<SEC-DOCUMENT>0001047469-13-011189.txt : 20131213
<SEC-HEADER>0001047469-13-011189.hdr.sgml : 20131213
<ACCEPTANCE-DATETIME>20131213172611
ACCESSION NUMBER:		0001047469-13-011189
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20140129
FILED AS OF DATE:		20131213
DATE AS OF CHANGE:		20131213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			URANIUM RESOURCES INC /DE/
		CENTRAL INDEX KEY:			0000839470
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				752212772
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33404
		FILM NUMBER:		131277036

	BUSINESS ADDRESS:	
		STREET 1:		405 STATE HIGHWAY BYPASS 121
		STREET 2:		BUILDING A, SUITE 110
		CITY:			LEWISVILLE
		STATE:			TX
		ZIP:			75067
		BUSINESS PHONE:		9722193330

	MAIL ADDRESS:	
		STREET 1:		405 STATE HIGHWAY BYPASS 121
		STREET 2:		BUILDING A, SUITE 110
		CITY:			LEWISVILLE
		STATE:			TX
		ZIP:			75067
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>a2217716zpre14a.htm
<DESCRIPTION>PRE 14A
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Use these links to rapidly review the document<BR>
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</FONT> <FONT SIZE=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> SCHEDULE 14A</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>
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<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2> Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
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<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
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<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><B> Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Soliciting Material under &sect;240.14a-12<BR></FONT>
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<p style="font-family:times;"></FONT></P>

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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Uranium Resources,&nbsp;Inc.</B></FONT></TD>
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<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
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</FONT> <FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
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<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><BR>
Payment of Filing Fee (Check the appropriate box):</FONT></TD>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>No fee required.</FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11.</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR><FONT SIZE=2>Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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 </B></FONT><FONT COLOR="#FF4040" SIZE=2><B>PRELIMINARY PROXY MATERIALS&#151;SUBJECT TO COMPLETION</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g147876.jpg" ALT="LOGO" WIDTH="319" HEIGHT="87">
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<P style="font-family:times;"><FONT SIZE=2>Dear URI Stockholder: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend a special meeting of stockholders of Uranium Resources,&nbsp;Inc. ("URI"), to be held on January&nbsp;29, 2014 at 9:00&nbsp;a.m., local time, at
our headquarters, located at 6950&nbsp;South Potomac Street, Suite&nbsp;300, Centennial, Colorado 80112. We are calling the special meeting to ask you to consider and vote on a proposal to approve
the recent senior secured loan agreement entered into between URI and Resource Capital Fund V&nbsp;L.P. ("RCF") and the issuance of shares of URI common stock upon the conversion of the amounts
drawn under the loan agreement or otherwise issuable thereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
previously announced, we entered into the loan agreement with RCF, our largest stockholder, on November&nbsp;13, 2013, and we borrowed an initial $3.0&nbsp;million under the loan
agreement shortly thereafter. Subject to the satisfaction of certain conditions, another $2.0&nbsp;million will be available to us following stockholder approval of the loan agreement at the special
meeting, and two additional tranches of $5.0&nbsp;million each will be available between April&nbsp;15, 2014 and June&nbsp;30, 2014 and between July&nbsp;15, 2014 and September&nbsp;30,
2014, respectively, at our election. The loan agreement is intended to support our operating costs through 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawdown
of the facility was possible prior to stockholder approval of the loan agreement because the initial $3.0&nbsp;million drawn is not convertible into shares of URI common stock
until stockholder approval at the special meeting. Following stockholder approval, RCF may convert amounts drawn under the loan agreement into shares of URI common stock at a rate of $2.60 per share,
subject to adjustment. If we fail to obtain stockholder approval by January&nbsp;31, 2014, we will be unable to draw the remaining $12.0&nbsp;million available under the loan agreement and will be
required to repay the initial $3.0&nbsp;million advance by April&nbsp;1, 2014. We had a cash balance of approximately $1.9&nbsp;million as of December&nbsp;11, 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCF
beneficially owns approximately 32.8% of our outstanding common stock and is, in the normal course, able to vote at stockholder meetings. However, our Board of Directors has
determined, and RCF concurs, that as a matter of good corporate governance shares owned by RCF and its affiliates should not determine the outcome of the meeting, and approval of the loan agreement
and the issuance of shares thereunder will be subject to the approval of a majority of votes cast at the special meeting, excluding shares beneficially owned by RCF or its affiliates. As a
consequence, disinterested stockholders will determine the outcome of the vote. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Our Board of Directors unanimously recommends a vote "FOR" the approval of the loan agreement and the issuance of shares of URI common stock
thereunder.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
read the accompanying proxy statement for information about the matters to be voted upon. Your vote is important. Whether or not you plan to attend the meeting in person, we urge
you to submit your proxy as soon as possible via the internet, by telephone or by mailing the enclosed proxy card. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> Very truly yours,</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><BR>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Christopher M. Jones</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> President and Chief Executive Officer</I></FONT></TD>
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 <P style="font-family:times;"><FONT SIZE=2>Centennial,
Colorado<BR>
December&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2013 </FONT></P>

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 </B></FONT><FONT COLOR="#FF4040" SIZE=2><B>PRELIMINARY PROXY MATERIALS&#151;SUBJECT TO COMPLETION</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>URANIUM RESOURCES,&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>6950 SOUTH POTOMAC STREET, SUITE 300<BR>
CENTENNIAL, COLORADO 80112<BR>  </B></FONT><FONT SIZE=2><B><I>www.uraniumresources.com  </I></B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>NOTICE OF SPECIAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD JANUARY 29, 2014  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>To the Stockholders of URANIUM RESOURCES,&nbsp;INC.: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE
IS HEREBY GIVEN that a Special Meeting of Stockholders (the "Special Meeting") of Uranium Resources,&nbsp;Inc., a Delaware corporation (the "Company" or "URI"), will be held at
the Company's offices located at 6950 South Potomac Street, Suite&nbsp;300, Centennial, Colorado 80112 </FONT><FONT SIZE=2><B>on January&nbsp;29, 2014, at 9:00&nbsp;a.m., local
time</B></FONT><FONT SIZE=2>, for the following purposes: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
approve the terms of the senior secured loan agreement (the "Loan Agreement") between the Company and Resource Capital Fund V&nbsp;L.P., under which the
Company may borrow up to $15.0&nbsp;million, and the issuance of approximately 7.5&nbsp;million shares of URI common stock (subject to adjustment), consisting of approximately 5.8&nbsp;million
shares issuable upon the conversion of amounts drawn under the Loan Agreement and approximately 1.7&nbsp;million shares issuable in satisfaction of interest and fees under the Loan Agreement, as
described in the accompanying proxy statement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
authorize an adjournment of the Special Meeting, if necessary, if a quorum is present, to solicit additional proxies if there are not sufficient votes in
favor of Proposal 1; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
transact such other business as may properly come before the Special Meeting or any adjournment or postponement thereof. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B> The Board of Directors unanimously recommends that you vote FOR the above proposals.  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has fixed the close of business on December&nbsp;11, 2013 as the record date for the determination of
stockholders entitled to notice of and to vote at the Special Meeting and at any adjournments or postponements thereof. A list of stockholders of record will be available at the meeting and, during
the 10&nbsp;days prior to the meeting, at the office of the Secretary at the above address. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Your vote is very important, regardless of the number of shares you own. Whether or not you plan to be present at the Special Meeting, we urge you to submit your
proxy as soon as possible so that your shares may be voted in accordance with your wishes and in order that the presence of a quorum may be assured.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>You may submit your proxy by completing, signing, dating and returning the enclosed proxy card by mail, or you may submit your proxy by telephone or
electronically through the internet, as further described on the proxy card. Please do not return the enclosed paper ballot if you are voting over the internet or by telephone. The giving of such
proxy will not affect your right to vote in person, should you later decide to attend the Special Meeting. If you hold your shares through an account with a brokerage firm, bank or other nominee,
please follow the instructions you receive from them to provide voting instructions for your shares.</B></FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>By
Order of the Board of Directors </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g261552.jpg" ALT="GRAPHIC" WIDTH="153" HEIGHT="81">
  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>John
W. Lawrence, </FONT><FONT SIZE=2><I>Secretary</I></FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>Centennial,
Colorado<BR>
December&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2013 </FONT></P>

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</FONT> <FONT SIZE=4><B>URANIUM RESOURCES,&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>6950 SOUTH POTOMAC STREET, SUITE 300<BR>
CENTENNIAL, COLORADO 80112<BR>  </B></FONT><FONT SIZE=2><B><I>www.uraniumresources.com  </I></B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>PROXY STATEMENT<BR>
FOR<BR>
SPECIAL MEETING OF STOCKHOLDERS<BR>  </B></FONT><FONT SIZE=2><B>TO BE HELD JANUARY 29, 2014  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement and the enclosed proxy is furnished to stockholders of Uranium Resources,&nbsp;Inc., a Delaware corporation (the "Company" or "URI"), in
connection with the solicitation of proxies by the Board of Directors of the Company (the "Board") for use at the Special Meeting of Stockholders (the "Special Meeting") to be held at the Company's
offices located at 6950 South Potomac Street, Suite&nbsp;300, Centennial, Colorado 80112 on January&nbsp;29, 2014, at 9:00&nbsp;a.m., local time, and any postponement or adjournments thereof,
for the purposes set forth in the accompanying Notice of Special Meeting of Stockholders. This proxy statement and the enclosed proxy will first be mailed to stockholders of record on or about
December&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SPECIAL MEETING TO BE HELD ON JANUARY 29, 2014:</B></FONT><FONT SIZE=2> This proxy
statement and the proxy card are available at </FONT><FONT SIZE=2><I>http://urre.client.shareholder.com</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Purpose of the Special Meeting  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Special Meeting is being called to consider the following matters:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Proposal 1</I></FONT><FONT SIZE=2>&#151;To approve the terms of the senior secured loan
agreement (the "Loan Agreement") between the Company and Resource Capital Fund V&nbsp;L.P. ("RCF"), a copy of which is attached hereto as </FONT> <FONT SIZE=2><I>Annex&nbsp;A</I></FONT><FONT SIZE=2>, under which the Company may borrow up to
$15.0&nbsp;million, and the issuance of approximately 7.5&nbsp;million shares of URI common
stock (subject to adjustment), consisting of approximately 5.8&nbsp;million shares issuable upon the conversion of amounts drawn under the Loan Agreement and approximately 1.7&nbsp;million shares
issuable in satisfaction of interest and fees under the Loan Agreement, as described herein; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Proposal 2</I></FONT><FONT SIZE=2>&#151;To authorize an adjournment of the Special Meeting,
if necessary, if a quorum is present, to solicit additional proxies if there are not sufficient votes in favor of Proposal 1; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To transact such other business as may properly come before the Special Meeting or any adjournment or postponement
thereof. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B> Record Date and Outstanding Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The record date for the Special Meeting is December&nbsp;11, 2013 (the "Record Date"). Only stockholders of record at the close of
business on the Record Date are entitled to notice of, to attend and to vote at the Special Meeting. At the close of business on the Record Date, there were 19,800,690 shares of URI common stock
outstanding and entitled to vote at the Special Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Voting  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each holder of URI common stock is entitled to one vote for each share of common stock held as of the close of business on the Record
Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a holder of record of URI common stock, you can vote in any one of the following ways:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by signing and returning the proxy card in the enclosed postage pre-paid addressed envelope; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>on the internet or by telephone by following the instructions on the enclosed proxy card; or </FONT></DD></DL>
</UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by attending the Special Meeting and voting in person. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies
submitted by telephone or the internet are treated in the same manner as if the stockholder had signed, dated and returned the proxy card by mail. Therefore, stockholders of
record electing to vote by telephone or the internet should not return their proxy cards by mail. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you hold your shares in "street name" through a broker, bank or nominee (an "Intermediary"), you can vote in any of the following
ways:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by instructing your Intermediary to vote your shares following the directions provided by such Intermediary, which may
include providing voting instructions over the internet, by telephone or by mailing a voting instruction card; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by attending the Special Meeting and voting in person, but only if you obtain a legal proxy from the Intermediary that
holds your shares giving you the right to vote the shares. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the proposals is a non-discretionary item, which means that if you do not provide voting instructions to the Intermediary that holds your shares, the Intermediary will not be
able to vote your shares. In order to vote your shares, you must provide voting instructions to the Intermediary by the deadline provided in the materials you receive from the Intermediary. If the
Intermediary that holds your shares cannot vote your shares on a particular matter because it has not received instructions from you, this is referred to as a "broker non-vote." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Voting of Proxies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of URI common stock represented by properly executed proxies received before the Special Meeting will be voted at the Special
Meeting in the manner specified on the proxies. Physical proxies that are properly executed and timely submitted but which do not contain specific voting instructions will be voted
"</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" each of the proposals presented at the Special Meeting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your vote is important.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, if you are a holder of URI common stock, please submit your proxy by telephone, through the
internet or by mail,
whether or not you plan to attend the Special Meeting in person. </FONT><FONT SIZE=2><B>Proxies submitted by internet or telephone must be received by 11:59&nbsp;p.m. eastern time on
January&nbsp;28, 2014. Proxies submitted by mail must be received by January&nbsp;28, 2014.</B></FONT><FONT SIZE=2> If your shares of common stock are held by an Intermediary, please provide a
proxy from such Intermediary or direct the Intermediary how to vote your shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a stockholder of record and you do not cast your vote, no votes will be cast on your behalf on any of the items of business at the Special Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Revocation of Proxies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may revoke your proxy and/or change your vote at any time before your shares are voted at the Special Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a holder of record of URI common stock, you can revoke your proxy and/or change your vote by:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>sending a written notice stating that you revoke your proxy to the Company at 6950 South Potomac Street, Suite&nbsp;300,
Centennial, Colorado 80112, Attn: Corporate Secretary, as long as the notice bears a date subsequent to the date of the proxy and is received no later than two business days prior to the Special
Meeting; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>submitting a valid, later-dated proxy by mail, telephone or through the internet that is received prior to the Special
Meeting; or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>attending the Special Meeting and voting by ballot in person. Your attendance at the Special Meeting will not, by itself,
revoke any proxy that you have previously given. You must notify a representative of the Company at the Special Meeting of your desire to revoke your proxy and vote in person. </FONT></DD></DL>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
shares you hold beneficially in "street name" through an Intermediary, you may change your vote by submitting new voting instructions to your Intermediary or, if you have obtained a
legal proxy from
your Intermediary giving you the right to vote your shares, by attending the Special Meeting and voting in person. In either case, the powers of the proxy holders will be suspended if you attend the
Special Meeting in person and so request, although attendance at the Special Meeting will not by itself revoke a previously granted proxy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Voting in Person  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders of the Company may vote in person at the Special Meeting even if they already have provided their proxy in the manner
described in this proxy statement and in the accompanying proxy card. Such stockholders must notify a representative of the Company at the Special Meeting of their desire to revoke their proxy and
vote in person. Please note that shares of URI common stock may only be voted by the record owner of such shares, so stockholders whose shares are held in the name of an Intermediary and who wish to
vote those shares in person at the Special Meeting must obtain a valid proxy from the Intermediary in order to vote the shares in person at the Special Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Votes Required  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming the presence of a quorum, the following vote is required for each proposal:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The approval of Proposal 1 (proposal to approve the Loan Agreement and the issuance of shares of URI common stock
thereunder) requires the affirmative vote of a majority of the total votes cast by the holders of URI common stock, other than common stock beneficially owned by RCF and its affiliates, in person or
by proxy, on this proposal at the Special Meeting. Abstentions and broker non-votes will not be treated as votes cast on this proposal and thus will have no effect on the outcome of this proposal. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The approval of Proposal 2 (proposal to approve an adjournment of the Special Meeting, if necessary, if a quorum is
present, to solicit additional proxies) requires the affirmative vote of a majority of the total votes cast by the holders of URI common stock, in person or by proxy, on this proposal at the Special
Meeting. Abstentions and broker non-votes will not be treated as votes cast on this proposal and thus will have no effect on the outcome of this proposal. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B> Recommendation of the Board Regarding the Proposals  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has approved each of the proposals and </FONT><FONT SIZE=2><B>unanimously recommends that stockholders vote "FOR" Proposal 1
(proposal to approve the Loan Agreement and the issuance of shares of URI common stock thereunder) and "FOR" Proposal 2 (proposal to approve an adjournment of the Special Meeting, if necessary, if a
quorum is present, to solicit additional proxies)</B></FONT><FONT SIZE=2>. Your proxy will be so voted, unless you specify otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Vote Tabulation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will appoint one or more inspectors of election to conduct the voting at the Special Meeting. Prior to the Special Meeting,
the inspectors will sign an oath to perform their duties in an impartial manner and to the best of their abilities. The inspectors will ascertain the number of shares outstanding and the voting power
of each share, determine the shares represented at the Special Meeting and the validity of proxies and ballots, count all votes and ballots and perform certain other </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>duties
as required by law. The inspectors will tabulate the number of votes cast for, against or abstaining. If you are a stockholder of record, your signed proxy card is returned directly to our
transfer agent for tabulation. If you hold your shares in "street name" through an Intermediary, your Intermediary will return one proxy card to our transfer agent (or vote its shares as otherwise
permitted) on behalf of its clients. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Quorum; Abstentions and Broker Non-Votes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to carry on the business of the Special Meeting, we must have a quorum. The presence, in person or by proxy, of the holders of
one-third of the shares of URI common stock outstanding and entitled to vote on the Record Date is necessary to establish a quorum.
Abstentions and broker non-votes will be considered as present at the Special Meeting for purposes of establishing a quorum. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B> Costs of Solicitation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying proxy is being solicited on behalf of the Board. All expenses for soliciting proxies for the Special Meeting,
including the expense of preparing, printing and mailing the form of proxy and the material used in the solicitation thereof, will be borne by the Company. In addition to the use of the mails, proxies
may be solicited by personal interview, telephone, electronic mail and facsimile by directors, officers and regular employees of the Company. None of the Company's directors, officers or employees
will receive any additional compensation for soliciting proxies on behalf of the Board. We may also make arrangements with brokerage firms and other custodians, nominees and fiduciaries for the
forwarding of soliciting material to the beneficial owners of URI common stock held of record by those owners. We will reimburse those brokers, custodians, nominees and fiduciaries for their
reasonable out-of-pocket expenses incurred in connection with that service. We have engaged Regan&nbsp;&amp; Associates,&nbsp;Inc. to assist us with the solicitation of proxies for the Special
Meeting. We expect to pay Regan&nbsp;&amp; Associates,&nbsp;Inc. approximately $35,000 for their services. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> No Dissenters or Appraisal Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the General Corporation Law of the State of Delaware, our Restated Certificate of Incorporation (as amended) and our Amended and
Restated Bylaws, the holders of URI common stock will not be entitled to dissenter's rights or appraisal rights in connection with the proposals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Description of Common Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each share of URI common stock is entitled to one vote for all purposes and cumulative voting is not permitted in the election of
directors. Accordingly, the holders of more than fifty percent of all of the outstanding shares of URI common stock can elect all of the Company's directors. There are no preemptive, subscription,
conversion or redemption rights pertaining to the Company's common stock. Holders of URI common stock are entitled to receive such dividends as may be declared by the Company's Board of Directors out
of assets legally available and to share ratably in the Company's assets upon liquidation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Interest of Certain Persons in Matters to be Acted Upon  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as any amounts remain outstanding under the Loan Agreement, RCF is entitled to have two designees placed in nomination for
seats on the Company's Board of Directors. In addition, under a Stockholders' Agreement between RCF and the Company dated March&nbsp;1, 2012, as subsequently modified by a Bridge Loan Agreement
between the Company and RCF dated December&nbsp;17, 2012, so long as RCF and its affiliates own or hold shares of URI common stock which in the aggregate exceed 10% of the Company's issued and
outstanding common stock, RCF is entitled to have one designee placed in nomination for a seat on the Company's Board of Directors, and so long as RCF and its </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>affiliates
own or hold shares of URI common stock which in the aggregate exceed 25% of the Company's issued and outstanding common stock, RCF is entitled to have an additional designee placed in
nomination for a seat on the Company's Board of Directors. John H. Pfahl and Mark K. Wheatley currently serve as RCF's designees to the Company's Board of Directors. Mr.&nbsp;Pfahl is employed as a
Senior Associate by RCF Management L.L.C., an affiliate of RCF. Mr.&nbsp;Wheatley and RCF are also party to an agreement pursuant to which Mr.&nbsp;Wheatley may be entitled to additional
compensation from RCF upon RCF's sale of its holdings in the Company. See Proposal 1, "Approval of Loan Agreement and Issuance of URI Common Stock Thereunder&#151;Description of RCF Ownership
and Control Rights" for additional information about RCF's ownership in the Company and certain control rights of RCF. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than the foregoing, no person who has served as a director or executive officer of the Company since the beginning of the last fiscal year, nor any associate of such person, has
any substantial interest, direct or indirect, by security holdings or otherwise, in the proposals that is not shared </FONT><FONT SIZE=2><I>pro rata</I></FONT><FONT SIZE=2> by all other stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Other Business  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board is not aware of any matter, other than the matters described in this proxy statement, to be presented for action at the
Special Meeting. However, if any other business properly comes before the Special Meeting, the person or persons named in the enclosed form of proxy will vote the proxy in accordance with his, her or
their best judgment on such matters. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_dc18501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PROPOSAL 1<BR>  <BR>    APPROVAL OF LOAN AGREEMENT AND<BR>  ISSUANCE OF URI COMMON STOCK THEREUNDER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;13, 2013, the Company, together with each of the Company's subsidiaries as guarantors, entered into the Loan
Agreement with RCF, pursuant to which RCF provided a senior secured loan facility (the "Facility") to the Company under which the Company may draw up to $15.0&nbsp;million. Under NASDAQ rules, the
Company must seek stockholder approval before issuing any shares under the Loan Agreement. The Loan Agreement requires that the Company use its best efforts to call and hold a stockholders meeting by
no later than January&nbsp;31, 2014 in order to approve the issuance of shares thereunder. Accordingly, the Company is seeking stockholder approval of the Loan Agreement, a copy of which is attached
hereto as </FONT><FONT SIZE=2><I>Annex&nbsp;A</I></FONT><FONT SIZE=2>, and the issuance of shares thereunder at the Special Meeting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B> Reasons for Stockholder Approval  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed on the NASDAQ Capital Market and, as such, we are subject to the NASDAQ Marketplace Rules. NASDAQ
Marketplace Rule&nbsp;5635(d) requires that an issuer obtain stockholder approval prior to the issuance of common stock if such issuance is for less than the greater of book or market value of the
common stock and would equal 20% or more of the common stock or voting power of the issuer outstanding before the issuance. The initial conversion price of amounts drawn under the Facility is $2.60
per share, which is less than the greater of the book or market value of our common stock immediately before we entered into the Loan Agreement. If the entire amount of the Facility is converted into
common stock at a price of $2.60 per share, and interest and fees under the Loan Agreement are satisfied by the issuance of common stock, more than 20% of the Company's common stock outstanding before
we entered into the Loan Agreement would be issued. In addition, the Loan Agreement includes anti-dilution adjustments that could result in a reduction of the conversion price in the future. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, under the terms of the Loan Agreement, the Company agreed to use its best efforts to call and hold a stockholders meeting by no later than January&nbsp;31, 2014 in order
to approve the issuance of shares under the Loan Agreement. The Company is seeking stockholder approval of Proposal 1 in order to satisfy the requirements under the Loan Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of Proposal 1 will constitute approval pursuant to NASDAQ Marketplace Rule&nbsp;5635(d) and under the terms of the Loan Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Required Vote  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proposal to approve the Loan Agreement and the issuance of shares thereunder will be approved if a majority of the shares of URI
common stock present or represented by proxy and entitled to vote at the Special Meeting, excluding shares beneficially owned by RCF or its affiliates, are voted in favor of such approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
not required by Delaware law, NASDAQ rules or our charter or bylaws, our Board of Directors has determined, following a recommendation by the Finance Committee, that approval of
Proposal 1 will require a majority of votes cast on the proposal, excluding shares beneficially owned by RCF or its affiliates. The Finance Committee believes, and the Board of Directors concurs, that
approval of the Loan Agreement and the issuance of the shares thereunder by disinterested stockholders is a good corporate governance practice. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B> Description of Loan Agreement and Facility  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Facility consists of three tranches of $5.0&nbsp;million each. RCF advanced $3.0&nbsp;million of the first tranche to the
Company shortly following the closing of the Loan Agreement. Subject to the satisfaction of certain conditions, the remaining $2.0&nbsp;million of the first tranche will be available to the Company
following stockholder approval of the Facility at the Special Meeting, and two additional tranches of $5.0&nbsp;million each will be available between April&nbsp;15, 2014 and June&nbsp;30, 2014
and between July&nbsp;15, 2014 and September&nbsp;30, 2014, respectively, at the election of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
establishment fee of $300,000 will be due by the fifth business day following the date of the Special Meeting, which amount will be satisfied by the delivery of shares if the
Company's stockholders approve Proposal 1 and cash otherwise. Amounts drawn under the Facility carry an annualized interest rate of 12% until stockholder approval of the Facility and 10% thereafter.
Upon an Event of Default, amounts drawn under the Facility incur an annualized interest rate of 17% until stockholder approval and 15% thereafter. Unused portions of the Facility incur a commitment
fee of 1% through September&nbsp;30, 2014 or earlier if the Company draws the third tranche in full before such date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts
drawn under the Facility mature on December&nbsp;31, 2016, or April&nbsp;1, 2014 if stockholder approval of the Facility is not received on or before January&nbsp;31, 2014.
The Company may prepay all or any portion of the amounts drawn under the Facility without penalty, subject to a minimum prepayment amount of $5.0&nbsp;million or (if lower) the full amount then
outstanding. Prepaid amounts may not be redrawn. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Guarantees and Security  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's obligations under the Loan Agreement are guaranteed by each of the Company's direct and indirect subsidiaries. The
Company's obligations under the Loan Agreement and the guarantees are secured by a lien on substantially all of the assets and property of the Company and the guarantors and by pledges of all of the
equity interests of the Company's direct and indirect subsidiaries. Additionally, the Company's obligations under the Loan Agreement and the guarantees are secured by mortgages and a deed of trust on
certain real and personal properties of the Company located in New Mexico and Texas. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> Conversion of Facility; Issuance of Shares in Satisfaction of Interest and Fees  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following stockholder approval of the Loan Agreement and the issuance of shares thereunder, RCF may convert amounts drawn under the
Facility (including amounts previously repaid) into shares of URI common stock at an initial rate of $2.60 per share, which would result in the issuance of 5,769,231 shares if the entire
$15.0&nbsp;million available under the Facility were converted. The conversion rate is subject to customary anti-dilution adjustments and further downward adjustment, subject to a floor of $1.00 per
share, in the case of certain equity issuances by the Company before November&nbsp;13, 2014. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, following stockholder approval of the Loan Agreement and the issuance of shares thereunder, the Company intends, unless RCF elects otherwise, to issue 117,188 shares in
satisfaction of the $300,000 establishment fee, valuing such shares at the volume weighted average price of the Company's common stock for the twenty trading days preceding October&nbsp;18, 2013, as
provided in the Loan Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
under the Facility and the 1% commitment fee may also be satisfied by the issuance of shares at RCF's election, in each case valued at the volume weighted average price of the
Company's common stock for the twenty trading days preceding the most recent quarter end date before the issuance of such shares. If interest were to accrue on the full amount available under the
Facility through December&nbsp;31, 2016, and the Company's shares issued in satisfaction thereof were valued at </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>$2.60
per share, the Company estimates that it would issue approximately 1,593,248 shares in satisfaction of interest under the Facility. Similar, if the full commitment fee were incurred, and the
shares issued were valued at $2.60 per share, the Company estimates that it would issue approximately 22,073 shares in satisfaction of the commitment fee. Both of these amounts could increase
significantly if the value of the Company's common stock decreases. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company were to issue all of the foregoing 7,501,740 shares upon conversion of the Facility and in satisfaction of interest and fees under the Loan Agreement, RCF's beneficial
ownership in the Company would increase from approximately 32.8% to approximately 51.3%. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
shares issuable under the Loan Agreement are subject to registration under the Registration Rights Agreement, dated March&nbsp;1, 2012, between the Company and RCF, under which the
Company is required to register the shares on a shelf registration statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Representations, Warranties and Covenants  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Loan Agreement contains customary representations, warranties and covenants, including, without limitation, the following
significant covenants: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company is subject to a work program and budget established by the Board of Directors and approved by the Lender, and most expenditures not included
therein require approval by the Board of Directors and Lender.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the Company draws upon the second tranche of the Facility, the Company must refrain from recommencing production activities at its projects located in
Texas so long as either the price of uranium realized by the Company is below $50 per pound or the Company's profit margin for all projects in production is less than 10%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the Company draws upon the third tranche of the Facility, and the price of uranium realized by the Company is below $50 per pound and the Company's
profit margin for all projects in production is less than 10%, the Company will revise the work program and budget (subject to approval by the Board of Directors and Lender) to meet the Company's
financial needs through March 2015.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company will use its best efforts to call and hold a stockholders meeting by no later than January&nbsp;31, 2014 to approve the issuance of shares
under the Loan Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>With
limited exceptions, the Company may not, without Lender approval, (a)&nbsp;incur indebtedness, (b)&nbsp;engage in mergers, acquisitions,
dispositions and similar transactions, (c)&nbsp;enter into sales, royalty, offtake and similar agreements, and (d)&nbsp;enter into or modify agreements material to the Company.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company may not pay dividends without Lender consent. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><I> Events of Default  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following constitute Events of Default under the Loan Agreement:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>nonpayment of amounts due under the Loan Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>failure to observe or perform the covenants set forth in the Loan Agreement; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any representation or warranty in the Loan Agreement shall prove to be incorrect, incomplete or misleading when made; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>defaults under material agreements and indebtedness in excess of $100,000; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>bankruptcy and insolvency events; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>final judgments in excess of $100,000; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the failure of the security interests securing the Company's obligations under the Loan Agreement; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the Company's creditors seize assets valued at above $100,000; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>expropriation or condemnation of the Company's projects; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>certain adverse regulatory actions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the abandonment or termination of development or operations at certain material projects; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a material adverse change in the Company or any material project; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a change in control of the Company or its subsidiaries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the suspension or delisting of the Company's common stock from NASDAQ; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a default under the Stockholders' Agreement or Registration Rights Agreement between the Company and RCF. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><I> Certain Control and Participation Rights  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as any obligations remain outstanding under the Loan Agreement, RCF will have the right to nominate two individuals to serve on
the Company's Board of Directors. Currently, John H. Pfahl and Mark K. Wheatley serve as RCF's designees to the Company's Board of Directors. RCF also has the right to participate in offerings by the
Company of equity or equity-linked securities in proportion to RCF's partially diluted ownership in the Company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> Use of Proceeds  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company intends to use the proceeds of the Facility for critical general and administrative costs, essential restoration
commitments and limited technical studies. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing description of the Loan Agreement is qualified in its entirety by reference to the Loan Agreement, a copy of which is attached hereto as </FONT> <FONT SIZE=2><I>Annex&nbsp;A</I></FONT><FONT SIZE=2> and incorporated by reference herein.
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Description of RCF Ownership and Control Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;11, 2013, RCF beneficially owned approximately 32.8% of the Company's common stock. If the Company were to draw
the entire $15.0&nbsp;million available under the Facility, RCF could elect to convert such amount into 5,769,231 shares of URI common stock at $2.60 per share, which would increase RCF's ownership
in the Company from approximately 32.8% to approximately 48.0%. In addition, if RCF elects for interest and fees under the Loan Agreement to be satisfied by the issuance of shares, RCF's beneficial
ownership could increase to 51.3% or more, which would give RCF control of the Company. RCF may also be able to exercise significant control over the Company with ownership of less than 50% of the
Company's stock. See "Description of Loan Agreement and Facility&#151;Conversion of Facility; Issuance of Shares in Satisfaction of
Interest and Fees" above for additional information about the number of shares issuable pursuant to the Loan Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
a Stockholders' Agreement between RCF and the Company dated March&nbsp;1, 2012, as subsequently modified by a Bridge Loan Agreement between the Company and RCF dated
December&nbsp;17, 2012, so long as RCF and its affiliates own or hold shares of URI common stock which in the aggregate exceed 10% of the Company's issued and outstanding common stock, RCF is
entitled to have one designee placed in nomination for a seat on the Company's Board of Directors, and so long as RCF and its affiliates own or hold shares of URI common stock which in the aggregate
exceed 25% of the Company's issued and outstanding common stock, RCF is entitled to have an additional </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>designee
placed in nomination for a seat on the Company's Board of Directors. John H. Pfahl and Mark K. Wheatley currently serve as RCF's designees to the Company's Board of Directors.
Mr.&nbsp;Pfahl is employed as a Senior Associate by RCF Management L.L.C., an affiliate of RCF. Mr.&nbsp;Wheatley and RCF are also party to an agreement pursuant to which Mr.&nbsp;Wheatley may
be entitled to additional compensation from RCF upon RCF's sale of its holdings in the Company. RCF also has the right under the Stockholders' Agreement to participate in future equity and
equity-linked offerings by the Company in proportion to its percentage ownership of the outstanding shares of the Company's common stock. As noted above, the Loan Agreement also provides RCF with the
right to nominate two individuals to serve on the Company's Board of Directors and participate in future equity and equity-linked offerings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Background of and Reasons for Entry into the Loan Agreement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company ceased producing uranium in 2009 as a result of low uranium prices. As a consequence, the Company is relying on financing
activities to fund its operations until it resumes uranium production. Following a stockholder rights offering in the first quarter of 2013 that raised a net of $3.6&nbsp;million and the return of
$5.4&nbsp;million to the Company upon securing new financial surety arrangements in the second quarter of 2013, the Company had sufficient cash to fund operations through October 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the fourth quarter of 2011, the Company entered into an At-The-Market Sales Agreement with BTIG,&nbsp;LLC, allowing the Company to sell from time to time common shares having an
aggregate offering price of up to $15.0&nbsp;million, through an "at-the-market" equity offering program ("ATM Sales Agreement"), $9.0&nbsp;million of which remains unused. In July 2013, the
Company began the process of completing necessary preliminary activities that would allow for the initiation of sales under the ATM
Sales Agreement. However, on July&nbsp;8, 2013, before sales under the ATM Sale Agreement could commence, the Staff of the Securities and Exchange Commission ("SEC") issued a comment letter in
connection with the Staff's regular review of the Company's filings under the Securities Exchange Act of 1934, as amended. In light of the matters raised in the comment letter, the Company decided to
avoid selling stock until the Staff's comments had been resolved. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company submitted a response to the July&nbsp;8 comment letter on August&nbsp;16, 2013, and the Staff issued another comment letter on August&nbsp;29, 2013. Facing the prospect
of resolving the Staff's comments in late 2013 or early 2014, by which time the Company would have exhausted its cash, URI management began exploring financing alternatives to the ATM Sales Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and RCF had previously entered into a bridge loan agreement in December 2012 which provided interim financing to the Company until completion of the stockholder rights
offering in March 2013. During the week of September&nbsp;9, 2013, URI management contacted RCF about the possibility of again providing bridge financing to the Company. RCF indicated that it was
not interested in providing bridge financing but that it would be interested in a convertible loan facility to fund the Company through March 2015. On September&nbsp;13, 2013, RCF submitted a draft
term sheet for a $15.0&nbsp;million convertible secured loan facility to the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
discussions with RCF and revisions to the draft term sheet, the Board of Directors met on September&nbsp;19, 2013 to consider the proposed convertible loan facility from RCF. The
Board formed a Finance Committee consisting solely of directors unaffiliated with RCF, and to that end appointed Terence J. Cryan, Paul K. Willmott, Marvin K. Kaiser and Christopher M. Jones to the
Committee, with Mr.&nbsp;Cryan serving as Chairman of the Committee. The Board empowered the Finance Committee to, among other things: (i)&nbsp;review and evaluate the terms and conditions of
financing transactions available to the Company and determine, together with its advisors (including independent counsel and financial advisors), whether the proposed financing transactions are fair
to and in the best interests of the Company and its stockholders; (ii)&nbsp;consider a financing transaction with RCF and alternatives to a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>transaction
with RCF; (iii)&nbsp;determine whether or not to proceed with a financing transaction; (iv)&nbsp;determine what actions, if any, should be taken by the Company with respect to
financing, and approve the taking of such actions; (v)&nbsp;as appropriate or advisable for the purpose of achieving the best transaction reasonably attainable for the Company, negotiate the price,
structure, form, terms and conditions of potential financings and the form, terms and conditions of any definitive agreements in connection therewith; and (vi)&nbsp;approve the issuance of the
Company's securities in connection with any financings. The Board also determined not to recommend a financing transaction for approval by the Company's stockholders or otherwise approve a financing
transaction without the Finance Committee's prior approval of such financing transaction. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Finance Committee first met on September&nbsp;19, 2013, reviewed in detail the RCF proposal and requested additional legal and financial advice be solicited by URI management to
evaluate further the RCF proposal and to consider possible alternative offers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Finance Committee met on September&nbsp;23, 2013 and representatives of Cowen and Company, the Company's financial adviser, joined the meeting along with representatives of Hogan
Lovells US&nbsp;LLP ("Hogan Lovells"), the Company's outside counsel. Cowen made a presentation on the types of private deals that would generally be available to the Company and noted that any
potential investors would have to execute a nondisclosure or confidentiality agreement. The Committee directed Cowen and Company to contact potential investors and procure term sheets from such
investors. Legal counsel also reviewed with the Committee its fiduciary duties when considering the RCF proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Finance Committee next met on September&nbsp;26, 2013. Representatives from Cowen and Company and representatives from Hogan Lovells were again present. URI management and Cowen
discussed a term sheet previously circulated to the Committee from a potential investor ("Investor A"), which proposed a private placement of $10&nbsp;million of convertible notes and warrants to
purchase up to 65% of the principal amount of the convertible notes over a five-year term. The Finance Committee then discussed the RCF and Investor A term sheets in detail and identified proposed
revisions to each. Legal counsel reviewed a privileged memorandum previously circulated to the Committee further addressing the Committee's fiduciary duties. The Committee decided to engage Richards,
Layton&nbsp;&amp; Finger, P.A. ("Richards Layton"), as independent counsel to the Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and Investor A executed a nondisclosure agreement on September&nbsp;27, 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;2, 2013, the Finance Committee met to discuss a revised term sheet from Investor A, which incorporated many changes requested by the Finance Committee but still
included warrants which would enable the holders thereof to purchase up to 50% of the principal amount of the convertible notes over a four-year term, in addition to their ability to convert
$10&nbsp;million of notes. The Finance Committee also considered a term sheet from another potential investor ("Investor B") proposing a $1.5&nbsp;million initial private placement of the
Company's common stock, followed by a commitment to purchase additional shares upon demand for a total investment of up to $16&nbsp;million but only following resolution of the Staff's comments. The
Finance Committee considered $1.5&nbsp;million insufficient to fund the Company's financial needs. URI management also identified a third potential investor ("Investor C") that was offering
$8&nbsp;million in private financing but no term sheet had yet been provided. The Finance Committee requested that Cowen and Company seek final and best terms from Investor A and Investor B and
directed management to secure a term sheet from Investor C and to continue to seek additional term sheets for any other investors expressing interest. The Finance Committee also discussed the RCF term
sheet and identified certain revisions, including (i)&nbsp;an increase in the advance available to the Company upon closing the Loan Agreement from $1.0&nbsp;million to $3.0&nbsp;million,
(ii)&nbsp;a provision allowing the Company the right to decide whether to draw additional amounts under the Facility before such amounts may be converted, rather than permitting RCF to advance
amounts for the purpose of immediate conversion, (iii)&nbsp;a floor on the conversion price on </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
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<!-- ZEQ.=6,SEQ=14,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=1041026,FOLIO='11',FILE='DISK106:[13ZDG1.13ZDG18501]DC18501A.;7',USER='MVANGB',CD='13-DEC-2013;16:11' -->
<A NAME="page_dc18501_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2>amounts
drawn under the Facility, and (iv)&nbsp;the right to raise additional capital below the conversion price during the 12&nbsp;months following closing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and Investor B executed a mutual nondisclosure agreement on October&nbsp;2, 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;3, 2013, the Finance Committee met to review the status of discussions and negotiations with Investor A and Investor B. On October&nbsp;4, 2013, the Finance Committee
met to review a new term sheet from Investor C as well as a new term sheet from a fourth potential investor ("Investor D"). Both new term sheets contemplated public offerings and had terms similar to
the term sheets from Investor A and Investor B, but neither provided specifics regarding the proposed transactions, as had been the case with the term sheets from Investor A and Investor B. Cowen and
Company also communicated that the term sheets from Investor A and Investor B previously reviewed by the Finance Committee represented the best terms available to the Company from such investors.
After extensive discussions, and after further advice from Cowen and Company and counsel, the Finance Committee resolved to enter advanced discussions with Investor A, provided that Investor A agreed
to additional specific changes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;6, 2013, Messrs.&nbsp;Cryan and Jones each separately discussed with a representative of RCF the nature of the proposal offered by Investor A and both learned for the
first time that RCF was amenable to making several specific changes to its term sheet that had been previously requested by the Finance Committee. On October&nbsp;7, 2013, the Finance Committee met
to discuss the anticipated changes to the RCF term sheet and concluded that the URI management team should work with outside counsel to advance the RCF proposal. Later that day, Mr.&nbsp;Cryan
discussed the status of the financing alternatives and the fiduciary obligations of the Committee with Richards Layton. On October&nbsp;8, 2013, RCF sent a revised term sheet to the Company
incorporating the changes requested by Messrs.&nbsp;Cryan and Jones and previously sought by the Finance Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;9, 2013, the Finance Committee held a meeting to consider the two financing alternatives identified by the Committee as the best available to the Company: the revised
RCF proposal and the proposal from Investor A. Mr.&nbsp;Jones reported that the RCF proposal had been revised as requested by the Finance Committee and the revised proposal had been reviewed and
found acceptable by the URI management team. Mr.&nbsp;Cryan reported that based on his discussions with a representative of Richards Layton, the revised RCF proposal addressed the Committee's
concerns involving a related party transaction with RCF because any decisions to draw upon the Facility beyond the initial $5&nbsp;million first tranche was subject to further Board review and
approval. The Finance Committee also discussed some final changes offered by Investor A to its proposal. The Finance Committee spent considerable time discussing each proposal, and then determined
that the RCF transaction was in the best interests of the Company and its stockholders. In particular, the Finance Committee found that the RCF transaction presented the lowest risk of dilution to the
Company's stockholders, provided adequate immediate funds to the Company, and allowed the greatest freedom to the Company to pursue alternative financial sources (including sales through the ATM Sales
Agreement or other public offerings)
following resolution of the SEC comments. Following the Finance Committee meeting and at its direction, Mr.&nbsp;Jones executed the RCF letter agreement on October&nbsp;9, 2013, and delivered the
letter agreement to RCF. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;28, 2013, Davis Graham&nbsp;&amp; Stubbs&nbsp;LLP ("Davis Graham"), counsel to RCF, sent a draft of the Loan Agreement to the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;28, 2013, the Company filed a Quarterly Report on Form&nbsp;10-Q announcing the entry into the RCF letter agreement and summarizing the terms thereof. The Company
issued a press release on October&nbsp;29, 2013 and held a conference call on October&nbsp;31, 2013 in which the RCF letter agreement was addressed. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
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<!-- ZEQ.=7,SEQ=15,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=512364,FOLIO='12',FILE='DISK106:[13ZDG1.13ZDG18501]DC18501A.;7',USER='MVANGB',CD='13-DEC-2013;16:11' -->
<A NAME="page_dc18501_1_13"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
November&nbsp;1 and November&nbsp;6, 2013, counsel for the Company and RCF negotiated the terms of the Loan Agreement and certain ancillary documents. On November&nbsp;7,
2013, following a discussion between URI management and RCF, Davis Graham sent a revised draft of the Loan Agreement incorporating the changes sought by URI management. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;8, 2013, following a review of the Loan Agreement and draft ancillary loan documents, the Finance Committee determined that the Loan Agreement and transactions
contemplated thereby are fair to the Company and its stockholders (other than RCF) and approved the final version of the Loan Agreement and the transactions contemplated thereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties executed the Loan Agreement and related loan documents on November&nbsp;13, 2013. The Company announced the entry into the Loan Agreement on November&nbsp;19, 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Certain Effects of Stockholder Approval  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;11, 2013, RCF beneficially owned approximately 32.8% of our common stock. If stockholders approve the Loan
Agreement and the issuance of shares thereunder, and if URI management and the Board decide to draw upon the second and third tranches of the Facility, and if RCF elects to take shares in satisfaction
of interest and fees due under the Loan
Agreement, RCF's beneficial ownership of our common stock could increase to above 50%, giving RCF control of the Company, despite RCF having contractual rights to only two directors. RCF could also
receive a significant number of additional shares if we were to sell equity or equity-linked securities in the year following the closing of the Loan Agreement at a price below RCF's conversion price.
See "&#151;Description of RCF Ownership and Control Rights" above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
of RCF's current 32.8% beneficial ownership of URI common stock, RCF has the ability to exercise a substantial degree of control over matters requiring stockholder approval.
Those matters include the election of directors, amendments to the certificate of incorporation and approval of significant corporate transactions. This control could have the effect of delaying or
preventing a change of control of the Company or changes in management and will make the approval of certain transactions difficult without the support of RCF, including transactions in which other
stockholders might otherwise receive a premium for their shares over the then-current market price. In addition, RCF could privately sell control of the Company without other stockholders realizing
any change-of-control premium. RCF may also have other interests that are different from, in addition to or not always consistent with the Company's interests or with the interests of other
stockholders. RCF's control over the Company could increase substantially following stockholder approval of the Loan Agreement and the issuance of the shares thereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Certain Effects if Proposal 1 is Not Approved  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Proposal 1 is not approved, the Company will be required to repay the initial $3.0&nbsp;million advance under the Facility on or
before April&nbsp;1, 2014. The Company will also be required to satisfy the $300,000 establishment fee, all interest incurred under the Facility and the 1% commitment fee with cash. In addition, the
remaining $12.0&nbsp;million under the Facility will not be available to the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company had a cash balance of approximately $1.9&nbsp;million as of December&nbsp;11, 2013. The Company currently does not have adequate cash to satisfy the above obligations
under the Loan Agreement if stockholders do not approve Proposal 1, and the Company will need to seek alternative sources of debt or equity capital to satisfy such obligations and fund its operations.
To the extent that the Company raises additional capital through the sale of equity or convertible debt securities, the issuance of such securities would likely result in substantial dilution to
existing stockholders and could adversely affect our stock price. If the Company borrows money, assuming it can do so, it will have to pay interest and may also have to agree to restrictions that
limit its operating flexibility. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=16,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=493430,FOLIO='13',FILE='DISK106:[13ZDG1.13ZDG18501]DC18501A.;7',USER='MVANGB',CD='13-DEC-2013;16:11' -->
<A NAME="page_dc18501_1_14"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
can be no assurance that the Company will be able to obtain additional debt or equity capital if stockholders do not approve Proposal 1, that the terms of alternative capital would
be as favorable to the Company as the Loan Agreement or that such additional capital could be obtained on a timely basis, if at all. If additional capital is not available in sufficient amounts or on
a timely basis, the Company will experience liquidity problems in the near future, and the Company could face the need to significantly curtail current operations, change our planned business
strategies and pursue other remedial measures. Any curtailment of business operations would have a material negative effect on operating results, the value of our outstanding stock is likely to fall,
and our business may fail, causing our stockholders to lose their entire investment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Board Recommendation  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS<BR>
A VOTE "FOR" APPROVAL OF THE LOAN AGREEMENT<BR>
AND THE ISSUANCE OF SHARES THEREUNDER.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=17,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=912422,FOLIO='14',FILE='DISK106:[13ZDG1.13ZDG18501]DC18501A.;7',USER='MVANGB',CD='13-DEC-2013;16:11' -->
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de18501_proposal_2_the_adjournment_of_the_special_meeting"> </A>
<A NAME="toc_de18501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PROPOSAL 2<BR>  <BR>    THE ADJOURNMENT OF THE SPECIAL MEETING    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our stockholders are being asked to consider and vote upon an adjournment of the Special Meeting, if necessary, if a quorum is present,
to solicit additional proxies if there are not sufficient votes in favor of approval of the Loan Agreement and the issuance of shares of URI common stock thereunder as described in Proposal 1. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the adjournment of the Special Meeting requires an affirmative vote of a majority of the votes cast on the proposal at the Special Meeting. Abstentions and broker non-votes
will not be counted towards, and will have no effect on, the vote total for this proposal. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Board recommends that you vote "FOR" the approval of the adjournment of the Special Meeting, if a quorum is present, to solicit additional proxies if there
are not sufficient votes to approve Proposal 1,</B></FONT><FONT SIZE=2> and proxies solicited by the Board will be voted in favor of the adjournment unless a stockholder has indicated otherwise on the
proxy. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=18,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=495656,FOLIO='15',FILE='DISK106:[13ZDG1.13ZDG18501]DE18501A.;17',USER='KSEAMON',CD='13-DEC-2013;16:09' -->
<A NAME="page_de18501_1_16"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de18501_ownership_of_uri_common_stock"> </A>
<A NAME="toc_de18501_2"> </A>
<BR></FONT><FONT SIZE=2><B>  OWNERSHIP OF URI COMMON STOCK    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Stock Ownership of Officers and Directors  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows, as of December&nbsp;11, 2013, the number of shares of URI common stock beneficially owned by each
director, by each of the named executive officers, and by all current directors and executive officers as a group. The percentage of beneficial ownership is based on 19,800,690 shares of common stock
outstanding as of the close of business on December&nbsp;11, 2013. The information in this table is based solely on statements in filings with the SEC or other reliable information. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="102pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:104pt;"><FONT SIZE=1><B>Name of Individual or Group

