, with respect to any Delivery or
Deliveries, as the case may be, shall be delayed or otherwise significantly
impaired:

 

6

 

(a)   for a period of sixty (60) days or longer, then                     
shall have the right to cancel that Delivery;

 

(b)           for a
period of one hundred eighty (180) days or longer, then                     
shall  have the right to cancel any one
and up to all Deliveries remaining under this Contract, or reduce future
Deliveries of U308 under this Contract. 
In case all remaining Deliveries are cancelled, the Contract is
terminated.

 

Article 11 – Warranties

11.1         URI
represents and warrants that:

 

(a)           It has all
requisite corporate power, authority, and right to enter into this Contract and
perform its obligations hereunder and, by entering into this Contract, is not
in breach of or default under any other agreement;

 

(b)           it has
obtained all approvals of any government, governmental agency, authority, or
body which are necessary for URI to enter into this Contract;

 

(c)           it shall
convey upon Delivery all its right, title, and interest in and to the U308 to                     ;

 

(d)           the U308
will be delivered to                     
free and clear of any liens, encumbrances, or restrictions.  URI will, at no cost of expense to                     ,
take such action as may be required to discharge any lien or claim made with
respect to the U308 or any party thereof by any third party; and

 

(e)           the U308
will conform to the specifications set forth under Article 8 –
Specifications.

 

(f)            the U308
was not obtained under any arrangement or transaction designed to circumvent
the provisions of the Suspension Agreements (signed October 1992, and as
amended) between the U.S. Department of Commerce and the Russian Federation.

 

11.2         represents
and warrants that:

 

(a)           It has all
requisite corporate power, authority, and right to enter into this Contract and
perform its obligations hereunder and, by entering into this Contract, is not
in breach of or default under any other agreement; and

 

(b)           it has
obtained all approvals of any government, governmental agency, authority, or
body which are necessary for                   
to enter into this Contract.

 

7

 

Article 12 – Title and Risk of Loss

 

12.1         Title to and
risk of loss of or damage to the U308 and containers for U3O8 shall pass from
URI to                       
upon Delivery.

 

Article 13 – Licenses and Authorizations

 

13.1         The Parties
shall comply with all applicable Laws and Regulations and take all such actions
as are necessary to obtain and maintain in full force and effect during the
term of this Contract any and all licenses, authorizations, and consents
required for the proper performance of their obligations hereunder.

 

13.2         Upon
request, each Party shall provide the other a copy of each license, approval,
or permit obtained pursuant to, or necessary for performance in connection
with, this Contract.

 

Article 14 - Assignment

 

14.1         Except as hereinafter otherwise provided,
neither this Contract, nor any duties to be performed hereunder, nor any monies
to become due hereunder shall be assigned, delegated, or otherwise disposed of
by either Party without the prior written consent of the other party; provided,
however, that                     
may assign its interest in this Contract to an affiliate without the necessity
of obtaining such a consent.

 

14.2         URI shall have the right to assign its
interest in this Contract to an affiliate or subsidiary of URI or to a trust,
corporation, or other entity utilized by URI for purposes of financing URI’s
uranium operations; provided that URI, as assignor, shall warrant and guarantee
the performance hereunder of any such assignee affiliate, subsidiary, trust,
corporation, or other entity.

 

14.3         This Contract shall not be deemed an asset of
either Party and, in the event a Party enters into any voluntary or involuntary
receivership, bankruptcy, or insolvency proceeding, the other Party may, upon
ten (10) days written notice, terminate the Contract.

 

Article 15 -
Confidentiality

 

15.1          The terms and conditions, including prices,
of this Contract and all information and communications exchanged by the
Parties with respect to this Contract shall be confidential, except that                     
or URI may disclose all terms and conditions of this Contract to its
affiliates, and neither Party shall disclose the same to any third party
without the prior written consent of the other Party, which consent shall not
be unreasonably withheld; provided, however, that either                
or URI may disclose to other parties, to the extent necessary to ensure the
efficient operation of this Contract, to enforce any right hereunder or to
remedy any breach of the agreement contained herein, or as may otherwise be
required by law, government agency or regulation, or court of competent
jurisdiction.

 

8

 

ARTICLE 16 – NOTICES

 

16.1         All notices and communications required or permitted herein shall be in
writing and shall be deemed properly given if hand delivered, sent by certified
mail, express mail or courier, or sent by telecopy or other similar graphic
electronic means and confirmed in writing by certified or express mail,
courier, or hand delivered, and addressed as follows:

 

	
  (a) to
                      :

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

	
  (b) to URI:

  	
  URI, Inc.

