EX-99 3 ex992.htm QUARTERLY ACTIVITIES REPORT

Exhibit 99.2

| 6950 South Potomac Street Suite 300 Centennial, CO 80112 Phone: (303) 531-0470 Fax: (303) 531-0519 |

Quarterly Activities Report

Quarter Ending 31 December 2015

HIGHLIGHTS:

Corporate

·

Anatolia Merger Completed

·

Sale of Churchrock to Laramide Announced

·

US$1M financing completed

·

Special Meeting of Stockholders Announced

·

Cash as at 31 December 2015 of US$0.8 million

Temrezli PFS

·

Advancement of engineering designs and studies for the update to the Pre-Feasibility Study

·

Design of preliminary In-Situ Recovery well fields

·

Development of an updated mineral resource estimate and preparation of a JORC compliant resource report

·

Studies of development options and economic reviews continue

Discussion

The Company did not undertake any drilling activities at any of its properties during the Quarter. Land status for all projects remained constant, with the exception of the termination of leases of privately owned lands at the Alta Mesa Este, Texas, USA projects, where the Company surrendered all of its leases. There were no joint ventures executed between the Company and other parties, nor were there any “farm-in” or “farm-out” agreements undertaken.

Temrezli Project, Turkey

The majority of the Company’s environmental, engineering and geological activities during the Quarter were directed toward the advancement of the Temrezli project, including engineering, geological and permitting efforts in support of the evaluation of development and operational options for the project.

Engineering Activities

Engineering designs for various access roads and other civil works associated with proposed surface facilities were received from Promer Engineering, the Company’s Turkey-based engineering consultants. Engineering work and cost estimates for the proposed process plant evaporation ponds was completed and submitted to the Company by Golder Associates.

Well field engineering and design efforts commenced during the Quarter. The well field design work is being undertaken by the Company’s engineering staff based in Kingsville, Texas, USA, utilizing PathCAD wellfield design software. The development of the well field design, which is essentially a mine planning exercise, is based upon the currently available hydrological characteristics of the deposit and the most recent mineral resource estimate, which is based upon a three-dimensional geostatistical block model employing kriged grade estimations prepared by the Company’s resource estimation consultants.

An engineering review of the Company’s Rosita, Texas process plant continued. This review is designed to evaluate the nature and status of the capital equipment at Rosita and its potential applicability to the proposed process plant (based upon the same design as Rosita) at Temrezli.

Environmental and Community Interaction Activities:

Considerable work on environmental and community interaction activities in the project area was undertaken during the quarter:

·

Water sampling programs were carried out in the villages of Akoluk, Mehmetbeyli and Temrezli, and the data was provided to provincial government authorities;

·

A new water well, with associated infrastructure, was completed for the nearby village of Mehmetbeyli. An additional well will be required at the village of Akoluk;

·

Public relations discussions continued throughout the Quarter with the residents of the villages of Akoluk, Mehmetbeyli and Temrezli. As part of this program household surveys were conducted in the villages and public meetings were conducted;

·

Work on the Environmental Impact Assessment (EIA) report progressed through the Quarter, with some effort directed to a conceptual groundwater model of the project area, sampling of air quality at various locations within and adjacent to the project, geochemical modeling, and groundwater restoration reviews were conducted. Preparation of the EIA report is ongoing.

Geological Activities

Geological activities centered on the development of an updated geological model of the Temrezli deposit and a new mineral resource estimate incorporating the geological information and recent drilling results. A detailed mineral resource report, carried out with attention to various practices guidelines as suggested by AusIMM and in accordance with the Australasian Code for Reporting Mineral Resources and Ore Reserves (the 2012 JORC Code) commenced during the Quarter.

Studies of the aquifer characteristics of the Temrezli deposit, as they relate to the development of the proposed ISR (in-situ recovery) well field design, process plant throughput and post-recovery groundwater characteristics continued during the quarter.