<!-- COMMAND=ADD_SCROPPEDRULE,104pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Shares of<BR>
URI Common Stock<BR>
Beneficially Owned(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percent<BR>
of Class </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Paul K. Willmott</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>129,021</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Christopher M. Jones</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>58,333</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Terence J. Cryan</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>69,116</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Marvin K. Kaiser</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32,916</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>John H. Pfahl</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mark K. Wheatley</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mark S. Pelizza</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65,713</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Donald C. Ewigleben</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,646</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas H. Ehrlich</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34,901</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Richard Van Horn</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>87,624</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mathew F. Lueras</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>840</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All current executive officers and directors as a group (10 persons)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>382,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Less
than one percent.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
shares shown include the following shares that directors and executive officers have the right to acquire within 60&nbsp;days after
December&nbsp;11, 2013 through the exercise of vested stock options: Paul K. Willmott, 57,083 shares; Terence J. Cryan, 49,583 shares; Marvin K. Kaiser, 14,583 shares; Mark K. Wheatley, 1,250
shares; Mark S. Pelizza, 40,000 shares; Richard A. Van Horn, 40,000 shares; and all current directors and executive officers as a group, 203,456 shares. Except as otherwise noted, the directors and
executive officers exercise sole voting and investment power over their shares shown in the table and none of the shares are subject to pledge. The shares shown also include 33,333 shares
Mr.&nbsp;Jones has the right to acquire within 60&nbsp;days after December&nbsp;11, 2013 through the vesting of restricted stock units.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
100 shares held through the IRA of Mr.&nbsp;Cryan's spouse.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Excludes
6,494,015 shares held by Resource Capital Fund V&nbsp;L.P., an affiliate of Mr.&nbsp;Pfahl's employer. Mr.&nbsp;Pfahl does not exercise any
voting or investment control over such shares and disclaims any beneficial ownership therein.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
2 shares indirectly owned as custodian for Mr.&nbsp;Ehrlich's son. </FONT></DD></DL>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B> Stock Ownership of Certain Beneficial Owners  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information regarding persons or groups known to the Company to be beneficial owners of more than 5% of
our outstanding common stock. </FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="97pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:139pt;"><FONT SIZE=1><B>Name and Address of Beneficial Owner