  
	
   

  	
  650 South Edmonds Lane

  
	
   

  	
  Suite 108

  
	
   

  	
  Lewisville, TX 75067

  
	
   

  	
  Attn:

  	
  Mr. Paul Willmott

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
  Telephone:

  	
  (972) 219-3330

  
	
   

  	
  Telecopy:

  	
  (972) 219-3311

  
	
   

  	
  Email:

  	
  pkwu308i@aol.com

  
				

 

Article 17 – Governing Law

 

17.1         This
Contract shall be governed in all respects by and construed in accordance with
the Laws of the State of Georgia.

 

Article 18 – Limit of
Liability

 

18.1         Unless otherwise specified in the Contract,
the Parties shall not be responsible for any incidental or consequential
damages or losses arising out of the performance of or failure to perform their
obligations under this Contract, including, but not limited to, replacement
power costs or loss of revenue or loss of anticipated profits.

 

Article 19 – Nonwaiver
and Complete Agreement

 

19.1         Failure of either                     
or URI to enforce any of the provisions hereof, or failure to require strict
performance by the other Party of any of the provisions hereof, shall not
release either of the Parties from any of its obligations under this Contract,
and shall not be deemed a waiver of any right to insist upon performance
thereof, or of either Party’s rights or remedies under this Contract or by law,
and shall in no way affect the validity of any term or condition or any part
thereof, or the right of either Party thereafter to strictly enforce each and
every provision. No purported oral modification or recession of this Contract
by an employee or agent of the Parties shall operate as a waiver of any of the
provisions hereof.

 

19.2         This written Contract is intended as the
final, complete, and exclusive statement of the terms of the agreement between
the Parties. All prior proposals, communications, negotiations, understandings,
and

 

9

 

representations relating to the subject
matter of this Contract, whether verbal or written, are hereby abrogated,
superseded, and withdrawn. The Parties agree that parole or extrinsic evidence
may not be used to vary or contradict the express terms of this Contract and
that recourse may not be had to alleged prior dealings or course of performance
to explain or supplement the express terms of this Contract. This Contract
shall not be amended or modified, and no waiver of any provisions hereof shall
be effective, unless set forth in a written instrument signed by both Parties.

 

Article 20 –
Miscellaneous

 

20.1         If any provision of this Contact is or
subsequently becomes invalid or unenforceable for any reason whatsoever, such
invalidity shall not affect the validity or operation of any other term,
clause, or provision, except only to the extent necessary to overcome such
invalidity.  The Parties shall cooperate
to negotiate mutually acceptable terms to replace any invalid or unenforceable
provision.

 

20.2         Article headings appearing in this
Contract are inserted for convenience of reference only, and shall in no way be
construed to be interpretations of text.

 

20.3         This Contract may be signed in one or more
counterparts, each of which shall be deemed an original.

 

 

IN WITNESS WHEREOF, the Parties hereto have duly caused this Contract
to be executed as of the day and year first above written.

 

 

	
  URI, INC.

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

10

 

Exhibit 1

 

Assumptions:  Example 

 

	
  Delivery Date:

  	
   

  	
  January 17, 2005

  
	
  Delivery Quantity:

  	
   

  	
  100,000 lbs U308

  
	
  Base Index Value:

  	
   

  	
  118.5

  
	
  Index Value:

  	
   

  	
  120.5

  

 

Price Calculation:

 

 

 

Total Due = $                    /lb
U308 x 100,000 lbs U308  =
$                    

 

Payment
due thirty (30) days after the U308 Delivery Date, or February
16, 2005

 

11EXHIBIT 10.28

 

“Certain portions of this Exhibit have been omitted and filed
separately with the Commission based upon a request for confidential
treatment.”

 

URANIUM SUPPLY CONTRACT

 

BETWEEN

 

[REDACTED]

 

AND

 

URI, INC.

 

 

Table of Contents

 

	
  Preamble

  	
  Object of the Contract

  	
   

  
	
   

  	
   

  	
   

  
	
  Article I

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  
	
  Article II

  	
  Annual
  Quantities and Delivery Schedule of Concentrates

  	
   

  
	
   

  	
   

  	
   

  
	
  Article III

  	
  Delivery

  	
   

  
	
   

  	
   

  	
   

  
	
  Article IV

  	
  Specifications

  	
   

  
	
   

  	
   

  	
   

  
	
  Article V

  	
  Warranty
  and Limitation of Liability

  	
   

  
	
   

  	
   

  	
   

  
	
  Article VI

  	
  Price
  of Concentrates

  	
   

  
	
   

  	
   

  	
   

  
	