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Shares of<BR>
URI Common Stock<BR>
Beneficially Owned </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percent<BR>
of Class </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Resource Capital Fund V&nbsp;L.P.(1)<BR>
1400 Sixteenth Street, Suite&nbsp;200<BR>
Denver, CO 80202</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>6,494,015</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>32.8</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Global X Management Company&nbsp;LLC(3)<BR>
623 Fifth Avenue, 15th&nbsp;Floor<BR>
New York, New York 10022</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
1,203,637</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
6.1</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
</TABLE></DIV>
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 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Resource
Capital Fund V&nbsp;L.P. ("RCF") reported that, as of March&nbsp;5, 2013, each of RCF, its general partner, Resource Capital Associates
V&nbsp;L.P. ("Associates V"), and the general partner of Associates V, RCA V&nbsp;GP&nbsp;Ltd. ("RCA V"), may be deemed to have sole voting and dispositive power over 6,494,015 shares of our
common stock. The investment and voting control of RCA V is exercised by Messrs.&nbsp;Ryan T. Bennett, Ross R. Bhappu, Russ Cranswick, James McClements, Henderson G. Tuten and Ms.&nbsp;Sherri
Croasdale (collectively, the "Principals"). Each of the Principals disclaims beneficial ownership of the shares listed, except to the extent of each of their pecuniary interest therein. Such
information is based upon a Schedule&nbsp;13D filing dated March&nbsp;7, 2013.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Excludes
5,000 shares owned by John H. Pfahl. Mr.&nbsp;Pfahl is an associate at an affiliate of RCF and by virtue of such relationship, RCF may be deemed
to share voting and investment control over the shares owned by Mr.&nbsp;Pfahl.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Global
X Management Company&nbsp;LLC reported that, as of December&nbsp;31, 2012, it had sole voting and dispositive power over 1,203,637 shares of our
common stock. Global X Uranium ETF, an investment company registered under the Investment Company Act of 1940, has the right to receive dividends from, and the proceeds from the sale of the shares
reported by Global X Management Company&nbsp;LLC. Such information is based upon a Schedule&nbsp;13G filing dated February&nbsp;12, 2013. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de18501_householding_of_proxy_materials"> </A>
<A NAME="toc_de18501_3"> </A>
<BR></FONT><FONT SIZE=2><B>  HOUSEHOLDING OF PROXY MATERIALS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by the SEC, only one copy of this proxy statement may be delivered to stockholders residing at the same address, unless
such stockholders have notified us of their desire to receive multiple copies of any proxy statement of the Company. We will promptly deliver, upon oral or written request, a separate copy of this
proxy statement to any stockholder residing at an address to which only one copy was mailed. Stockholders residing at the same address and currently receiving only one copy of this proxy statement may
contact us to request multiple copies of any future proxy statement. Stockholders residing at the same address and currently receiving multiple copies may contact us to request that only a single copy
of any proxy statement be mailed in the future. Requests should be directed to our Investor Relations Department by phone at (303)&nbsp;531-0483 or by mail to 6950 South Potomac Street,
Suite&nbsp;300, Centennial, Colorado 80112, Attention: Corporate Secretary. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de18501_deadline_for_receipt_of_stockh__dea02571"> </A>
<A NAME="toc_de18501_4"> </A>
<BR></FONT><FONT SIZE=2><B>  DEADLINE FOR RECEIPT OF STOCKHOLDER PROPOSALS FOR 2014 ANNUAL MEETING    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder proposals may be included in the Company's proxy statement for an annual meeting so long as they are provided to us on a
timely basis and satisfy the other conditions set forth in SEC regulations under Rule&nbsp;14a-8 under the Exchange Act, as amended, regarding the inclusion of stockholder proposals in
company-sponsored proxy materials. For a stockholder proposal to be considered for inclusion in the Company's proxy statement and form of proxy for the annual meeting to be held in 2014, we must
receive the proposal at our principal executive offices, addressed to the Secretary, no later than December&nbsp;31, 2013. In addition, a stockholder proposal that is not intended for inclusion in
our proxy statement under Rule&nbsp;14a-8 may be brought before the 2014 annual meeting so long as we receive information and notice of the proposal not later than March&nbsp;16, 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de18501_where_you_can_find_more_information"> </A>
<A NAME="toc_de18501_5"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy any
reports, statements or other information that the Company files at the SEC's public reference room at 100&nbsp;F Street, N.E., Washington, District of Columbia 20549. Please call the SEC at
1-800-SEC-0330 for more information on the public reference room. The Company's SEC filings are also available to the public from commercial retrieval services and at the website maintained by the SEC
at </FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. The reports and other information filed by the Company with the SEC are also available at the Company's website. The address of the
Company's website is </FONT><FONT SIZE=2><I>www.uraniumresources.com</I></FONT><FONT SIZE=2>. Information contained on the Company's website or that can be accessed through its website is not
incorporated by reference into this proxy statement. We will provide without charge to you, upon written or oral request, a copy of the reports and other information filed with the SEC, as well as
copies of this proxy statement and accompanying proxy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
requests for copies of this proxy statement, form of proxy, information, reports or other filings with the SEC should be directed to Uranium Resources,&nbsp;Inc. at 6950 South
Potomac Street, Suite&nbsp;300, Centennial, Colorado 80112, Attention: Corporate Secretary, telephone (303)&nbsp;531-0483. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>ALL STOCKHOLDERS ARE ENCOURAGED TO SIGN, DATE AND RETURN THEIR PROXY SUBMITTED WITH THIS PROXY STATEMENT AS SOON AS POSSIBLE IN THE ENVELOPE PROVIDED. IF A
STOCKHOLDER ATTENDS THE SPECIAL MEETING, HE OR SHE MAY REVOKE HIS OR HER PROXY AND VOTE IN PERSON.</B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>By Order of the Board of Directors</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2><B>
<IMG SRC="g692356.jpg" ALT="GRAPHIC" WIDTH="169" HEIGHT="90">
 </B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>John W. Lawrence, </FONT><FONT SIZE=2><I>Secretary</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2> Centennial, Colorado<BR>
December&nbsp;&nbsp;&nbsp;&nbsp;, 2013</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="la18501_annex_a"> </A>
<A NAME="toc_la18501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Annex&nbsp;A    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>LOAN AGREEMENT<BR>
Among<BR>
URANIUM RESOURCES,&nbsp;INC.<BR>
as the Borrower,<BR>
THE SUBSIDIARIES OF THE BORROWER FROM TIME TO TIME PARTY HERETO<BR>
as the Guarantors,<BR>
and<BR>
RESOURCE CAPITAL FUND V&nbsp;L.P.<BR>
as the Lender<BR>
Dated as of November&nbsp;13, 2013  </B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lc18501_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="LC18501_TOC"></A> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD style="font-family:times;"><A HREF="#li18501_article_1_certain_defi__li102204"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ARTICLE 1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#li18501_article_1_certain_defi__li102204"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CERTAIN DEFINITIONS AND ACCOUNTING PRINCIPLES</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#li18501_article_1_certain_defi__li102204"><FONT SIZE=2>A-1</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#li18501_1.1_certain_defined_terms."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>1.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#li18501_1.1_certain_defined_terms."><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain Defined Terms</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#li18501_1.1_certain_defined_terms."><FONT SIZE=2><BR>
A-1</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#lk18501_1.2_accounting_principles."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>1.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lk18501_1.2_accounting_principles."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounting Principles</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lk18501_1.2_accounting_principles."><FONT SIZE=2>A-12</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#lk18501_1.3_other_definitional__lk102203"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>1.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lk18501_1.3_other_definitional__lk102203"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other Definitional Provisions; Date and Time References</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lk18501_1.3_other_definitional__lk102203"><FONT SIZE=2>A-12</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#lk18501_1.4_currency_conversions."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>1.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lk18501_1.4_currency_conversions."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency Conversions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lk18501_1.4_currency_conversions."><FONT SIZE=2>A-13</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#lk18501_article_2_commitment;_use_of_p__art02636"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ARTICLE 2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lk18501_article_2_commitment;_use_of_p__art02636"><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>COMMITMENT; USE OF PROCEEDS; FEES; FUTURE EQUITY FINANCINGS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lk18501_article_2_commitment;_use_of_p__art02636"><FONT SIZE=2><BR>
A-13</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#lk18501_2.1_commitment."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lk18501_2.1_commitment."><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Commitment</FONT></A></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lk18501_2.1_commitment."><FONT SIZE=2><BR>
A-13</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#lk18501_2.2_borrowing_procedure_and_funding."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.2</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#lk18501_2.2_borrowing_procedure_and_funding."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Borrowing Procedure and Funding</FONT></A></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lk18501_2.2_borrowing_procedure_and_funding."><FONT SIZE=2>A-13</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#lm18501_2.3_convertible_loan."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_2.3_convertible_loan."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Convertible Loan</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_2.3_convertible_loan."><FONT SIZE=2>A-14</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#lm18501_2.4_repayment."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_2.4_repayment."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Repayment</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_2.4_repayment."><FONT SIZE=2>A-14</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#lm18501_2.5_use_of_proceeds."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_2.5_use_of_proceeds."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Use of Proceeds</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_2.5_use_of_proceeds."><FONT SIZE=2>A-14</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#lm18501_2.6_fees."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_2.6_fees."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fees</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_2.6_fees."><FONT SIZE=2>A-14</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#lm18501_2.7_lender_participation_in_equity_financings."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_2.7_lender_participation_in_equity_financings."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lender Participation in Equity Financings</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_2.7_lender_participation_in_equity_financings."><FONT SIZE=2>A-15</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#lm18501_2.8_no_fees_or_commissions."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_2.8_no_fees_or_commissions."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Fees or Commissions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_2.8_no_fees_or_commissions."><FONT SIZE=2>A-15</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#lm18501_2.9_legend_on_share_certificates."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.9</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_2.9_legend_on_share_certificates."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legend on Share Certificates</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_2.9_legend_on_share_certificates."><FONT SIZE=2>A-15</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#lm18501_2.10_anti-dilution_rights."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.10</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_2.10_anti-dilution_rights."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Anti-Dilution Rights</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_2.10_anti-dilution_rights."><FONT SIZE=2>A-16</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#lm18501_article_3_procedure_and_payment"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ARTICLE 3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_article_3_procedure_and_payment"><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROCEDURE AND PAYMENT</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_article_3_procedure_and_payment"><FONT SIZE=2><BR>
A-16</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#lm18501_3.1_interest."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_3.1_interest."><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_3.1_interest."><FONT SIZE=2><BR>
A-16</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#lm18501_3.2_repayment_of_the_loan."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_3.2_repayment_of_the_loan."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Repayment of the Loan</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_3.2_repayment_of_the_loan."><FONT SIZE=2>A-17</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#lm18501_3.3_priority_of_prepayments."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_3.3_priority_of_prepayments."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Priority of Prepayments</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_3.3_priority_of_prepayments."><FONT SIZE=2>A-18</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#lm18501_3.4_payments_and_computations."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_3.4_payments_and_computations."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments and Computations</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_3.4_payments_and_computations."><FONT SIZE=2>A-18</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#lm18501_3.5_directed_advances."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_3.5_directed_advances."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Directed Advances</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_3.5_directed_advances."><FONT SIZE=2>A-18</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#lm18501_3.6_increased_costs."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_3.6_increased_costs."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increased Costs</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_3.6_increased_costs."><FONT SIZE=2>A-19</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#lm18501_3.7_taxes."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_3.7_taxes."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Taxes</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_3.7_taxes."><FONT SIZE=2>A-20</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lm18501_3.8_usury."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_3.8_usury."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Usury</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_3.8_usury."><FONT SIZE=2>A-21</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lm18501_article_4_collateral_security"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ARTICLE 4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_article_4_collateral_security"><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>COLLATERAL SECURITY</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_article_4_collateral_security"><FONT SIZE=2><BR>
A-21</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lm18501_4.1_security_documents."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_4.1_security_documents."><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Security Documents</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_4.1_security_documents."><FONT SIZE=2><BR>
A-21</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lm18501_4.2_recordings_and_filings_of_security_documents."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_4.2_recordings_and_filings_of_security_documents."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recordings and Filings of Security Documents</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_4.2_recordings_and_filings_of_security_documents."><FONT SIZE=2>A-21</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lm18501_4.3_protection_of_security_document_liens."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_4.3_protection_of_security_document_liens."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Protection of Security Document Liens</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_4.3_protection_of_security_document_liens."><FONT SIZE=2>A-21</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lm18501_4.4_security_documents."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_4.4_security_documents."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Security Documents</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_4.4_security_documents."><FONT SIZE=2>A-21</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lm18501_4.5_right_of_set-off."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_4.5_right_of_set-off."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Right of Set-off</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_4.5_right_of_set-off."><FONT SIZE=2>A-22</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lm18501_4.6_subordination_of_certain_liens."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_4.6_subordination_of_certain_liens."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Subordination of Certain Liens</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_4.6_subordination_of_certain_liens."><FONT SIZE=2>A-22</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lm18501_article_5_conditions_precedent"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ARTICLE 5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_article_5_conditions_precedent"><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CONDITIONS PRECEDENT</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_article_5_conditions_precedent"><FONT SIZE=2><BR>
A-22</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lm18501_5.1_conditions_precedent_to_th__5.103383"><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lm18501_5.1_conditions_precedent_to_th__5.103383"><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions Precedent to this Agreement and the Tranche One Initial Advance Commitment</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lm18501_5.1_conditions_precedent_to_th__5.103383"><FONT SIZE=2><BR>
A-22</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo18501_5.2_conditions_precedent_to_th__5.202570"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo18501_5.2_conditions_precedent_to_th__5.202570"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions Precedent to the Tranche One Post-Approval Commitment</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo18501_5.2_conditions_precedent_to_th__5.202570"><FONT SIZE=2>A-24</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo18501_5.3_conditions_precede__lo102091"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo18501_5.3_conditions_precede__lo102091"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions Precedent to the Tranche Two Commitment</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo18501_5.3_conditions_precede__lo102091"><FONT SIZE=2>A-24</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo18501_5.4_conditions_precede__lo102152"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo18501_5.4_conditions_precede__lo102152"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions Precedent to the Tranche Three Commitment</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo18501_5.4_conditions_precede__lo102152"><FONT SIZE=2>A-25</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo18501_5.5_conditions_precedent_to_all_loans."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo18501_5.5_conditions_precedent_to_all_loans."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions Precedent to All Loans</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo18501_5.5_conditions_precedent_to_all_loans."><FONT SIZE=2>A-26</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo18501_article_6_representations_and_warranties"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ARTICLE 6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo18501_article_6_representations_and_warranties"><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>REPRESENTATIONS AND WARRANTIES</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo18501_article_6_representations_and_warranties"><FONT SIZE=2><BR>
A-26</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo18501_6.1_representations_an__lo102166"><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>6.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo18501_6.1_representations_an__lo102166"><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Representations and Warranties of the Credit Parties</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo18501_6.1_representations_an__lo102166"><FONT SIZE=2><BR>
A-26</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
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<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
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<TD style="font-family:times;"><A HREF="#lo18501_6.2_representations_and_warranties_of_the_lender."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>6.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo18501_6.2_representations_and_warranties_of_the_lender."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Representations and Warranties of the Lender</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo18501_6.2_representations_and_warranties_of_the_lender."><FONT SIZE=2>A-32</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#lq18501_article_7_affirmative___lq102138"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ARTICLE 7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_article_7_affirmative___lq102138"><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AFFIRMATIVE COVENANTS OF THE CREDIT PARTIES</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_article_7_affirmative___lq102138"><FONT SIZE=2><BR>
A-34</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#lq18501_7.1_compliance_with_laws,_etc."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.1_compliance_with_laws,_etc."><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compliance with Laws, Etc.&nbsp;</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.1_compliance_with_laws,_etc."><FONT SIZE=2><BR>
A-34</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#lq18501_7.2_project_permits."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.2_project_permits."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Project Permits</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.2_project_permits."><FONT SIZE=2>A-34</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.3_reporting_requirements."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.3_reporting_requirements."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reporting Requirements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.3_reporting_requirements."><FONT SIZE=2>A-34</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.4_inspection."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.4_inspection."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inspection</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.4_inspection."><FONT SIZE=2>A-35</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.5_maintenance_of_insurance."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.5_maintenance_of_insurance."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Maintenance of Insurance</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.5_maintenance_of_insurance."><FONT SIZE=2>A-36</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.6_keeping_of_records_and_books_of_account."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.6_keeping_of_records_and_books_of_account."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Keeping of Records and Books of Account</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.6_keeping_of_records_and_books_of_account."><FONT SIZE=2>A-36</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.7_preservation_of_existence,_etc."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.7_preservation_of_existence,_etc."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preservation of Existence, Etc.&nbsp;</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.7_preservation_of_existence,_etc."><FONT SIZE=2>A-36</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.8_conduct_of_business."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.8_conduct_of_business."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conduct of Business</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.8_conduct_of_business."><FONT SIZE=2>A-36</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.9_notice_of_default."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.9</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.9_notice_of_default."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notice of Default</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.9_notice_of_default."><FONT SIZE=2>A-36</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.10_defense_of_title_and_rights."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.10</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.10_defense_of_title_and_rights."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Defense of Title and Rights</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.10_defense_of_title_and_rights."><FONT SIZE=2>A-36</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.11_material_agreements."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.11_material_agreements."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Material Agreements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.11_material_agreements."><FONT SIZE=2>A-37</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.12_maintenance_of_unissued_s__7.103672"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.12</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.12_maintenance_of_unissued_s__7.103672"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Maintenance of Unissued Shares; Compliance with Securities Laws; NASDAQ Listing and Compliance</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.12_maintenance_of_unissued_s__7.103672"><FONT SIZE=2>A-37</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.13_participation_on___lq102064"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.13</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.13_participation_on___lq102064"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Participation on the Borrower's Board of Directors</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.13_participation_on___lq102064"><FONT SIZE=2>A-37</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.14_authorized_disclosure_of___7.102552"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.14</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.14_authorized_disclosure_of___7.102552"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Authorized Disclosure of Confidential Information; Restrictions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.14_authorized_disclosure_of___7.102552"><FONT SIZE=2>A-37</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.15_public_announcements."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.15_public_announcements."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Public Announcements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.15_public_announcements."><FONT SIZE=2>A-38</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.16_maintenance_of_borrower_s_account."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.16</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.16_maintenance_of_borrower_s_account."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Maintenance of Borrower's Account</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.16_maintenance_of_borrower_s_account."><FONT SIZE=2>A-38</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.17_completion_of_actions."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.17_completion_of_actions."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Completion of Actions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.17_completion_of_actions."><FONT SIZE=2>A-38</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.18_additional_guarantors."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.18</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.18_additional_guarantors."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additional Guarantors</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.18_additional_guarantors."><FONT SIZE=2>A-38</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.19_shares_delivered_to_the_lender."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.19</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.19_shares_delivered_to_the_lender."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Shares Delivered to the Lender</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.19_shares_delivered_to_the_lender."><FONT SIZE=2>A-39</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.20_investor_agreements."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.20</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.20_investor_agreements."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investor Agreements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.20_investor_agreements."><FONT SIZE=2>A-39</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.21_shareholder_meeting."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.21_shareholder_meeting."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Shareholder Meeting</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.21_shareholder_meeting."><FONT SIZE=2>A-39</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_7.22_compliance_with_conditions_precedent."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.22</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_7.22_compliance_with_conditions_precedent."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compliance with Conditions Precedent</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_7.22_compliance_with_conditions_precedent."><FONT SIZE=2>A-40</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_article_8_negative_covenants_of_the_credit_parties"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ARTICLE 8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_article_8_negative_covenants_of_the_credit_parties"><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>NEGATIVE COVENANTS OF THE CREDIT PARTIES</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_article_8_negative_covenants_of_the_credit_parties"><FONT SIZE=2><BR>
A-40</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.1_indebtedness."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.1_indebtedness."><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Indebtedness</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.1_indebtedness."><FONT SIZE=2><BR>
A-40</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.2_liens,_etc."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.2_liens,_etc."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Liens, Etc.&nbsp;</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.2_liens,_etc."><FONT SIZE=2>A-41</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.3_assumptions,_guarantees,_e__8.302369"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.3_assumptions,_guarantees,_e__8.302369"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Assumptions, Guarantees, Etc. of Indebtedness of Other Persons</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.3_assumptions,_guarantees,_e__8.302369"><FONT SIZE=2>A-42</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.4_liquidation;_merger;_change_in_ownership."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.4_liquidation;_merger;_change_in_ownership."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Liquidation; Merger; Change in Ownership</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.4_liquidation;_merger;_change_in_ownership."><FONT SIZE=2>A-42</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.5_restrictive_and_inconsistent_agreements."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.5_restrictive_and_inconsistent_agreements."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restrictive and Inconsistent Agreements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.5_restrictive_and_inconsistent_agreements."><FONT SIZE=2>A-42</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.6_burdens_on_production."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.6_burdens_on_production."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Burdens on Production</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.6_burdens_on_production."><FONT SIZE=2>A-42</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.7_investments_in_other_persons."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.7_investments_in_other_persons."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investments in Other Persons</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.7_investments_in_other_persons."><FONT SIZE=2>A-42</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.8_sale_of_project_assets."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.8_sale_of_project_assets."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Sale of Project Assets</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.8_sale_of_project_assets."><FONT SIZE=2>A-42</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.9_acquisitions."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.9</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.9_acquisitions."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisitions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.9_acquisitions."><FONT SIZE=2>A-42</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.10_dividends;_reduction_in_capital."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.10</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.10_dividends;_reduction_in_capital."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends; Reduction in Capital</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.10_dividends;_reduction_in_capital."><FONT SIZE=2>A-43</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.11_limitation_on_the_issuance_of_shares."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.11_limitation_on_the_issuance_of_shares."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Limitation on the Issuance of Shares</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.11_limitation_on_the_issuance_of_shares."><FONT SIZE=2>A-43</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.12_work_program_and_budget."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.12</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.12_work_program_and_budget."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Work Program and Budget</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.12_work_program_and_budget."><FONT SIZE=2>A-43</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.13_material_agreements."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.13</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.13_material_agreements."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Material Agreements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.13_material_agreements."><FONT SIZE=2>A-43</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.14_limitation_on_hedging."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.14</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.14_limitation_on_hedging."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Limitation on Hedging</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.14_limitation_on_hedging."><FONT SIZE=2>A-43</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.15_transactions_with_affiliates."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.15_transactions_with_affiliates."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transactions with Affiliates</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.15_transactions_with_affiliates."><FONT SIZE=2>A-43</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.16_new_subsidiaries."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.16</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.16_new_subsidiaries."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New Subsidiaries</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.16_new_subsidiaries."><FONT SIZE=2>A-43</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_8.17_use_of_loan_proceeds."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_8.17_use_of_loan_proceeds."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Use of Loan Proceeds</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_8.17_use_of_loan_proceeds."><FONT SIZE=2>A-44</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_article_9_conversion_provisions"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ARTICLE 9</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_article_9_conversion_provisions"><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CONVERSION PROVISIONS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_article_9_conversion_provisions"><FONT SIZE=2><BR>
A-44</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_9.1_conversion."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>9.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_9.1_conversion."><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conversion</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_9.1_conversion."><FONT SIZE=2><BR>
A-44</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_9.2_conversion;_issuance_of_shares."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>9.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_9.2_conversion;_issuance_of_shares."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conversion; Issuance of Shares</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_9.2_conversion;_issuance_of_shares."><FONT SIZE=2>A-44</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq18501_9.3_conversion_amount."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>9.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq18501_9.3_conversion_amount."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conversion Amount</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq18501_9.3_conversion_amount."><FONT SIZE=2>A-44</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
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<TD style="font-family:times;"><A HREF="#ls18501_9.4_fractional_interests."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>9.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_9.4_fractional_interests."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fractional Interests</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_9.4_fractional_interests."><FONT SIZE=2>A-45</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#ls18501_9.5_transfer_of_conversion_pro__9.502687"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>9.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_9.5_transfer_of_conversion_pro__9.502687"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transfer of Conversion Provisions to Successors to the Borrower</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_9.5_transfer_of_conversion_pro__9.502687"><FONT SIZE=2>A-45</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#ls18501_article_10_events_of_default"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ARTICLE 10</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_article_10_events_of_default"><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EVENTS OF DEFAULT</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_article_10_events_of_default"><FONT SIZE=2><BR>
A-45</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_10.1_event_of_default."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_10.1_event_of_default."><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Event of Default</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_10.1_event_of_default."><FONT SIZE=2><BR>
A-45</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_10.2_remedies_upon_event_of_default."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_10.2_remedies_upon_event_of_default."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Remedies Upon Event of Default</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_10.2_remedies_upon_event_of_default."><FONT SIZE=2>A-47</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_article_11_miscellaneous"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ARTICLE 11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_article_11_miscellaneous"><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MISCELLANEOUS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_article_11_miscellaneous"><FONT SIZE=2><BR>
A-48</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.1_amendments,_etc."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.1_amendments,_etc."><p align=left style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amendments, Etc.&nbsp;</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.1_amendments,_etc."><FONT SIZE=2><BR>
A-48</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.2_notices;_etc."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.2_notices;_etc."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notices; Etc.&nbsp;</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.2_notices;_etc."><FONT SIZE=2>A-48</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.3_no_waiver;_remedies."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.3_no_waiver;_remedies."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Waiver; Remedies</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.3_no_waiver;_remedies."><FONT SIZE=2>A-49</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.4_costs,_expenses_and_taxes."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.4_costs,_expenses_and_taxes."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Costs, Expenses and Taxes</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.4_costs,_expenses_and_taxes."><FONT SIZE=2>A-49</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.5_indemnification."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.5_indemnification."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Indemnification</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.5_indemnification."><FONT SIZE=2>A-49</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.6_binding_effect;_assignment."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.6_binding_effect;_assignment."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Binding Effect; Assignment</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.6_binding_effect;_assignment."><FONT SIZE=2>A-50</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.7_governing_law."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.7_governing_law."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Governing Law</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.7_governing_law."><FONT SIZE=2>A-50</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.8_dispute_resolution;_arbitration."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.8_dispute_resolution;_arbitration."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dispute Resolution; Arbitration</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.8_dispute_resolution;_arbitration."><FONT SIZE=2>A-50</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.9_execution_in_coun__ls101940"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.9</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.9_execution_in_coun__ls101940"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Execution in Counterparts; Facsimile Signatures</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.9_execution_in_coun__ls101940"><FONT SIZE=2>A-50</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.10_inconsistent_provisions."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.10</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.10_inconsistent_provisions."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inconsistent Provisions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.10_inconsistent_provisions."><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.11_severability."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.11_severability."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Severability</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.11_severability."><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.12_governing_language."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.12</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.12_governing_language."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Governing Language</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.12_governing_language."><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.13_survival_of_representations_and_warranties."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.13</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.13_survival_of_representations_and_warranties."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Survival of Representations and Warranties</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.13_survival_of_representations_and_warranties."><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.14_entire_agreement;_schedules_and_exhibits."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.14</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.14_entire_agreement;_schedules_and_exhibits."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Entire Agreement; Schedules and Exhibits</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.14_entire_agreement;_schedules_and_exhibits."><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.15_further_assurances."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.15_further_assurances."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Further Assurances</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.15_further_assurances."><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.16_credit_party_joint_and_several_liability."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.16</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.16_credit_party_joint_and_several_liability."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit Party Joint and Several Liability</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.16_credit_party_joint_and_several_liability."><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.17_acknowledgements."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.17_acknowledgements."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acknowledgements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.17_acknowledgements."><FONT SIZE=2>A-52</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.18_submission_to_jurisdiction;_venue;_service."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.18</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.18_submission_to_jurisdiction;_venue;_service."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Submission to Jurisdiction; Venue; Service</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.18_submission_to_jurisdiction;_venue;_service."><FONT SIZE=2>A-53</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls18501_11.19_termination_of_covenants."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11.19</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls18501_11.19_termination_of_covenants."><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination of Covenants</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls18501_11.19_termination_of_covenants."><FONT SIZE=2>A-53</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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NAME="le18501_schedules"> </A>
<A NAME="toc_le18501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SCHEDULES    <BR>    </B></FONT></P>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Schedule&nbsp;1.1(a)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Borrower's Account</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;1.1(b)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Lender's Account</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;1.1(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Projects</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;1.1(d)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material Agreements</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;1.1(e)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Properties</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;1.1(f)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Work Program and Budget</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;2.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Anti-Dilution Provisions</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;5.1(a)(vii)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Jurisdictions for Good Standing</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;6.1(b)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Subsidiaries</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;6.1(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Authorizations and Consents</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;6.1(d)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Governmental and Other Consents</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;6.1(f)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Litigation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;6.1(g)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Financial Statements</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;6.1(j)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Permitted Liens</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;6.1(k)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Capital Structure</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;6.1(n)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Environmental Disclosures</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;6.1(o)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Indebtedness</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;6.1(p)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Legal Compliance</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;6.1(q)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Operation of Projects</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;6.1(s)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Project Permits</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;7.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Compliance with Laws</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;7.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Insurance</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;7.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Post-Closing Completion of Actions</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Conversion Provisions</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;10.1(g)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Specified Litigation Sublimits</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Schedule&nbsp;11.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Dispute Resolution; Arbitration</FONT></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lg18501_exhibits"> </A>
<A NAME="toc_lg18501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBITS    <BR>    </B></FONT></P>
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<p style="font-family:times;"></FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>Exhibit&nbsp;A</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Omnibus Certificate</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Exhibit&nbsp;B</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Notice of Borrowing</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Exhibit&nbsp;C</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Security Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Exhibit&nbsp;D</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Equity Interest Pledge Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Exhibit&nbsp;E</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Guarantee</FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2>Exhibit&nbsp;F</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Project Mortgage</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Exhibit&nbsp;G</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Promissory Note</FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="li18501_loan_agreement"> </A>
<A NAME="toc_li18501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  LOAN AGREEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This LOAN AGREEMENT dated as of November&nbsp;13, 2013 (the "Closing Date") is by and among URANIUM RESOURCES,&nbsp;INC., a
corporation organized and existing under the laws of the State of Delaware, as the borrower (the "Borrower"), those Subsidiaries of the Borrower from time to time party hereto, as guarantors (the
"Guarantors"), and RESOURCE CAPITAL FUND V&nbsp;L.P., a Cayman Islands exempt limited partnership, as the lender (together with its successors and assigns, the "Lender"). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="li18501_recitals"> </A>
<A NAME="toc_li18501_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>Recitals</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower desires to borrow, and the Lender is prepared to lend to the Borrower, Fifteen Million United States Dollars (US$15,000,000) as a loan to be advanced in
multiple tranches, subject to the terms and conditions set forth herein. The Borrower shall use the proceeds of each tranche of the Loan in accordance with the use of proceeds described herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Borrower under this Agreement, including repayment of the Loan provided hereby, shall be guaranteed by the Guarantors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement and all amounts due hereunder will be secured by all assets and property of the Borrower and the Guarantors as further described herein and in the Security
Documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to receipt of shareholder approval, the Loan shall be a convertible loan that may, at the option of the Lender, be converted into Tradable Shares, all on the
terms and conditions set forth herein. Prior to the Conversion Effective Date, the Loan is not convertible into Tradable Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;The
Credit Parties and the Lender desire hereby to provide for the Loan and the collateral security therefor on the terms and conditions set forth herein. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="li18501_agreement"> </A>
<A NAME="toc_li18501_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>Agreement</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the following mutual covenants and agreements, the parties hereby agree as follows: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="li18501_article_1_certain_defi__li102204"> </A>
<A NAME="toc_li18501_4"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 1<BR>  <BR>    CERTAIN DEFINITIONS AND ACCOUNTING PRINCIPLES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li18501_1.1_certain_defined_terms."> </A>
<A NAME="toc_li18501_5"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Certain Defined Terms. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As used in this Agreement and unless otherwise expressly indicated, the following
terms shall have the following meanings: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Affiliate"
means, with respect to a Person, (i)&nbsp;any partner, director, ten percent (10%) or more shareholder, manager, member, managing agent, director, officer or employee of
that Person or that Person's Affiliates; and (ii)&nbsp;any other Person (A)&nbsp;that directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common
control with, thatPerson; (B)&nbsp;that directly or indirectly owns or holds (legally or beneficially) ten percent (10%) or more of any class of voting stock or partnership, membership or other
voting interest of that Person; or (C)&nbsp;ten percent (10%) or more of the voting stock or partnership, membership or other voting interest of which is directly or indirectly owned or held
(legally or beneficially) by that Person. For purposes of
clarification, the Affiliates of the Lender shall include RCF Management L.L.C. and its Affiliates. Affiliates of the Borrower or any other Credit Party shall not include the Lender or any Affiliates
of the Lender or any third party joint venture parties to the Projects that are not Subsidiaries of a Credit Party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Agreed
Priority" means, with respect to a Security Document, a first ranking, perfected Lien made in favour of the Lender, meaning that such Security Document and Lien are prior in
right to any </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-1</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>other
Lien in, on or to the Collateral which is purported to be covered thereby, subject only, in each case, to Permitted Liens. For the avoidance of doubt, the Obligations shall be secured by a first
ranking perfected encumbrance over all real property and personal property of the Borrower and the other Credit Parties, including all property, rights, and interests at, on or associated with the
Projects, subject, in each case, to Permitted Liens. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Agreement"
means this Loan Agreement, as it may be amended, restated, supplemented, extended or otherwise modified in accordance with its terms and in effect from time to time, together
with all Schedules and Exhibits hereto, each of which is incorporated herein by reference. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Applicable
Interest Rate" means the Standard Interest Rate, the Initial Advance Interest Rate, or the Default Rate, as applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Bankruptcy
Code" means the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or replaced from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Bankruptcy
Laws" shall mean the Bankruptcy Code and all other Governmental Requirements pertaining or applicable to bankruptcy, insolvency, debtor relief, debtor protection,
liquidation, reorganization, winding up, arrangement, receivership, administration, moratorium, assignment for the benefit of creditors or other similar laws applicable in the United States or other
applicable jurisdictions as in effect from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Borrower"
has the meaning specified in the Preamble to this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Borrower's
Account" means the account of the Borrower described in </FONT><FONT SIZE=2><I>Schedule&nbsp;1.1(a)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Borrowing
Date" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;2.2(a)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Business
Day" means a day, other than a Saturday or Sunday or statutory holiday, on which banks in Denver, Colorado are open for business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Change
in Law" means the occurrence, after the date of this Agreement, of any of the following: (a)&nbsp;the adoption or taking effect of any law, rule, regulation or treaty or
(b)&nbsp;any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Change
of Control" means the occurrence of any of the following events, without the prior written consent of the Lender: (a)&nbsp;any person or persons "acting jointly or in concert"
as defined under applicable Securities Laws, other than the Lender and/or its Affiliates, becomes the registered or beneficial owner of more than twenty-five percent (25%) of the then outstanding
voting Equity Interests of the Borrower or any Credit Party, measured by voting power rather than the number of shares; or (b)&nbsp;Continuing Directors shall cease for any reason to constitute a
majority of the members of the Board of Directors of the Borrower then in office; or (c)&nbsp;the Borrower or any Guarantor shall cease to directly or indirectly own and control the Equity Interests
that any of them has pledged to the Lender pursuant to a Security Document (except as provided in any such Security Document). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Closing
Date" has the meaning set forth in the Preamble to this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Collateral"
means all real and personal property, assets, rights, titles and interests of the Credit Parties, all of which is subject to the Security Documents, whether tangible or
intangible, presently held or hereafter acquired, and all products and proceeds of the foregoing, including insurance proceeds related to the foregoing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Commitment"
means, collectively, the Tranche One Initial Advance Commitment, the Tranche One Post-Approval Commitment, the Tranche Two Commitment and the Tranche Three Commitment, in
the aggregate amount of Fifteen Million Dollars ($15,000,000). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Commitment
Fee" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;2.6(b)</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-2</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Commitment
Fee Shares" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;2.6(b)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Confidential
Information" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;7.14</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Contingent
Liability" means, for any Person, without duplication, all contingent liabilities of such Person determined in accordance with GAAP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Continuing
Directors" means during any period of twenty four (24)&nbsp;consecutive months commencing after the Closing Date, individuals who at the beginning of such twenty
four&nbsp;(24) month period were directors of such Person (together with any new director whose election by such Person's Board of Directors was approved by, or whose nomination for election by such
Person's shareholders was recommended by, a vote of at least a majority of the directors then still in office who either were directors at the beginning of such period or whose election or nomination
for election was previously approved or recommended as described in this parenthetical). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Control"
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise
voting power, the ability to appoint or remove directors, senior officers, managers or other equivalent persons of such a Person, by contract or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Conversion
Amount" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;9.2(a)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Conversion
Effective Date" means the first Business Day following receipt of Shareholder Approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Conversion
Notice" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;9.2(a)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Conversion
Period" means the period of time beginning on the Conversion Effective Date and ending on the Scheduled Maturity Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Conversion
Price" means the lesser of (a)&nbsp;$2.60 per Share, and (b)&nbsp;the Market Price calculated by reference to a minimum of twenty&nbsp;(20) Trading Days following the
final resolution of the Existing Regulatory Inquiry (which period, for purposes of certainty shall begin on the first Trading Day following a public announcement of such resolution, if a public
announcement is either required or made) and prior to the mailing of Meeting Materials to shareholders of the Borrower. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Conversion
Provisions" means the terms and conditions pursuant to which the Lender may elect to exercise its Conversion Rights as provided in </FONT> <FONT SIZE=2><I>Article&nbsp;9</I></FONT><FONT SIZE=2> hereof, including the provisions set forth in
</FONT><FONT SIZE=2><I>Schedule&nbsp;9</I></FONT><FONT SIZE=2> hereto, and to receive
payment in Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Conversion
Rights" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;9.2(a)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Conversion
Shares" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;9.1</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Credit
Party" means the Borrower and each Guarantor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Date
of Default" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;10.2(a)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Debt
Financing" means borrowing money, whether by selling bonds, bills, debentures, preferred Equity Interests or other similar Instruments, issuing promissory notes, indentures or
other similar Instruments, entering into a loan or credit agreement or other similar Instrument or otherwise incurring or agreeing to enter into any Instrument or arrangement relating to or consisting
of borrowed money Indebtedness. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Default"
means any Event of Default or any condition or event which, after notice or lapse of time or both, would constitute an Event of Default. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Default
Rate" means the interest rate applicable to the Loan during periods when any amounts payable by the Borrower, whether as principal repayments, interest payments, expenses
payments or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-3</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>other
amounts, are due and payable but unpaid by the Borrower, which interest rate shall be at a rate per annum equal to the Standard Interest Rate or the Initial Advance Interest Rate, as then in
effect, plus five percent (5%). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Directed
Advance" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;3.5</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Dispute"
has the meaning specified in </FONT><FONT SIZE=2><I>Schedule&nbsp;11.8</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Dollars"
and the symbol "US$" or the symbol "$" each mean dollars in lawful currency of the United States of America. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Environmental
Laws" means Governmental Requirements relating to pollution or protection of the environment, including Governmental Requirements relating to emissions, discharges,
releases or threatened releases of pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or wastes into the environment (including, without limitation, ambient air, surface
water, ground water, land surface or subsurface strata) or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants,
contaminants, chemicals or industrial, toxic or hazardous substances or wastes which are applicable to any Credit Party or any Subsidiary thereof, any Project or the other activities of and properties
or assets owned, controlled or managed by a Credit Party or any Subsidiary thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Equity
Financing" means the sale or placement by the Borrower of Shares or other Equity Interests of the Borrower. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Equity
Interest Pledge Agreement" means a pledge, security and subordination agreement substantially in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;D</I></FONT><FONT SIZE=2>,
given by the Borrower or a Guarantor for the benefit of the Lender, with respect to the Equity Interests of a Guarantor, if and when a Subsidiary of the Borrower is formed and becomes a Guarantor
hereunder, together with any other Instruments given or to be given by a Credit Party for the benefit of the Lender that creates a Lien on and with respect to the Equity Interests of a Credit Party or
other Person in order to secure the Obligations, together, in each case, with all amendments, modifications, supplements and revisions thereof in accordance with its terms, together with all other
Instruments now or hereafter filed, recorded or delivered to formalize, authorize and perfect the security interests granted therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Equity
Interests" means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options, rights,
interests or other securities for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person; all of the warrants, options,
Indebtedness, rights, interests or other securities exercisable for or convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or
warrants, rights or options for the purchase or acquisition from such Person of such shares of capital stock (or such other interests); and all of the other ownership or profit interests in such
Person (including, without limitation, partnership, member, limited liability company or trust interests therein), whether voting or nonvoting, whether or not such shares, warrants, options, rights or
other interests are outstanding on any date of determination, and whether or not such shares, warrants, options, rights or other interests are certificated or uncertificated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Establishment
Fee" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;2.6(a).</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Establishment
Fee Shares" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;2.6(a)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Event
of Default" has the meaning set forth in </FONT><FONT SIZE=2><I>Section&nbsp;10.1</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Exchange
Rate" means the currency exchange rate for any relevant currency as reported by Bloomberg using the "BNG" function as of 5:00&nbsp;p.m. New York time on the first Business
Day preceding any date of determination, or, in the event that such "BNG" is not available on such date, on the preceding date on which the "BNG" is available; or, if either Bloomberg or the "BNG" is
no </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-4</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>longer
available, then the currency exchange rate for any relevant currency as reported in </FONT><FONT SIZE=2><I>The Wall Street Journal</I></FONT><FONT SIZE=2> on the first Business Day preceding
any date of determination; or, in the event that neither Bloomberg nor </FONT><FONT SIZE=2><I>The Wall Street Journal</I></FONT><FONT SIZE=2> report exchange rate information, such currency exchange
rate reasonably identified by the Lender by reference to a publicly available service for displaying exchange rates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Excluded
Taxes" means, with respect to the Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower or other Credit Parties hereunder,
income or franchise Taxes imposed on (or measured by) the taxable income of the Lender or such recipient, as the case may be, or capital Taxes imposed on (or measured by) the taxable capital of the
Lender or such recipient, in each case by the jurisdiction under the applicable law of which such recipient is organized or in which its principal office is located or which exercises valid taxation
jurisdiction over
such recipient, but for greater certainty, Excluded Taxes do not include withholding taxes imposed on the Lender or any such recipient in respect of payments or deliveries hereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Existing
Regulatory Inquiry" means the matters disclosed by the Borrower in its Quarterly Report on Form&nbsp;10-Q filed October&nbsp;28, 2013 under Part&nbsp;II, Item&nbsp;1A,
"Risk Factors&#151;</FONT><FONT SIZE=2><I>We have received Comment Letters from the Staff of the SEC which may require us to restate our historical financial
statements</I></FONT><FONT SIZE=2>." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Expropriation
Event" means the appropriation, confiscation, expropriation, cancellation, seizure or nationalization (by Governmental Requirement, intervention, court order,
condemnation, exercise of eminent domain or other action or form of taking) of ownership or control of a Credit Party or any of its Subsidiaries or of any Project or Properties or any substantial
portion thereof, or any substantial portion of the rights related thereto, or any substantial portion of the economic value thereof, or which prevents or materially interferes with the ability of a
Person to own or operate the property or business subject to such action, including by the imposition of any Tax, fee, charge or royalty. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Fees"
means, collectively, the Commitment Fee and the Establishment Fee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Full
Cost of Production" means, with respect to any referenced time period, the total, aggregate costs and expenses for the development and operation of the Projects, including field
development costs, well field and plant operating costs and restoration, reclamation and remediation costs, plus an amortization cost of $1 per pound of produced uranium (U<SUB>3</SUB>0<SUB>8</SUB>)
for such time period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"GAAP"
means generally accepted accounting principles in the United States, consistently applied. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Governmental
Authority" means the government of any nation and any state, provincial, territorial, divisional, county, regional, city and other political subdivision thereof, any
tribal, aboriginal or native government or corporation, and any union or commonwealth of multiple countries, such as the European Union, in each case in which any property of a Credit Party is located
or which exercises valid jurisdiction over any such property or any Credit Party, or in which a Credit Party conducts business or is otherwise present, and any entity, court, arbitrator or board of
arbitrators, agency, department, commission, board, bureau, regulatory authority or instrumentality of any of them exercising executive, legislative, judicial, regulatory or administrative functions
that exercises jurisdiction over any Credit Party or its properties or assets, including any Project, and any securities exchange or securities regulatory authority to which a Credit Party is subject. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Governmental
Requirement" means any law, statute, code, ordinance, treaty, order, rule, regulation, judgment, ruling, decree, injunction, franchise, permit, certificate, license,
authorization, approval or other direction or requirement (including Environmental Laws, the Project Permits, energy regulations,
occupational, safety and health standards or controls, taxation laws and Securities Laws) of any Governmental Authority. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-5</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Guarantee"
means a guarantee, substantially in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;E</I></FONT><FONT SIZE=2>, executed by each Guarantor, together with any amendments,
modifications, supplements, extensions, revisions and restatements thereof made in accordance with its terms. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Guarantor"
has the meaning specified in the Preamble to this Agreement, and, as of the Closing Date, the Guarantors include: (i)&nbsp;URI,&nbsp;Inc.; (ii)&nbsp;Hydro
Resources,&nbsp;Inc.; (iii)&nbsp;URI Minerals,&nbsp;Inc.; (iv)&nbsp;Belt Line Resources,&nbsp;Inc.; (v)&nbsp;Uranco&nbsp;Inc.; (vi)&nbsp;HRI-Churchrock,&nbsp;Inc.; (vii)&nbsp;URI
Neutron Holdings&nbsp;I,&nbsp;Inc.; (viii)&nbsp;URI Neutron Holdings II,&nbsp;Inc.; (ix)&nbsp;Hydro Restoration Corporation; (x)&nbsp;Neutron Energy,&nbsp;Inc.; and (xi)&nbsp;Cibola
Resources&nbsp;LLC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Hedge
Contract" means (a)&nbsp;any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate
options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot
contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by
or subject to any Master Agreement, and (b)&nbsp;any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any Master
Agreement, including any such obligations or liabilities under any Master Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Indebtedness"
means, for any Person, without duplication, all indebtedness and liabilities of such Person determined in accordance with GAAP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Indemnified
Party" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;11.5</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Initial
Advance" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;2.1(a)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Initial
Advance Interest Rate" means twelve percent (12%) per annum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Instrument"
means any contract, agreement, undertaking, indenture, mortgage, certificate, document or writing (whether formal agreement, letter or otherwise) under which any obligation,
duty, covenant, agreement, affirmation, undertaking or liability is evidenced, assumed or undertaken, or any right or Lien (or right or interest therein) is granted, authenticated, notarized,
authorized or perfected, and any notice, registration, recordation, or filing associated with or required by any of the foregoing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Interest
Payment Date" means (i)&nbsp;each January&nbsp;10<SUP>th</SUP>, April&nbsp;10<SUP>th</SUP>, July&nbsp;10<SUP>th</SUP>, and
October&nbsp;10<SUP>th</SUP>&nbsp;of each Year and (ii)&nbsp;the Maturity Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Interest
Shares" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;3.1(b)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Investor
Agreements" means the Stockholders' Agreement and the Registration Rights Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Lender"
has the meaning set forth in the Preamble to this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Lender's
Account" means the account or accounts designated from time to time by the Lender for receipt of funds paid by the Borrower or any other Credit Party, with the Lender's Account
as of the Closing Date set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;1.1(b)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Lender
Nominee" has the meaning set forth in </FONT><FONT SIZE=2><I>Section&nbsp;7.13</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Lien"
means any mortgage, deed of trust, debenture, lien, pledge, charge, security interest, hypothecation, indenture, preferential right, assignment, option, production payment or
other lien, encumbrance or collateral security Instrument in, on or to, any property or asset; or, the title of any vendor, lessor, lender or other secured party to, or interest or title of any Person
under, any conditional sale or other title retention agreement, capital lease or other agreement with respect to any property or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-6</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>asset;
or, any adverse right or interest, defect in title, right of first option, right of first refusal, or similar restriction, including any restriction on use, voting, transfer, receipt of income,
or exercise of any other attribute of ownership; or, the signing of any mortgage, deed of trust, pledge, charge, security
agreement, hypothecation, indenture, assignment or similar instrument, or the signing or filing of a financing statement, personal property security act filing or other similar Instrument, which names
such Person as debtor, or the signing of any security agreement or other similar Instrument authorizing any other party as the secured party thereunder to file any financing statement, personal
property security act filing or other similar Instrument. A Person shall be deemed to be the owner of any assets that it has placed in trust for the benefit of the holders of its indebtedness, which
indebtedness is deemed to be extinguished under GAAP but for which such Person remains legally liable, and such trust shall be deemed to be a Lien. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Loan"
means, individually or collectively, all loans made to the Borrower pursuant to this Agreement up to the full outstanding principal amount owing to the Lender pursuant to this
Agreement, in the maximum cumulative amount of Fifteen Million United States Dollars (US$15,000,000), consisting of the Tranche One Initial Advance Commitment, the Tranche One Post-Approval
Commitment, the Tranche Two Commitment and the Tranche Three Commitment, as further described herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Loan
Documents" means this Agreement, the Promissory Note, the Security Documents, each Notice of Borrowing, each Omnibus Certificate, and each other Instrument executed by the
Borrower, a Credit Party or a Subsidiary of the Borrower or a Credit Party, and delivered to the Lender in connection with this Agreement or any of the foregoing Instruments, whether or not
specifically identified in this clause, as any of the foregoing may be amended, modified, supplemented, extended, revised or restated from time to time in accordance with their respective terms. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Long
Term Price" means the average of the end of Month long-term price for uranium (U<SUB>3</SUB>0<SUB>8</SUB>) as published by both TradeTech in its Nuclear Market Review (defined as
the Long-Term Price Indicator) and Ux Consulting&nbsp;Co.,&nbsp;LLC in its UX Weekly (defined as UX Price Indicator U<SUB>3</SUB>0<SUB>8</SUB> Long-term); </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that if either TradeTech or Ux
Consulting&nbsp;Co.,&nbsp;LLC no longer publishes a long-term price, then the Long Term Price shall be
equal to the long-term price for uranium (U<SUB>3</SUB>0<SUB>8</SUB>) published by the remaining publisher; and </FONT><FONT SIZE=2><I>provided, further,</I></FONT><FONT SIZE=2> that if neither
TradeTech nor Ux&nbsp;Consulting&nbsp;Co.,&nbsp;LLC publishes a long-term price, then the Long Term Price shall be reasonably identified by the Lender by reference to a publicly available
service for displaying spot prices for Metals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Losses"
has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;11.5</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Market
Price" means an amount equal to the VWAP for the Shares for the twenty&nbsp;(20) Trading Days immediately preceding any date of determination. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Master
Agreement" means any form of master agreement published by the International Swaps and Derivatives Association,&nbsp;Inc., any International Foreign Exchange Master Agreement,
or any other master agreement, together with any related schedules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Material
Adverse Effect" means, with respect to any Person, an effect, resulting from any event or occurrence of whatever nature (including any adverse determination in any litigation,
arbitration, or governmental investigation or proceeding), which: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;is
materially adverse to the consolidated business, assets, revenues, financial condition, operations or prospects of such Person; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;is
materially adverse to the ability of such Person to make any payment or perform any other material obligation required under any Material Agreement, this Agreement,
or any other Loan Document; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;is
materially adverse to any Material Project; or </FONT></P>

</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;in
the case of any Credit Party, results in a liability or obligation (other than Permitted Liens or performing or entering into contractual commitments in the ordinary
course of business which are not in default) of Six Hundred Thousand Dollars ($600,000) or more. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Material
Agreements" means the contracts, agreements, leases, Instruments and other binding commitments and undertakings of any Credit Party or any Subsidiary thereof which are
identified in </FONT><FONT SIZE=2><I>Schedule&nbsp;1.1(d)</I></FONT><FONT SIZE=2>, and all other contracts, agreements, leases, Instruments and other binding commitments and undertakings of any
Credit Party or any Subsidiary thereof the performance or breach of which could reasonably be expected to have a Material Adverse Effect on a Credit Party, including all agreements and Instruments for
the sale, transfer or other disposition of minerals produced from any Project. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Material
Projects" means the following Projects: (i)&nbsp;Kingsville Dome; (ii)&nbsp;Rosita; (iii)&nbsp;Churchrock Section&nbsp;8; (iv)&nbsp;Churchrock Section&nbsp;17;
(v)&nbsp;Churchrock Mancos; (vi)&nbsp;Crownpoint; (viii)&nbsp;Roca Honda; (ix)&nbsp;West Largo; and (x)&nbsp;Cibola. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Maturity
Date" means the first to occur of (a)&nbsp;April&nbsp;1, 2014, if the Shareholder Approval is not obtained prior to the Shareholder Approval Outside Date, or (b)&nbsp;if
Shareholder Approval is obtained prior to the Shareholder Approval Outside Date, the Scheduled Maturity Date, or (c)&nbsp;the date on which the Lender elects to accelerate the due date of the Loan
based upon the occurrence of a Repayment Event, as provided in </FONT><FONT SIZE=2><I>Section&nbsp;3.2(c)</I></FONT><FONT SIZE=2>, or (d)&nbsp;any date on which the Loan is accelerated by reason
of an Event of Default pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;10.2</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Meeting
Materials" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;7.21(c)</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Metals"
means uranium (U<SUB>3</SUB>0<SUB>8</SUB>), uranium loaded resins, yellowcake, uranium concentrate, and other uranium products and derivatives as well as all gold, silver,
copper, lead, zinc, nickel, molybdenum, and other metals, minerals, ores and similar substances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Month"
means a calendar month. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"NASDAQ"
means The NASDAQ Capital Market and its successors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Notice
of Borrowing" means a request by the Borrower for a Loan pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;2.2(a)</I></FONT><FONT SIZE=2>, which shall include the information
referenced in </FONT><FONT SIZE=2><I>Section&nbsp;2.2(a)</I></FONT><FONT SIZE=2> together with such other information requested by the Lender, substantially in the form of </FONT> <FONT SIZE=2><I>Exhibit&nbsp;B</I></FONT><FONT SIZE=2> hereto.
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Notice
of Dispute" has the meaning set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;11.8.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Obligations"
means all duties, covenants, agreements, liabilities, indebtedness, indemnifications and obligations of the Borrower and each Guarantor with respect to the repayment,
payment or performance of all Indebtedness, liabilities and obligations (monetary or otherwise) of the Borrower, each Guarantor and each Subsidiary of a Guarantor, whenever arising, whether primary,
secondary, direct, contingent, fixed or otherwise, and whether joint, several, or joint and several, established by or arising under or in connection with this Agreement or any other Loan Document,
including, in each case, the payment of principal, interest, fees, expenses, reimbursements and indemnification obligations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Other
Taxes" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;3.7(b)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Party"
or "party" means each party to this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Permitted
Liens" means those Liens identified in </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(j)</I></FONT><FONT SIZE=2>, together with the Liens permitted by </FONT> <FONT SIZE=2><I>Section&nbsp;8.2</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Permitted
Third Party" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;7.14</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Person"
means an individual, partnership, corporation (including a business trust), joint venture, limited liability company or other entity, or a Governmental Authority. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-8</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Prepayment
Date" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;3.2(d).</I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Projects"
means, collectively, each of the following Projects: (i)&nbsp;Kingsville Dome; (ii)&nbsp;Rosita; (iii)&nbsp;Vasquez; (iv)&nbsp;Los Finados; (v)&nbsp;Churchrock
Section&nbsp;8; (vi)&nbsp;Churchrock Section&nbsp;17; (vii)&nbsp;Churchrock Mancos; (viii)&nbsp;Crownpoint; (ix)&nbsp;Unit 1; (x)&nbsp;Nose Rock; (xi)&nbsp;Roca Honda;
(xii)&nbsp;West Largo; (xiii)&nbsp;Cebolleta; (xiv)&nbsp;Juan Tafoya; (xv)&nbsp;Elizabeth; (xvi)&nbsp;Deep Rock; (xvii)&nbsp;West Endy; (xviii)&nbsp;West Ranch; (xix)&nbsp;Mesa
Redonda; (xx)&nbsp;Hogan; (xxi)&nbsp;Dewey Burdock; (xxii)&nbsp;Edgemont; (xxiii)&nbsp;Copper Mountain; and (xxiv)&nbsp;Breccia Pipes, as each such Project is further described in </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1(c)</I></FONT><FONT SIZE=2>
hereto, together with all Properties associated with or forming part of such Project. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Project
Mortgage" means (i)&nbsp;each mortgage or deed of trust given by a Credit Party for the benefit of the Lender, substantially in the form of </FONT> <FONT SIZE=2><I>Exhibit&nbsp;F</I></FONT><FONT SIZE=2> hereto, and (ii)&nbsp;any other mortgage, deed
of trust or other Instrument by which the Lender obtains a Lien in or on any real
property, mineral rights or other property or assets of a Credit Party to secure the Obligations, together with all amendments, modifications, supplements, extensions, revisions and restatements
thereof in accordance with its terms. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Project
Permits" has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;6.1(s)</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Promissory
Note" means the senior, secured promissory note made by the Borrower payable to the order of the Lender in the principal amount of Fifteen Million United States Dollars
(US$15,000,000), substantially in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;G</I></FONT><FONT SIZE=2> hereto, as such promissory note may be amended, modified, supplemented, extended,
renewed, restated or replaced from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Properties"
means all real property rights, titles and interests, whether surface, subsurface, mineral, water or otherwise, and all fee interests, patented mining claims, unpatented
mining claims, state leases, provincial leases, federal leases, private leases, other mineral or surface leases, rights of use, access rights, concessions, licenses, claims, rights, titles or
interests, and all related, associated or appurtenant rights, in each case howsoever characterized or designated, that are owned, leased, held, or controlled, directly or indirectly by a Credit Party
or by a Subsidiary of a Credit Party, with such rights, titles and interests described with respect to each Project in </FONT><FONT SIZE=2><I>Schedule&nbsp;1.1(e),</I></FONT><FONT SIZE=2> together
with all right, title and interest hereafter acquired by any Credit Party or Subsidiary of a Credit Party in or adjacent to the interests described in </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1(e)</I></FONT><FONT SIZE=2> and the lands subject to any
Instrument identified in </FONT><FONT SIZE=2><I>Schedule&nbsp;1.1(e)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Quarterly
Date" means each March&nbsp;31, June&nbsp;30, September&nbsp;30 and December&nbsp;31 of each Year. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Registration
Rights Agreement" means that certain Registration Rights Agreement dated as of March&nbsp;1, 2012 between the Borrower and the Lender, as the foregoing may be amended,
modified, supplemented, extended or restated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Repayment
Event" means the occurrence of any one of the following at any time prior to the Maturity Date, which has not been approved in advance by the Lender: (a)&nbsp;the sale,
assignment, transfer or other disposition by a Credit Party, directly or indirectly, in one or more transactions, of any interest in any Material Project, which is greater than twenty-five percent
(25%) of such Credit Party's aggregate right, title or interest therein as of the Closing Date; (b)&nbsp;the entry by any Credit Party into a partnership, limited liability company, joint venture or
other cooperative arrangement with one or more third Persons, which has the effect or is intended to have the effect of granting to any such Person or Persons, directly or indirectly, the right to
own, or right to acquire, more than twenty-five percent (25%) of a Credit Party's right to manage and operate any Material Project or of a Credit Party's aggregate right, title or interest in any
Material Project; (c)&nbsp;the sale, assignment, transfer or other disposition by a Credit Party, directly or indirectly, of the right to manage and operate any Material Project; (d)&nbsp;the
entry into or grant of any Royalty, Streaming Transaction, offtake agreement, supply agreement, sales agreement or other Instrument relating to the sale, conveyance, transfer or grant of an interest
in Metals produced at or from any Material Project; or (e)&nbsp;the agreement by a Credit Party to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-9</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>enter
into or undertake any of the foregoing or to enter into an agreement with respect to the foregoing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Representative"
means any director, officer, partner, manager, employee, agent, consultant, advisor, accountant, financial advisor, legal counsel or other representative of a Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Royalty"
means any share of mineral production, including a gross smelter return royalty, net smelter return royalty, overriding royalty, non-participating royalty, production payment,
net profit interest, gross proceeds royalty and all other mineral royalties of every type and characterization. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Scheduled
Maturity Date" means December&nbsp;31, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Securities
Laws" means all Governmental Requirements applicable to Equity Interests and the issuance of Equity Interests and the respective rules and regulations applicable thereto
together with all binding policy statements, national instruments, orders, blanket rulings, mandatory guidelines and other applicable regulatory acts and instruments, together with all regulations,
policies, rules or requirements imposed by any applicable securities exchange, trading platform or other Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Security
Agreement" means (i)&nbsp;a security agreement given by a Credit Party for the benefit of the Lender, substantially in the form of </FONT> <FONT SIZE=2><I>Exhibit&nbsp;C</I></FONT><FONT SIZE=2> hereto, (ii)&nbsp;each other Instrument whereby a Credit
Party subordinates its rights to receive payment of any amounts from any
other Credit Party to the complete payment in full of the Obligations, and (iii)&nbsp;any other security agreement or other Instrument by which the Lender obtains a Lien in or on any personal
property or assets of a Credit Party to secure the Obligations, together with all amendments, modifications, supplements, extensions, revisions and restatements thereof in accordance with its terms. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Security
Documents" means each Project Mortgage, each Guarantee, each Security Agreement, each Equity Interest Pledge Agreement and each other Instrument granting a Lien to secure the
payment and performance of the Obligations, together, in each case, with all amendments, modifications, supplements, extensions, revisions and restatements thereto or thereof in accordance with their
respective terms, all schedules and exhibits attached thereto and all financing statements, personal property security act filings and other Instruments required to be filed or recorded or notices
required to be given in order to authenticate and perfect the Liens created by the foregoing and all other Instruments now or hereafter delivered by any Credit Party to the Lender in connection with
this Agreement or any transaction contemplated hereby to secure the payment or performance of the Obligations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Shareholder
Approval" means the requisite approval by the shareholders of the Borrower, at a Shareholder Meeting, of the Borrower's issuance of Shares to the Lender, whether for payment
of principal, interest, fees or otherwise, without restriction and as applicable, including the issuance of the Establishment Fee Shares, the Commitment Fee Shares, the Interest Shares, the Conversion
Shares and any other Shares issuable to the Lender pursuant to this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Shareholder
Approval Date" means the date on which Shareholder Approval is obtained. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Shareholder
Approval Outside Date" means January&nbsp;31, 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Shareholder
Meeting" means a general or special meeting of the holders of Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Shares"
means the common shares of the Borrower with a par value of $0.001. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Spot
Price" means, as of any date, the spot price for uranium (U<SUB>3</SUB>0<SUB>8</SUB>) as published by TradeTech as the U<SUB>3</SUB>0<SUB>8</SUB> Spot Price Indicator; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that if TradeTech is no
longer published or TradeTech no longer publishes a spot price for uranium (U<SUB>3</SUB>0<SUB>8</SUB>), then the
Spot Price shall be reasonably identified by the Lender by reference to a publicly available service for displaying spot prices for Metals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Standard
Interest Rate" means ten percent (10%) per annum. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-10</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Stockholder's
Agreement" means the Stockholders' Agreement dated as of March&nbsp;1, 2012 between the Borrower and the Lender governing the rights of the Lender and the obligations of
the Borrower with respect to the Lender's investment in the Borrower, as the foregoing may be amended, modified, supplemented, extended or restated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Streaming
Transaction" means a contractual right to sell or purchase Metals (whether all or any portion thereof) produced at or from one or more Projects. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Subsidiary"
means, in respect of any Person at any date, (i)&nbsp;any corporation, company, limited liability company, association, joint venture or other business entity of which
securities, membership interests or other ownership interests representing fifty percent (50%) or more of the voting power of all equity interests are owned or held, directly or indirectly, by such
Person, (ii)&nbsp;any partnership, limited liability company or joint venture wherein the general partner, managing partner or operator is, directly or indirectly, such Person, or (iii)&nbsp;any
other Person that is otherwise directly or indirectly Controlled by such Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Taxes"
has the meaning specified in </FONT><FONT SIZE=2><I>Section&nbsp;3.7(a)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Tradable
Shares" means Shares that are fully paid, duly issued and non-assessable; shall be evidenced by original certificates issued by the Borrower reflecting the Lender as the owner
thereof; shall be free of Liens or other claims of rights or interests by third Persons therein; shall be free of contractual restrictions or obligations; shall be covered by and subject to the
Registration Rights Agreement; and upon registration in accordance with the Registration Rights Agreement, such Shares shall be freely transferrable in accordance with Securities Laws on a public
stock exchange of recognized standing, including NASDAQ. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Trading
Day" means a day on which the NASDAQ or such other public stock exchange on which the Shares are principally traded is open and on which Shares are traded. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Tranche"
means, individually and collectively, each tranche of the Loan, including the Tranche One Initial Advance Commitment, the Tranche One Post-Approval Commitment, the Tranche Two
Commitment and the Tranche Three Commitment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Tranche
One Availability Period" means the period of time beginning on the Closing Date to, but not including, the date that is five (5)&nbsp;Business Days after the Shareholder
Approval Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Tranche
One Commitment" means, collectively, the Tranche One Initial Advance Commitment and the Tranche One Post-Approval Commitment. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Tranche
One Initial Advance Commitment" means Three Million Dollars ($3,000,000). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Tranche
One Post-Approval Commitment" means Two Million Dollars ($2,000,000). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Tranche
Three Availability Period" means the period from July&nbsp;15, 2014 to September&nbsp;30, 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Tranche
Three Commitment" means Five Million Dollars ($5,000,000). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Tranche
Two Availability Period" means the period from April&nbsp;15, 2014 to June&nbsp;30, 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Tranche
Two Commitment" means Five Million Dollars ($5,000,000). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Uranium
Realized Price" means either (a)&nbsp;if the Spot Price is equal to or less than $56.50 per pound, an amount calculated in accordance with the following: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g143814.jpg" ALT="GRAPHIC" WIDTH="474" HEIGHT="37">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-11</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>or,
(b)&nbsp;if the Spot Price is greater than $56.50 per pound, an amount calculated in accordance with the following: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g324342.jpg" ALT="GRAPHIC" WIDTH="474" HEIGHT="37">
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<P style="font-family:times;"><FONT SIZE=2>in
each case as calculated by the Lender. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"VWAP"
means Volume-Weighted Average Price, being the price per Share calculated by dividing (x)&nbsp;an amount equal to the total value of Shares traded during a particular time
period, by (y)&nbsp;an amount equal to the total volume of Shares traded over that particular time period, which shall be based on the price and volume quotes provided by NASDAQ or such other
applicable public stock exchange and published by Bloomberg, which amount shall be calculated by the Lender and deemed to be accurate absent manifest error. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Work
Program and Budget" means the detailed work program for the exploration, development, management and operation of the Projects scheduled to be undertaken by the Credit Parties
using the proceeds of the Loan and other available funds, and the detailed budget relating to such activities as well as to all other general, administrative and others costs and expenses of the
Credit Parties, in each case through December&nbsp;31, 2014, as such work program and budget is updated, revised and amended from time to time in accordance with the terms hereof; the current Work
Program and Budget in effect as of the date hereof, which has been approved by the Board of Directors of the Borrower, is attached hereto as </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1(f)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Year"
means a calendar year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk18501_1.2_accounting_principles."> </A>
<A NAME="toc_lk18501_1"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Accounting Principles. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All accounting terms not otherwise defined herein shall be construed, all
financial computations required under this Agreement shall be made, and all financial
information required under this Agreement shall be prepared, in accordance with GAAP applied on a basis consistent with the financial statements referred to in </FONT> <FONT SIZE=2><I>Section&nbsp;6.1(g)</I></FONT><FONT SIZE=2> except as specifically
provided herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk18501_1.3_other_definitional__lk102203"> </A>
<A NAME="toc_lk18501_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Definitional Provisions; Date and Time References. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Unless
otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the Schedules, the other Loan Documents and any
certificate or other document made or delivered pursuant hereto. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
words "hereof", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement, and Section, subsection, Schedule and Exhibit references are to this Agreement unless otherwise specified. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
word "including" means "including without limitation" or "including, but not limited to," and does not create or denote a limitation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Unless
otherwise expressly indicated, each reference to a time or date in any Loan Document shall be to the date and time in Denver, Colorado, United States of America. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Any
calculation to be made under this Agreement shall be, in all instances, calculated by the Lender, acting in good faith, by reference to the terms, conditions and
formulas described in this Agreement, and each such calculation shall be deemed controlling and final, absent manifest error. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-12</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk18501_1.4_currency_conversions."> </A>
<A NAME="toc_lk18501_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Currency Conversions. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For purposes of application of the provisions of this Agreement and the other Loan
Documents, United States Dollars, Canadian Dollars and any other relevant
currency amounts will be calculated and converted by the Lender, acting in good faith, by reference to the Exchange Rate. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lk18501_article_2_commitment;_use_of_p__art02636"> </A>
<A NAME="toc_lk18501_4"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 2<BR>    <BR>    <BR>    COMMITMENT; USE OF PROCEEDS; FEES; FUTURE EQUITY FINANCINGS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk18501_2.1_commitment."> </A>
<A NAME="toc_lk18501_5"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Commitment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to all of the terms and conditions of this Agreement and subject to the satisfaction
of the applicable conditions precedent set forth herein, the Lender
agrees to advance the Loan to the Borrower as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk18501_(a)_tranche_one_commitment."> </A>
<A NAME="toc_lk18501_6"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Tranche One Commitment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During the Tranche One Availability Period, (i)&nbsp;subject to satisfaction of
the applicable conditions precedent set forth in </FONT> <FONT SIZE=2><I>Article&nbsp;5</I></FONT><FONT SIZE=2>, the Lender agrees to advance the Tranche One Initial Advance Commitment to the Borrower (the "Initial Advance"), and
(ii)&nbsp;following receipt of Shareholder Approval prior to the Shareholder Approval Outside Date, and subject to satisfaction of the conditions precedent set forth in </FONT> <FONT SIZE=2><I>Article&nbsp;5</I></FONT><FONT SIZE=2>, including in
</FONT><FONT SIZE=2><I>Section&nbsp;5.2</I></FONT><FONT SIZE=2>, the Lender agrees to advance the Tranche One
Post-Approval Commitment. The obligation of the Lender to advance any portion of the Tranche One Commitment shall terminate on the last day of the Tranche One Availability Period. Upon the applicable
advance, the Tranche One Initial Advance Commitment and the Tranche One Post-Approval Commitment, respectively, shall expire. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk18501_(b)_tranche_two_commitment."> </A>
<A NAME="toc_lk18501_7"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Tranche Two Commitment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During the Tranche Two Availability Period, subject to satisfaction of the
 applicable conditions precedent set forth in </FONT> <FONT SIZE=2><I>Article&nbsp;5</I></FONT><FONT SIZE=2>, the Lender agrees to advance the Tranche Two Commitment to the Borrower in one advance. The obligation of the Lender to advance the
Tranche Two Commitment shall terminate at the end of the last business day of the Tranche Two Availability Period. Upon advance, the Tranche Two Commitment shall expire. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk18501_(c)_tranche_three_commitment."> </A>
<A NAME="toc_lk18501_8"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Tranche Three Commitment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During the Tranche Three Availability Period, subject to satisfaction of the
 applicable conditions precedent set forth in </FONT> <FONT SIZE=2><I>Article&nbsp;5</I></FONT><FONT SIZE=2>, the Lender agrees to advance the Tranche Three Commitment to the Borrower in one advance. The obligation of the Lender to advance the
Tranche Three Commitment shall terminate at the end of the last business day of the Tranche Three Availability Period. Upon advance, the Tranche Three Commitment shall expire. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk18501_2.2_borrowing_procedure_and_funding."> </A>
<A NAME="toc_lk18501_9"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Borrowing Procedure and Funding. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Borrower shall request an advance of any Tranche of the Loan, including each advance of the Tranche One Initial Advance Commitment, the Tranche One Post-Approval
Commitment, the Tranche Two Commitment and the Tranche Three Commitment, by delivering to the Lender a written Notice of Borrowing signed by the Borrower, which shall be delivered to the Lender by no
later than ten (10)&nbsp;Business Days (or such shorter period as may be agreed by the Lender) prior to the date of the requested borrowing (the "Borrowing Date"). The Notice of Borrowing shall be
irrevocable and shall specify: (i)&nbsp;that a Loan is requested by the Borrower, identifying the Tranche that is being requested, (ii)&nbsp;the requested Borrowing Date (which shall be a Business
Day not less than ten (10)&nbsp;Business Days after delivery, or such shorter period as may be agreed by the Lender), and (iii)&nbsp;such other information and certifications as set forth in the
form of Notice of Borrowing and as the Lender shall otherwise have reasonably requested. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Subject
to the satisfaction of the applicable conditions precedent set forth in </FONT><FONT SIZE=2><I>Article&nbsp;5</I></FONT><FONT SIZE=2>, the Lender shall
disburse the proceeds of each Tranche of the Loan to the Borrower by the deposit of funds directly to the Borrower's Account. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-13</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Any
part of the Loan that has been repaid by the Borrower may not be re-borrowed and shall not be re-advanced to the Borrower (except by the Lender in its sole
discretion as a Directed Advance pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;3.5</I></FONT><FONT SIZE=2>). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_2.3_convertible_loan."> </A>
<A NAME="toc_lm18501_1"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Convertible Loan. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon the Conversion Effective Date, any portion of the Tranche One Commitment then
outstanding shall automatically and immediately convert into a convertible loan
subject to the Conversion Provisions, on the terms and conditions applicable to a convertible loan set forth herein, without any further action or the delivery of any Instrument, effective on and as
of the Conversion Effective Date. On and after the Conversion Effective Date, any portion of the Commitment advanced as a Loan shall be advanced as a convertible loan and the Loan will be convertible
into Tradable Shares in accordance with the Conversion Provisions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_2.4_repayment."> </A>
<A NAME="toc_lm18501_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Repayment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The principal amount of the Loan, together with interest thereon and all fees, costs and
other amounts then owing, shall be due and payable in full on the
Maturity Date. The Borrower covenants and agrees to repay the Loan, together with interest thereon, in accordance with the terms of this Agreement. Any part of the Loan that has been repaid by the
Borrower may not be re-borrowed and shall not be re-advanced to the Borrower (except by the Lender in its sole discretion as a Directed Advance pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;3.5</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_2.5_use_of_proceeds."> </A>
<A NAME="toc_lm18501_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Use of Proceeds. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will utilize the Loan solely for critical general and administrative costs,
 essential restoration commitments and limited technical studies, in each
case with respect to the Projects through December&nbsp;31, 2014, all in accordance with, and as specified in, the Work Program and Budget. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_2.6_fees."> </A>
<A NAME="toc_lm18501_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Fees. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(a)_establishment_fee."> </A>
<A NAME="toc_lm18501_5"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Establishment Fee. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to pay the Lender a fee for the establishment of the credit
 facility (the "Establishment Fee") in the amount of Three Hundred Thousand Dollars
($300,000) payable in Tradable Shares, which shall be delivered to the Lender by no later than the fifth (5<SUP>th</SUP>) Business Day following the Shareholder Approval Date. The number of
Tradable Shares which are required to be delivered by the Borrower to the Lender in satisfaction of payment of the Establishment Fee (the "Establishment Fee Shares") shall be determined by the Lender
by dividing (i)&nbsp;the Dollar amount of the Establishment Fee, by (ii)&nbsp;the Market Price on October&nbsp;18, 2013. If the shareholders of the Borrower fail to adopt the Shareholder
Approval, or if the Shareholder Approval is not otherwise obtained by the Shareholder Approval Outside Date, then the Establishment Fee shall be immediately due and payable in immediately available
funds. The entire Establishment Fee is earned in full as of the Closing Date. Payment of the Establishment Fee shall be deemed satisfied upon delivery of the appropriate number of Shares to the Lender
(or its designee) or in cash, in accordance with the foregoing. No portion of the Establishment Fee is refundable to the Borrower or rescindable by the Borrower, in whole or in part, under any
circumstance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(b)_commitment_fee."> </A>
<A NAME="toc_lm18501_6"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Commitment Fee. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the Commitment, the Borrower agrees to pay to the Lender a
 commitment fee (the "Commitment Fee") in an amount equal to the product of
(i)&nbsp;the average daily unused portion of the Commitment beginning on the Closing Date and ending on the termination of the Commitment, </FONT><FONT SIZE=2><I>multiplied</I></FONT><FONT SIZE=2>
by (ii)&nbsp;one percent (1%) per annum. The Commitment Fee shall accrue on a daily basis, shall be calculated monthly and shall be payable to the Lender quarterly in arrears on each Interest
Payment Date with respect to each quarterly period ending on the Quarterly Date immediately prior to such Interest Payment Date and on the Maturity Date. The Commitment Fee shall be payable by the
delivery of Tradable Shares, or, at the option of the Lender, as evidenced by a written notice thereof delivered to the Borrower, in immediately available funds. The number of Tradable Shares which
are required to be delivered by the Borrower to the Lender in satisfaction of such Commitment Fee (the "Commitment Fee Shares") shall be determined by the Lender by calculating the quotient of </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-14</FONT></P>

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<A NAME="page_lm18501_1_15"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>(A)&nbsp;the
Dollar amount of the Commitment Fee which is then due, </FONT><FONT SIZE=2><I>divided</I></FONT><FONT SIZE=2> by (B)&nbsp;the Market Price. Payment of the Commitment Fee shall be
deemed satisfied upon delivery of the appropriate number of Tradable Shares to the Lender electing this payment option by not later than each Interest Payment Date and the Maturity Date. If the Lender
elects to receive Commitment Fee Shares in satisfaction of
the Commitment Fee for any period of time prior to the Shareholder Approval Date, then delivery of such Commitment Fee Shares shall be deferred until after Shareholder Approval and shall be delivered
to the Lender by no later than the fifth (5<SUP>th</SUP>) Business Day following the Shareholder Approval Date; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that if the shareholders of
the Borrower fail to adopt the Shareholder Approval, or if the Shareholder Approval is not otherwise obtained by the Shareholder Approval Outside Date, then such portion of the Commitment Fee shall be
immediately due and payable in immediately available funds. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_2.7_lender_participation_in_equity_financings."> </A>
<A NAME="toc_lm18501_7"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Lender Participation in Equity Financings. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the commitment of the Lender to make the
Loan, the Credit Parties hereby irrevocably grant to the Lender the option and right, at any time and
from time to time in the Lender's sole discretion, so long as the Lender or any of Lender's Affiliates, successors or related investment funds managed by RCF Management L.L.C. holds any Shares or is a
creditor of any Credit Party, to participate or to nominate any of the Lender's Affiliates, successors or related investment funds managed by RCF Management L.L.C. to participate in any Equity
Financing, at the same price and on the same terms and conditions as offered to other investors in such Equity Financing, such participation to be on a </FONT><FONT SIZE=2><I>pro
rata</I></FONT><FONT SIZE=2> basis as determined on a partially-diluted basis by reference to the Lender's percentage interest in the Shares that the Lender holds or shall be deemed to hold at the
time when an offer of participation is made, such that the Lender may maintain its partially-diluted percentage interest in the Shares, such right to be open for acceptance by the Lender for a period
of twenty (20)&nbsp;Business Days from the date upon which Lender receives notice of the Equity Financing. The Lender shall have the option and right, but no obligation or requirement, to
participate in any such Equity Financing. If the Lender elects to participate in such Equity Financing, the Lender shall participate in such Equity Financing on the same terms and conditions as other
participants in such Equity Financing. Each Credit Party agrees to take any and all action and to obtain any and all approvals and consents, or to cause such action to be taken and such approvals and
consents to be obtained, as is necessary or appropriate to allow the Lender to fully participate in any Equity Financing in accordance with the provisions of this paragraph. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_2.8_no_fees_or_commissions."> </A>
<A NAME="toc_lm18501_8"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Fees or Commissions. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither the Borrower nor any other Credit Party has incurred, nor will they
incur, directly or indirectly any liability for brokerage or finder's fees or agent's
commissions or any similar charges or fees in connection with this Agreement or the issuance of any Shares to the Lender contemplated hereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_2.9_legend_on_share_certificates."> </A>
<A NAME="toc_lm18501_9"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Legend on Share Certificates. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Lender consents to the placement of a legend on any certificate or
other document evidencing the Shares issued pursuant to this Agreement substantially as set
forth below, that such Shares have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities or "blue sky" laws and setting forth or referring to
the restrictions on transferability and sale thereof contained in this Agreement. The Lender is aware that the Borrower will make a notation in its appropriate records with respect to the restrictions
on the transferability of the Shares. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF&nbsp;1933, AS AMENDED (THE "ACT") OR UNDER ANY "BLUE SKY" OR STATE SECURITIES LAWS, AND THE SECURITIES MAY NOT
BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE
ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-15</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>TO
THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_2.10_anti-dilution_rights."> </A>
<A NAME="toc_lm18501_10"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Anti-Dilution Rights. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Market Price, the Conversion Price and all Shares to be delivered to the
Lender hereunder, whether as Establishment Fee Shares, Commitment Fee Shares,
Interest Shares, Conversion Shares or otherwise, shall be adjusted to prevent dilution and to reflect (i)&nbsp;any issuance, for a period of one year following the Closing Date, by the Borrower of
Equity Interests at a price per Share less than the Conversion Price, which adjustment (x)&nbsp;shall be subject to a floor of $1.00 per Share and (y)&nbsp;shall not apply to issuances of Shares
under the Borrower's 2013 Omnibus Incentive Plan (</FONT><FONT SIZE=2><I>provided </I></FONT><FONT SIZE=2>that all such issuances comply with the volume limitations set forth in Section&nbsp;6.2
thereof) or upon the vesting of other restricted shares or restricted stock units or exercise of stock options that are, in each case, outstanding as of the date of this Agreement, and (ii)&nbsp;any
changes in the Borrower's capital structure that may occur prior to issuance of Shares to the Lender, in each case, as further described in</FONT><FONT SIZE=2><I> Schedule&nbsp;2.10.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_article_3_procedure_and_payment"> </A>
<A NAME="toc_lm18501_11"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 3<BR>  <BR>    PROCEDURE AND PAYMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_3.1_interest."> </A>
<A NAME="toc_lm18501_12"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Interest. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(a)_general."> </A>
<A NAME="toc_lm18501_13"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;General. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Interest on the Loan shall accrue and shall be payable by the Borrower at the Applicable
Interest Rate, as further described below. On each Interest Payment Date,
the Borrower shall pay interest on the outstanding principal amount of the Loan with respect to each quarterly period ending on the Quarterly Date immediately prior to such Interest Payment Date at a
rate of interest per annum equal to the Applicable Interest Rate based on a 360-day year. Accrued but unpaid interest shall be payable in full on the Maturity Date. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Initial Advance Interest Rate</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Until the Shareholder Approval Date, interest on the Initial Advance shall
accrue and shall be payable by the Borrower at the Initial Advance Interest Rate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Standard Interest Rate</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Following Shareholder Approval, interest on the Loan shall accrue and shall be
payable by the Borrower at the Standard Interest Rate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Default Interest</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Interest on the Loan shall accrue and shall be payable by the Borrower at the Default
Rate during all periods when an Event of Default has occurred and is continuing, including when any amounts payable by the Borrower as principal repayments, interest payments, expense payments or
other amounts are due and payable hereunder, whether by acceleration or otherwise, but remain unpaid by the Borrower. Without prejudice to the rights of the Lender under the preceding sentence, the
Borrower shall indemnify the Lender against any direct loss or expense which the Lender may sustain or incur as a result of the failure by the Borrower to pay the Loan when due. A certificate or other
notice of the Lender submitted to the Borrower setting forth the basis for the determination of Default Rate interest due and of the amounts necessary to indemnify the Lender in respect of such loss
or expense, shall constitute evidence of the accuracy of the information contained therein in the absence of error and, absent notice from the Borrower of such error, shall be conclusive and binding
for all purposes. Interest accruing at the Default Rate shall be payable on demand in immediately available funds in United States Dollars. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(b)_payment_of_interest_by_delivery_of_shares."> </A>
<A NAME="toc_lm18501_14"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payment of Interest by Delivery of Shares. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Provided that no Default or Event of Default has occurred
 and remains outstanding, the Borrower shall pay interest on the Loan by delivery of Tradable Shares (the
"Interest Shares") to the Lender on each Interest Payment Date. At the option of the Lender in its sole discretion, as evidenced by a written notice thereof delivered to the Borrower within three
(3)&nbsp;Business Days prior to each Quarterly Date immediately prior to </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=43,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=465248,FOLIO='A-16',FILE='DISK106:[13ZDG1.13ZDG18501]LM18501A.;15',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lm18501_1_17"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>such
Interest Payment Date, the Borrower shall pay interest on the Loan in United States Dollars. The number of Interest Shares which are required to be delivered by the Borrower to the Lender in
satisfaction of any interest payment payable by the delivery of Interest Shares shall be determined by the Lender by dividing (i)&nbsp;the Dollar amount of the interest on the Loan which is due as
of the Quarterly Date immediately prior to such Interest Payment Date, by (ii)&nbsp;the Market Price on such Quarterly Date immediately prior to such Interest Payment Date. Payment of interest shall
be deemed satisfied upon delivery to the Lender of the interest then due: (x)&nbsp;in Dollars or (y)&nbsp;by the applicable number of Interest Shares, as directed by the Lender, in either case, on
or prior to the applicable Interest Payment Date. If the Lender elects to receive Interest Shares in satisfaction of the payment of interest for any period of time prior to the Shareholder Approval
Date, then delivery of such Interest Shares shall be deferred until after Shareholder Approval and shall be delivered to the Lender by no later than the fifth (5<SUP>th</SUP>) Business Day
following the Shareholder Approval Date; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that if the shareholders of the Borrower fail to adopt the Shareholder Approval, or if the
Shareholder Approval is not otherwise obtained by the Shareholder Approval Outside Date, then such interest shall be immediately due and payable in immediately available funds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(c)_fractional_interests."> </A>
<A NAME="toc_lm18501_15"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Fractional Interests. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not be required to issue fractional Interest Shares upon
 payment of interest on the Loan in Interest Shares. If any fraction of a Share would,
except for the provisions of this </FONT><FONT SIZE=2><I>Section&nbsp;3.1(c)</I></FONT><FONT SIZE=2>, be issuable upon payment of interest on the Loan in Interest Shares (or specified portion
thereof), the Borrower shall issue to the Lender one (1) share for a fraction of an Interest Share greater than or equal to 0.50 and shall issue zero (0) shares for a fraction of an Interest Share
less than 0.50. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_3.2_repayment_of_the_loan."> </A>
<A NAME="toc_lm18501_16"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Repayment of the Loan. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(a)_principal_repayment."> </A>
<A NAME="toc_lm18501_17"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Principal Repayment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Loan shall be due and payable in full on the Maturity Date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(b)_voluntary_prepayment."> </A>
<A NAME="toc_lm18501_18"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Voluntary Prepayment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon not less than five (5)&nbsp;Business Days' prior written notice to the Lender,
 the Borrower may at any time prepay all or a portion of the Loan without
penalty. Upon the giving of notice of prepayment, which shall be irrevocable, the prepayment, together with all interest accrued through the prepayment date, shall be due and payable on the date set
forth therein. Any such voluntary prepayment of the Loan shall be in a minimum amount of Five Million United States Dollars (US$5,000,000) or (if lower) the full amount of the Loan then outstanding.
Amounts prepaid by the Borrower may not be re-borrowed by the Borrower (except, at the option of the Lender, as a Directed Advance made by the Lender pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;3.5</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(c)_mandatory_prepayment."> </A>
<A NAME="toc_lm18501_19"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Mandatory Prepayment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;The
Borrower will prepay the Loan or a portion thereof as provided in this </FONT><FONT SIZE=2><I>Section&nbsp;3.2(c)(i)</I></FONT><FONT SIZE=2> together with
accrued interest on such prepaid amount (A)&nbsp;in full upon acceleration of the due date thereof pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;10.2</I></FONT><FONT SIZE=2>; and (B)&nbsp;in
full on the repayment date specified in a written notice provided to the Borrower by the Lender stating that the Lender requires the Loan to be repaid as a result of the occurrence of a Repayment
Event. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Amounts
prepaid by the Borrower may not be re-borrowed by the Borrower (except, at the option of the Lender, as a Directed Advance made by the Lender pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;3.5</I></FONT><FONT SIZE=2>). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(d)_payment_of_interest_by_delivery_of_shares."> </A>
<A NAME="toc_lm18501_20"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payment of Interest by Delivery of Shares. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Provided that no Default or Event of Default has occurred and
remains outstanding, the Borrower shall pay interest accrued through such prepayment date in
Interest Shares. At the option of the Lender in its sole discretion, as evidenced by a written notice thereof delivered to the Borrower within three (3)&nbsp;Business Days prior to the date for
prepayment set forth in </FONT><FONT SIZE=2><I>Sections&nbsp;3.2(b)</I></FONT><FONT SIZE=2> or </FONT><FONT SIZE=2><I>3.2(c)</I></FONT><FONT SIZE=2> above (the "Prepayment Date"), the Borrower
shall pay interest associated with such prepayment in Dollars. The number of Interest </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=44,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=493513,FOLIO='A-17',FILE='DISK106:[13ZDG1.13ZDG18501]LM18501A.;15',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lm18501_1_18"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Shares
which are required to be delivered by the Borrower to the Lender in satisfaction of any interest payment payable by the delivery of Interest Shares shall be determined by the Lender by dividing
(i)&nbsp;the Dollar amount of the interest on the portion of the Loan which is to be prepaid, by (ii)&nbsp;the Market
Price as of the date immediately prior to the Prepayment Date. Payment of interest shall be deemed satisfied upon delivery to the Lender of the interest then due: (x)&nbsp;in Dollars on or prior to
the Prepayment Date or (y)&nbsp;by the applicable number of Interest Shares on or prior to the Prepayment Date, in each case in the form directed by the Lender. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(e)_illegality."> </A>
<A NAME="toc_lm18501_21"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Illegality. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the Lender shall notify the Borrower that a Change in Law makes it unlawful, or that any
 central bank or other Governmental Authority asserts that it is
unlawful for the Lender to perform its obligations under this Agreement to maintain the Loan then outstanding hereunder, the Borrower shall, no later than 11:00&nbsp;a.m. (Denver, Colorado time) on
or before the date that is the earlier of (i)&nbsp;the date that is thirty (30)&nbsp;days after such notice is provided, or (ii)&nbsp;the earliest date required by applicable Governmental
Requirements or Change in Law, prepay all of the Loan made by the Lender then outstanding, together with accrued interest on the principal amount prepaid to the date of such prepayment and breakage
fees, if any, required to be paid by the Lender as a result of such prepayment being made on such date. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_3.3_priority_of_prepayments."> </A>
<A NAME="toc_lm18501_22"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Priority of Prepayments. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All prepayments made by the Borrower shall be applied first to any amounts
(other than principal or interest) then payable by any Credit Party hereunder or under
any other Loan Documents, then to accrued and unpaid interest on the Loan so prepaid, then to the principal amount of the Loan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_3.4_payments_and_computations."> </A>
<A NAME="toc_lm18501_23"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payments and Computations. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in this Agreement, payments by the
Borrower pursuant to this Agreement or any other Loan Document, whether in respect of
the Loan, interest or otherwise (other than interest or fee payments made by delivery of Shares), shall be made by the Borrower to the Lender not later than 12:00 noon (Denver, Colorado time) on the
date due by delivery of United States Dollars in immediately available funds to the Lender's Account, or such other account designated from time to time by notice from the Lender to the Borrower in
writing at least two (2)&nbsp;Business Days before any such due date. Except as otherwise expressly provided in this Agreement, payments by the Borrower pursuant to this Agreement or any other Loan
Document of interest, fees or other amounts in Shares shall be made by the Borrower to the Lender not later than 12:00 noon (Denver, Colorado time) on the date due by delivery of one or more duly
authorized and issued Share certificates evidencing the number of Shares then due, issued in the name of the Lender or such Affiliate of the Lender as designated by the Lender in writing. All payments
under this Agreement to be made by the delivery of Shares shall be made by the delivery of Tradable Shares. All decisions with respect to the payment of interest, fees or other amounts under this
Agreement by either (i)&nbsp;the delivery of Tradable Shares, or (ii)&nbsp;the payment of immediately available funds, shall be made by the Lender in its sole discretion. For the purposes of
converting any amount from or into United States Dollars or any other currency, the parties shall use the Exchange Rate. All payments hereunder, whether by delivery of Shares or of United States
Dollars, shall be made by the Borrower without set off, deduction, withholding or counterclaim not later than on the date when due. Any payments received hereunder after the time and date specified in
this </FONT><FONT SIZE=2><I>Section&nbsp;3.4</I></FONT><FONT SIZE=2> shall be deemed to have been received by the Lender on the next following Business Day. All interest shall be computed on the
basis of the actual number of days (including the first day but excluding the last day) occurring during the period for which such interest is payable over a year comprised of three hundred sixty
(360)&nbsp;days. Whenever any payment to be made hereunder shall otherwise be due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and such
extension of time shall be included in computing interest, if any, in connection with such payment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_3.5_directed_advances."> </A>
<A NAME="toc_lm18501_24"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Directed Advances. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At any time during the Conversion Period, if the Borrower has repaid all or any
portion of the Loan, the Lender, in its sole discretion, has the right and option,
but shall have no obligation, to cause a re-advance (a "Directed Advance") of such repaid amount, or any portion </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=45,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=951713,FOLIO='A-18',FILE='DISK106:[13ZDG1.13ZDG18501]LM18501A.;15',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lm18501_1_19"> </A>

<P style="font-family:times;"><FONT SIZE=2>thereof,
to be made to the Borrower for the purpose of allowing the Lender to convert such Loan provided to the Borrower pursuant to a Directed Advance into Conversion Shares in accordance with the
Conversion Provision. Directed Advances shall be evidenced by the Lender's delivery of notice in writing to the Borrower, such notice to be delivered to the Borrower at least ten (10)&nbsp;Business
Days prior to the date on which the Directed Advance referred to therein is made and the related conversion into Conversion Shares takes place. The Lender may make a Directed Advance at any time
during the Conversion Period if the Borrower has repaid all or any portion of the Loan during the Conversion Period, and this Agreement shall remain in force and effect in accordance with its terms
until the Scheduled Maturity Date for purposes of exercise of a Directed Advance, notwithstanding full and final payment and performance of the other Obligations. Any Loan received by the Borrower
pursuant to a Directed Advance shall be immediately converted into Conversion Shares pursuant to the Conversion Provisions and such Loan shall be deemed repaid upon delivery to the Lender of the
appropriate number of Conversion Shares in satisfaction of such Directed Advance, as calculated in accordance with the Conversion Provisions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_3.6_increased_costs."> </A>
<A NAME="toc_lm18501_25"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Increased Costs. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(a)_increased_costs_generally."> </A>
<A NAME="toc_lm18501_26"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Increased Costs Generally. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If any Change in Law shall: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the
account of, or credit extended or participated in by, the Lender; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;subject
the Lender to any Taxes and Other Taxes payable by the Lender (other than Excluded Taxes) with respect to this Agreement or any Loan made by it, or change the
basis of taxation of payments to the Lender in respect thereof; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;impose
on the Lender any other condition, cost or expense affecting this Agreement or Loan made by the Lender; </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>and
the result of any of the foregoing shall be to increase the cost to the Lender of making or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to reduce the amount
of any sum received or receivable by the Lender hereunder (whether of principal, interest or any other amount) then, upon request of the Lender, the Borrower will pay to the Lender such additional
amount or amounts as will compensate the Lender for such additional costs incurred or reduction suffered. The Lender agrees to use reasonable efforts to avoid or to minimize any amounts which might
otherwise be payable pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;3.6</I></FONT><FONT SIZE=2>, at the cost and expense of the Borrower. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(b)_certificates_for_reimbursement."> </A>
<A NAME="toc_lm18501_27"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Certificates for Reimbursement. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A certificate of an authorized officer of the Lender setting forth the
 amount or amounts necessary to compensate the Lender or the Lender's Affiliate, as the case
may be, as specified in paragraph&nbsp;(a) of this </FONT><FONT SIZE=2><I>Section&nbsp;3.6</I></FONT><FONT SIZE=2> and delivered to the Borrower shall be conclusive absent manifest error. The
Borrower shall pay the Lender the amount shown as due on any such certificate within ten (10)&nbsp;Business Days after receipt thereof. Contemporaneously with such certificate the Lender shall
provide the Borrower with reasonable supporting evidence of the amounts claimed to be due from the Borrower to the Lender and the steps Lender took to minimize such amounts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(c)_delay_in_requests."> </A>
<A NAME="toc_lm18501_28"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Delay in Requests. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Failure or delay on the part of the Lender to demand compensation pursuant to this
 </FONT><FONT SIZE=2><I>Section&nbsp;3.6</I></FONT><FONT SIZE=2> shall not
constitute a waiver of the Lender's right to demand such compensation; provided that the Borrower shall not be required to compensate the Lender pursuant to the foregoing provisions of this </FONT> <FONT SIZE=2><I>Section&nbsp;3.6</I></FONT><FONT
SIZE=2> for any increased costs incurred or reductions suffered more than six months prior to the date that the Lender notifies the Borrower
of the Change in Law giving rise to such increased costs or reductions and of the Lender's intention to claim compensation therefor (except that, if the Change in Law giving rise to such </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=46,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=942321,FOLIO='A-19',FILE='DISK106:[13ZDG1.13ZDG18501]LM18501A.;15',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lm18501_1_20"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>increased
costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_3.7_taxes."> </A>
<A NAME="toc_lm18501_29"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Taxes. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(a)_general._1"> </A>
<A NAME="toc_lm18501_30"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;General. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any and all payments and the delivery of any and all certificates, Shares, securities or other
 property or consideration by the Borrower or any other Credit Party
hereunder shall be made in full, free and clear of and without deduction or withholding for any and all present or future taxes, levies, duties, imposts, assessments, deductions, charges, withholdings
or other similar amounts, and all liabilities with respect thereto imposed on the Borrower or any Credit Party, other than Excluded Taxes (all such non-excluded taxes, levies, duties, imposts,
assessments, deductions, charges, withholdings and liabilities being hereinafter referred to as "Taxes"). If the Borrower or any other Credit Party shall be required by law to deduct or withhold any
Taxes from or in respect of any such payment, certificate, Share, security or other property or consideration payable or deliverable hereunder to the Lender, (i)&nbsp;the sum payable and the
certificates, Shares, securities and other property or consideration so deliverable shall, subject to applicable law, be increased as may be necessary so that after making all required deductions and
withholdings (including deductions and withholdings applicable to additional sums, certificates, Shares, securities and other property or consideration payable or deliverable under this </FONT> <FONT SIZE=2><I>Section&nbsp;3.7</I></FONT><FONT
SIZE=2>) the Lender receives an amount and certificates, Shares, securities and other property or consideration as the case may be equal to
the amount and certificates, Shares, securities and other property or consideration it would have received had no such deductions or withholdings been made, (ii)&nbsp;the Borrower or the Credit
Party shall make such deductions or withholdings and (iii)&nbsp;the Borrower or other Credit Party shall pay the full amount required to be deducted or withheld to the relevant taxation authority or
other authority in accordance with applicable law and within the time for payment prescribed by applicable law. If the Lender receives a credit against Excluded Taxes for any amounts deducted or
withheld, the Lender shall deliver to the Borrower the amount of such credit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(b)_other_taxes."> </A>
<A NAME="toc_lm18501_31"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Taxes. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Borrower agrees to pay any present or future stamp, sales, use or
documentary taxes or any other excise or property taxes, charges, duties or
similar levies which arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Agreement, any of the Loan Documents, or any
Instrument contemplated thereby (hereinafter referred to as "Other Taxes"), other than Excluded Taxes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(c)_tax_indemnity."> </A>
<A NAME="toc_lm18501_32"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Tax Indemnity. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby indemnifies the Lender for, and agrees to hold the Lender harmless
from, the full amount of all Taxes and Other Taxes payable by the Lender
(other than Excluded Taxes) and any liability, cost or amount (including penalties, interest and expenses) arising therefrom or with respect thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(d)_payment_of_taxes."> </A>
<A NAME="toc_lm18501_33"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payment of Taxes. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Within thirty (30)&nbsp;days after the date required for payment of any Taxes or
 Other Taxes required to be deducted or withheld by the Borrower in respect of
any payment or delivery to the Lender, the Borrower will furnish to the Lender a form of evidence of payment thereof acceptable to the Lender in its sole discretion, acting reasonably. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(e)_survival."> </A>
<A NAME="toc_lm18501_34"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Survival. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Without prejudice to the survival of any other agreement hereunder, the agreements and
 obligations contained in this </FONT> <FONT SIZE=2><I>Section&nbsp;3.7</I></FONT><FONT SIZE=2> shall survive the payment in full of the Loan, interest thereon and any other amounts due hereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_(f)_further_assurances."> </A>
<A NAME="toc_lm18501_35"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Further Assurances. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;After receipt from the Borrower of each payment made pursuant to this </FONT><FONT
SIZE=2><I>Section&nbsp;3.7</I></FONT><FONT SIZE=2>, the Lender shall, if
reasonably requested by the Borrower and at the Borrower's cost and expense, submit and pursue any necessary applications to obtain any refund, credit, allowance, remission or deduction from income
otherwise determined or tax otherwise payable, to which the Lender may be entitled from the taxation authorities of any relevant taxing jurisdictions </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=47,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=359564,FOLIO='A-20',FILE='DISK106:[13ZDG1.13ZDG18501]LM18501A.;15',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lm18501_1_21"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>in
respect of any payment of Taxes or Other Taxes referred to in this </FONT><FONT SIZE=2><I>Section&nbsp;3.7</I></FONT><FONT SIZE=2>. If any such refund shall be received or due payment of tax
reduced by reason of such refund, credit, allowance, remission or deduction, the Lender shall, to the extent that it can do so without prejudice to its ability to retain the amount of such refund,
credit, allowance, remission or deduction, promptly notify the Borrower thereof and account to the Borrower for an amount equal to the refund received or credit, allowance, remission or deduction
given. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_3.8_usury."> </A>
<A NAME="toc_lm18501_36"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Usury. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Agreement would oblige the Borrower to make any payment of interest or
other amount payable to the Lender in an amount or calculated at a
rate which would be prohibited by law or would result in a receipt by that Lender of "interest" at a "criminal rate" or a "usurious rate", then, notwithstanding such provision, such amount or rate
shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by the
Lender of "interest" at a "criminal rate" or a "usurious rate", such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: (a)&nbsp;first, by reducing
the amount or rate of interest; and (b)&nbsp;thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid to the Lender which would constitute
interest under applicable Governmental Requirements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_article_4_collateral_security"> </A>
<A NAME="toc_lm18501_37"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 4<BR>  <BR>    COLLATERAL SECURITY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_4.1_security_documents."> </A>
<A NAME="toc_lm18501_38"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Security Documents. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As security for the due, prompt and complete repayment of the Loan and the payment
of all other amounts due hereunder, and for the prompt and complete performance
of all other Obligations, the Credit Parties shall execute and deliver to the Lender the Security Documents to which each of them is a party, in each case as and when contemplated by this Agreement or
any other Loan Document. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_4.2_recordings_and_filings_of_security_documents."> </A>
<A NAME="toc_lm18501_39"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Recordings and Filings of Security Documents. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Lender will record, register or file with or deliver
to appropriate Governmental Authorities, account debtors or other Persons, the Security Documents, as
necessary or appropriate, at the Borrower's expense, together with all other Instruments necessary to establish, attach, protect, maintain or perfect the Liens of the Lender, each with the Agreed
Priority over all other security interest holders and mortgages. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_4.3_protection_of_security_document_liens."> </A>
<A NAME="toc_lm18501_40"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Protection of Security Document Liens. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party hereby authorizes the Lender to file such
financing statements and other agreements, documents, registrations, filings or Instruments with such
Governmental Authorities in such jurisdictions as it reasonably determines to be desirable and to take such other actions as the Lender determines to be necessary or desirable to legalize,
authenticate, protect, perfect and maintain the perfection of the Liens in the Collateral identified in the Security Documents. The Credit Parties agree to cooperate with the Lender in delivering all
share certificates and other certificates (together with stock transfers, transfer powers of attorney, or other appropriate Instruments, in each case executed in blank), if any, of Equity Interests
pledged pursuant to a Security Document and in undertaking and completing all recordings, filings, registrations and other actions required in connection with the Security Documents, and the Credit
Parties further agree to promptly take all such other actions as the Lender may reasonably determine to be necessary or appropriate to confirm, perfect, maintain and protect the perfection of the
Liens granted by the Security Documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_4.4_security_documents."> </A>
<A NAME="toc_lm18501_41"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Security Documents. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party hereby agrees that notwithstanding any provision of any other Loan
Document to the contrary, the Liens created pursuant to the Security
Documents shall secure all Obligations. The Security Documents create valid security interests in, and Liens on, the Collateral purported to be covered thereby, which security interests and Liens are
currently perfected security interests and Liens, or will be perfected security interests and Liens in accordance with the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=48,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=429076,FOLIO='A-21',FILE='DISK106:[13ZDG1.13ZDG18501]LM18501A.;15',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lm18501_1_22"> </A>