  Article VII

  	
  Taxes

  	
   

  
	
   

  	
   

  	
   

  
	
  Article VIII

  	
  Invoicing
  and Payment

  	
   

  
	
   

  	
   

  	
   

  
	
  Article IX

  	
  Force Majeure

  	
   

  
	
   

  	
   

  	
   

  
	
  Article X

  	
  Non Compliance

  	
   

  
	
   

  	
   

  	
   

  
	
  Article XI

  	
  Term
  and Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  Article XII

  	
  Governing
  Law and Arbitration

  	
   

  
	
   

  	
   

  	
   

  
	
  Article XIII

  	
  Governmental
  Permits

  	
   

  
	
   

  	
   

  	
   

  
	
  Article XIV

  	
  Safeguards
  – Use of Concentrates

  	
   

  
	
   

  	
   

  	
   

  
	
  Article XV

  	
  General
  and Notices

  	
   

  

 

2

 

Preamble –
Object of the Contract

 

This Contract is for the sale of Uranium Concentrates made this       
day of December 2003,

 

Between:               [REDACTED] having its principal office at [REDACTED] (hereinafter in this Contract called “Buyer”) on
the one part.

 

And:                                                                    URI, Inc., a wholly-owned subsidiary of Uranium Resources,
Inc. ( hereinafter in this Contract called “ Seller’ s Parent Company “ ) and a
corporation incorporated in the state of Delaware, and having its principal
office at 650 South Edmonds Lane, Lewisville, TX, USA 75067; (hereinafter in
this Contract called “Seller”) on the other part.

 

Whereas:                                             Seller
and Seller’s Parent Company has agreed to sell to Buyer and Buyer has agreed to
purchase Concentrates (as hereinafter defined) from Seller on the terms and
conditions hereinafter set forth;

 

Now in consideration of
the mutual covenants and agreements herein contained it is hereby agreed as
follows:

 

3

 

Article I – Definitions

 

1.1                       In this Contract unless the
context otherwise requires:

 

a.                   “Book Transfer” is the transfer of U3O8
in the records of the Converter from the Concentrates account of Seller to the
Concentrates account of Buyer, where the final weight and determination of the
U3O8 content of the Concentrates has already been made by
the Converter;

 

b.                  “Concentrates” means natural uranium
concentrates containing U3O8, which will be supplied from
United States mines owned by the Seller;

 

c.                   “Contract” means this Contract as the same
may be modified or amended from time to time in accordance with its terms and
expressions “herein”, “hereto”, “hereunder”, “hereof” and similar expressions
refer to this Contract;

 

d.                  “Converter” means one or more of the
following facilities:

(i)      Honeywell International’s facility at Metropolis,
Illinois, U.S.A.,

(ii)   Cameco’s facility at Blind River and Port Hope,
Ontario, Canada;

 

e.                   “Delivery Certificate” means a document
including the information of Delivery Date, delivered quantity and origin by
which the Converter confirms Book Transfer of Concentrates for the account of
and on behalf of Buyer, and which has been signed by an authorised person of
the Converter;

 

f.                     “Delivery Year” means the calendar year
during which delivery of a quantity of Concentrates is made or scheduled to be
made pursuant to this Contract;

 

g.                  “Month” means calendar month;

 

h.                  “Pound (lb)” means 1 pound avoirdupois;

 

i.                      “Specifications” means the
requirements of the Converter in effect for each delivery of Concentrates in
order to convert from U3O8 to UF6 without any
penalty or surcharge or the like imposed by the Converter;

 

j.                      “U3O8”
means natural triuranium octoxide, the quantity of the element uranium in
Concentrates being established by assay and converted to U3O8
by multiplying the quantity of uranium by 1.1792;

 

k.                   “UF6” means natural uranium
hexafluoride;

 

l.                      “Year” means a period of 12
consecutive calendar months commencing on 1st January and
ending on 31st December and “Annual” has a corresponding
meaning.

 

4

 

1.2

a.                    In this Contract, unless the contrary
intention appears, words importing the singular shall include the plural and
vice versa, and words importing any gender shall include any other gender;

 

b.                   In this Contract, unless the context
requires otherwise, a reference to any statute, statutory rule or regulation
shall means that which is amended or substituted if such is amended or
substituted during the term of this Contract;

 

c.                    The Article headings shall not affect
the interpretation of this Contract and are used solely for reference purposes;

 

d.                   In making calculations in accordance with
the terms of this Contract, unless defined elsewhere, any figure shall be
calculated to the nearest second decimal place. 
Whenever pursuant to this Contract a numerical figure is to be rounded
or calculated to fewer digits than the number of digits available, then unless
otherwise specified herein, the following procedures shall be applied;

 

(i)                 If the first
digit discarded is less than 5, the last digit retained shall not be changed;

 

(ii)              If the first digit discarded is equal to or
greater than 5, the last digit retained shall be increased by 1.