<P style="font-family:times;"><FONT SIZE=2>requirements
specified in such Security Documents or elsewhere in this Agreement, each with the Agreed Priority. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_4.5_right_of_set-off."> </A>
<A NAME="toc_lm18501_42"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Right of Set-off. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence and during the continuance of any Event of Default, the Lender is
hereby authorized at any time and from time to time, without notice to the
Borrower or any other Credit Party (any such notice being expressly waived by the Borrower and the other Credit Parties), to set off and apply any and all deposits (general or special, time or demand,
provisional or final), at any time held and other indebtedness at any time owing by the Lender to or for the credit or the account of any Credit Party against any and all of the Obligations of any
Credit Party now or hereafter existing, although such Obligations may be contingent and unmatured. The Lender agrees promptly to notify the Borrower and the appropriate Credit Party after any such
set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Lender under this </FONT> <FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2> are in addition
to other rights and remedies (including, without limitation, other rights of set-off) which the Lender may have. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_4.6_subordination_of_certain_liens."> </A>
<A NAME="toc_lm18501_43"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Subordination of Certain Liens. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Lender agrees to subordinate its Liens on the Collateral on terms
and conditions acceptable to the Lender to be contained in a written subordination agreement
reasonably acceptable to the Lender, and which terms will specifically not include any agreement on the part of the Lender to forego, delay or postpone payments due to the Lender (whether for
principal, interest or other amounts), to Liens in favor of a third Person or Persons providing bona fide Debt Financing to a Credit Party to the extent reasonably necessary for the development and
operation of a Project. The provisions of this </FONT><FONT SIZE=2><I>Section&nbsp;4.6</I></FONT><FONT SIZE=2> pertain only to subordination by the Lender of its Liens with respect to the
Collateral pertaining to a Project and the priority thereof and do not obligate the Lender to subordinate its rights to receive payments of principal, interest, fees and other amounts due hereunder as
and when such amounts are or become due or to otherwise demand and obtain full performance of the Obligations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_article_5_conditions_precedent"> </A>
<A NAME="toc_lm18501_44"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 5<BR>  <BR>    CONDITIONS PRECEDENT    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm18501_5.1_conditions_precedent_to_th__5.103383"> </A>
<A NAME="toc_lm18501_45"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to this Agreement and the Tranche One Initial Advance Commitment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The obligation of
the Lender with respect to the advance of the Tranche One Initial Advance Commitment during the Tranche One Availability Period is subject to
satisfaction (or waiver by the Lender in its sole discretion) of each of the following conditions precedent: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Lender or its counsel shall have received the following, with each Instrument dated on or no more than three (3)&nbsp;days prior to the date of the proposed
advance of a Loan (or as otherwise specified herein or agreed by the Lender), and in form and substance as shall be satisfactory to the Lender: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;this
Agreement, duly executed by the Borrower and the applicable Credit Parties; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;the
Promissory Note, duly executed by the Borrower, payable to the order of the Lender; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;each
of the Security Documents, each duly executed by the applicable Credit Party, together with any financing statements, filings or other Instruments for filing or
registration, notarizations thereof, notices with respect thereto or other Instruments, including applicable estoppel letters, determined by the Lender, acting reasonably, to be necessary or desirable
to establish, maintain and perfect the Liens established pursuant to the Security Documents; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;to
the extent not specifically referenced, each other Loan Document, duly executed by the applicable Credit Party or its Subsidiaries, as appropriate; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>
</UL>
</UL>
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NAME="page_lo18501_1_23"> </A>


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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;an
Omnibus Certificate for each Credit Party, duly executed by an officer thereof, substantially in the form of </FONT> <FONT SIZE=2><I>Exhibit&nbsp;A</I></FONT><FONT SIZE=2> hereto; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;a
Notice of Borrowing, duly executed by an officer of the Borrower, substantially in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;B</I></FONT><FONT SIZE=2>
hereto; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;a
certificate for each Credit Party from (A)&nbsp;its jurisdiction of incorporation or organization and (B)&nbsp;each other jurisdiction identified on </FONT> <FONT SIZE=2><I>Schedule&nbsp;5.1(a)(vii)</I></FONT><FONT SIZE=2>, confirming the due
organization and good standing of such Credit Party in such jurisdiction, as applicable; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;an
opinion of legal counsel to the Credit Parties, in form and substance acceptable to the Lender, acting reasonably; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;security
legal opinions from legal counsel to each Credit Party, in form and substance acceptable to the Lender, pertaining to the validity of the Security Documents
and the security interests granted thereby and the perfection of such security interests; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;certificates
of issuing insurance companies or brokers, confirming compliance by the Credit Parties with the insurance requirements set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;7.5</I></FONT><FONT SIZE=2>; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;accurate
and complete copies of the financial statements of the Credit Parties referred to in </FONT><FONT SIZE=2><I>Section&nbsp;6.1(g)</I></FONT><FONT SIZE=2>; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;all
such other approvals, opinions, documents or Instruments as the Lender may reasonably request. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;all
representations and warranties made by the Credit Parties herein and in any other Loan Document shall be true and correct; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;all
approvals, consents and authorizations of Governmental Authorities or other Persons required in connection with this Agreement and the other Loan Documents, if any,
shall have been obtained and remain in effect; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;there
shall be no pending or threatened (in writing) action or proceeding before any Governmental Authority against or affecting any Credit Party or any Project which
could reasonably be expected to have a Material Adverse Effect on any Credit Party; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;the
Borrower shall have delivered to the Lender a copy of the current Work Program and Budget, which has been approved by the Board of Directors of the Borrower and is
in form and substance reasonably satisfactory to the Lender; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;since
December&nbsp;31, 2012, except as previously disclosed in writing to the Lender, there shall have been no change, event or occurrence that has had, or could
reasonably be expected to have, a Material Adverse Effect on the Borrower or on any Material Project; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;the
Lender shall have received, in form and substance satisfactory to the Lender, search results from all relevant jurisdictions wherein a Credit Party conducts business
or owns property, pertaining to all Lien filings, registrations and records appearing in such jurisdiction, together with copies of any documents, filings and Instruments on file in such
jurisdictions; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;all
data, reports, maps, surveys, financial statements, Instruments and other information requested by the Lender for its due diligence shall have been provided, and the
Lender shall have completed its due diligence investigation of the Credit Parties and the Projects in scope, and with results, satisfactory to the Lender; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
Lender shall have received all internal investment committee approvals necessary to consummate the transactions contemplated by this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;the
Lender shall be satisfied with the form of the Loan Documents; </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=50,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=830896,FOLIO='A-23',FILE='DISK106:[13ZDG1.13ZDG18501]LO18501A.;9',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lo18501_1_24"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;the
Credit Parties shall have made all public disclosures (including all information material to the Credit Parties and the Projects) and submitted all applications,
reports and information, and taken all other actions necessary, to comply fully with applicable Securities Laws, and the Lender shall have confirmed such compliance to its satisfaction; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;each
Credit Party shall have performed and complied with all agreements and conditions herein and in the other Loan Documents required to be performed and complied with
on or prior to the date of the proposed Loan, except those agreements and conditions waived by the Lender; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;no
Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the Loan; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;except
for litigation disclosed on </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(f)</I></FONT><FONT SIZE=2>, there shall not exist any litigation, investigation,
bankruptcy or insolvency, injunction, order or claim affecting or relating to any Credit Party or its Subsidiaries, or any Project, which has had, or could reasonably be expected to have, a Material
Adverse Effect, or which could reasonably be expected to affect the legality, validity or enforceability of this Agreement or any other Loan Document, that has not been settled, dismissed, vacated,
discharged or terminated; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;the
Lender shall have received all such other approvals, opinions, certificates, documents or Instruments as the Lender may reasonably request. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>The
Borrower's tender of a Notice of Borrowing shall be deemed to constitute a representation and warranty by the Borrower as of the date of the Loan that the conditions precedent in
paragraphs&nbsp;(a) through (o)&nbsp;of this </FONT><FONT SIZE=2><I>Section&nbsp;5.1</I></FONT><FONT SIZE=2> have been, and remain, satisfied. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_5.2_conditions_precedent_to_th__5.202570"> </A>
<A NAME="toc_lo18501_1"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to the Tranche One Post-Approval Commitment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Lender to
advance the Tranche One Post-Approval Commitment during the Tranche One Availability Period is subject to satisfaction (or waiver
by the Lender in its sole discretion) of each of the following conditions precedent: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Lender or its counsel shall have received each of the Loan Documents to be executed and delivered by a Credit Party together with all such other approvals, opinions,
documents or Instruments as the Lenders may reasonably request; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Shareholder Approval shall have been obtained by no later than the Shareholder Approval Outside Date, and the Credit Parties shall have otherwise provided evidence
satisfactory to the Lender that all Shares issuable pursuant to this Agreement have been duly and validly authorized, and that such issuance of Shares shall comply with all applicable Governmental
Requirements, including applicable Securities Laws; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;All
interest, Fees and other amounts due and payable prior to the proposed Borrowing Date shall have been timely paid in full; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;All
conditions set forth in </FONT><FONT SIZE=2><I>Section&nbsp;2.1</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;2.2</I></FONT><FONT SIZE=2>,
including delivery of an executed Notice of Borrowing, shall have been satisfied, and all of the conditions set forth in </FONT><FONT SIZE=2><I>Section&nbsp;5.1</I></FONT><FONT SIZE=2> shall have
been, and shall remain, satisfied; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Tranche One Initial Advance Commitment shall have been advanced to the Borrower. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_5.3_conditions_precede__lo102091"> </A>
<A NAME="toc_lo18501_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to the Tranche Two Commitment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Lender to advance the Tranche
Two Commitment during the Tranche Two Availability Period is subject to satisfaction (or waiver by the Lender
in its sole discretion) of each of the following conditions precedent: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=51,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=887826,FOLIO='A-24',FILE='DISK106:[13ZDG1.13ZDG18501]LO18501A.;9',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lo18501_1_25"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Lender or its counsel shall have received each of the Loan Documents to be executed and delivered by a Credit Party together with all such other approvals, opinions,
documents or Instruments as the Lenders may reasonably request; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If,
at any time, the Uranium Realized Price is less than $50 per pound, then the Credit Parties shall defer and not undertake any plans, activities, obligations or
expenditures related to start-up activities or recommencing the extraction or production of Metals from any Project located in Texas until either (i)&nbsp;the Uranium Realized Price exceeds an
average of $50 per pound for a period of not less than three
(3)&nbsp;Months, or (ii)&nbsp;the profit margin on the Full Cost of Production associated with the extraction, production, marketing and sale of uranium by the Credit Parties from all Projects in
production equals or exceeds ten percent (10%) for a period of not less than three (3)&nbsp;Months; and the Credit Parties shall have provided evidence satisfactory to the Lender, including by
delivery of a written certificate signed by the Credit Parties, that all such plans, activities, obligations and expenditures have been deferred, and will not be undertaken, until such time as the
foregoing conditions have been satisfied to the satisfaction of the Lender; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that if
commenced in compliance with the foregoing conditions in this </FONT><FONT SIZE=2><I>Section&nbsp;5.3(b)</I></FONT><FONT SIZE=2>, any such plans, activities, obligations or expenditures related to
start-up activities or recommencing of extraction or production of Metals from any Project located in Texas shall be permitted to continue if ceasing such activities would result in further economic
loss to the Credit Parties as compared to continuing such activities; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;All
interest, Fees and other amounts due and payable prior to the proposed Borrowing Date shall have been timely paid in full; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;All
conditions set forth in </FONT><FONT SIZE=2><I>Section&nbsp;2.1</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;2.2</I></FONT><FONT SIZE=2>,
including delivery of an executed Notice of Borrowing, shall have been satisfied, and all of the conditions set forth in </FONT><FONT SIZE=2><I>Section&nbsp;5.1</I></FONT><FONT SIZE=2> shall have
been, and shall remain, satisfied; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Tranche One Post-Approval Commitment shall have been advanced to the Borrower. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_5.4_conditions_precede__lo102152"> </A>
<A NAME="toc_lo18501_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to the Tranche Three Commitment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Lender to advance the
Tranche Three Commitment during the Tranche Three Availability Period is subject to satisfaction (or waiver by each
Lender in its sole discretion) of each of the following conditions precedent: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Lender or its counsel shall have received each of the Loan Documents to be executed and delivered by a Credit Party together with all such other approvals, opinions,
documents or Instruments as the Lenders may reasonably request; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If,
at any time, the Uranium Realized Price is less than $50 per pound and the profit margin on the Full Cost of Production associated with the extraction, production,
marketing and sale of uranium by the Credit Parties from all Projects in production is less than ten percent (10%), then the Credit Parties shall revise and amend the Work Program and Budget to reduce
all costs and expenditures so that the Tranche Three Commitment will demonstrably cover all financial obligations and commitments of the Credit Parties through March 2015; and such amended Work
Program and Budget shall be approved and adopted by the Board of Directors of the Borrower and shall be approved by the Lender; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;All
interest, Fees and other amounts due and payable prior to the proposed Borrowing Date shall have been timely paid in full; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;All
conditions set forth in </FONT><FONT SIZE=2><I>Section&nbsp;2.1</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;2.2</I></FONT><FONT SIZE=2>,
including delivery of an executed Notice of Borrowing, shall have been satisfied, and all of the conditions set forth in </FONT><FONT SIZE=2><I>Section&nbsp;5.1</I></FONT><FONT SIZE=2> shall have
been, and shall remain, satisfied; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Tranche Two Commitment shall have been advanced to the Borrower. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=52,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=570591,FOLIO='A-25',FILE='DISK106:[13ZDG1.13ZDG18501]LO18501A.;9',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lo18501_1_26"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_5.5_conditions_precedent_to_all_loans."> </A>
<A NAME="toc_lo18501_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to All Loans. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Lender to advance any Tranche hereunder is
subject to the satisfaction (or waiver by the Lender in its sole discretion) of the following
conditions precedent on the date of making such Loan: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
representations and warranties made by the Credit Parties herein, in the Security Documents or which are contained in any certificate furnished at any time under or
in connection herewith shall be true and correct on and as of the date of such Loan as if made on and as of such date, except for representations and warranties expressly stated to relate to a
specific earlier date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;No
Default or Event of Default shall have occurred and be continuing on such date or after giving effect to such Loan; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Immediately
after giving effect to the making of any Tranche of the Loan (and the application of the proceeds thereof), the aggregate sum of all outstanding Tranches
shall not exceed the respective Commitments; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Except
for litigation disclosed on </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(f)</I></FONT><FONT SIZE=2>, there shall not exist any litigation, investigation,
bankruptcy or insolvency, injunction, order or claim affecting or relating to any Credit Party or any of its Subsidiaries, or any Project, which has had, or could reasonably be expected to have, a
Material Adverse Effect, or which could reasonably be expected to affect the legality, validity or enforceability of this Agreement or any other Loan Document, that has not been settled, dismissed,
vacated, discharged or terminated; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;No
Borrower, Credit Party or Material Project shall have suffered a Material Adverse Effect; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;All
conditions set forth in </FONT><FONT SIZE=2><I>Section&nbsp;2.1</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;2.2</I></FONT><FONT SIZE=2>,
including delivery of an executed Notice of Borrowing, shall have been satisfied, and with respect to each Tranche, all of the specific conditions with respect to such Tranche shall have been, and
shall remain, satisfied; the Borrower shall have certified the satisfaction of all such conditions precedent by its delivery of a Notice of Borrowing. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>Each
request for a Loan shall be deemed to constitute a representation and warranty by the Borrower as of the date of such Borrowing Date that the conditions precedent applicable thereto have been,
and remain, satisfied. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_article_6_representations_and_warranties"> </A>
<A NAME="toc_lo18501_5"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 6<BR>  <BR>    REPRESENTATIONS AND WARRANTIES    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_6.1_representations_an__lo102166"> </A>
<A NAME="toc_lo18501_6"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Credit Parties. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the Credit Parties, for itself and on
behalf of each of its Subsidiaries, hereby represents and warrants to the Lender as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(a)_qualification_and_organization."> </A>
<A NAME="toc_lo18501_7"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Qualification and Organization. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;It has all requisite corporate, partnership or limited liability
 company power and authority to enter into this Agreement and the other Loan Documents to which it
is a party and to carry out the transactions contemplated hereby and thereby. It is otherwise duly qualified to do business as a foreign corporation or other applicable entity in each jurisdiction
where the nature of its business or properties requires such qualification, except where the failure to obtain such qualification could not reasonably be expected to result in a Material Adverse
Effect. It is a corporation, partnership or a limited liability company, duly incorporated or organized (respectively), validly existing and in good standing under the laws of the jurisdiction of its
incorporation or organization, as applicable. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=53,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=721613,FOLIO='A-26',FILE='DISK106:[13ZDG1.13ZDG18501]LO18501A.;9',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lo18501_1_27"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(b)_subsidiaries."> </A>
<A NAME="toc_lo18501_8"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(b)</I></FONT><FONT
 SIZE=2>, the Credit Parties do not have any direct or indirect Subsidiaries. </FONT> <FONT SIZE=2><I>Schedule&nbsp;6.1(b)</I></FONT><FONT SIZE=2> sets forth a true and complete description of the capital structure of each direct or indirect
 Subsidiary of each Credit Party. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(c)_authorization;_no_conflict."> </A>
<A NAME="toc_lo18501_9"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authorization; No Conflict. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance by it of this Agreement and of the
other Loan Documents to which it is a party have been duly authorized by all necessary
shareholder, manager, partner, member and corporate action on the part of such Credit Party or Subsidiary thereof (except for the Shareholder Approval, which will be obtained in accordance with the
terms of this Agreement) and do not and will not (i)&nbsp;contravene the articles of incorporation, articles, charter or by-laws, operating agreement, notice of articles or similar constituent
documents of such Credit Party or Subsidiary thereof; (ii)&nbsp;violate any provision of any Governmental Requirement, order, writ, judgment, injunction, decree, determination or award presently in
effect having applicability to such Credit Party or Subsidiary thereof; (iii)&nbsp;result in a breach of or constitute a default under, or, except as set forth on </FONT> <FONT SIZE=2><I>Schedule&nbsp;6.1(c)</I></FONT><FONT SIZE=2>, require the
consent of any Person pursuant to, any Material Agreement to which any Credit Party or Subsidiary thereof is a party
or by which any such Credit Party, any Subsidiary thereof or any of their respective properties may be bound or affected; (iv)&nbsp;trigger the application of any change of control or
anti-assignment provisions in any Material Agreement to which any Credit Party or Subsidiary thereof is a party or by which any such Credit Party, any Subsidiary thereof or any of their respective
properties may be bound or affected; or (v)&nbsp;result in, or require, the creation or imposition of any Lien (other than Liens arising under the Security Documents) upon or with respect to any of
the properties now owned by any Credit Party or any Subsidiary thereof and, to the knowledge of each Credit Party, no Credit Party or Subsidiary thereof is in default in any material respect under any
such Governmental Requirement, writ, judgment, injunction, decree, determination or award or any such indenture, agreement, lease or instrument. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(d)_governmental_and_other_consents_and_approvals."> </A>
<A NAME="toc_lo18501_10"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governmental and Other Consents and Approvals. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth on </FONT><FONT
 SIZE=2><I>Schedule&nbsp;6.1(d)</I></FONT><FONT SIZE=2>, no authorization or approval or other action by or consent of, and
no notice to or filing or registration with, any Governmental Authority or any other Person is required (i)&nbsp;for the due execution and delivery of the Loan Documents, and the incurrence and due
performance of, the financial obligations of the Credit Parties or any Subsidiary thereof under this Agreement or any other Loan Document, or (ii)&nbsp;except for ongoing filings obtained in the
ordinary course of the Credit Parties' business, for the due performance of all other Obligations of the Credit Parties or any Subsidiary thereof under this Agreement or any other Loan Document,
except for such authorizations, approvals or other actions as have been obtained or notices or filings as have been made. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(e)_binding_obligations."> </A>
<A NAME="toc_lo18501_11"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Binding Obligations. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and each of the other Loan Documents constitutes a legal, valid and
binding obligation of each of the Credit Parties and/or each Subsidiary thereof
that is a party thereto, enforceable against such Credit Party or Subsidiary thereof that is a party thereto in accordance with their respective terms (except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium and similar laws or equitable principles affecting enforcement of creditors' rights generally at the time in effect). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(f)_litigation."> </A>
<A NAME="toc_lo18501_12"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Litigation. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(f)</I></FONT><FONT SIZE=2>,
there is no claim, action, lawsuit, proceeding, arbitration or
investigation pending or, to the knowledge of the Credit Parties, threatened in writing against or involving any Credit Party or any Subsidiary thereof or any Project or any portion thereof, which
alleges the violation of any Governmental Requirement, or which questions the validity of this Agreement or any of the other Loan Documents or any action taken or to be taken pursuant to this
Agreement or any of the Loan Documents, which involves any Material Agreement, or which could reasonably be expected to result, either in any case or in the aggregate, in a Material Adverse Effect on
a Credit Party. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=54,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=384951,FOLIO='A-27',FILE='DISK106:[13ZDG1.13ZDG18501]LO18501A.;9',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lo18501_1_28"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(g)_financial_statemen__lo101920"> </A>
<A NAME="toc_lo18501_13"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements; No Material Adverse Change. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The audited consolidated balance sheet of the
 Borrower as of December&nbsp;31, 2012, and the related unaudited consolidated statements of operations and
deficits of the Borrower for the period then ended, and the unaudited consolidated balance sheet of the Borrower as of September&nbsp;30, 2013 and the related unaudited statement of operations and
deficits of the Borrower for the period then ended, copies of which have been furnished to the Lender and are attached hereto as </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(g)</I></FONT><FONT SIZE=2>,
fairly present the consolidated financial condition in all material respects of the Borrower and the other Credit Parties as of such dates and the consolidated results of the operations of the
Borrower and the other Credit Parties for the period ended on such dates, all in accordance with GAAP consistently applied. Neither the Borrower nor any other Credit Party has any material Contingent
Liability or liability for taxes, long-term leases or unusual forward or long-term commitments which are not reflected in such financial statements. Since December&nbsp;31, 2012, except as
previously disclosed in writing to the Lender, neither the business, operations or prospects of the Borrower or any other Credit Party, nor any of its properties or assets, have been affected by any
occurrence or development (whether or not insured against) which could reasonably be expected to result, either in any case or in the aggregate, in a Material Adverse Effect on the Borrower or any
Credit Party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(h)_other_agreements."> </A>
<A NAME="toc_lo18501_14"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Agreements. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party nor any Subsidiary thereof is a party to any indenture, loan or
 credit agreement or any lease or other agreement or Instrument (other than the
Material Agreements) or subject to any charter or other corporate restriction which could reasonably be expected, upon a default thereunder or otherwise, to result in a Material Adverse Effect on a
Credit Party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(i)_information_accurate."> </A>
<A NAME="toc_lo18501_15"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Information Accurate. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All reports, certificates, status updates and other information delivered to the
 Lender are true, accurate and complete in all material respects. None of the
written information delivered to the Lender by any Credit Party or Subsidiary thereof in connection with this Agreement or the transactions contemplated hereby or in connection with the business of
the Credit Parties or the Projects contains any material misstatement of fact or omits to state a material fact, and all projections contained in any such information, exhibits or reports, were based
on information which, when delivered, was, to the knowledge of the Credit Parties, true and correct in all material respects as of the date thereof, and to the knowledge of the Credit Parties all
calculations contained in such projections were accurate in all material respects, and such projections presented the then-current estimate of the future business, operations and affairs of such
Credit Party or Subsidiary thereof and, since the date of the delivery of such projections, to the knowledge of the Credit Parties, except as disclosed in the financial statements delivered pursuant
to </FONT><FONT SIZE=2><I>Section&nbsp;6.1(g)</I></FONT><FONT SIZE=2>, there has been no change in the assumptions underlying such projections, or the basis therefor or the accuracy thereof which
has had or could reasonably be expected to result in a Material Adverse Effect; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that with respect to projected financial information, the
Credit Parties represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. With respect to any information delivered to the Lender
which was prepared by a third party, the Credit Parties only represent that the Credit Parties do not have knowledge that such information is inaccurate or incomplete in any material respect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(j)_title;_liens."> </A>
<A NAME="toc_lo18501_16"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Title; Liens. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Schedule&nbsp;1.1(e)</I></FONT><FONT SIZE=2> completely and accurately describes all mineral interests, mining concessions, mining tenements
or other mineral rights owned by or subject to any license, option or similar agreement in favour of each Credit Party that is part of the Projects; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Each
Credit Party and each Subsidiary thereof has good and marketable title to its owned real property and has valid rights to its leased property, including, in each
case, the Properties, free and clear of Liens, except for Permitted Liens. </FONT><FONT SIZE=2><I>Schedule&nbsp;1.1(e)</I></FONT><FONT SIZE=2> describes each </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=55,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=966772,FOLIO='A-28',FILE='DISK106:[13ZDG1.13ZDG18501]LO18501A.;9',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lo18501_1_29"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Credit
Party's ownership in, to and of each Property and identifies any joint venturers, partners or other Persons that own an interest in any Property. Except as described in </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1(e),</I></FONT><FONT SIZE=2> a Credit
Party owns an undivided one hundred percent (100%) of the beneficial and legal interest in each
Property, free and clear of all Liens (subject only to Permitted Liens), royalties, production payments and other rights and interests of third parties, and the Credit Parties have good and marketable
title thereto; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Except
as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;1.1(e),</I></FONT><FONT SIZE=2> there are no Royalties (of any kind or nature whatsoever, howsoever
designated), production payments or other non-cost bearing interests in or to any Property or any Project; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;All
taxes, charges, rates, levies and assessments that, if unpaid, would create a Lien or charge on any Project or any other property of the Borrower, have been paid in
full and will be paid in full, in each case prior to delinquency; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;All
contractors, subcontractors, agents and other Persons providing services, materials or labor on or for the benefit of any Project have been paid in a timely manner
for all work performed or services, goods or labor provided, on or with respect thereto, except where such payments are subject to a bona fide dispute, which is being diligently pursued by a Credit
Party pursuant to appropriate procedures; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;Each
Credit Party and each Subsidiary thereof has delivered or made available to the Lender all requested surveys, reports, core sample information, data and other
information concerning the Projects and all assets, property and interests associated therewith, including the nature of the rights and interests thereto and therein owned by each Credit Party and
each Subsidiary thereof, which is in the possession or control of any Credit Party or Subsidiary thereof or to which a Credit Party or Subsidiary thereof has access; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;The
Security Documents create valid and effective Liens in and on the Collateral purported to be covered thereby, which Liens are currently (or will be upon the filing
of appropriate Instruments with appropriate Governmental Authorities) perfected Liens with the Agreed Priority. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(k)_capital_structure."> </A>
<A NAME="toc_lo18501_17"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Capital Structure. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party and each Subsidiary thereof has the number of Equity Interests
 specified in </FONT> <FONT SIZE=2><I>Schedule&nbsp;6.1(k)</I></FONT><FONT SIZE=2>. All Equity Interests identified in such Schedule are duly and validly issued and are fully paid and non-assessable. The Borrower
has duly authorized sufficient Shares to permit the satisfaction of any obligation to issue Shares to the Lender as described herein (including with respect to the issuance of Shares with respect to
the Interest Shares). Except for such Shares, and as indicated in </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(k)</I></FONT><FONT SIZE=2>, neither the Borrower nor any Credit Party has any outstanding
warrants, options, preferential rights or other obligations to issue additional shares or other Equity Interests, including any stock or securities convertible into or exercisable or exchangeable for
any shares of its capital stock or any rights or options to purchase any of the foregoing, or to convert any existing Indebtedness to Equity Interests in a Credit Party. Except as set forth on </FONT> <FONT SIZE=2><I>Schedule&nbsp;6.1(k)
</I></FONT><FONT SIZE=2>, no Credit Party or Subsidiary is a party to or subject to a shareholders agreement, voting agreement, proxy agreement, lock-up
or other similar agreement with respect to the ownership or control of Equity Interests of a Credit Party or a Subsidiary of a Credit Party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(l)_material_agreements;_absence_of_default."> </A>
<A NAME="toc_lo18501_18"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Material Agreements; Absence of Default. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Material Agreements identified in </FONT><FONT
 SIZE=2><I>Schedule&nbsp;1.1(d)</I></FONT><FONT SIZE=2> hereto include all of the contracts, agreements,
leases, Instruments and other binding commitments and undertakings of each Credit Party and each Subsidiary thereof, the performance or breach of which could reasonably be expected to have a Material
Adverse Effect on a Credit Party or any Subsidiary thereof, and the Borrower has provided the Lender with copies of each such Material Agreement. No Credit Party nor any Subsidiary thereof is in
material default </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=56,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=697480,FOLIO='A-29',FILE='DISK106:[13ZDG1.13ZDG18501]LO18501A.;9',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lo18501_1_30"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>under
any of the Material Agreements, none of them has received any written notice of an asserted default thereunder from any other Person, and none of them has knowledge of a material breach by any
counterparty thereto or the inability of any counterparty thereto to perform its obligations thereunder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(m)_taxes_and_other_payments."> </A>
<A NAME="toc_lo18501_19"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Taxes and Other Payments. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except for matters which could not reasonably be expected to have a Material
Adverse Effect, each Credit Party and each Subsidiary thereof has filed all Tax
returns and reports required by law to have been filed by it and has paid all Taxes and governmental charges thereby shown to be owing and all claims for sums due for labor, material, supplies,
personal property and services of every kind and character provided with respect to, or used in connection with its respective properties and no claim for the same exists except as permitted
hereunder, except any such Taxes, charges or amounts which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP have been set
aside on the books of such Credit Party or such Subsidiary, as applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(n)_environmental_laws."> </A>
<A NAME="toc_lo18501_20"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Environmental Laws. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(n)</I></FONT><FONT
 SIZE=2> hereto: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;to
the knowledge of each Credit Party, each Project has been owned, developed, operated, leased and utilized in material compliance with all applicable Governmental
Requirements, including Environmental Laws; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;there
are no currently outstanding or, to the knowledge of any Credit Party pending, consent decrees, clean-up orders, mitigation orders, compliance orders, remediation
orders or other material orders, decrees, judgments or other administrative or judicial requirements outstanding under any Environmental Law with respect to any Project or any other property owned or
held by any Credit Party; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;no
Credit Party or any Subsidiary thereof has received any written notice of material violation, alleged material violation, material non-compliance, material notice
of investigation, liability or potential material liability or request for information with respect to Environmental Laws or other environmental matters with regard to any Project or any other
property owned or held by a Credit Party, nor does any Credit Party have knowledge or reason to believe that any such notice will be received or is being threatened; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;to
the knowledge of each Credit Party, with respect to each Project or any other property owned or held by the Borrower, there have been no past (which have been
adversely determined), and there are no pending or threatened, lawsuits, claims, complaints, injunctions or any other governmental or judicial actions or proceedings with respect to any alleged
material violation of any Governmental Requirements, including Environmental Law. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(o)_indebtedness."> </A>
<A NAME="toc_lo18501_21"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(o)</I></FONT><FONT
 SIZE=2> hereto or specifically identified in the financial statements
identified in </FONT><FONT SIZE=2><I>Section&nbsp;6.1(g),</I></FONT><FONT SIZE=2> no Credit Party or any Subsidiary thereof has any existing intercompany Indebtedness in excess of $100,000, any
Indebtedness for borrowed money, or any other Indebtedness. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(p)_compliance_with_laws,_etc."> </A>
<A NAME="toc_lo18501_22"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Laws, Etc. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(p)
 </I></FONT><FONT SIZE=2>, each Credit Party and each Subsidiary thereof is in compliance in
all material respects with all Governmental Requirements, including Environmental Laws and Securities Laws, as applicable. Except as disclosed in </FONT> <FONT SIZE=2><I>Schedule&nbsp;6.1(p),</I></FONT><FONT SIZE=2> each Project is in compliance in
all material respect with all Governmental Requirements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(q)_operation_of_projects."> </A>
<A NAME="toc_lo18501_23"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Operation of Projects. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Credit Parties have heretofore made available to the Lender all feasibility
studies and geological, reserve, resource, metallurgical, engineering and
financial data and evaluations of the Projects prepared by or for the benefit of any Credit Party or otherwise in </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=57,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=658153,FOLIO='A-30',FILE='DISK106:[13ZDG1.13ZDG18501]LO18501A.;9',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lo18501_1_31"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>the
possession of any Credit Party. Except as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(q)</I></FONT><FONT SIZE=2>, the Credit Parties are not aware of any inaccuracy or omission in
such information which has had or could reasonably be expected to result in a Material Adverse Effect. The Work Program and Budget has been developed by the Credit Parties in a prudent manner in
accordance with standard industry practice, and the Credit Parties have no knowledge of any fact or state of affairs related thereto, or any defect or deficiency therein, which would cause it to be
unable to undertake and complete the Work Program and Budget during the period and at the costs specified therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(r)_foreign_corrupt_practices."> </A>
<A NAME="toc_lo18501_24"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Foreign Corrupt Practices. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party or, to the knowledge of any Credit Party, any Affiliate of a
 Credit Party or any Representative acting on behalf of a Credit Party or any of its
Subsidiaries has: (i)&nbsp;used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii)&nbsp;made any direct or
indirect unlawful payment to any foreign or domestic governmental official or employee from corporate funds; (iii)&nbsp;violated or is in violation of any provision of the U.S. Foreign Corrupt
Practices Act of 1977, as amended or other similar Governmental Requirements applicable to any Credit Party; or (iv)&nbsp;made any unlawful bribe, rebate, payoff, influence payment, kickback or
other unlawful payment to any foreign or domestic government official or employee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(s)_project_permits."> </A>
<A NAME="toc_lo18501_25"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Project Permits. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except for permits, licenses, approvals, authorizations and consents which are to be
obtained by a Credit Party or Subsidiary thereof from time to time in the
ordinary course of business and the absence or delay of which has not had and could not reasonably be expected to have a Material Adverse Effect on the development or operation of any Material
Project, all permits, licenses, approvals, authorizations and consents of Governmental Authorities which are necessary to undertake and conduct the business of the Credit Parties or any Subsidiary
thereof as it is currently being conducted are identified in</FONT><FONT SIZE=2><I> Schedule&nbsp;6.1(s) </I></FONT><FONT SIZE=2>hereto (collectively, the "Project Permits"). All Project Permits
necessary to undertake and conduct the activities contemplated by the Work Program and Budget have been obtained and are in full force and effect in accordance with their terms, free of material
defaults, and no written notice alleging a breach or default under any of the Project Permits or challenging or questioning the validity of such Project Permit has been delivered, except to the extent
disclosed to the Lender in</FONT><FONT SIZE=2><I> Schedule&nbsp;6.1(s)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(t)_shares_and_securities_representations."> </A>
<A NAME="toc_lo18501_26"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Shares and Securities Representations. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;The
Shares to be issued to the Lender pursuant hereto and the issuance thereof have been duly authorized and, when issued and delivered in accordance with the terms of
this Agreement, will have
been validly issued and will be fully paid and non-assessable. The Shares are, and will be, issued free and clear of any Lien, and the issuance of the Shares will not be subject to any preemptive or
other similar right. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;The
Borrower has received all necessary approvals and acceptances under applicable Securities Laws with respect to the Borrower entering into this Agreement and
performing its obligations hereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;The
Borrower and its Affiliates have not taken, and will not take, directly or indirectly, any action designed to, or that might reasonably be expected to, cause or
result in stabilization or manipulation of the price of the Common Stock to facilitate the sale or resale of the Shares or affect the price at which the Shares may be issued or resold. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;The
Shares are being offered and sold pursuant to the registration exemption provided by Section&nbsp;4(a)(2) of the Securities Act as a transaction not involving a
public offering and the requirements of any other applicable state securities laws and the respective rules and regulations thereunder. The Borrower and its Affiliates have not taken nor will it take
any action that conflicts with the conditions and requirements of, or that would make </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=58,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=16502,FOLIO='A-31',FILE='DISK106:[13ZDG1.13ZDG18501]LO18501A.;9',USER='MVANGB',CD='13-DEC-2013;16:07' -->
<A NAME="page_lo18501_1_32"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>unavailable
with respect to the offerings hereunder, the exemption(s) from registration available pursuant to Regulation&nbsp;D or Section&nbsp;4(a)(2) of the Securities Act and knows of no reason
why any such exemption would be otherwise unavailable to it. Neither the Borrower, nor any of its Affiliates, nor any person acting on its or their behalf, has directly or indirectly made any offers
or sales of any security or solicited any offers to buy any security under circumstances that would cause the offer of the Shares pursuant to this Agreement to be integrated with prior offerings by
the Borrower for purposes of the Securities Act or any applicable stockholder approval provisions, including, without limitation, under any applicable listing rules and regulations which would impair
the exemptions relied upon in the offerings hereunder or the Borrower's ability to timely comply with its obligations hereunder, nor will the Borrower nor any of its Affiliates take any action or
steps that would cause the offer or issuance of the Shares to be integrated with other offerings which would impair the exemptions relied upon in the offerings hereunder or the Borrower's ability to
timely comply with its obligations hereunder. The Borrower will not conduct any offering other than the transactions contemplated hereby that will be integrated with the offer or issuance of the
Shares, which would impair the exemptions relied upon in the offerings hereunder or the Borrower's ability to timely comply with its obligations hereunder. The Borrower's executive officers and
directors understand the nature of the Shares being sold hereby and recognize that the issuance of the Shares will have a potential dilutive effect on the equity holdings of other holders of the
Borrower's equity or rights to receive equity of the Borrower. The board of
directors of the Borrower has concluded in its good faith business judgment that the issuance of the Shares is in the best interests of the Borrower. The Borrower specifically acknowledges that its
obligation to issue the Shares, is binding upon the Borrower and enforceable regardless of the dilution such issuance may have on the ownership interests of other shareholders of the Borrower or
parties entitled to receive equity of the Borrower. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;There
are no material disagreements of any kind presently existing, or reasonably anticipated by the Borrower to arise between the Borrower and the accountants and
lawyers presently employed by the Borrower, including but not limited to disputes or conflicts over payment owed to such accountants and lawyers, nor have there been any such disagreements during the
two years prior to the closing of the offerings hereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;All
Shares issued to the Lender pursuant to this Agreement and the transactions contemplated hereby will be subject to the Registration Rights Agreement and such Shares
constitute "Registrable Securities" as defined therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;Neither
the Borrower nor any other Credit Party has incurred, nor will they incur, directly or indirectly, any liability for brokerage or finder's fees or agent's
commissions or any similar charges or fees in connection with this Agreement or the issuance of any Shares contemplated hereby. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(u)_solvency."> </A>
<A NAME="toc_lo18501_27"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Solvency. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As of the Closing Date, and after giving effect to the transactions contemplated hereby, the
Credit Parties and their Subsidiaries: (i)&nbsp;are and will be
solvent, (ii)&nbsp;have sufficient capital to carry on their business and transactions, and all business and transactions in which they are about to engage, and to pay their debts as they become
due, (iii)&nbsp;do not believe that they will incur debts or liabilities beyond their ability to pay such debts or liabilities as they mature, and (iv)&nbsp;own property having a value, both at
fair valuation and at present fair saleable value, greater than the amount required to pay their probable liabilities (including contingent liabilities). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_6.2_representations_and_warranties_of_the_lender."> </A>
<A NAME="toc_lo18501_28"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Lender. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Lender hereby represents and warrants to the Borrower
that the following are true and correct as of the date of this Agreement and will be true and correct as
of the date of the issuance of any Shares as provided hereunder as though made as of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_lo18501_1_33"> </A>