 

Article II – Annual Quantities and Delivery Schedule of
Concentrates

 

2.1                       Subject to Article IX and X, Seller
shall deliver to Buyer Concentrates in each Delivery Year 2005 through to and
including 2008 as follows:

 

	
  Delivery Year

  	
   

  	
  B ase Quantity

  	
   

  
	
   

  	
   

  	
  Lb U308

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2005

  	
   

  	
  300,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2006

  	
   

  	
  300,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2007

  	
   

  	
  300,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2008

  	
   

  	
  300,000

  	
   

  

 

Buyer has a right
to exercise plus or minus 15 percent flexibility on the above nominal
quantities.

 

2.2                       The following quantity, converter and
delivery date nomination arrangements are agreed:

 

a)                            By the 1st September of the year
prior to the delivery year, Buyer shall provide a following documents to
Seller:

 

i)             Binding notice ( “September Binding
Notice” )on the delivery quantity and delivery location.

ii)          Non-Binding notice for the delivery
month(s)

 

At least One Hundred and Twenty
(120) days prior to the delivery date, Buyer shall provide a Binding notice ( “
120 days Binding Notice “) for the delivery date.

 

5

 

There shall be no more two
(2) deliveries in each of the delivery years.

 

2.3                       Each party shall consider in good faith
any request by the other to vary the Delivery Schedule, but the Delivery Schedule as
determined pursuant to this Article shall not be amended unless the
parties agree.

 

Article III – Delivery

 

3.1                       Seller shall deliver Concentrates to
Buyer, and Buyer shall take delivery of Concentrates from Seller by Book
Transfer at the Converter selected under Section 2.3.

 

(a)                        The delivery shall be deemed to have been
made when Concentrates containing a specified quantity of U3O8
are transferred to Buyer’s account by Book Transfer.

 

(b)                       Seller shall notify Buyer thereof
immediately upon transfer of Concentrates.

 

3.2                       Title to, and all risks of loss in, and
liability for, any personal loss or injury or any property damage caused by
Concentrates delivered to Buyer in accordance with Section 2.1 shall pass
to Buyer when the Concentrates are transferred to Buyer’s account by Book
Transfer.

 

3.3                       Subject to this Contract, Seller shall
indemnify and hold harmless Buyer from and against all costs, expenses, claims,
damages and injuries incurred or arising in respect of the ownership, storage,
transportation, possession or use of Concentrates prior to Book Transfer to
Buyer by Seller pursuant to this Contract. 
Buyer shall indemnify and hold harmless Seller from and against all
costs, expenses, claims, damages and injuries arising in respect of the
ownership, storage, transportation, possession or use of Concentrates
subsequent to Book Transfer to Buyer by Seller pursuant to this Contract.

 

Article IV – Specifications

 

4.1                       The Concentrates delivered hereunder by
Seller to Buyer shall conform to the Specifications of the selected Converter
at the time of delivery.

 

Article V – Warranty and Limitation of
Liability

 

5.1                       Seller warrants that it will give to
Buyer good and marketable title to all Concentrates delivered hereunder and
that such Concentrates will be delivered free and clear of all liens, claims,
charges and encumbrances of any kind and type whatsoever.

 

5.2                       Under no circumstances whatsoever and
howsoever arising shall either party be entitled to recover indirect or
consequential damages of any nature including, but not by way of limitation,
any consequential loss or damage incurred by the other party.

 

6

 

Article VI – Price of Concentrates

 

For all
pounds U3O8 delivered hereunder, the price (“Purchase
Price”) to Seller shall be:

 

The simple average of (A) US$[REDACTED] per
pound escalated from the 4th quarter of calendar year 2003 until the
last day of the quarter immediately prior to the delivery quarter by the
changes in the U.S. GDP-IPD index, and (B) the Market Price.  In no event, however, shall the price paid to
Seller be less than US$[REDACTED] per
pound U3O8 or higher than US$[REDACTED] per
pound U3O8, both values respectively escalated as per (A)
above.

 

The Market Price shall be determined as the simple
average of 1) the U3O8 Spot Price Indicator last
published by TradeTech during the month immediately preceding the month in
which a 120 days Binding Notice is due from Buyer and 2) the Ux U3O8
Price last published by the Ux Consulting Co. for the month immediately
preceding the month in which a 120 days Binding Notice is due from Buyer.

 

U.S.
GDP-IPD means the most recent Gross Domestic Product Implicit Price Deflator
Index published by the US Department of Commerce, Washington, DC, Bureau of
Economic Analysis National income and Wealth Division; “Survey of Current
Business” through the end of the quarter preceding the quarter in which
delivery occurs.

 

If the
U.S. GDP-IPD is discontinued or the basis of its calculation is substantially
modified, an index which can reasonably be expected to produce approximately
the same results shall be substituted by mutual agreement of the parties.  If Buyer and Seller are unable to agree
within 60 days of the date upon which one party receives notice from the other
of its claims regarding the U.S. GDP-IPD, the matter shall be resolved by
binding arbitration according to 12.2.

 

The
Purchase Price is inclusive of:

 

•                  Freight, insurance and other transportation
charges to the point of delivery at the conversion plant;

•                  All royalties, environmental control costs,
taxes and other imposts until arrival at the conversion plant;

•                  Weighing, sampling and assaying fees; and

•                  Book transfer fee charged to Seller by
converter

•                  Any surcharges assessed by the converter
with reference to that converter’s specifications and book transfer fee.

 

Article VII – Taxes

 

7.1                       Seller shall be responsible for and bear
any and all taxes, duties, and imposts of any kind which are imposed on or with
reference to the Concentrates prior to and coincident with Book Transfer.

 

7.2                       Buyer shall be responsible for and bear
any and all taxes, duties, and imposts of any kind which are imposed on or with
reference to the Concentrates subsequent to Book Transfer.

 

7

 

Article VIII – Invoicing and Payment

 

8.1                       In respect of each quantity of
Concentrates delivered pursuant to Article 2 and Article 3, Seller
shall promptly after delivery forward to Buyer an invoice (in duplicate),
together with the back-up data necessary to enable Buyer to verify the price
indicators and/or published statistics used to calculate the Purchase Price,
and Delivery Certificate.

 

8.2                       Seller shall issue an invoice for 100% of
the sum arrived at by multiplying the total quantities of U3O8
(expressed in Pounds) contained in such delivery by the Purchase Price.

 

8.3                       Buyer shall pay to Seller the invoice
value by telegraphic transfer within thirty (30) days from the date when Buyer
receives an invoice by fax together with the applicable Book Transfer
Certificate, provided that the original invoice follows by mail.

 

8.4                       Any other amounts which either party is
obliged to reimburse to the other party pursuant to this Contract shall be paid
by telegraphic transfer within thirty (30) days after the date of receipt of
invoice by fax, provided that the original invoice follows by mail.  Invoices not paid when due shall bear
interest at the annual rate of prime (as published in the Wall Street Journal)
plus 2%.

 

8.5                       If any invoice due date is not a business
day in the United States of America, then such invoice shall become payable on
the next business day both in [REDACTED] or
United States of America.

 

Article IX – Force Majeure

 

9.1              (a)                                 For the purposes of this Contract, “Force Majeure”
means an act, event or cause beyond the reasonable control and without the
wilful default or negligence of the party concerned including, without limiting
the generality of the foregoing;

 

(i)                          acts of God, perils of the sea, accidents
of navigation, war, sabotage, riot, insurrection, civil commotion, national
emergency (whether in fact or law), martial law, fire, flood, cyclone,
earthquake, landslide, explosion, strike, lock out, boycott, epidemic, quarantine,
radiation or radioactive contamination;

 

(ii)                       restriction, restraint, prohibition,
requisition, expropriation, direction or embargo by legislation, regulation,
decree or other legally enforceable order of any government or governmental or
other competent authority (including any court of competent jurisdiction); and

 

(iii)                    refusal, revocation or suspension of any
permit, licence, authorisation or certificate referred to in Article XIII.

 

(b)         Force Majeure means:

 

(i)                          in the case of Seller – those Force
Majeure acts, events or circumstances which affect the conduct of the Seller’s
U.S. mines, the production of U308 thereat, or the
delivery of U308 by Seller to Buyer.

 

8

 

(ii)                       In the case of Buyer – those Force
Majeure acts, events or circumstances which affect the taking delivery of U308
from Seller.

 

9.2                       If either party is prevented or delayed
or anticipates that it will be prevented or delayed in the performance of any
of its obligations under this Contract by Force Majeure, then subject to that
party giving notice to the other party in accordance with Section 9.3 and
requesting a suspension of its obligations, the performance of this Contract
shall be suspended for any actual period of any prevention or delay and the
party or parties shall be excused from the performance of the Contract as the
case may be.