<P style="font-family:times;"><FONT SIZE=2>such
date, except to the extent such representations and warranties are specifically made as of a particular date (in which case such representations and warranties will be true and correct as of such
date): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(a)_risk_of_loss."> </A>
<A NAME="toc_lo18501_29"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Risk of Loss. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Lender recognizes that: (i)&nbsp;the acquisition of the Shares involves a high degree
 of risk, is speculative and only investors who can afford the loss of
their entire investment should consider investing in the Borrower and/or the Shares; (ii)&nbsp;the Lender may not be able to liquidate its investment; (iii)&nbsp;transferability of the Shares is
limited; and (iv)&nbsp;in the event of a disposition of the Shares, the Lender could sustain the loss of its entire investment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(b)_accredited_investor."> </A>
<A NAME="toc_lo18501_30"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Accredited Investor. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Lender is an "accredited investor" as defined in Rule&nbsp;501(a) under the
 Securities Act. The Lender agrees to furnish any additional information
requested by the Borrower to assure compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(c)_evaluation."> </A>
<A NAME="toc_lo18501_31"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Evaluation. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;The
Lender has such knowledge, skill and experience in business, financial and investment matters that the Lender is capable of evaluating the merits and risks of an
investment in the Shares. With the assistance of the Lender's own professional advisors, to the extent that the Lender has deemed appropriate, the Lender has made its own legal, tax, accounting and
financial evaluation of the merits and risks of an investment in the Shares and the consequences of this Agreement. The Lender has considered the suitability of the Shares as an investment in light of
its own circumstances and financial condition and the Lender is able to bear the risks associated with an investment in the Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;The
Lender represents and warrants that the Lender has been furnished by the Borrower with all information regarding the Borrower and its Subsidiaries which the Lender,
as well as its investment advisor, attorney and/or accountant, has requested or desired to know, and has been afforded the opportunity to ask questions of and receive answers from duly authorized
officers or other representatives of the Borrower concerning the terms and conditions of the offering of the Shares hereunder, and has received any additional information which the Lender has
requested concerning the terms and conditions of the offerings, the Borrower and its Subsidiaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;The
Lender has relied solely upon the information provided by the Borrower in making its decision to invest in the Shares and has not relied upon any other
representation or other information (whether oral or written) from any other third party. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(d)_no_general_solicitation."> </A>
<A NAME="toc_lo18501_32"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No General Solicitation. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Lender represents that no Shares were offered or sold to it by means of
 any form of general solicitation or general advertising, and in connection therewith
the Lender did not: (A)&nbsp;receive or review any advertisement, article, notice or other communication published in a newspaper or magazine or similar media or broadcast over television or radio
whether closed circuit, or generally available; or (B)&nbsp;attend any seminar meeting or industry investor conference whose attendees were invited by any general solicitation or general
advertising. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo18501_(e)_shares_not_registered."> </A>
<A NAME="toc_lo18501_33"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Shares Not Registered. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Lender understands that the Shares have not been registered under the
 Securities Act by reason of a claimed exemption under the provisions of the Securities
Act which depends, in part, upon the Lender's investment intention. In this connection, the Lender hereby represents that the Lender is acquiring the Shares for its own account for investment purposes
only and not with a view toward the resale or distribution to others and has no contract, undertaking, agreement or other arrangement, in existence or contemplated, to sell, pledge, assign or
otherwise transfer the Shares to any other Person. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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NAME="page_lq18501_1_34"> </A>


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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_article_7_affirmative___lq102138"> </A>
<A NAME="toc_lq18501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 7<BR>  <BR>    AFFIRMATIVE COVENANTS OF THE CREDIT PARTIES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until full and final payment and performance of the Obligations (other than contingent indemnification Obligations for which no claim
has been made and Obligations related to any unexercised right to make a Directed Advance), each of the Credit Parties shall, unless the Lender otherwise consents in writing (which consent the Lender
may grant or withhold in its sole discretion), perform all covenants in this </FONT><FONT SIZE=2><I>Article&nbsp;7</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.1_compliance_with_laws,_etc."> </A>
<A NAME="toc_lq18501_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Laws, Etc. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in </FONT><FONT
SIZE=2><I>Schedule&nbsp;7.1</I></FONT><FONT SIZE=2> with respect to past compliance (so long as the applicable Credit Party
or Subsidiary thereof diligently disputes the alleged non-compliance in good faith and pursuant to appropriate procedures), each Credit Party shall comply, and shall cause each of its Subsidiaries to
comply, in all material respects, with all applicable Governmental Requirements, including Environmental Laws, and each Credit Party shall own, operate and manage, and shall cause each of its
Subsidiaries to own, operate and manage, the Projects in compliance in all material respects with all applicable Governmental Requirements, including Environmental Laws. Each Credit Party shall pay,
and shall cause each Credit Party and each Subsidiary thereof to pay, all Taxes, assessments, and governmental charges imposed upon them or their respective property before the same become delinquent,
except to the extent contested in good faith and adequately reserved for in accordance with GAAP to such Credit Party or Subsidiary thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.2_project_permits."> </A>
<A NAME="toc_lq18501_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Project Permits. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party shall comply, and shall cause each of its Subsidiaries to comply, in
all material respects with all Project Permits. Each Credit Party shall
own, operate and use, and shall cause each of its Subsidiaries to own, operate and use, each Material Project in compliance with the Project Permits in all material respects. Each Credit Party shall
use commercially reasonable efforts, and shall cause each of its Subsidiaries to use commercially reasonable efforts, to obtain all Project Permits, and the Credit Parties shall maintain, and shall
cause each of its Subsidiaries to maintain, all Project Permits in full force and effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.3_reporting_requirements."> </A>
<A NAME="toc_lq18501_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Reporting Requirements. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Credit Parties shall deliver to the Lender the reports, information, notices
and certificates set forth below: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(a)_monthly_reports."> </A>
<A NAME="toc_lq18501_5"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Monthly Reports. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable, but in any event no later than twenty-one (21)&nbsp;days after
the end of each Month, the Credit Parties shall submit to the Lender a
report with respect to the Credit Parties and the Projects during the preceding Month, in form and content satisfactory to the Lender, to include a summary description of actions taken with respect to
the Projects during the prior Month, a description of actual expenditures (as compared to the Work Program and Budget) and such other data and information reasonably requested by the Lender. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(b)_quarterly_financial_information."> </A>
<A NAME="toc_lq18501_6"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Financial Information. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As soon as available and in any event within forty five (45)&nbsp;days
after the end of each fiscal quarter of the Borrower (other than the fourth fiscal
quarter in any fiscal year), the Borrower shall deliver to the Lender a consolidated unaudited balance sheet of the Borrower, each as of the end of such quarter and unaudited statements of
consolidated income, cash flow and retained earnings of the Borrower for such quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such quarter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(c)_annual_financial_information."> </A>
<A NAME="toc_lq18501_7"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Information. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As soon as available and in any event within ninety (90)&nbsp;days after
 the end of each fiscal year, a consolidated balance sheet of the Borrower as of the end
of such year and consolidated statements of income, cash flow and retained earnings of the Borrower for such year audited by Hein&nbsp;&amp; Associates&nbsp;LLP or other independent registered
accountants reasonably acceptable to the Lender, acting reasonably. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(d)_litigation;_claims."> </A>
<A NAME="toc_lq18501_8"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Litigation; Claims. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Promptly after initiation thereof or receipt of notice with respect thereto, notice
 of any claims, proceedings, litigation or material disputes by, against, or
otherwise </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-34</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>involving
any Credit Party or any Subsidiary thereof, or any Project, or other litigation which could reasonably be expected to have a Material Adverse Effect on any Credit Party or any Subsidiary
thereof, together with copies of the court filings or other documents associated therewith. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(e)_securities_law_and_exchange_filings."> </A>
<A NAME="toc_lq18501_9"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Securities Law and Exchange Filings. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All annual information forms, proxy circulars, material change
 reports, prospectuses and other filings by the Borrower or any other Credit Party with Governmental
Authorities in respect of securities matters and compliance with Securities Laws, and all material filings with any public stock exchange upon which the Shares are traded. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(f)_material_agreements."> </A>
<A NAME="toc_lq18501_10"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Material Agreements. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Promptly after receipt thereof, copies of any notices of default or claims of
 material breach received or sent by any Credit Party or any Subsidiary thereof,
pertaining to any of the Material Agreements or any Project, and, promptly after receipt thereof, copies of all Material Agreements entered into by the Borrower after the date of this Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(g)_environmental_matters."> </A>
<A NAME="toc_lq18501_11"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Environmental Matters. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Promptly after the filing or receipt thereof, copies of (i)&nbsp;all new Project
Permits, together with a description thereof and (ii)&nbsp;all claims by and
notices with or from any Governmental Authority or any other Person alleging material noncompliance with or violation of Environmental Laws or Project Permits and any correspondence in response
thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(h)_new_subsidiaries."> </A>
<A NAME="toc_lq18501_12"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;New Subsidiaries. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to the organization or acquisition of any new Subsidiary of the Borrower, the
Borrower shall provide the Lender with written notice thereof and an updated </FONT> <FONT SIZE=2><I>Schedule&nbsp;6.1(b)</I></FONT><FONT SIZE=2> to replace the </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(b)</I></FONT><FONT SIZE=2> provided to the
Lender on the date of this
Agreement and each such Subsidiary of the Borrower shall accede to the terms of this Agreement by entering into a Guarantee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(i)_changes_in_capital_structure."> </A>
<A NAME="toc_lq18501_13"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Changes in Capital Structure. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Credit Parties shall promptly provide the Lender with prior written
 notice of any change in the number and ownership of Equity Interests of each Credit Party
(other than the Borrower), including an updated </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(k)</I></FONT><FONT SIZE=2> to replace the </FONT> <FONT SIZE=2><I>Schedule&nbsp;6.1(k)</I></FONT><FONT SIZE=2> provided to the Lender on the date of this
Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(j)_other_information;_updated_schedules."> </A>
<A NAME="toc_lq18501_14"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Information; Updated Schedules. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Such other certificates, reports, data, and information
 respecting the condition or operations, financial or otherwise, of any Credit Party or any Subsidiary
thereof or the Projects as the Lender may from time to time reasonably request. Revised and updated Schedules prepared and provided by the Borrower on behalf of the Credit Parties pursuant to this </FONT> <FONT
SIZE=2><I>Section&nbsp;7.3</I></FONT><FONT SIZE=2> shall be in form and content reasonably acceptable to the Lender. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.4_inspection."> </A>
<A NAME="toc_lq18501_15"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Inspection. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At any reasonable time during normal business hours and from time to time, on reasonable
notice, each Credit Party shall permit, and shall cause each of its
Subsidiaries to permit, the Lender and its Representatives to examine and make copies of and abstracts from the records and books of account of, and to visit the properties of, each Credit Party and
each Subsidiary thereof (including the Projects) and to discuss the affairs, finances and accounts of each Credit Party or any Subsidiary thereof with any Representative of a Credit Party or any
Subsidiary thereof. If no Default or Event of Default has occurred and is continuing, the Lender may visit and inspect the Projects once per year at the expense of the Credit Parties. If no Default or
Event of Default has occurred and is continuing, the cost and expense of visits and inspections by the Lender and its Representatives, other than as stated herein, shall be for the account of the
Lender. At any time when a Default or Event of Default has occurred and is continuing, the cost and expense of all site visits and inspections by the Lender or its Representatives shall be for the
account of the Credit Parties. No Credit Party will be responsible for injuries to or damages suffered by Representatives of the Lender while visiting the properties of a Credit Party or a Subsidiary
thereof (including the Projects) if such injuries or damages are caused by or directly result from the gross negligence or willful misconduct of the Lender or its Representatives. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-35</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.5_maintenance_of_insurance."> </A>
<A NAME="toc_lq18501_16"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Maintenance of Insurance. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party shall maintain, and shall cause each of its Subsidiaries to
maintain, with respect to its assets and business generally and with respect to the
Projects, insurance with responsible and reputable insurance companies or associations that covers liabilities, property damage or loss and other risks in such amounts, with such deductibles, covering
such risks and otherwise on such terms and conditions as shall be customary for corporations engaged in the same or similar businesses. Each of the Borrower's insurance policies, excluding the
Borrower's director and officer insurance policies, shall name the Lender as loss payee or additional insured, as appropriate, and shall contain an endorsement providing that such insurance cannot be
terminated or amended without at least thirty (30)&nbsp;days prior notice to the Lender, and the Borrower shall have provided certificates of issuing insurance companies or brokers, confirming
compliance by the Credit Parties with the insurance requirements set forth in this</FONT><FONT SIZE=2><I> Section&nbsp;7.5</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.6_keeping_of_records_and_books_of_account."> </A>
<A NAME="toc_lq18501_17"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Keeping of Records and Books of Account. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party shall keep, and shall cause each of its
Subsidiaries to keep, adequate records and books of account, in which complete entries shall be made
reflecting all financial transactions of each Credit Party and each Subsidiary thereof, and with respect to each Credit Party and each Subsidiary thereof on a consolidated basis, the foregoing shall
be in accordance with GAAP to each Credit Party and each Subsidiary thereof at such point in time, and in each case, consistently applied. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.7_preservation_of_existence,_etc."> </A>
<A NAME="toc_lq18501_18"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Preservation of Existence, Etc. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party shall preserve and maintain, and shall cause each of
its Subsidiaries to preserve and maintain, its respective corporate existence, rights,
franchises and privileges in the jurisdiction of their incorporation or formation; and, each Credit Party will qualify and remain qualified, and will cause each of its Subsidiaries to qualify and
remain qualified, as a foreign entity in each jurisdiction in which such qualification is necessary in view of their business and operations or the ownership of their properties. Each Credit Party
will comply in all material respects, and will cause each of its Subsidiaries to comply in all material respects, with all applicable Governmental Requirements and all Securities Laws, concerning
disclosure of matters relevant to such Persons and their properties; and, each Credit Party will timely file, and will cause each of its Subsidiaries to timely file, full and complete reports
concerning their business and operations as required by such Governmental Requirements and Securities Laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.8_conduct_of_business."> </A>
<A NAME="toc_lq18501_19"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conduct of Business. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party shall engage solely, and will cause each Credit Party and each of
its Subsidiaries to engage solely, in the business of developing and operating
the Projects, and other activities incident thereto, in accordance with generally accepted industry practices. Each Credit Party shall use commercially reasonable efforts, and shall cause each of its
Subsidiaries to use commercially reasonable efforts, to develop, manage, operate and use the Projects in accordance with prudent industry practices and with the Work Program and Budget. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.9_notice_of_default."> </A>
<A NAME="toc_lq18501_20"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notice of Default. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall furnish to the Lender as soon as possible and in any event within
three (3)&nbsp;Business Days after the occurrence of each Event of Default
or Default continuing on the date of such statement, a statement of the president or chief financial officer of the Borrower, setting forth the details of such Event of Default or Default, and the
action which the Borrower proposes to take with respect thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.10_defense_of_title_and_rights."> </A>
<A NAME="toc_lq18501_21"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Defense of Title and Rights. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party shall preserve and defend, and shall cause each of its
Subsidiaries to preserve and defend, its respective ownership of all right, title and
interest in and to the Properties and the Projects, and its other material assets, property and rights as such title is represented and warranted in </FONT> <FONT SIZE=2><I>Section&nbsp;6.1(j)</I></FONT><FONT SIZE=2>. Each Credit Party shall defend,
and shall cause each other Credit Party and each Subsidiary thereof to defend, the Liens in favor
of the Lender under the Security Documents, and the Credit Parties shall maintain and preserve, and shall cause the other Credit Parties and each Subsidiary thereof to maintain and preserve, such
Liens as perfected Liens with their Agreed Priority. Each Credit Party shall ensure that the Security Documents shall at all times cover and extend to all assets, properties, rights and interests of
each Credit Party or Subsidiary. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-36</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.11_material_agreements."> </A>
<A NAME="toc_lq18501_22"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Material Agreements. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party shall comply with, and shall cause each other Credit Party and
each Subsidiary thereof to comply with, the terms and conditions of each of the
Material Agreements except where any non-compliance could not reasonably be expected to cause a material default under such Material Agreement or to have a Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.12_maintenance_of_unissued_s__7.103672"> </A>
<A NAME="toc_lq18501_23"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Maintenance of Unissued Shares; Compliance with Securities Laws; NASDAQ Listing and Compliance. </I></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Borrower shall, and shall cause the other Credit Parties to, comply in all material respects with all applicable Securities Laws. Forthwith after the issuance of
Shares pursuant to this Agreement, the Company shall file such forms, documents and Instruments, and to take such actions, in each case in compliance with the Registration Rights Agreement, as may be
required by Securities Laws and NASDAQ relating to the issuance or registration of any Tradable Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Borrower shall, and shall cause the other Credit Parties to, comply with all applicable NASDAQ rules and policies, including NASDAQ quantitative and qualitative
continued listing requirements, and the Borrower shall maintain its listing on NASDAQ in good standing. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Borrower will at all times maintain sufficient authorized but unissued Shares to meet its obligations hereunder, and all Shares issued to the Lender hereunder shall
be Tradable Shares. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.13_participation_on___lq102064"> </A>
<A NAME="toc_lq18501_24"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Participation on the Borrower's Board of Directors. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At all times while any Obligation (other than
contingent indemnification Obligations for which no claim has been made) remains outstanding and this Agreement
remains in effect, the Lender will be entitled to nominate a total of two (2)&nbsp;qualified individuals to serve on the Board of Directors of the Borrower, one of whom will be an independent
director, meaning that such person will not have been employed by the Lender during the prior two (2)&nbsp;years. For the avoidance of doubt, all qualified individuals nominated by the Lender to
serve on the Board of Directors (each, a "Lender Nominee") shall be selected exclusively by the Lender without consultation with or approval by the Borrower. The Borrower, the other Credit Parties,
and the management and directors of the Borrower will, subject to Governmental Requirements and Securities Laws, use best efforts to cause each Lender Nominee to be elected to the Board of Directors
as soon as practicable after such nomination is received by the Borrower, including recommending such nominee to fill any vacancy and having such nominee be part of the management's or the governance
committee's recommended slate of directors for election to the Board of Directors of the Borrower. The right of the Lender to have representation on the Board of Directors of the Borrower may be
exercised at any time and from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.14_authorized_disclosure_of___7.102552"> </A>
<A NAME="toc_lq18501_25"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authorized Disclosure of Confidential Information; Restrictions. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Lender will keep all Confidential
Information confidential and not disclose it to any third Person, except that Confidential Information may be disclosed
(i)&nbsp;to a Lender Nominee or any Representatives or Affiliate of the Lender (each, a "Permitted Third Party") (it being understood that the Permitted Third Party to whom such disclosure is made
will first be informed of the confidential nature of such Confidential Information and instructed to keep such Confidential Information confidential); (ii)&nbsp;to the extent required by any
Governmental Authority or any Governmental Requirement; (iii)&nbsp;in connection with the exercise of any rights or remedies hereunder or under any other Loan Document or any suit, action or
proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder; (iv)&nbsp;subject to an agreement containing provisions substantially the same
as those of this </FONT><FONT SIZE=2><I>Section&nbsp;7.14</I></FONT><FONT SIZE=2>, to any assignee or any prospective assignee of the Lender to which the Lender may assign any of its rights or
obligations under this Agreement; or (v)&nbsp;with the prior written consent of the Borrower. "Confidential Information" means all information received from any Credit Party (regardless of whether
such information was received before or after the Closing Date), relating to any Credit Party or its business, whether disclosed verbally or in writing, learned thereby, including confidential,
proprietary and material non-public information. "Confidential Information" shall not include any information that (x)&nbsp;is in the possession of the Lender or a Permitted Third Party prior to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-37</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>disclosure
by a Credit Party; (y)&nbsp;is in the public domain prior to disclosure to the Lender or a Permitted Third Party; or (z)&nbsp;lawfully enters the public domain through no violation of
this </FONT><FONT SIZE=2><I>Section&nbsp;7.14</I></FONT><FONT SIZE=2> after disclosure to the Lender or any Permitted Third Party. The Lender acknowledges and agrees that it is aware, and it shall
advise each Permitted Third Party who is informed as to the matters which are the subject of this Agreement, that it is receiving information of the Credit Parties that may include material non-public
information and that applicable Securities Laws may impose restrictions on trading securities when in possession of such information and on communicating such information to any other person. Any
Lender Nominee or any Representative of the Lender who attends a meeting of the Board
of Directors of the Borrower or any other Credit Party shall be permitted, and each Credit Party hereby acknowledges its authorization, to disclose any Confidential Information to the Lender and any
other Permitted Third Party for the purposes of managing the Lender's investment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.15_public_announcements."> </A>
<A NAME="toc_lq18501_26"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Public Announcements. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Credit Parties will consult with the Lender prior to issuing any press
release or other public announcement regarding this Agreement, the Lender (or any of
its Affiliates) or the transactions contemplated hereby. The Credit Parties shall not make or issue any public announcement, press release, public statement or other public filing or issuance with
respect to this Agreement, the transactions contemplated hereby, or the Lender (or any of its Affiliates), without the prior review, comment and approval of the Lender; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that if such public
announcement, press release, public statement or other public filing or issuance is required by applicable Governmental
Requirements, then the Lender shall not unreasonably withhold or delay its consent. The party proposing to make an announcement, press release, public statement or other public filing shall provide a
copy of any such proposed public announcement, press release, public statement or other public filing or issuance to the Lender for review and comment, and the party proposing to issue any of the
foregoing shall use its commercially reasonable efforts to provide such document to the Lender at least two (2)&nbsp;Business Days prior to release. The Credit Parties agree to incorporate any
reasonable comments or changes proposed by the Lender. Any comments provided by the Lender shall not be considered certification by such party as to the accuracy, veracity or completeness of the
information contained in such public announcement, press release, public statement or other public filing or issuance, or a confirmation or certification by the Lender that the content of such
document complies with Securities Laws or other applicable Governmental Requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.16_maintenance_of_borrower_s_account."> </A>
<A NAME="toc_lq18501_27"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Maintenance of Borrower's Account. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Credit Parties shall establish and maintain the Borrower's
Account as their primary operating account, in the location and with the bank or financial
institution described on </FONT><FONT SIZE=2><I>Schedule&nbsp;1.1(a)</I></FONT><FONT SIZE=2>, and shall not change such account without the Lender's prior written consent, not to be unreasonably
withheld. The Credit Parties shall ensure that the Borrower's Account remains subject at all times to a Lien in favour of the Lender as established by the applicable Security Documents. The Borrower
shall maintain all proceeds of the Loan in the Borrower's Account until such time as amounts are withdrawn and expended as allowed by </FONT><FONT SIZE=2><I>Section&nbsp;2.5</I></FONT><FONT SIZE=2>
in accordance with the Work Program and Budget. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.17_completion_of_actions."> </A>
<A NAME="toc_lq18501_28"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Completion of Actions. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Credit Parties shall promptly and diligently use their best efforts to
pursue, obtain, complete and satisfy those actions and undertakings set forth on </FONT> <FONT SIZE=2><I>Schedule&nbsp;7.17</I></FONT><FONT SIZE=2> hereto by the deadlines provided therein; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>,
</FONT><FONT SIZE=2><I>that</I></FONT><FONT SIZE=2>, if such actions and undertakings are not completed to the reasonable satisfaction of the Lender by the deadlines set forth in </FONT> <FONT SIZE=2><I>Schedule&nbsp;7.17</I></FONT><FONT SIZE=2>,
then it shall be an Event of Default hereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.18_additional_guarantors."> </A>
<A NAME="toc_lq18501_29"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Guarantors. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party shall ensure that on or prior to any Person becoming a
Subsidiary of a Credit Party: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;each
such Person shall execute and deliver a Guarantee in favour of the Lender and shall join this Agreement as a Credit Party; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;each
such Person shall execute and deliver a Security Agreement; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_lq18501_1_39"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;each
such Person shall execute and deliver such other Security Documents in favour of the Lender and grant such other security interests in favour of the Lender as the
Lender may require; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;the
Lender shall have received evidence of registration or other perfection of all Security Documents in such jurisdictions as may be necessary or appropriate to ensure
that such Security Documents create legal, valid, binding, enforceable security interests with the Agreed Priority; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;the
Lender shall have received all discharges, subordination agreements, waivers, confirmations and estoppels as the Lender may require to ensure that all Obligations
are secured by Liens with the Agreed Priority on the property and assets of such Person; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;the
Lender shall have received such other documents, certificates and Instruments as the Lender may request; </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>with
each of the foregoing in form and substance satisfactory to the Lender. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.19_shares_delivered_to_the_lender."> </A>
<A NAME="toc_lq18501_30"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Shares Delivered to the Lender. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All Shares issued and delivered to the Lender, whether as Interest
Shares or otherwise, shall be (a)&nbsp;fully paid, duly issued and non-assessable;
(b)&nbsp;issued by the Borrower in original certificates reflecting the Lender (or its designee) as the owner thereof; (c)&nbsp;free and clear of all Liens and other claims of right or interest by
any third Person and shall be free and clear of other contractual restrictions or obligations (other than those agreed to and entered into by the Lender); (d)&nbsp;covered by and subject to the
Registration Rights Agreement; and (e)&nbsp;upon registration in accordance with the Registration Rights Agreement, such Shares shall be freely transferrable in accordance with Securities Laws on a
public stock exchange of recognized standing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.20_investor_agreements."> </A>
<A NAME="toc_lq18501_31"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Investor Agreements. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and the Credit Parties agree to amend the Investor Agreements, in
form and substance reasonably acceptable to the Lender, in order to address and
incorporate the provisions of this Agreement that will survive the repayment of the Loan (including, for purposes of certainty, those changes to the Board of Director representative rights
contemplated by the term sheet as being effective following the repayment and termination of this Agreement) and to cooperate with the Lender in undertaking and completing such amendments. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.21_shareholder_meeting."> </A>
<A NAME="toc_lq18501_32"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Meeting. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Borrower shall use its best efforts to call and hold a Shareholder Meeting by no later than the Shareholder Approval Outside Date for the purpose of obtaining the
Shareholder Approval in order to perform the Borrower's obligations under this Agreement with respect to the issuance of Shares to the Lender. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Borrower shall, and the other Credit Parties shall cause the Borrower to: (i)&nbsp;do all things that may be required in order to obtain all consents and approvals
that are necessary to perform the Borrower's obligations under this Agreement, including the issuance of Shares to the Lender, and (ii)&nbsp;use its best efforts to pursue and obtain Shareholder
Approval, if required by Securities Laws, for the issuance of Tradable Shares to the Lender pursuant to this Agreement and the transactions contemplated hereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;In
the case of any Shareholder Approval, such best efforts shall include the following: (i)&nbsp;preparing and dispatching a proxy, notice of meeting and explanatory
information or similar communication to shareholders in accordance with Securities Laws (collectively, the "Meeting Materials") and using its best efforts to ensure that the Borrower's Board of
Directors (other than any director nominated by the Lender) unanimously recommends the approval and adoption of the Shareholder Approval and that such recommendation is included in the Meeting
Materials; (ii)&nbsp;including in the Meeting Materials for the Shareholder Approval an approval for the issuance of Shares to the Lender; (iii)&nbsp;giving the Lender a reasonable opportunity to
review and comment </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=66,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=973116,FOLIO='A-39',FILE='DISK106:[13ZDG1.13ZDG18501]LQ18501A.;11',USER='MVANGB',CD='13-DEC-2013;16:08' -->
<A NAME="page_lq18501_1_40"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>on
an advanced draft of the Meeting Materials and consult in good faith with the Lender in relation to any comments the Lender may have on the Meeting Materials, provided that all information relating
solely to the Lender included in the Meeting Materials must be in a form satisfactory to the Lender; (iv)&nbsp;taking all lawful actions to solicit and encourage Shareholder Approval;
(v)&nbsp;pursuing and obtaining voting agreements, proxies or other similar Instruments from the management and directors of the Borrower (other than any director nominated by the Lender) with
respect to supporting the adoption and approval of the Shareholder Approval and voting their Shares (and all Shares owned or controlled by an Affiliate of such director) in favour of the resolution
for the Shareholder Approval; (vi)&nbsp;including a statement in the Meeting Materials stating that the directors (other than any director nominated by the Lender) intend to vote their Shares (and
all Shares owned or controlled by an Affiliate of such director) in favour of the resolution for the Shareholder Approval; and (vii)&nbsp;calling and holding a Shareholder Meeting, including
Shareholder Approval on the agenda for the Shareholder Meeting, and taking all lawful actions to encourage adoption of the Shareholder Approval at such Shareholder Meeting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
Borrower shall use its best efforts to resolve the Existing Regulatory Inquiry as promptly as possible consistent with the disclosure by the Borrower in its
Quarterly Report on Form&nbsp;10-Q filed October&nbsp;28, 2013 under Part&nbsp;II, Item&nbsp;1A, "Risk Factors&#151;</FONT><FONT SIZE=2><I>We have received Comment Letters from the
Staff of the SEC which may require us to restate our historical financial statements</I></FONT><FONT SIZE=2>", and in any event, the Borrower shall have either (i)&nbsp;cleared the Existing
Regulatory Inquiry with the staff of the Securities and Exchange Commission, or (ii)&nbsp;publicly announced its intention to restate its historical financial statements, by no later than the date
on which the Borrower transmits the Meeting Materials to the shareholders of the Borrower. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_7.22_compliance_with_conditions_precedent."> </A>
<A NAME="toc_lq18501_33"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.22</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Conditions Precedent. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party will comply with the covenant restrictions
described in, and imposed by,</FONT><FONT SIZE=2><I> Section&nbsp;5.3(b)  </I></FONT><FONT SIZE=2>and</FONT><FONT SIZE=2><I> Section&nbsp;5.4(b)</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_article_8_negative_covenants_of_the_credit_parties"> </A>
<A NAME="toc_lq18501_34"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 8<BR>  <BR>    NEGATIVE COVENANTS OF THE CREDIT PARTIES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until the full and final payment and performance of the Obligations (other than contingent indemnification Obligations for which no
claim has been made and Obligations related to any unexercised right to make a Directed Advance), each of the Credit Parties shall, unless
the Lender otherwise consents in writing (which consent the Lender may grant or withhold in its sole discretion), perform all covenants in this </FONT> <FONT SIZE=2><I>Article&nbsp;8</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.1_indebtedness."> </A>
<A NAME="toc_lq18501_35"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its Subsidiaries to not, directly
or indirectly, create, incur, assume, agree to or suffer to exist, any
Indebtedness, except (a)&nbsp;Indebtedness hereunder; (b)&nbsp;Indebtedness secured by Liens permitted by </FONT><FONT SIZE=2><I>Section&nbsp;8.2</I></FONT><FONT SIZE=2>, so long as the
principal amount of such Indebtedness shall not increase from the amount in existence on the Closing Date; (c)&nbsp;Indebtedness existing on the date hereof disclosed to the Lender on </FONT> <FONT SIZE=2><I>Schedule&nbsp;6.1(o)</I></FONT><FONT
SIZE=2> hereto, so long as the principal amount of such Indebtedness shall not increase from the amount in existence on the Closing Date;
(d)&nbsp;unsecured account trade payables, bank overdrafts and other similar unsecured Indebtedness incurred in the ordinary course of business, so long as such amounts are not overdue or
delinquent; (e)&nbsp;Debt Financing provided by a third Person to a Credit Party to the extent necessary to develop and operate a Project related thereto in accordance with the Work Program and
Budget, to the extent that the terms, conditions and amount of such Debt Financing are acceptable to the Lender, acting reasonably, and in compliance with the Work Program and Budget, subject to the
requirements of </FONT><FONT SIZE=2><I>Section&nbsp;4.6</I></FONT><FONT SIZE=2>, and (f)&nbsp;unsecured Indebtedness of a Credit Party owing to any other Credit Party (provided that such
intercompany Indebtedness is subordinated and postponed to the payment in full of the Obligations). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_lq18501_1_41"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.2_liens,_etc."> </A>
<A NAME="toc_lq18501_36"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Liens, Etc. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its Subsidiaries to not, directly
or indirectly, create, grant, incur, assume, agree to or suffer to
exist any Lien upon or with respect to any of its properties or assets, including any portion of the Properties or its interest in the Projects or any other real or personal property or assets of any
Credit Party or any Subsidiary of a Credit Party, now owned or hereafter acquired, or assign or otherwise convey any right to receive the production, proceeds or income therefrom (other than with
respect to the sale of mineral production from the Projects), except: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Liens
for taxes, assessments or governmental charges or levies if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being
contested in good faith and by appropriate proceedings; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Liens
imposed by law, such as carriers, warehousemen and mechanics' liens and other similar liens arising in the ordinary course of business associated with amounts not
yet due and payable, or which are being diligently disputed by any Credit Party in good faith and pursuant to appropriate procedures; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;operating
leases of personal property entered into in the ordinary course of business and having a term (including renewals) of greater than one year that are deemed to
be Liens under applicable law; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Liens
of purchase money mortgages and other security interests on equipment acquired, leased or held by any Credit Party (including equipment held by any such Person as
lessee under leveraged leases) in the ordinary course of business to secure the purchase price of or rental payments with respect to such equipment or to secure indebtedness incurred solely for the
purpose of financing the acquisition (including acquisition as lessee under leveraged leases), construction or improvement of any such equipment to be subject to such mortgages or security interests,
or mortgages or other security interests existing on any such equipment at the time of such acquisition, or extensions, renewals or replacements of any of the foregoing for the same or a lesser
amount; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that no such Lien shall extend to or cover any equipment other than the equipment being acquired, constructed or improved, and no such
extension, renewal or replacement shall extend to or cover any property not theretofore subject to the mortgage or security interest being extended, renewed or replaced; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Liens
outstanding on the date hereof and described in </FONT><FONT SIZE=2><I>Schedule&nbsp;6.1(j)</I></FONT><FONT SIZE=2> hereto; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Liens
arising under the Security Documents; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;cash
or governmental obligations deposited in the ordinary course of business in connection with contracts, bids, tenders or to secure workmen's compensation,
unemployment insurance, surety or appeal bonds, reclamation bonds, costs of litigation (when required by law), public and statutory obligations; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;Liens
given in the ordinary course of business to a public utility or any municipality or governmental or other public authority when required by such utility or
municipality or governmental or other authority in connection with the operations of the Borrower; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Liens
securing third-party financing for the Projects as contemplated and permitted by </FONT><FONT SIZE=2><I>Section&nbsp;8.1(e)</I></FONT><FONT SIZE=2>, subject to
the satisfaction of the conditions precedent stated therein and in </FONT><FONT SIZE=2><I>Section&nbsp;4.6</I></FONT><FONT SIZE=2>. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>Notwithstanding
the foregoing, if a Credit Party shall grant or allow a Lien on any of its properties or assets in violation of this </FONT><FONT SIZE=2><I>Section&nbsp;8.2</I></FONT><FONT SIZE=2>,
then it shall be deemed to have simultaneously granted an equal and ratable Lien on any such properties or assets to and in favor of the Lender as additional security for the Obligations, to the
extent that such a Lien has not already been granted to the Lender. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_lq18501_1_42"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.3_assumptions,_guarantees,_e__8.302369"> </A>
<A NAME="toc_lq18501_37"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Assumptions, Guarantees, Etc. of Indebtedness of Other Persons. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit
Party shall cause its Subsidiaries to not, directly or indirectly, assume, guarantee, endorse or otherwise become directly
or contingently liable (including, without limitation, liable by way of agreement, contingent or otherwise, to purchase, to provide funds for payment, to supply funds to or otherwise invest in the
debtor or otherwise to assure the creditor against loss) in connection with any Indebtedness of any other Person, except (a)&nbsp;guarantees by endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of business or (b)&nbsp;in connection with Indebtedness contemplated by</FONT><FONT SIZE=2><I> Section&nbsp;8.1(e)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.4_liquidation;_merger;_change_in_ownership."> </A>
<A NAME="toc_lq18501_38"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Liquidation; Merger; Change in Ownership. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its
Subsidiaries to not, liquidate or dissolve, or enter into any consolidation, amalgamation or merger,
or enter into any partnership, joint venture or other combination where such combination involves a contribution by such Credit Party or Subsidiary thereof of all or substantially all of its assets,
or sell, lease or dispose of its business or assets as a whole or in an amount which constitutes substantially all of such assets, or enter into any agreement with respect to the foregoing or agree to
do or undertake any of the foregoing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.5_restrictive_and_inconsistent_agreements."> </A>
<A NAME="toc_lq18501_39"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Restrictive and Inconsistent Agreements. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its
Subsidiaries to not, enter into any agreement or undertaking or incur or suffer any obligation
prohibiting or inconsistent with the performance by any Credit Party of its Obligations under the Loan Documents or any Material Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.6_burdens_on_production."> </A>
<A NAME="toc_lq18501_40"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Burdens on Production. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its Subsidiaries to not,
grant, sell, transfer, assign or convey, directly or indirectly, to any Person
any Royalty (of any kind or nature whatsoever, howsoever designated), production payment or other non-cost bearing interests in or to any Property or any Project, other than the Royalties listed
in</FONT><FONT SIZE=2><I> Schedule&nbsp;6.1(j).</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.7_investments_in_other_persons."> </A>
<A NAME="toc_lq18501_41"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Investments in Other Persons. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its Subsidiaries
to not, directly or indirectly: (a)&nbsp;make any loan or advance of credit (other
than as contemplated by the Work Program and Budget, or approved capital expenditures and exploration expenses, or from the Borrower to a Credit Party) to any Person utilizing the Loan proceeds or
(b)&nbsp;purchase or otherwise acquire the capital stock, indebtedness, obligations of, or any interest in, any Person (other than readily marketable direct obligations of the United States of
America and certificates of time deposit issued by a commercial bank of recognized standing operating in the United States of America, or other investment grade instruments reasonably approved by the
Lender). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.8_sale_of_project_assets."> </A>
<A NAME="toc_lq18501_42"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Sale of Project Assets. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its Subsidiaries to not,
 directly or indirectly, sell, transfer, assign or otherwise dispose of any of
their respective material assets or properties (or any material portion thereof), including any assets or properties related to any Project, except for sales of Metals in the ordinary course of
business pursuant to (a)&nbsp;sales agreements in existence as of the Closing Date and disclosed on </FONT><FONT SIZE=2><I>Schedule&nbsp;1.1(d)</I></FONT><FONT SIZE=2>, and (b)&nbsp;sales
agreements approved by the Lender. No Credit Party shall, and each Credit Party shall cause its Subsidiaries to not, directly or indirectly, enter into or agree to any Streaming Transaction, offtake
agreement, supply agreement, sales agreement or other Instrument relating to the sale, conveyance, transfer or grant of an interest in Metals produced at or from any Project, without the prior written
approval of the Lender, except for sales of Metals in the ordinary course of business pursuant to (a)&nbsp;sales agreements in existence as of the Closing Date and disclosed on </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1(d)</I></FONT><FONT SIZE=2>, and
(b)&nbsp;sales agreements approved by the Lender in accordance with the foregoing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.9_acquisitions."> </A>
<A NAME="toc_lq18501_43"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its Subsidiaries to not, purchase
or acquire any Equity Interests of any Person, or purchase or acquire
all or substantially all the assets of any Person, or purchase or acquire a division or business of any Person. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-42</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=69,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=63991,FOLIO='A-42',FILE='DISK106:[13ZDG1.13ZDG18501]LQ18501A.;11',USER='MVANGB',CD='13-DEC-2013;16:08' -->
<A NAME="page_lq18501_1_43"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.10_dividends;_reduction_in_capital."> </A>
<A NAME="toc_lq18501_44"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Dividends; Reduction in Capital. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not (a)&nbsp;declare, accrue or pay any dividends,
whether in cash or in Equity Interests, or (b)&nbsp;buy back any of its Shares or
otherwise reduce its capital, while any Loan or any other amount hereunder remains outstanding and unpaid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.11_limitation_on_the_issuance_of_shares."> </A>
<A NAME="toc_lq18501_45"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Limitation on the Issuance of Shares. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party (other than the Borrower) shall sell, transfer or
issue, and the Credit Parties shall not cause or permit any Subsidiary to sell, transfer or
issue, any Equity Interest of such Credit Party or Subsidiary, except for the sale, transfer or issuance of Equity Interests to another Credit Party, which are subject to an Equity Interest Pledge
Agreement in favour of the Lender upon the sale, transfer or issuance of such Equity Interests to such Credit Party. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.12_work_program_and_budget."> </A>
<A NAME="toc_lq18501_46"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Work Program and Budget. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its Subsidiaries to
not, materially amend, modify, supplement or revise the Work Program and Budget
without the prior consent of the Borrower's Board of Directors and, if such consent is obtained, then by the Lender. For the purposes of the foregoing, a material amendment, modification, supplement
or revision requiring consent of the Borrower's Board of Directors and the Lender shall not include an anticipated or actual negative variance in the Work Program and Budget (a)&nbsp;created solely
by a change in the timing of when a Credit Party makes an expenditure or (b)&nbsp;that relates solely to an expenditure that the Credit Parties, to their knowledge and in accordance with generally
accepted industry practices, reasonably expect to offset against other savings within the period of time covered by such Work Program and Budget. No Credit Party shall, and each Credit Party shall
cause its Subsidiaries to not, make, agree to make, accrue or incur any expenditure of any nature whatsoever, or any commitment therefor, in excess of $50,000 individually, or $250,000 in the
aggregate, unless such expenditure is included and described in the Work Program and Budget or unless such expenditure receives prior approval by the Borrower's Board of Directors and, if such
approval is obtained, then by the Lender. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.13_material_agreements."> </A>
<A NAME="toc_lq18501_47"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Material Agreements. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its Subsidiaries to not,
(a)&nbsp;enter into or agree to enter into any Material Agreement, or
(b)&nbsp;modify, amend or knowingly waive any material rights with respect to any Material Agreement to which any such Person is a party, in each case without the prior written consent of the
Lender, not to be unreasonably withheld, conditioned or delayed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.14_limitation_on_hedging."> </A>
<A NAME="toc_lq18501_48"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Hedging. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its Subsidiaries to not,
 enter into any Hedge Contract without the prior written consent of the Lender,
not to be unreasonably withheld. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.15_transactions_with_affiliates."> </A>
<A NAME="toc_lq18501_49"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Transactions with Affiliates. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its Subsidiaries
to not, sell, lease, assign or otherwise transfer any property or assets to, or
purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with or make any payments to, any Affiliate or any officer or employee of a Credit Party
or a Subsidiary of a Credit Party; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, however that a Credit Party or Subsidiary may engage in such a transaction so long as (a)&nbsp;it is
entered into and completed in the ordinary course of business at prices and on terms and conditions not less favorable to such Credit Party or Subsidiary than could be obtained on an arm's-length
basis from unrelated parties, (b)&nbsp;it does not remove any property or asset from the coverage of any Security Document in favour of the Lender or otherwise have a material adverse effect on any
Collateral or any Security Document, and (c)&nbsp;the Credit Parties have provided written notice thereof to the Lender. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.16_new_subsidiaries."> </A>
<A NAME="toc_lq18501_50"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;New Subsidiaries. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its Subsidiaries to not,
organize or acquire any Subsidiary. In the event the Lender consents to the
organization or acquisition of a Subsidiary by a Credit Party, (a)&nbsp;the Borrower shall provide the Lender with written notice thereof and an updated </FONT> <FONT SIZE=2><I>Schedule&nbsp;6.1(b)</I></FONT><FONT SIZE=2> to replace the </FONT><FONT
SIZE=2><I>Schedule&nbsp;6.1(b)</I></FONT><FONT SIZE=2> provided to the Lender on the date of this
Agreement; and (b)&nbsp;each Credit Party and each new Subsidiary of a Credit Party shall execute and deliver such Security Documents and other Instruments reasonably requested by the Lender. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-43</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_lq18501_1_44"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_8.17_use_of_loan_proceeds."> </A>
<A NAME="toc_lq18501_51"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Use of Loan Proceeds. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Credit Party shall, and each Credit Party shall cause its Subsidiaries to not,
use the proceeds of any Loan, or any portion thereof, for any purpose other than
as expressly set forth in </FONT><FONT SIZE=2><I>Section&nbsp;2.5</I></FONT><FONT SIZE=2> hereof. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_article_9_conversion_provisions"> </A>
<A NAME="toc_lq18501_52"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 9<BR>  <BR>    CONVERSION PROVISIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_9.1_conversion."> </A>
<A NAME="toc_lq18501_53"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conversion. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a condition to this Agreement and the Loan to be made hereunder, the Borrower hereby
agrees to the conversion of the Loan into Tradable Shares at the option of
the Lender in accordance with the terms set forth herein. Beginning on the Conversion Effective Date, the terms and conditions set forth in this </FONT> <FONT SIZE=2><I>Article&nbsp;9</I></FONT><FONT SIZE=2>, together with those set forth in
</FONT><FONT SIZE=2><I>Schedule&nbsp;9</I></FONT><FONT SIZE=2>, shall apply to the conversion of
the Loan, or any portion thereof, together with any outstanding interest thereon, into Tradable Shares (the "Conversion Shares"), from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_9.2_conversion;_issuance_of_shares."> </A>
<A NAME="toc_lq18501_54"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conversion; Issuance of Shares. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(a)_conversion_rights."> </A>
<A NAME="toc_lq18501_55"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conversion Rights. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby irrevocably grants to the Lender the option and right,
 exercisable from time to time in the Lender's sole discretion during the Conversion
Period, and upon three (3)&nbsp;Business Days prior written notice to the Borrower (the "Conversion Notice") to convert all or any portion of the Loan, together with any outstanding interest
thereon, into Conversion Shares at the Conversion Price (the "Conversion Rights") whereupon the relevant portion of the Loan shall be deemed permanently repaid upon issuance of the Conversion Shares
to the Lender. The Conversion Notice shall be in the form of Attachment I to </FONT><FONT SIZE=2><I>Schedule&nbsp;9</I></FONT><FONT SIZE=2> and shall specify (i)&nbsp;the principal amount of the
Loan to be converted into Conversion Shares (the "Conversion Amount"); (ii)&nbsp;the accrued and unpaid interest due on the Conversion Amount; (iii)&nbsp;the effective date for the conversion and
delivery of Conversion Shares to the Lender (the "Conversion Date"); (iv)&nbsp;the Conversion Price; and (v)&nbsp;the number of Conversion Shares to be issued by the Borrower in satisfaction of
such conversion. The number of Conversion Shares to be issued by the Borrower to the Lender shall be determined by the Lender by calculating (x)&nbsp;the sum of (A)&nbsp;the Conversion Amount </FONT> <FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2>
(B)&nbsp;the amount of accrued and unpaid interest on the Conversion Amount, </FONT><FONT SIZE=2><I>divided</I></FONT><FONT SIZE=2> by
(B)&nbsp;the Conversion Price. The Lender may also specify in the Conversion Notice the denominations and number of certificates for the Conversion Shares to be issued by the Borrower in connection
with such conversion, the name in which such certificates should be titled and issued and delivery instructions with respect thereto. Each Conversion Notice will be irrevocable when it is effective
under the notice provisions of this Agreement. The Borrower shall promptly issue and deliver to the Lender the applicable number of Conversion Shares, and the Conversion Amount will be deemed to have
been repaid by the Borrower upon irrevocable delivery of such Conversion Shares, issued in the name of the Lender (or its designee). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(b)_payment_in_dollars."> </A>
<A NAME="toc_lq18501_56"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payment in Dollars. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the right of the Lender to exercise its Conversion Rights as set
 forth in this</FONT><FONT SIZE=2><I> Article&nbsp;9</I></FONT><FONT SIZE=2>,
if the Lender does not exercise its Conversion Rights at any time prior to the Scheduled Maturity Date, then the Borrower shall repay the Loan on the Scheduled Maturity Date by delivery of United
States Dollars in immediately available funds to the Lender's Account, or such other account designated by the Lender in accordance with</FONT><FONT SIZE=2><I> Article&nbsp;3</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_(c)_directed_advances."> </A>
<A NAME="toc_lq18501_57"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Directed Advances. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby acknowledges and confirms the right granted to the Lender to
 make Directed Advances to the Borrower at any time during the Conversion Period
in the amounts and as permitted by</FONT><FONT SIZE=2><I> Section&nbsp;3.5</I></FONT><FONT SIZE=2>, and immediately to exercise the right to convert the amount of any such Directed Advance into
Conversion Shares in accordance with</FONT><FONT SIZE=2><I> Section&nbsp;9.2(a)</I></FONT><FONT SIZE=2>. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq18501_9.3_conversion_amount."> </A>
<A NAME="toc_lq18501_58"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conversion Amount. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Lender may exercise its Conversion Rights at any time, and from time to time,
during the Conversion Period, with respect to all or any portion of the Loan
then outstanding of US$500,000 and larger, and with respect to an amount smaller than US$500,000 if such smaller amount represents the entire amount of the Loan outstanding. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-44</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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 </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_9.4_fractional_interests."> </A>
<A NAME="toc_ls18501_1"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Fractional Interests. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not be required to issue fractional Conversion Shares upon
conversion. If any fraction of a Conversion Share would, except for the provisions
of this </FONT><FONT SIZE=2><I>Section&nbsp;9.5</I></FONT><FONT SIZE=2>, be issuable on a conversion of the Loan, or any portion thereof, together with any outstanding interest thereon, the
Borrower shall issue to the Lender one (1)&nbsp;share for a fraction of a Conversion Share greater than or equal to 0.50 and shall issue zero (0)&nbsp;shares for a fraction of a Conversion Share
less than 0.50. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_9.5_transfer_of_conversion_pro__9.502687"> </A>
<A NAME="toc_ls18501_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Transfer of Conversion Provisions to Successors to the Borrower. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the Borrower is acquired by another
Person or another Person becomes the record or beneficial owner of more than seventy-five percent (75%) of the then
outstanding voting Equity Interests of the Borrower (and the Lender has provided its prior written consent to such transaction and has waived any Default or Event of Default created thereby), the
Borrower shall use its commercially reasonable efforts to cause such Person to extend to the Lender, in a written agreement in form reasonably acceptable to the Lender, rights to convert the Loan into
Shares in such Person, on terms substantially equivalent to the Conversion Provisions, with adjustments to such terms as reasonably necessary to reflect the market capitalization or, if not publicly
traded, the net asset value, of the Borrower and of such other Person at the time of the acquisition of the Shares of the Borrower by such Person. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_article_10_events_of_default"> </A>
<A NAME="toc_ls18501_3"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 10<BR>  <BR>    EVENTS OF DEFAULT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_10.1_event_of_default."> </A>
<A NAME="toc_ls18501_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Event of Default. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the following events shall be an "Event of Default" hereunder: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(a)_nonpayment."> </A>
<A NAME="toc_ls18501_5"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Nonpayment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall fail to repay the Loan as and when due hereunder (whether at stated
 maturity, by prepayment, on demand or otherwise), or shall fail to pay
interest hereunder when due (whether on a payment date, by prepayment, on demand or otherwise), or shall fail to pay any other amount due hereunder when due (whether on the date when due, by
prepayment, on demand or otherwise). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(b)_specific_defaults."> </A>
<A NAME="toc_ls18501_6"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Specific Defaults. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower or any other Credit Party shall fail to observe or perform any of its
 covenants contained in </FONT> <FONT SIZE=2><I>Sections&nbsp;7.13</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>7.15</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>7.17</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>7.18</I></FONT><FONT SIZE=2>,
 </FONT><FONT SIZE=2><I>7.19</I></FONT><FONT SIZE=2> or </FONT><FONT SIZE=2><I>7.21</I></FONT><FONT SIZE=2> or </FONT> <FONT SIZE=2><I>Article&nbsp;8</I></FONT><FONT SIZE=2> of this Agreement.
 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(c)_other_defaults."> </A>
<A NAME="toc_ls18501_7"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Defaults. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower or any other Credit Party shall fail to observe or perform any of its
 covenants contained in this Agreement or any other Loan Document, other than
the covenants referred to in clauses&nbsp;(a) and (b)&nbsp;above, and such Borrower or Credit Party has not remedied such default within ten (10)&nbsp;days after written notice of default has
been given by the Lender to the Borrower. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(d)_representation_or_warranty."> </A>
<A NAME="toc_ls18501_8"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Representation or Warranty. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any representations or warranty made by any Credit Party under or in
connection with this Agreement, or the other Loan Documents shall prove to have been
incorrect, incomplete or misleading in any material respect when made. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(e)_cross-default."> </A>
<A NAME="toc_ls18501_9"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Cross-Default. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A default (howsoever characterized) shall occur under (i)&nbsp;any Loan Document,
 (ii)&nbsp;any Material Agreement (subject to applicable cure periods
thereunder, if any), or (iii)&nbsp;any agreement or Instrument pertaining to Indebtedness permitted by </FONT><FONT SIZE=2><I>Section&nbsp;8.1</I></FONT><FONT SIZE=2> in excess of One Hundred
Thousand Dollars ($100,000); or any Credit Party shall fail to pay any Indebtedness in excess of One Hundred Thousand Dollars ($100,000) (or equivalent in other currencies) in principal amount (but
excluding Indebtedness included in the Obligations), or any interest or premium thereon, when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such
default or failure to pay is not being contested by such Credit Party in good faith; or, any other default under any agreement or Instrument relating to any such Indebtedness or any other event, shall
occur and shall continue after the applicable grace period, if any, specified in such agreement or Instrument, if the effect of such default or event is to </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-45</FONT></P>