 

9.3                       A notice required by Section 9.2
shall be given as promptly as practicable and in any case within thirty (30)
days after the party giving the notice first determines that any act, event or
circumstance constitutes or may constitute Force Majeure and the notice shall
specify the following details:

 

(a)                        the matters constituting or likely to
constitute Force Majeure, together with evidence thereof;

 

(b)                       an estimate of the period within which
the prevention or delay will continue;

 

(c)                        the action taken or proposed to be taken
to minimise or overcome the prevention or delay;

 

(d)                       the extent to which delivery or
acceptance of U308 will be affected.

 

9.4                      (a)                         During the period of any prevention or delay notified
the party giving the notice shall promptly advise the other party of any change
in the nature of the Force Majeure.

 

(b)                       A party giving the notice under this Article may
at any time withdraw or cancel the notice and in such case any right of
suspension of performance shall be at an end from the date of cancellation of
the notice.

 

(c)                        The party giving the notice shall
endeavour to minimise the prevention or delay resulting from the Force Majeure.

 

9.5                       If, because of Force Majeure, Seller’s
ability to deliver Concentrates hereunder is partially affected but not stopped
entirely, the parties shall discuss a fair basis upon which deliveries to Buyer
will be reduced.

 

9.6                       If the disability resulting from Force
Majeure lasts for more than 180 days from the date of notice in accordance with
Section 9.3, the party receiving the notice, may at any time prior to
advice of cessation of that disability (but not after the date of that advice)
by notice in writing to the other, cancel the whole or any part of any quantity
of Concentrates due to be delivered during the period of Force Majeure.

 

9.7                       If the disability resulting from Force
Majeure lasts for more than 12 months from the date of notice in accordance
with Section 9.3, either party, may at any time prior to advice of
cessation of that disability (but not after the date of that advice) by notice
in writing to the other, terminate this Contract.

 

9

 

Article X – Non Compliance

 

10.1                 Except as provided in Article IX, if
either party defaults in the observance of performance of an obligation in a
material way under this Contract and such default continues for a period of
ninety (90) days after the other party has given written notice to the
defaulting party specifying such default, then such other party shall have the
right to terminate this Contract by notice in writing to the defaulting party.

 

10.2                 The measure of damages or compensation
payable in the event of breach of this Contract shall not in any circumstances
(including circumstances entitling termination of this Contract pursuant to
this Article) extend to consequential or indirect damages.

 

10.3                 If either party shall be adjudged
bankrupt or insolvent under similar proceedings (including without limitation
proceedings for the appointment of a trustee or receiver but excluding any
proceedings for the purpose of reconstruction only) then the other party shall
have the right to terminate this Contract by notice to such first mentioned
party.

 

10.4                 Subject to the limitations set forth in Section 10.2,
a party terminating this Contract pursuant to this Article shall have the
rights and remedies provided under applicable law.

 

Article XI – Term and Termination

 

11.1                 Subject to the necessary approval stated
in Article XIII of this Contract, this Contract shall enter into effect
and shall remain in force unless, agreed by both parties, until the end of year
2008.

 

11.2                 Notwithstanding Section 11.1;

 

(a)                        this Contract may, without any cost to or
liability of the Buyer, be terminated by the Buyer at its absolute discretion
upon giving written notice to the Seller if one or more of the following
conditions precedent to the ongoing effectiveness of this Agreement are not
met:

 

(i)                                     the Seller cannot reasonably satisfy the
Buyer on or before May 15, 2004, either by providing to the Buyer written
evidence from its financiers that is reasonably acceptable to the Buyer
evidencing that it has received the required financing from those financiers or
other evidence reasonably satisfactory to the Buyer, that the Seller has
secured financing to begin and complete plant construction, well field
development and processing upgrades to its facilities that, in the Buyer’s
reasonable opinion, will allow the Seller to fulfil all its obligations to the Buyer
under this Contract; or

 

(ii)                                  the Buyer reasonably concludes on or
before October 1, 2004 that the Seller will be unable to maintain
production of U3O8 at its production facilities at levels
to allow the Seller to fulfil all its obligations to the Buyer under this
Contract,

 

and in each case
the Buyer must notify the Seller of its decision to so terminate no later than ten
(10) business days after the dates referred to in (i) and (ii) above, respectively.

 

(b)                       this Contract is subject to earlier
termination in accordance with Section 9.7 or Article X; and

 

10

 

(c)                        if needed for the purposes of Article VI
and Article IX, the term of this Contract shall be extended to enable
delivery of any delayed deliveries to be made and for the quantity of U3O8
therein to be determined, priced, invoiced and paid for in full.