<HR NOSHADE>
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<A NAME="page_ls18501_1_46"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>accelerate,
or to permit the acceleration of, the maturity of such Indebtedness, unless such default or event shall be waived by the holders or trustees of such Indebtedness; or any such Indebtedness
shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(f)_bankruptcy;_insolvency."> </A>
<A NAME="toc_ls18501_10"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Bankruptcy; Insolvency. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Credit Party shall initiate or commence any case, proceeding or other
 action (A)&nbsp;under any existing or future Bankruptcy Law, or otherwise seeking
to have it judged bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or
(B)&nbsp;seeking appointment of a receiver, receiver and manager, trustee, custodian, administrator, conservator, liquidator, controller or other similar official for it or for all or any
substantial part of its assets, or any Credit Party shall make a general assignment for the benefit of its creditors; or (ii)&nbsp;a receiver, receiver and manager, trustee, custodian,
administrator, conservator, liquidator, controller or other similar official is appointed for any Credit Party or for all or any substantial part of its assets or any steps are taken with respect to
such appointment; or (iii)&nbsp;there shall be commenced against any Credit Party any case, proceeding or other action of a nature referred to in clause&nbsp;(i) above which (A)&nbsp;results in
the entry of an order for relief or any such adjudication or appointment or (B)&nbsp;remains undismissed, undischarged or unbonded for a period of sixty (60)&nbsp;days; or (iv)&nbsp;there shall
be commenced against any Credit Party any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of
their assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60)&nbsp;days from the entry
thereof; or (v)&nbsp;any Credit Party shall take any action in furtherance of, or indicating its consent to, approval of, authorization of, or acquiescence in, any of the acts set forth in
clause&nbsp;(i), (ii), (iii), or (iv)&nbsp;above; or (vi)&nbsp;any Credit Party generally shall not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they
become due. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(g)_judgments."> </A>
<A NAME="toc_ls18501_11"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Judgments. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A final judgment or order for the payment of money in excess of (i)&nbsp;One Hundred
 Thousand Dollars ($100,000) (or equivalent in other currencies) or
(ii)&nbsp;the amounts specified in </FONT><FONT SIZE=2><I>Schedule&nbsp;10.1(g)</I></FONT><FONT SIZE=2> with respect to the specific matters disclosed therein, shall be rendered against any
Credit Party and, in either case, either; (A)&nbsp;enforcement proceedings shall have been commenced by any creditor upon such judgment or order; or (B)&nbsp;a stay of enforcement of such judgment
or order, by reason of a pending appeal or otherwise, shall not be in effect for any period of twenty (20)&nbsp;consecutive days. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(h)_security_interest."> </A>
<A NAME="toc_ls18501_12"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Security Interest. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any Security Document after delivery thereof shall for any reason, except to the
 extent permitted by the terms thereof or the terms hereof, cease to create a
valid and perfected Lien having the Agreed Priority with respect to any of the Collateral purported to be covered thereby, or a Credit Party shall so state or claim in writing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(i)_collateral_enforcement."> </A>
<A NAME="toc_ls18501_13"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Collateral Enforcement. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Creditors of the Borrower or any Credit Party having a Lien against or in
 respect of the property and assets thereof, or any part thereof, realize upon or enforce
any such security against such property and assets or any part thereof having an aggregate fair market value in excess of an amount equal to One Hundred Thousand Dollars ($100,000) (or the equivalent
thereof in any other currency) and such realization or enforcement shall continue in effect and not be released, discharged or stayed within the lesser of twenty (20)&nbsp;days and the period of
time prescribed under applicable laws for the completion of the sale of or realization against the assets subject to such seizure or attachment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(j)_expropriation/condemnation."> </A>
<A NAME="toc_ls18501_14"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Expropriation/Condemnation. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An Expropriation Event shall have occurred. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(k)_regulatory_action."> </A>
<A NAME="toc_ls18501_15"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Action. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any Governmental Authority shall take any action with respect to a Credit Party, or
with respect to any Material Project or any Collateral subject to the Security
Documents, which has had or could reasonably be expected to have a Material Adverse Effect on </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-46</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=73,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=118796,FOLIO='A-46',FILE='DISK106:[13ZDG1.13ZDG18501]LS18501A.;9',USER='MVANGB',CD='13-DEC-2013;16:08' -->
<A NAME="page_ls18501_1_47"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>a
Credit Party or a Material Project or the ability of the Borrower to repay the Loan or to meet its other Obligations in a timely manner unless such action is set aside, dismissed or withdrawn within
twenty (20)&nbsp;days of its institution or such action is being contested in good faith, its effect is stayed during such contest and the Credit Parties are allowed to continue development of such
Material Project during such period in accordance with the Work Program and Budget. A material breach or default under any Project Permit shall occur, or any such Project Permit is voided, rescinded,
cancelled, terminated or not reissued, and as a result thereof, the Credit Party is required to cease or delay a material operation in the Material Project affected by such action or such action
otherwise has a Material Adverse Effect on such Material Project. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(l)_cessation_of_project_operations."> </A>
<A NAME="toc_ls18501_16"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Cessation of Project Operations. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any Material Project, or any material portion thereof, shall be
 abandoned or terminated, or development or operation of any Material Project shall be terminated
or reduced materially from the level of exploration, development, operation and use contemplated by the Work Program and Budget. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(m)_material_adverse_change."> </A>
<A NAME="toc_ls18501_17"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Material Adverse Change. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A change in the business, financial condition or prospects of any Credit Party
 or any Material Project occurs, which has had, or could be reasonably expected to
have, a Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(n)_change_of_control."> </A>
<A NAME="toc_ls18501_18"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Change of Control. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Change of Control shall have occurred. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(o)_delisting;_suspension."> </A>
<A NAME="toc_ls18501_19"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Delisting; Suspension. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower's Shares shall be suspended or delisted from NASDAQ. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(p)_event_of_default_under_investor_agreements."> </A>
<A NAME="toc_ls18501_20"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Event of Default Under Investor Agreements. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A default, event of default or breach on the part of the
Borrower or any Credit Party shall have occurred under any Investor Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_10.2_remedies_upon_event_of_default."> </A>
<A NAME="toc_ls18501_21"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Remedies Upon Event of Default. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(a)_termination_of_obligations."> </A>
<A NAME="toc_ls18501_22"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination of Obligations. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of an Event of Default specified in </FONT><FONT
 SIZE=2><I>Section&nbsp;10.1(f)</I></FONT><FONT SIZE=2> of this Agreement, all obligations
of the Lender hereunder shall terminate, but such termination shall not limit any rights or remedies of the Lender hereunder. In the case of any Event of Default specified in </FONT> <FONT SIZE=2><I>Section&nbsp;10.1</I></FONT><FONT SIZE=2> (other
than </FONT><FONT SIZE=2><I>Section&nbsp;10.1(f)</I></FONT><FONT SIZE=2>), upon notice by the Lender to the Borrower of
the Lender's election to declare the Borrower in default, then the obligations of the Lender hereunder shall terminate, but such termination shall not limit any rights or remedies of the Lender
hereunder. The date on which such notice is sent or, in the case of an Event of Default specified in </FONT><FONT SIZE=2><I>Section&nbsp;10.1(f)</I></FONT><FONT SIZE=2> of this Agreement, the date
of such Event of Default, shall be the "Date of Default." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(b)_acceleration_upon_notice."> </A>
<A NAME="toc_ls18501_23"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Acceleration upon Notice. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon the Date of Default and upon notice from the Lender of an Event of
Default specified in </FONT><FONT SIZE=2><I>Section&nbsp;10.1</I></FONT><FONT SIZE=2>
(other than </FONT><FONT SIZE=2><I>Section&nbsp;10.1(f)</I></FONT><FONT SIZE=2>), the Loan, together with all interest thereon and all other amounts owed by the Borrower hereunder to the Lender,
shall be accelerated and become immediately due and payable in full. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(c)_acceleration_without_notice."> </A>
<A NAME="toc_ls18501_24"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Acceleration without Notice. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Immediately and automatically upon the occurrence of an Event of Default
specified in </FONT><FONT SIZE=2><I>Section&nbsp;10.1(f)</I></FONT><FONT SIZE=2>,
without delivery of any notice by the Lender, the Loan and all amounts owed by the Borrower hereunder shall be automatically accelerated and immediately due and payable on the Date of Default. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(d)_availability_of_rights_and_remedies."> </A>
<A NAME="toc_ls18501_25"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Availability of Rights and Remedies. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of an Event of Default, all of the rights and
 remedies provided to the Lender in this Agreement, each of the Security Documents, and each
other Loan Document shall immediately become available to the Lender, and the Lender shall have all other rights and remedies available at law or in equity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(e)_cumulative_rights_and_remedies."> </A>
<A NAME="toc_ls18501_26"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Rights and Remedies. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All rights and remedies of the Lender set out in this Agreement, the
 Security Documents, the other Loan Documents and otherwise available at law or </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-47</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=74,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=50044,FOLIO='A-47',FILE='DISK106:[13ZDG1.13ZDG18501]LS18501A.;9',USER='MVANGB',CD='13-DEC-2013;16:08' -->
<A NAME="page_ls18501_1_48"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>in
equity are cumulative, and no right or remedy contained herein or therein is intended to be exclusive; each such right or remedy is in addition to every other right and remedy contained in this
Agreement, the Security Documents and the other Loan Documents, or in any existing or future agreement, or now or in the future existing at law, in equity, by statute or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(f)_waiver_of_presentment."> </A>
<A NAME="toc_ls18501_27"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Presentment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly provided above in this </FONT><FONT
 SIZE=2><I>Section&nbsp;10.2</I></FONT><FONT SIZE=2>, presentment, demand, protest and all other notices
of any kind are hereby expressly waived. From and after the Date of Default, interest on the Loan shall accrue at the Default Rate and shall be payable on demand. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_(g)_specific_performance;_special_remedies."> </A>
<A NAME="toc_ls18501_28"> </A>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Specific Performance; Special Remedies. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Credit Parties acknowledge and agree that any failure of
 the Credit Parties to comply with this Agreement will cause irreparable harm and injury and that the
remedy at law for any breach or threatened breach of any such provision will be inadequate and, accordingly, the Lender shall, in addition to all other rights and remedies that the Lender may have, be
entitled, with or without notice to the Credit Parties to the fullest extent permitted by applicable law, to seek an injunction or temporary restraining order to prevent such breach or threatened
breach and to enforce specifically the terms and provisions of this Agreement. Injunctive relief, temporary restraining orders and specific performance may be imposed and enforced judicially or by
arbitrators. Such remedies are cumulative and not exclusive and are in addition to all other remedies available to the Lender under this Agreement, the other Loan Documents or otherwise. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_article_11_miscellaneous"> </A>
<A NAME="toc_ls18501_29"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 11<BR>  <BR>    MISCELLANEOUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.1_amendments,_etc."> </A>
<A NAME="toc_ls18501_30"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendments, Etc. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in this Agreement, no amendment or waiver of
any provision of this Agreement, nor consent to any departure by any Credit
Party or the Lender therefrom, shall in any event be effective unless the same shall be in writing and signed by the other party, and, in the case of any amendment, by the Credit Parties and the
Lender and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.2_notices;_etc."> </A>
<A NAME="toc_ls18501_31"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notices; Etc. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All notices, requests, demands and other communications provided for hereunder shall be
in writing (including facsimile communication) and transmitted to the
following address or facsimile: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
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<TD WIDTH="14pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>if to the Borrower or Guarantors:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
Uranium Resources,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6950 S. Potomac Street, Suite&nbsp;300</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Centennial, Colorado 80112</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Phone:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(303)&nbsp;531-0473</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Facsimile:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(303)&nbsp;531-0519</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>E-Mail:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>jvigil@uraniumresources.com</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
and if to the Lender:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
Resource Capital Fund V&nbsp;L.P.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1400 Sixteenth Street, Suite&nbsp;200</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Denver, Colorado 80202</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Cassie Boggs</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Facsimile:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(720)&nbsp;946-1450</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>E-Mail:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>cjb@rcflp.com</FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-48</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=75,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=682126,FOLIO='A-48',FILE='DISK106:[13ZDG1.13ZDG18501]LS18501A.;9',USER='MVANGB',CD='13-DEC-2013;16:08' -->
<A NAME="page_ls18501_1_49"> </A>

<P style="font-family:times;"><FONT SIZE=2>or,
as to each Party, at such other address or number as shall be designated by such Party in a written notice to the other. All notices, requests, demands or other communications to or upon the
respective Parties hereto shall be in writing (including by facsimile or e-mail), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made: (a)&nbsp;when
delivered by hand, upon receipt; (b)&nbsp;when transmitted via telecopy (or other facsimile device) to the number set out herein, upon transmission; (c)&nbsp;the Business Day immediately following
the day on which the same has been delivered prepaid (or pursuant to an invoice arrangement) to a reputable national overnight air courier service; (d)&nbsp;the third Business Day following the day
on which the same is sent by certified or registered mail, postage prepaid; or (e)&nbsp;when delivered by e-mail, upon the sender's receipt of an acknowledgment from the intended recipient (such as
by the "return receipt requested" function, as available, return e-mail or other written acknowledgment), </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that if such notice, request, demand
or communication transmitted by e-mail is not sent during the normal business hours of the recipient, such notice, request or demand shall be deemed to have been sent at the opening of business on the
next Business Day for the recipient. Notices delivered to the Lender pursuant to </FONT><FONT SIZE=2><I>Articles&nbsp;2</I></FONT><FONT SIZE=2> or </FONT><FONT SIZE=2><I>3</I></FONT><FONT SIZE=2>
hereof shall not be effective until actually received by the Lender. Each Credit Party agrees that any notice, request, demand or communication delivered to the Borrower in accordance with the terms
of this </FONT><FONT SIZE=2><I>Section&nbsp;11.2</I></FONT><FONT SIZE=2> shall constitute and be deemed delivery of such notice, request, demand or communication to each Credit Party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.3_no_waiver;_remedies."> </A>
<A NAME="toc_ls18501_32"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Waiver; Remedies. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No failure on the part of the Lender to exercise, and no delay in exercising, any
right hereunder, or under any other Loan Document shall operate as a waiver
thereof; nor shall any single or partial exercise of any right hereunder, or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.4_costs,_expenses_and_taxes."> </A>
<A NAME="toc_ls18501_33"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Costs, Expenses and Taxes. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and the other Credit Parties agree to pay on demand all
reasonable costs and expenses of the Lender in connection with the negotiation, preparation,
execution, delivery, and performance of this Agreement, the other Loan Documents and the other documents and Instruments to be delivered hereunder, including, without limitation the reasonable fees
and expenses of all legal counsel and independent consultants to the Lender and all other out-of-pocket expenses of the Lender. The Borrower and the other Credit Parties agree to pay on demand all
actual, out of pocket reasonable costs and expenses of the Lender in connection with the administration of this Agreement and the other Loan Documents, including the reasonable costs and expenses
incurred by the Lender in connection with one (1)&nbsp;annual site visit by the Lender to the Projects per year, and all reasonable costs and expenses, if any, in connection with any amendments,
waivers or consents and the protection of the Lender's rights with respect to and the enforcement of this Agreement, the other Loan Documents and the other documents to be delivered hereunder (whether
incurred before, during or after commencement of any bankruptcy, reorganization or insolvency actions pertaining to a Credit Party). All such expenses will be itemized in reasonable detail. In
addition, the Borrower and the other Credit Parties agree to pay any and all stamp, mortgage recording and other Taxes, filing fees, duties or charges payable or determined to be payable in connection
with the execution and delivery of this Agreement, the other Loan Documents and the other documents to be delivered hereunder, and the Borrower and the other Credit Parties agree to indemnify and save
the Lender harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such Taxes, filing fees or charges. The Borrower and the other
Credit Parties acknowledge that they shall pay all aforementioned costs, expenses and taxes regardless of whether any Loan is advanced. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.5_indemnification."> </A>
<A NAME="toc_ls18501_34"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indemnification. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and each other Credit Party jointly and severally agree to indemnify the
Lender and each of the Lender's Affiliates and their respective directors,
partners, managers, members, owners, principals, shareholders, officers, employees, agents, consultants and Representatives (each, an "Indemnified Party" and collectively, the "Indemnified Parties"),
from and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-49</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_ls18501_1_50"> </A>