 

11.3                 Termination of this Contract in
accordance with Section 9.7 or Article X by a party entitled to
effect such termination, shall;

 

(a)                        take effect from the date of receipt of
the notice of termination by the other party;

 

(b)                       operate as a discharge of performance of
the unexecuted portion of this Contract, except performance of any obligation
outstanding at the date on which the notice of termination takes effect;

 

(c)                        not abrogate or prejudice any right
(whether conferred by this Contract or existing by law or in equity) of either
party in respect of any antecedent breach by the other of any obligations under
this Contract.

 

Article XII
– GOVERNING LAW
AND ARBITRATION

 

12.1                        Governing Law

 

This Agreement shall be governed by, construed, and enforced in
accordance with, and its validity shall be determined under, the laws of the
State of New York, the United States of America, without giving effect to any
conflicts-of-law rules requiring the application of the substantive law of any
other jurisdiction, and it shall be deemed to have been executed and performed
in the State of New York.  The Parties
hereby exclude the application of the United Nations Convention on Contracts
for the International Sale of Goods (CISG) to this Agreement.  The Parties expressly state their intention
that the laws of [REDACTED] shall not, under any
circumstances, apply in any way to the interpretation of this Contract.  In the event this Contract is translated and
there exists any difference between the foreign language version and this
English version, this English version shall prevail.

 

12.2    Arbitration

 

Any dispute,
controversy or claim arising out of or relating to this Agreement shall be
finally resolved by arbitration in accordance with the rules of the American
Arbitration Association then obtaining. 
Unless otherwise agreed in writing by the Parties hereto, the arbitral
panel shall consist of three (3) arbitrators, one to be appointed by each Party
and the third to be appointed by the two arbitrators appointed by the
Parties.  In the event that a Party fails
to appoint an arbitrator within fifteen (15) days after any such dispute,
controversy or claim has been referred to arbitration hereunder, then, in such
event, the other Party may request the American Arbitration Association to
appoint an arbitrator for the Party failing to make such appointment.  In the event that the third arbitrator has
not been appointed within thirty (30) days after any such dispute, controversy
or claim has been referred to arbitration hereunder, then, in such event,
either Party may request the American Arbitration Association to appoint such
third arbitrator.  The arbitration
proceedings, all documents submitted therein and the award of the arbitral
panel shall be in the English language, and all members of the arbitral panel
shall be fluent in English.  The
arbitration proceedings shall be held in New York, New York, the United States
of America.  The arbitral panel shall
apply the rules of procedure applicable to civil actions in the courts of the
state of New York; provided, however, that both Parties shall be
entitled to representation by counsel, to appear and present written or oral
evidence and argument and to

 

11

 

cross-examine
witnesses presented by the other Party. 
The arbitral award shall be in writing and the arbitral panel shall
provide written reason for its award. 
The award of the arbitral panel shall be final and binding upon the
Parties.  The Parties waive any rights to
appeal or to review such award by any court or tribunal, and such award shall
be final and binding. Each Party agrees that any arbitral award or final
judgment rendered against it in any action or proceeding relating in any way to
this Agreement shall be conclusive and may be enforced, to the extent permitted
by applicable law, in any court in the state of New York, by suit on the
arbitral award or judgment, a certified copy of which arbitral award or
judgment shall be conclusive evidence thereof, or by such other means provided
by applicable law.  The Parties further
agree to undertake to carry out without delay the provisions of any arbitral
award or order.  A Party may disclose the
contents of an award of the arbitral tribunal only to affiliates, Governmental
Authorities or other persons as required by applicable law.

 

(a)                                  To the extent any Party has or may acquire
any immunity (sovereign or otherwise) from jurisdiction of any arbitral
tribunal or court in or in connection with any arbitration under this Agreement
or any proceeding, action, lawsuit or process (whether through service or
notice, attachment in aid of execution, execution or otherwise) pursuant to, in
aid of, arising out of, in confirmation or registration of, or to enforce, an
award of an arbitration proceeding under this Agreement, each Party, solely for
the purpose of such arbitration proceeding, action, lawsuit or process, hereby
irrevocably waives such immunity.  The
foregoing waiver and consent are intended to be effective to the fullest extent
now or hereafter permitted by the applicable law of any jurisdiction where any
suit, action or proceeding with respect to an arbitration under this Agreement
may be commenced, including the fullest extent permitted under the Foreign
Sovereign Immunities Act of 1976 of the United States of America and are
intended to be irrevocable and not subject to withdrawal for purposes of such
act.

 

Pending the final decision of the arbitrator of a dispute hereunder,
Buyer and Seller shall diligently proceed with the performance of any portion
of the Agreement without prejudice to a final adjustment in accordance with the
decision rendered by the arbitral tribunal with respect to such dispute.

 

Article XIII – Governmental Permits

 

13.1      Deliveries of Concentrates hereunder are subject to
the grant and continuance in force of all necessary permits, licenses,
authorisations and certificates.

 

Seller shall at
its own cost be responsible for obtaining and maintaining all permits,
certificates, licenses and authorisations necessary for performing its
obligations based on the Contract.

 

12

 

13.2      Buyer shall at its own cost be responsible for
obtaining and maintaining all permits, certificates, licences and
authorisations necessary for performing its obligations based on the Contract.

 

13.3      Each party shall at its own expense afford the other
party all reasonable assistance in applying for or obtaining any permit,
licence, authorisation or certificate necessary for the purposes of this
Contract.

 

Article XIV – Safeguards-Use of Concentrates

 

14.1      Buyer and seller agree that the Concentrates supplied
hereunder, will be used only for peaceful purposes and will be subject to the
safeguard provisions of the agreements of the governments involved for the
cooperation in the field of nuclear nonproliferation in effect as of the
effective date of this Agreement, and as the same may be subsequently amended.

 

Article XV – General and Notices

 

15.1      The terms and conditions of this Contract and all
information flowing to a party by reason of the operation hereof shall be kept
and remain confidential and each party undertakes that neither it nor its
employees, agents or representatives shall, without the prior written consent
of the other party, disclose such terms, conditions or information to third
persons unless disclosure relates to information already within the public
domain or is;

 

(a)                        required by law or by the Government
regulation;

 

(b)                       reasonably necessary for submission to an
arbitrator pursuant to Article XII or for the purposes of any
administrative or legal proceedings involving both parties;

 

(c)                        required by any stock exchange on which
the shares of such party may then be listed for quotation;

 

(d)                       reasonably necessary for financing
purposes; or

 

(e)                        made to legal and financial advisers or
certified public accountants of either party who are bound to treat any
information disclosed to them as confidential.

 

15.2      This Agreement shall not be assigned by either Party
without the prior written consent of the other Party, which consent shall not
be unreasonably withheld or delayed; provided that either Party may, without
such consent, assign this Agreement and its rights or obligations hereunder to
its subsidiary, affiliate, trust, or financial institutions.  In no event shall any such assignment be construed
as a novation or discharge of the assigning party’s obligations hereunder.  Except as so provided, any purported
assignment hereof shall be invalid.

 

15.3      No amendment or modification of this Contract shall be
binding on the parties unless made in writing and signed or executed by or on
behalf of both parties.

 

15.4                 In any event Seller’s Parent Company
shall guarantee all the necessary performance of Seller described in this
Contract.

 

15.5                (a)                         All notices, notifications, consents, advices,
requests, demands, directions, instructions, reports and other communications
(in this Section 15.4 called “Communications”) required, permitted or

 

13

 

authorised to be made or given pursuant to this Contract shall be made
or given in writing and either personally served or sent airmail letter
(postage prepaid) or facsimile addressed as follows:

 

(i)                                     To Seller:

 

URI, Inc.

650 S. Edmonds Lane

Suite 108

Lewisville, TX 75067

 

Attention: Paul K. Willmott

 

Facsimile:

 

(ii)                                  To Buyer:

 

[REDACTED]

 

with copy to: [REDACTED]

 

(b)                       Either party may from time to
time by notice in writing to the other change its address for receipt of
Communications.

 

(c)                        For the purposes of this
Contract, Communications shall unless otherwise agreed:

 

(i)                          be in the English language;

 

(ii)                       be deemed to be given only when
actually received by the party to which they are addressed;

 

(iii)                    be promptly acknowledged by the
party to which they are addressed; and

 

(iv)                   be signed by an authorised person of
that party.

 

14

 

IN WITNESS WHEREOF the parties hereto have caused these presents to be
executed as attested to by their duly authorised signing officers in that
behalf as at the day and year on which the last party signed below.

 

	
   

  	
  [REDACTED]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name    :

  	
  [REDACTED]

  
	
   

  	
  Title      :

  	
  [REDACTED]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date      :

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Place     :

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  URI, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name    :

  	
  Paul Willmott

  
	
   

  	
  Title      :

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date      :

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Place     :

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Uranium Resources, Inc.
  (Seller’s Parent Company)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name  : 

  	
  Paul Willmott

  
	
   

  	
   

  	
   

  
	
   

  	
  Title    :

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date    :

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Place   :

  	
   

  	
   

  
									

 

15

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