<P style="font-family:times;"><FONT SIZE=2>against,
and to defend and hold each of the Indemnified Parties harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, fines, suits, costs, assessments,
charges, claims, Taxes and Other Taxes (other than Excluded Taxes), expenses, payments or disbursements of any kind whatsoever, including attorneys' fees and expenses (collectively "Losses") which may
at any
time (including, without limitation, at any time following the payment of the Obligations) be imposed on, incurred or suffered by or asserted against any Indemnified Party in any way relating to or
arising out of (a)&nbsp;this Agreement or any other Loan Document or any Instrument contemplated by or referred to herein or therein, the transactions contemplated hereby or thereby, or the use of
the Loan, or (b)&nbsp;a breach or default (whether or not constituting a Default or Event of Default) by any Credit Party, or (c)&nbsp;any action or proceeding brought by or against an Indemnified
Person due to its entering into or being a party to any Loan Document or by reason of its exercising or performing, or causing the exercise or performance of, any right, power, remedy, obligation or
action under any Loan Document, whether or not related to the enforcement of any Loan Document, or (d)&nbsp;any act or omission of a Credit Party, or (e)&nbsp;the business or operations of any
Credit Party or the ownership, management, administration or operation of the Projects, any Property or any other property of any Credit Party, or the condition thereof, or (f)&nbsp;any other matter
whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement and any other Loan Document, except, in each case, with respect to Losses arising
entirely out of the gross negligence or willful misconduct of the Lender or such Indemnified Party. This </FONT><FONT SIZE=2><I>Section&nbsp;11.5</I></FONT><FONT SIZE=2> shall survive the repayment
of the Obligations, the repayment of the Promissory Note and the termination of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.6_binding_effect;_assignment."> </A>
<A NAME="toc_ls18501_35"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Binding Effect; Assignment. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be binding upon and inure to the benefit of the
Borrower, the Credit Parties, the Lender and their respective permitted successors and
assigns. The Borrower shall not have the right to assign any of its rights or obligations hereunder or any interest herein or in any other Loan Document without the prior written consent of the
Lender. Subject to Governmental Requirements, the Lender may, at any time, without the consent of the Borrower, assign to its respective successors and Affiliates, or may grant participation to one or
more banks, financial institutions or other Persons, in or to all or any part of, and may assign to one or more banks, financial institutions or other Persons, all or any part of, this Agreement, the
other Loan Documents and the Loan, and, to the extent of such assignment, such assignee shall have the same obligations, rights and benefits with respect to the Borrower as it would have had if it
were a lender hereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.7_governing_law."> </A>
<A NAME="toc_ls18501_36"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governing Law. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT AS OTHERWISE STATED THEREIN) SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
COLORADO, NOT INCLUDING THE CONFLICTS OF LAW AND CHOICE OF LAW PROVISIONS THEREOF. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.8_dispute_resolution;_arbitration."> </A>
<A NAME="toc_ls18501_37"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Dispute Resolution; Arbitration. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Party hereby waives the right to trial by jury with respect to
any Dispute between or among the Parties or their Subsidiaries with respect to this Agreement,
the other Loan Documents or the transactions contemplated hereby or thereby, and each Party agrees to pursue and resolve any such Dispute in accordance with the terms and provisions set forth
in</FONT><FONT SIZE=2><I> Schedule&nbsp;11.8</I></FONT><FONT SIZE=2>, including resolution by binding arbitration as described in</FONT><FONT SIZE=2><I> Schedule&nbsp;11.8</I></FONT><FONT SIZE=2>. Interim, provisional and other judicial measures and
remedies shall be available to the Parties as described in</FONT><FONT SIZE=2><I> Schedule&nbsp;11.8</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.9_execution_in_coun__ls101940"> </A>
<A NAME="toc_ls18501_38"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Execution in Counterparts; Facsimile Signatures. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same agreement. This Agreement may be validly executed and delivered by facsimile, portable document format (.pdf)
or other electronic transmission, and a signature by facsimile, portable document format (.pdf) or other electronic transmission shall be as effective and binding as delivery of a manually executed
original signature. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-50</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_ls18501_1_51"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.10_inconsistent_provisions."> </A>
<A NAME="toc_ls18501_39"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Inconsistent Provisions. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event of any conflict between this Agreement and any of the other Loan
Documents, the provisions of this Agreement shall govern and be controlling. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.11_severability."> </A>
<A NAME="toc_ls18501_40"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Severability. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If any provision hereof is determined to be ineffective or unenforceable for any reason,
the remaining provisions hereof shall remain in effect, binding on the
parties and enforceable at the election of the Lender in its sole discretion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.12_governing_language."> </A>
<A NAME="toc_ls18501_41"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governing Language. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For all purposes, this English language version of this Agreement shall be the
original, governing instrument and understanding of the parties. In the event of
any conflict between this English language version of the Agreement and any subsequent translation into any other language, this English language version shall govern and control. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.13_survival_of_representations_and_warranties."> </A>
<A NAME="toc_ls18501_42"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Survival of Representations and Warranties. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All representations and warranties made hereunder and in
any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive
the execution and delivery of this Agreement and the making of any Loan. Such representations and warranties have been and will be relied upon by the Lender, regardless of any investigation made by
the Lender or on behalf of the Lender and notwithstanding that the Lender may have had actual or constructive notice or knowledge of (a)&nbsp;any inaccuracy or incompleteness of any representation
and warranty, whenever made, or (b)&nbsp;of the existence of a Default, whether at the Closing Date or at the time of any advance of a Loan, and such representations and warranties shall continue in
full force and effect as long as any Loan or any other Obligation has not been paid or performed in full. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.14_entire_agreement;_schedules_and_exhibits."> </A>
<A NAME="toc_ls18501_43"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement; Schedules and Exhibits. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Schedules to this Agreement and the Exhibits to this
Agreement form an integral part of this Agreement and are incorporated herein by reference and expressly
made a part hereof. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof, superseding all prior statements, representations, discussions,
agreements and understandings, oral or written, relating to such subject matter, including all term sheets and commitment letters. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.15_further_assurances."> </A>
<A NAME="toc_ls18501_44"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Further Assurances. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party shall execute, acknowledge and deliver to the Lender such other
and further documents, certificates and Instruments and do or cause to be done
such other acts as the Lender reasonably determines to be necessary or desirable to effect the intent of the parties to this Agreement or otherwise to protect and preserve the interests of the Lender
hereunder, promptly upon request of the Lender, including the execution and delivery of any and all documents, certificates and Instruments which are necessary or advisable to create, protect,
maintain or perfect in favor of the Lender, Liens on all Collateral of the Credit Parties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.16_credit_party_joint_and_several_liability."> </A>
<A NAME="toc_ls18501_45"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Credit Party Joint and Several Liability. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Borrower and the other Credit Parties are engaged in related businesses and are integrated to such an extent that the financial strength and flexibility of each
Credit Party has a direct, tangible and immediate impact on the success of the other Credit Parties. Each Guarantor will derive substantial direct and indirect benefit from the extension of the Loan
to the Borrower hereunder. Each Guarantor waives any right to revoke, terminate or suspend its Guarantee and acknowledges that it entered into such Guarantee in contemplation of the benefits that it
would receive by this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
of the Credit Parties is accepting joint and several liability hereunder in consideration of the financial accommodation to be provided by the Lender under this
Agreement, for the mutual benefit, directly and indirectly, of each of the Credit Parties and in consideration of the undertakings of each of the Credit Parties to accept joint and several liability
for the obligations of each of them. Each of the Credit Parties jointly and severally hereby irrevocably and unconditionally accepts joint, several and primary liability with the other Credit Parties
with respect to the payment and performance of all of the Obligations. To the extent that any of the Credit </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_ls18501_1_52"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Parties
shall fail to make any payment or performance with respect to any of the Obligations, then the other Credit Parties will do so, when and as due. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Each
Guarantor agrees that its obligation with respect to the full, prompt and complete payment and performance when due of the Loan and the Obligations is as a primary
obligor and not merely as a surety. In furtherance of the foregoing, each Guarantor hereby irrevocably and unconditionally agrees to pay, indemnify, save and hold harmless, and defend the Lender, its
successors and assigns, and each of its respective directors, officers, partners, managers, members, shareholders, owners, employees, affiliates, representatives and advisors from and against any and
all claims, damages, losses, penalties, liabilities, judgments, suits, proceedings, taxes, costs and expenses (including, without limitation, fees and disbursements of counsel) which may at any time
(including, without limitation, at any time following the payment of the Obligations or any Loan Document) be imposed on, incurred by or asserted against any such indemnified person, in any way
relating to, in connection with or arising out of this Agreement, any other Loan Document and the transactions contemplated hereby and thereby and any claim, investigation, subpoena, litigation,
proceeding or otherwise related to or arising out of this Agreement or any other Loan Document or any transaction contemplated hereby or thereby (but in any case excluding any such claims, damages,
losses, liabilities, costs or expenses incurred by reason of the gross negligence or willful misconduct of any indemnitee), including with respect to the repayment of the Loan, all interest thereon,
all fees associated therewith and all other amounts due under this Agreement and the Promissory Note, in each case in compliance with the terms and conditions of this Agreement and the Promissory
Note. The indemnification obligations of each Guarantor under this paragraph shall survive the payment in full of the Agreement and the other Loan Documents and the termination and release of its
Guarantee and this Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.17_acknowledgements."> </A>
<A NAME="toc_ls18501_46"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgements. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties hereto hereby acknowledges that: it has been advised by its own
legal counsel in the negotiation, preparation, execution and delivery of this
Agreement and each other Loan Document; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;this
Agreement and the other Loan Documents shall not be construed against any party or more favourably in favor of any party based upon which party drafted the same, it
being agreed and acknowledged that all parties contributed substantially to the negotiation and preparation of this Agreement and the other Loan Documents; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;the
Lender has no fiduciary relationship with or duty to the Borrower or any other Credit Party arising out of or in connection with this Agreement or any other
agreement, arrangement, Instrument or investment, and the relationship between the Lender, on one hand, and the Borrower and the other Credit Parties, on the other hand, in connection herewith is
solely that of debtor and creditor; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;neither
this Agreement nor any other Loan Document to which any Credit Party and the Lender is a party (nor any other agreement, arrangement, Instrument or investment,
between the Lender, on one hand, and the Borrower and the other Credit Parties, on the other hand) creates a joint venture, partnership, agency relationship or fiduciary duty, and no joint venture,
partnership, agency relationship or fiduciary duty shall be deemed to exist, between the Lender and the Borrower or between the Lender and any other Credit Party; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;the
Lender is and has been acting solely as a principal and the Lender has not been, is not, and will not be, acting as an advisor, agent or fiduciary for the Borrower
or any Credit Party; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;the
Lender may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the Credit Parties and their Affiliates, and
the Lender has no obligation to disclose any of such interests to the Borrower, the Credit Parties or their Affiliates; and </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-52</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;no
Credit Party will claim that any Lender has rendered advisory services of any nature or with respect to, or owes a fiduciary or similar duty to, any Credit Party in
connection with this Agreement, the other Loan Documents, the transactions contemplated hereby or thereby, or the process leading thereto. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.18_submission_to_jurisdiction;_venue;_service."> </A>
<A NAME="toc_ls18501_47"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Submission to Jurisdiction; Venue; Service. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
Credit Party irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of Colorado and of
the United States District Court sitting in the State of Colorado, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan
Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be
heard and determined in such court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Lender may otherwise have to bring any action or proceeding
relating to this Agreement or any other Loan Document against any Credit Party or its properties in the courts of any jurisdiction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Each
Credit Party irrevocably and unconditionally waives to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying
of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in </FONT> <FONT SIZE=2><I>Section&nbsp;11.18(a)</I></FONT><FONT SIZE=2> hereof. Each Credit Party hereby
irrevocably waives, to the fullest extent permitted by applicable law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Each
Credit Party hereto irrevocably consents to service of process in the manner provided for notices in </FONT> <FONT SIZE=2><I>Section&nbsp;11.2</I></FONT><FONT SIZE=2> hereof. Nothing in this Agreement will affect the right of any party hereto to
serve process in any other manner permitted by
applicable law. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls18501_11.19_termination_of_covenants."> </A>
<A NAME="toc_ls18501_48"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination of Covenants. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon (i)&nbsp;the complete and irrevocable payment in full of the Loan and
all accrued interest thereon, together with all other fees, expenses and other
amounts due hereunder and under each other Loan Document, and (ii)&nbsp;the complete and irrevocable payment and performance of all other Obligations (other than any unexercised right of the Lender
to advance a Directed Advance prior to the Scheduled Maturity Date and any contingent indemnification Obligation for which no claim has been made), then all covenants of the Borrower and the other
Credit Parties contained in </FONT><FONT SIZE=2><I>Articles&nbsp;4, 5, 7</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>8</I></FONT><FONT SIZE=2> hereof will terminate (other than with respect
to those that expressly survive repayment). For purposes of certainty, the right and option of the Lender to make Directed Advances to the Borrower and to convert such Directed Advance into Shares in
accordance with the Conversion Provisions shall not terminate, and may not be terminated by the Borrower, prior to the Scheduled Maturity Date, and this Agreement shall remain in full force and effect
for such purpose. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>remainder of this page intentionally blank</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-53</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2> BORROWER:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B>URANIUM RESOURCES,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY L. VIGIL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Vice President-Finance and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2> GUARANTORS:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B>URI,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY L. VIGIL<BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Vice President-Finance and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B>HYDRO RESOURCES,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY L. VIGIL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Vice President-Finance and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B>URI MINERALS,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY L. VIGIL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Vice President-Finance and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Signature
Pages to Loan Agreement </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=81,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=694324,FOLIO='blank',FILE='DISK106:[13ZDG1.13ZDG18501]LU18501A.;17',USER='MVANGB',CD='13-DEC-2013;16:08' -->
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<!-- User-specified TAGGED TABLE -->
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<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="39%" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><B> BELT LINE RESOURCES,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY L. VIGIL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Vice President-Finance and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B>URANCO&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY L. VIGIL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Vice President-Finance and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B>HRI-CHURCHROCK,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY L. VIGIL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Vice President-Finance and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B>URI NEUTRON HOLDINGS I,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY L. VIGIL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Vice President-Finance and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B>URI NEUTRON HOLDINGS II,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY L. VIGIL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Vice President-Finance and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Signature
Pages to Loan Agreement </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=82,EFW="2217716",CP="URANIUM RESOURCES INC.",DN="1",CHK=477329,FOLIO='blank',FILE='DISK106:[13ZDG1.13ZDG18501]LU18501A.;17',USER='MVANGB',CD='13-DEC-2013;16:08' -->
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="39%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><B> HYDRO RESTORATION CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY L. VIGIL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

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 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Vice President-Finance and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B>NEUTRON ENERGY,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY L. VIGIL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Vice President-Finance and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B>CIBOLA RESOURCES&nbsp;LLC</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY L. VIGIL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Jeffrey L. Vigil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Vice President-Finance and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
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<p style="font-family:times;"></FONT></P>

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<TD WIDTH="49%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="46%" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2> LENDER:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>RESOURCE CAPITAL FUND V&nbsp;L.P.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Resource Capital Associates V&nbsp;L.P.,<BR>
General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>RCA V&nbsp;GP&nbsp;Ltd.,<BR>
General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;RYAN T. BENNETT<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Ryan T. Bennett,<BR></FONT> <FONT SIZE=2><I>Senior Partner</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Signature
Pages to Loan Agreement </FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lw18501_schedule_2.10_anti-dilution_provisions"> </A>
<A NAME="toc_lw18501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Schedule&nbsp;2.10<BR>  Anti-Dilution Provisions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the limitations and exceptions set forth in </FONT><FONT SIZE=2><I>Section&nbsp;2.10</I></FONT><FONT SIZE=2> of the
Agreement, in the event that Borrower shall at any time after the date of the Agreement (A)&nbsp;issue, for a period of one (1)&nbsp;year following the Closing Date, any Equity Interests of the
Borrower at a price per Share less than the Conversion Price, (B)&nbsp;declare a dividend on the Shares payable in Shares, (C)&nbsp;subdivide or split the outstanding Shares, (D)&nbsp;combine or
consolidate the outstanding Shares into a smaller number of Shares through a reverse stock split or otherwise, or (E)&nbsp;issue any shares of its capital stock in a reclassification of the Shares
(including any such reclassification in connection with a consolidation or merger in which the Borrower is the continuing or surviving corporation), (1)&nbsp;if the record date for such dividend or
the effective date of such subdivision, split, combination, consolidation or reclassification shall occur during the 20 Trading Days preceding any date of determination of Market Price, the VWAP for
any Trading Days before such record date or effective date shall be proportionately adjusted as if such dividend, subdivision, split, combination, consolidation or reclassification had occurred before
such Trading Day, (2)&nbsp;the number and kind of Shares or capital stock, as the case may be, issuable on the record date for such dividend or the effective date of such subdivision, split,
combination, consolidation or reclassification shall be proportionately adjusted so that the Lender after such time shall be entitled to receive the aggregate number and kind of Shares or capital
stock, as the case may be, which, if the Shares issuable under the Agreement were issued immediately prior to such date and at a time when the common stock transfer books of the Borrower were open,
the Lender would have owned upon such issuance and been entitled to receive by virtue of such dividend, subdivision, split, combination, consolidation or reclassification, and (3)&nbsp;the
Conversion Price shall be proportionately adjusted by the Lender on the effective date of such subdivision, split, combination, consolidation, issuance or sale to reflect the effect of such
subdivision, split, combination, consolidation, issuance or sale. If any event of the type contemplated by the provisions of this </FONT><FONT SIZE=2><I>Schedule&nbsp;2.10</I></FONT><FONT SIZE=2>
but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features) occurs, then the
Lender shall make an appropriate adjustment in the Conversion Price and/or the Market Price, as the case may be, and the number of Shares issuable as Establishment Fee Shares, Commitment Fee Shares,
Interest Shares, Conversion Shares or otherwise shall be adjusted so as to protect the rights of the Lender in a manner consistent with the provisions of this </FONT> <FONT SIZE=2><I>Schedule&nbsp;2.10</I></FONT><FONT SIZE=2>. </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lw18501_schedule_9_conversion_provisions"> </A>
<A NAME="toc_lw18501_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Schedule&nbsp;9<BR>  Conversion Provisions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Schedule and the terms and conditions set forth in </FONT><FONT SIZE=2><I>Article&nbsp;9</I></FONT><FONT SIZE=2> of the
Agreement collectively constitute the Conversion Provisions referred to in the Agreement. This Schedule forms part of and is incorporated into the Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw18501_1._defined_terms."> </A>
<A NAME="toc_lw18501_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Defined terms. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used and not specifically defined herein shall have the meanings given
thereto in the agreement. Any changes from time to time in the defined
terms as specified in the agreement shall automatically be effective in this schedule as and when made. In addition, the following terms shall have the indicated meanings: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Conversion
Election" means an election by the Lender, on one or more occasions during the Conversion Period, to convert a specified portion of the Loan and any accrued and unpaid
interest thereon, into Shares, which shall be effective upon delivery of a Conversion Notice to the Borrower. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Conversion
Notice" means a written notice from the Lender to the Borrower in the form appended hereto as </FONT><FONT SIZE=2><I>Attachment 1</I></FONT><FONT SIZE=2> directing the
Borrower to convert the indicated portion of the Loan and accrued and unpaid interest thereon into Conversion Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Schedule"
means this </FONT><FONT SIZE=2><I>Schedule&nbsp;9</I></FONT><FONT SIZE=2>, as it may be modified, amended, supplemented or altered from time to time in accordance with the
provisions of the Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw18501_2._conversion_rate."> </A>
<A NAME="toc_lw18501_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conversion Rate. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the Conversion Rights, United States Dollars, Canadian Dollars and any
other relevant currency amounts will be converted by the Lender by
reference to the Exchange Rate in accordance with </FONT><FONT SIZE=2><I>Section&nbsp;1.4</I></FONT><FONT SIZE=2> of the Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw18501_3._payment_of_taxes."> </A>
<A NAME="toc_lw18501_5"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payment of Taxes. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will be responsible for the payment of all stamp taxes, duties and any
other Taxes (other than Excluded Taxes), fees or impositions imposed by any
Governmental Authority on or otherwise associated with the conversion of any portion of the Loan or any accrued and unpaid interest thereon to Conversion Shares and the issuance of Conversion Shares
to the Lender (or its designee). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw18501_4._allocation_of_shares."> </A>
<A NAME="toc_lw18501_6"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Allocation of Shares. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will at all times allocate and keep available, free from preemptive
rights, out of the aggregate of its authorized but unissued Shares or its
authorized and issued Shares held in its treasury, for the purpose of enabling it to satisfy any obligation to issue Shares to the Lender as described in the Agreement, including upon the conversion
of any portion of the Loan or accrued and unpaid interest thereon at any time, the maximum number of Shares which may be deliverable by the Borrower pursuant to the Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw18501_5._adjustment_of_conversion_pr__5._02436"> </A>
<A NAME="toc_lw18501_7"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment of Conversion Price and Number of Shares Issuable. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The applicable Conversion Price and the
number of Conversion Shares issuable on conversion of the Conversion Right as described in </FONT> <FONT SIZE=2><I>Article&nbsp;9</I></FONT><FONT SIZE=2> of the Agreement are subject to adjustment from time to time in accordance with </FONT> <FONT
SIZE=2><I>Section&nbsp;2.10</I></FONT><FONT SIZE=2> of the Agreement and </FONT><FONT SIZE=2><I>Schedule&nbsp;2.10</I></FONT><FONT SIZE=2> to the Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw18501_6._relationship_to_agreement."> </A>
<A NAME="toc_lw18501_8"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Relationship to Agreement. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event of any inconsistency or conflict between the provisions of this
Schedule and the provisions of the Agreement, the provisions of the Agreement shall
prevail. </FONT></P>

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 </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ly18501_attachment_1"> </A>
<A NAME="toc_ly18501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Attachment 1    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ly18501_conversion_notice"> </A>
<A NAME="toc_ly18501_2"> </A></FONT> <FONT SIZE=2><B>  CONVERSION NOTICE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> TO:&nbsp;&nbsp;&nbsp;&nbsp;Uranium Resources,&nbsp;Inc. and each other Credit Party  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> DATE: [&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;]  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Conversion Notice is hereby delivered pursuant to that certain Loan Agreement (as amended, modified, supplemented, extended or
restated from time to time, the "Loan Agreement") dated as of November&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;], 2013 by and among Uranium Resources&nbsp;Inc., a
corporation organized and existing under the laws of the State of Delaware, as the borrower (the "Borrower"), the Subsidiaries of the Borrower from time to time party thereto, as guarantors, and
Resource Capital Fund V&nbsp;L.P., a Cayman Islands exempt limited partnership, as the lender (the "Lender"). Capitalized terms used and not specifically defined herein shall have the meanings given
thereto in the Loan Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Lender hereby notifies the Borrower and the other Credit Parties that the Lender hereby irrevocably elects to convert: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;[indicate
US Dollar Amount] of the Loan outstanding under the Loan Agreement; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;[indicate
US Dollar Amount] of the accrued and unpaid interest due on the Loan under the Loan Agreement </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>into
Shares of the Borrower in accordance with the Conversion Provisions set forth in the Loan Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to such Conversion Provisions, the Lender hereby subscribes for such Shares and directs the Borrower to issue to [specify Lender or designee]
[specify number of Shares] Shares of the Borrower by not later than [specify Conversion Date] in one or more share certificates of the following
denominations, issued in the name of the following holders: [specify number of certificates/denominations and name of the holder(s)]. Such Shares are to be delivered as
follows: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>[Insert
delivery address and instructions] </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of Shares issuable to the Lender or its designee, as designated above, is equal to: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;[insert
the Conversion Amount] </FONT><FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2> [insert the amount of accrued and unpaid
interest to be converted]; </FONT><FONT SIZE=2><I>divided by</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;[insert
the Conversion Price] </FONT></P>

</UL>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="39%" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><B> RESOURCE CAPITAL FUND V&nbsp;L.P.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><BR>
 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Resource Capital Associates V&nbsp;L.P.,<BR>
General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><BR>
 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>RCA V&nbsp;GP&nbsp;Ltd.,<BR>
General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><BR>
 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>Conversion Notice</B></FONT></P>

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NAME="ly18501_schedule_11.8_dispute_resolution;_arbitration"> </A>
<A NAME="toc_ly18501_3"> </A>
<BR></FONT><FONT SIZE=2><B>  SCHEDULE 11.8<BR>  <BR>    Dispute Resolution; Arbitration    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Schedule.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This schedule sets forth the dispute resolution provisions referred to in
section&nbsp;11.8 of the loan agreement (as amended, modified, supplemented, extended or restated, the "loan agreement") dated as of november 13, 2013 by and among uranium resources,&nbsp;inc., as
the borrower, the subsidiaries of the borrower from time to time party thereto, as the guarantors, and resource capital fund v l.p., a cayman islands exempt limited partnership, as the lender. This
schedule forms part of and is incorporated into the loan agreement. Capitalized terms used and not specifically defined in this </FONT><FONT SIZE=2><I>schedule&nbsp;11.8</I></FONT><FONT SIZE=2>
shall have the meanings given thereto in the loan agreement. Any changes from time to time in the defined terms as specified in the loan agreement shall automatically be effective in this </FONT> <FONT SIZE=2><I>schedule&nbsp;11.8</I></FONT><FONT
SIZE=2> as and when made. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Dispute.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Schedule and the Loan Agreement, the term "Dispute"
shall mean any controversy, claim, dispute or disagreement between or among two or more Parties to the Agreement (but excluding any dispute with respect to which all of the Parties thereto are Credit
Parties) arising out of, relating to, or otherwise in connection with the Loan Agreement, any other Loan Document or any other ancillary agreement related thereto, whether in tort, contract or
otherwise, including any claim, dispute, disagreement or controversy relating to the meaning, interpretation, breach, default, termination, or invalidity of any provision hereof that is not otherwise
settled by agreement between the Parties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Notification.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Party that desires to submit a Dispute for resolution shall commence
the dispute resolution process by providing written notice of the Dispute ("Notice of Dispute") to the other Parties to the Dispute. The Notice of Dispute shall identify the Parties to the Dispute,
contain a brief statement of the nature of the Dispute and the relief requested, and shall request negotiations among Senior Executives of each Party to the Dispute. The submission of a Notice of
Dispute shall toll any applicable statute of limitation related to the Dispute, pending the conclusion or abandonment of the dispute resolution process under this Article. Each Notice of Dispute and
any other notice pertaining to a Dispute shall be delivered in accordance with Section&nbsp;11.2 of the Loan Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Senior Executive Negotiations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Parties to the Dispute shall first seek to resolve
any Dispute by negotiation between Senior Executives. A "Senior Executive" means any individual who is an officer of a Party and has authority to negotiate a full and final settlement of the Dispute
for a Party. Within twenty (20)&nbsp;days after the date of the receipt by each Party to the Dispute of the Notice of Dispute, the Senior Executives representing the Parties to the Dispute shall
meet at a mutually acceptable time and place to exchange and discuss relevant information in an attempt to resolve the Dispute. If a Senior Executive intends to be accompanied at the meeting by an
attorney, each other Party's Senior Executive shall be given written notice of such intention at least five (5)&nbsp;Business Days in advance and may also be accompanied by an attorney. The Senior
Executives shall have a maximum of ten (10)&nbsp;days from the date of the initial meeting to discuss and resolve the Dispute, unless the Parties all agree in writing to extend such period of time.
Unless the period for Senior Executive negotiations is extended by agreement of all of the Parties thereto, any Party may initiate arbitration proceedings concerning such Dispute at any time following
the passage of thirty (30)&nbsp;days after receipt of the Notice of Dispute. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Arbitration.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any Dispute not finally resolved by Senior Executive negotiations shall
be exclusively and definitively resolved through final and binding arbitration, it being the intention of the Parties that this is a broad arbitration agreement designed to encompass all possible
disputes. Each Party waives the right to trial by jury with respect to any Dispute and agrees to submit such Dispute to binding arbitration in accordance with this Schedule&nbsp;11.8. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Rules.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The arbitration shall be conducted in accordance with the International
Dispute Resolution Procedures (as then in effect) of the International Centre for Dispute Resolution (the "Rules"), except to the extent the Rules conflict with the provisions of this
Schedule&nbsp;11.8, in which event the provisions of this Schedule&nbsp;11.8 will control. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Number of Arbitrators.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the amount in Dispute is not subject to quantification or
is equal to or in excess of One Million United States Dollars (US$1,000,000), the arbitration shall be conducted by three (3)&nbsp;arbitrators, unless all parties to the Dispute agree in writing to
a sole arbitrator within thirty (30)&nbsp;days after the filing of the arbitration with the International Centre for Dispute Resolution. If the amount in Dispute is less than One Million United
States Dollars (US$1,000,000), the arbitration shall be conducted by one arbitrator. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Method of Appointment of the Arbitrators.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All arbitrators appointed pursuant to the
dispute resolution procedure described in this Schedule&nbsp;11.8 shall have at least the following qualifications: (1)&nbsp;a lawyer who has practiced in the area of commercial law for at least
ten (10)&nbsp;years or a retired judge of the courts of the United States; (ii)&nbsp;a person with at least ten (10)&nbsp;years experience in complex commercial transactions; or (iii)&nbsp;a
person with at least ten (10)&nbsp;years experience in the mining industry. If the arbitration is to be conducted by a sole arbitrator, then the arbitrator will be jointly selected by the
Parties to the Dispute. If the Parties to the Dispute fail to agree on the arbitrator within thirty (30)&nbsp;days after the filing of the arbitration, then the International Centre for Dispute
Resolution shall appoint the arbitrator. If the arbitration is to be conducted by three (3)&nbsp;arbitrators and there are only two (2)&nbsp;Parties to the Dispute, then each party to the Dispute
shall appoint one (1)&nbsp;arbitrator within thirty (30)&nbsp;days of the filing of the arbitration, and the two (2)&nbsp;arbitrators so appointed shall select the presiding arbitrator within
thirty (30)&nbsp;days after the latter of the two arbitrators has been appointed by the Parties to the Dispute. If a Party to the Dispute fails to appoint its Party-appointed arbitrator or if the
two (2)&nbsp;Party-appointed arbitrators cannot reach agreement on the presiding arbitrator within the applicable time period, then the International Centre for Dispute Resolution shall appoint the
remainder of the three (3)&nbsp;arbitrators not yet appointed. If the arbitration is to be conducted by three (3)&nbsp;arbitrators and there are more than two (2)&nbsp;Parties to the Dispute,
then within thirty (30)&nbsp;days of the filing of the arbitration, all claimants shall jointly appoint one (1)&nbsp;arbitrator and all respondents shall jointly appoint one (1)&nbsp;arbitrator,
and the two (2)&nbsp;arbitrators so appointed shall select the presiding arbitrator within thirty (30)&nbsp;days after the latter of the two (2)&nbsp;arbitrators has been appointed by the
Parties to the Dispute. If either all claimants or all respondents fail to make a joint appointment of an arbitrator or if the Party-appointed arbitrators cannot reach an agreement on the presiding
arbitrator within the applicable time period, then the International Centre for Dispute Resolution shall appoint all three (3)&nbsp;arbitrators. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Place of Arbitration.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise agreed by all Parties to the Dispute in
writing, the place of arbitration shall be in the city of Denver, Colorado. Each Party irrevocably and unconditionally waives any objection that it may now or hereafter have to arbitration in the city
of Denver, Colorado and any defense of an inconvenient forum to the maintenance of arbitration in such jurisdiction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Language of Arbitration.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The arbitration proceedings shall be conducted in the
English language and the arbitrators shall be fluent in the English language. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Taking of Evidence.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The taking of evidence with respect to the arbitration shall be
governed by the International Bar Association Rules on the Taking of Evidence in International Commercial Arbitration, as adopted on June&nbsp;1, 1999. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Impartiality.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All arbitrators shall be and remain at all times wholly impartial,
and, once appointed, no arbitrator shall have any ex parte communications with any of the Parties to the Dispute concerning the arbitration or the underlying Dispute. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Interim Measures.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any Party to a Dispute, at any time and from time to time, may
apply to any court of competent jurisdiction for interim measures and interim relief: (i)&nbsp;upon the occurrence of an Event of Default; (ii)&nbsp;prior to or concurrently with the delivery of a
Notice of Dispute, or at any time thereafter; (iii)&nbsp;prior to or concurrently with the constitution of the arbitral tribunal, or at any time thereafter, including as necessary to enforce the
arbitral tribunal's rulings; or (iv)&nbsp;in the absence of the jurisdiction of the arbitral tribunal to rule on interim measures or interim relief in a given jurisdiction. The Parties agree that
seeking and obtaining interim measures and interim relief shall not waive the right to arbitration, and the right to arbitration shall not waive or limit such interim measures and interim relief. The
arbitrators (or in an emergency the presiding arbitrator acting alone in the </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>event
one (1)&nbsp;or more of the other arbitrators is unable to be involved in a timely fashion) may grant interim measures and interim relief, including injunctions, attachments, protective
orders, restraining orders, temporary restraining orders and conservation orders in appropriate circumstances, which measures may be immediately enforced by court order by a court of competent
jurisdiction. Hearings on requests for interim measures and interim relief may be held in person, by telephone, by video conference or by other means that permit the Parties to a Dispute to present
evidence and arguments. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Judicial, Non-Judicial and Other Remedies.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of
the Loan Agreement or any other Loan Document, nothing in the Loan Agreement or in this Schedule&nbsp;11.8 or in any other Loan Document, nor the exercise of any right to arbitrate hereunder, shall
waive, preclude, limit or prejudice the right of any Party hereto, whether judicially, non-judicially or otherwise, at any time and from time to time: (i)&nbsp;to foreclose against any real or
personal property collateral, or any portion thereof, by the exercise of the power of sale under a deed of trust, mortgage, security agreement or other document, agreement or instrument or applicable
law or the exercise of other foreclosure remedies, whether at law, in equity or otherwise, and to pursue and take all other actions related or ancillary to such foreclosure and sale; (ii)&nbsp;to
exercise any and all self-help remedies, including setoff or repossession; (iii)&nbsp;to obtain any and all provisional or ancillary remedies, including replevin, injunctive relief, attachment,
protective orders, restraining orders, temporary restraining orders, specific performance or appointment of a receiver, receiver and manager, administrator, trustee, controller, liquidator or other
similar person, from a court having jurisdiction; (iv)&nbsp;to take, pursue, exercise or enforce any other right or remedy provided in any Security Document, whether in and before an appropriate
court as required by applicable Governmental Requirements, through self-help, non-judicially or otherwise, whether before, during or after the pendency of any arbitration proceeding; or (v)&nbsp;to
enforce any judgment or award made by the arbitrators. The institution and maintenance of any action for such judicial relief, or pursuit of provisional or ancillary remedies, or exercise of
non-judicial and self-help remedies are available to the Parties without limitation and shall not constitute a waiver of the right or obligation of any Party to submit any Dispute to arbitration,
including those Disputes arising from exercise of any judicial relief, or pursuit of provisional or ancillary remedies or exercise of non-judicial or self-help remedies. All rights and remedies
enumerated herein are cumulative, and no right or remedy contained herein is intended to be exclusive. The enumeration of certain rights and remedies herein is not intended to, and shall not be deemed
to, limit, restrict, waive or prejudice any right or remedy set forth in any other Loan Document. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Consolidation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the Parties initiate multiple arbitration proceedings, the subject
matters of which are related by common questions of law or fact and which could result in conflicting awards or obligations, then all such proceedings may be consolidated into a single arbitral
proceeding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Costs and Attorneys' Fees.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The arbitral tribunal is authorized to award costs and
attorneys' fees and to allocate them between the Parties to the Dispute. The costs of the arbitration proceedings, including attorneys' fees, shall be borne in the manner determined by the arbitral
tribunal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Interest.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The award shall include interest, as determined by the arbitral tribunal,
from the date of any Default, Event of Default or other breach of the Loan Agreement until the arbitral award is paid in full. Interest shall be awarded at the Applicable Interest Rate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Currency of the Award.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The arbitral award shall be made and payable in United States
Dollars, free of any Tax or other deduction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Following the Law and Agreement.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The arbitrators have no authority to make any
ruling, finding, or award (i)&nbsp;that does not conform to the terms and conditions of any agreement that is the subject of a Dispute hereunder, or (ii)&nbsp;that would result in the application
of any law other than the laws of the State of Colorado (or such other governing law expressly provided in any Loan Document), without regard to any choice or conflicts of law provisions or rule that
would cause the application of the law of any jurisdiction other than the foregoing. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Entry of Judgment.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The award of the arbitral tribunal shall be a reasoned written
decision and shall be final and binding. Judgment on the award of the arbitration tribunal may be entered and enforced by any court of competent jurisdiction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Waiver of Challenge to Decision or Award.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by law, any right
to appeal or challenge any arbitral decision or award, or to oppose enforcement of any such decision or award before a court or any governmental authority, is hereby waived by the Parties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Confidentiality.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All negotiations, mediation, arbitration, and expert determinations
relating to a Dispute (including a settlement resulting from a negotiation, an arbitral award, documents exchanged or produced, and memorials, briefs or other documents prepared for the arbitration)
are confidential and may not be disclosed by the Parties, their employees, officers, directors, counsel, consultants and expert witnesses, except to the extent necessary to enforce any arbitration
award, to enforce other rights of a Party, or as required by any Governmental Requirement; provided, however, that breach of this confidentiality provision shall not void any settlement, expert
determination or award. </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da18502_uranium_resources,_inc._proxy___ura05834"> </A>
<A NAME="toc_da18502_1"> </A>
<BR></FONT><FONT SIZE=2><B>  URANIUM RESOURCES,&nbsp;INC.<BR>  PROXY FOR SPECIAL MEETING OF STOCKHOLDERS<BR>  To be Held on January&nbsp;29, 2014    <BR>    <BR>    THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS    <BR>
</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned stockholder of Uranium Resources,&nbsp;Inc. (the "Company" or "URI") hereby constitutes and appoints Christopher M.
Jones, Paul K. Willmott, Terence J. Cryan and Marvin K. Kaiser, or any of them acting singly, each with the power of substitution as attorneys and proxies to vote all of the shares which the
undersigned is entitled to vote at the Special Meeting of Stockholders of the Company to be held at the Company's offices located at 6950 South Potomac Street, Suite&nbsp;300, Centennial, Colorado
80112 on January&nbsp;29, 2014, at 9:00&nbsp;a.m., local time, and at any and all adjournments or postponement thereof, with the same force and effect as if the undersigned were personally
present, and the undersigned hereby instructs the above-named attorneys and proxies to vote as follows: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;APPROVAL OF THE LOAN AGREEMENT AND THE ISSUANCE OF SHARES THEREUNDER.&nbsp;&nbsp;&nbsp;&nbsp;To approve the terms of the senior
secured loan agreement between the Company and Resource Capital Fund V&nbsp;L.P. and the issuance of approximately 7.5&nbsp;million shares of URI common stock (subject to adjustment), consisting
of approximately 5.8&nbsp;million shares issuable upon the conversion of amounts drawn under the loan agreement and approximately 1.7&nbsp;million shares issuable in satisfaction of interest and
fees under the loan agreement, as described in the accompanying proxy statement: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>
FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> AGAINST&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> ABSTAIN </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;APPROVAL OF AN ADJOURNMENT OF THE SPECIAL MEETING.&nbsp;&nbsp;&nbsp;&nbsp;To approve an adjournment of the
Special Meeting, if necessary, if a quorum is present, to solicit additional proxies if there are not sufficient votes in favor of Proposal 1: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>
FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> AGAINST&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> ABSTAIN </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;OTHER BUSINESS.&nbsp;&nbsp;&nbsp;&nbsp;In their discretion, the proxies are authorized to vote upon such
other business as may properly come before the Special Meeting or any adjournment or postponements thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR"
PROPOSALS 1 AND 2.</B></FONT></P>
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</FONT> <FONT SIZE=2> Signature</FONT></TD>
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 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><B>NOTE: Please sign exactly as your name or names appear on this card. Joint owners should each sign personally. When signing as attorney, executor, administrator, personal
representative, trustee or guardian, please give your full title as such. For a corporation or partnership, please sign in the full corporate name by the President or other authorized officer or the
full partnership name by an authorized person, as the case may be.</B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>To vote by mail, please mark, sign, date and return this proxy in the enclosed envelope.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>For all other voting methods, please follow the voting instructions which accompany the proxy materials you received.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
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<DIV style="width:100%;border:solid #000000 1pt;margin-right:1pt;padding-top:12pt;padding-right:14pt;padding-bottom:13pt;padding-left:15pt;">

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SPECIAL MEETING TO BE HELD ON JANUARY 29, 2014  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>The notice of special meeting, proxy statement and proxy card are available at </FONT><FONT SIZE=2><I>http://urre.client.shareholder.com</I></FONT><FONT SIZE=2>. </FONT></P>
 <p style="font-family:times;margin-bottom:-11pt;"></p>
</DIV>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