Alta Mesa Este Project, Texas, USA –

After completion of a technical review of the results from our Q1 2015 exploration drilling program the decision was made to terminate the Company’s interest in the Alta Mesa Este project. Although several

of the 22 conventional rotary drilled holes by the Company encountered indications of alteration and redox boundaries commonly associated with roll-front uranium deposits a few of our holes intersected only very low grade mineralization. The results of our drilling are consistent with data obtained by other companies who previously tested the uranium potential of the property. We have returned our leases to the property owners. An inspection of the reclamation status of our drill sites was made by the Texas Railroad Commission, who regulates exploration activities in Texas and they issued a report that we have fulfilled our restoration obligations for the project.

The table below lists Alta Mesa Este leases that were terminated in the quarter:

Lessor(s) Name | Tract No. | Gross Acres (ha.) | Net Acres (ha.) | Company Interest at Quarter Close
Garcia, Ismael | 2 | 2,161 (874.5) | 432.2 (174.9) | 0%
Garcia, Holda Chapa | 2 |  | 432.2 (174.9) | 0%
Lopez, Marcela G. | 2 |  | 432.2 (174.9) | 0%
Esparza, Rosie G. | 2 |  | 216.1 (87.4) | 0%
Gonzales, Onofre | 2 |  | 216.1 (87.4) | 0%
Reyes, Esparci | 2 |  | 216.1 (87.4) | 0%
Trevino, Virginia | 2 |  | 216.1 (87.4) | 0%
Gonzales, V. & P. | 4 | 80 (32.37) | 20.0 (8.09) | 0%
Garcia, I. & Lopez, M. | 4 |  | 60.0 (24.28) | 0%
Garcia, I. & Lopez M. | 5 & 6 | 240 (97.12) | 180 (72.84) | 0%
Garcia, I. & Lopez M. | 7 | 120 (48.56) | 105 (42.49) | 0%
Garcia, I. & Lopez M. | 8 & 11 | 220 (89.03) | 88 (35.61) | 0%
Reyes et. al., Esparci | 8 & 11 |  | 88 (35.61) | 0%
Garcia, Holda Chapa | 8 & 11 |  | 44 (17.81) | 0%
Palo Blanco, Ltd. | 12 | 95 (38.44) | 95 (38.44) | 0%

Butler Ranch Project, Texas USA

Activities for the Butler Ranch project were directed toward the continued assessment of the exploration potential of the Butler Ranch project area, which is situated in the Karnes County mining district, near the northeastern extent of the South Texas Uranium Province. We continued the evaluation of recently acquired historical geological data and gamma-ray logs and worked to combine this information with information derived from our Q1 2015 exploration drilling program and other historical exploration reports and drill results that our Company holds. Focus of the geological studies was on the development of an understanding of various channel systems, the controls on uranium deposition within these systems and developing forthcoming exploration targets. No field work was undertaken at Butler Ranch during Q4 2015.

An application to renew our existing exploration drilling permit was prepared and submitted to the Texas Railroad Commission, who approved the renewal late in the Quarter.

Kingsville Dome Project, Texas USA –

A well field monitor well at the Kingsville Dome project was plugged and a replacement was drilled. Maintenance of the surface facilities for several of the well fields was undertaken, as part of an ongoing program.

The Kingsville Dome drilling permit was renewed by the Texas Railroad Commission.

TCEQ Permit UR02827 renewal will enter into a contested case hearing due to comments received in 3rd Quarter 2015.

TCEQ Permits WDW-247 and WDW-248 were submitted for renewal and approval.

Rosita Project, Texas USA -

Data detailing the completed plugging of wells in production Areas 1 and 2 was submitted to the Texas Commission on Environmental Quality (TCEQ) for their review. Reclamation of surface disturbances and removal of material from the ISR well fields continued during the Quarter. Maintenance to the liner of a process pond commenced and continued throughout the Quarter.

Substantial effort was directed to the inventory and study of the Rosita project processing plant equipment, assessing the condition of all of the equipment, projected costs of the disassembly of the plant and possible transport costs to the Temrezli project in central Turkey.

The Rosita project drilling permit was renewed by the Texas Railroad Commission.

Vasquez Project, Duval County, Texas USA -

We continue to restore the surface of the Vasquez project site. Work focused upon the collection and removal of ISR well field equipment and infrastructure and restoration of minor surface disturbances associated with our ongoing site activities. We have completed the required groundwater restoration activities and the project is in the “stabilization” phase. An application to renew the exploration permit for the Vasquez project was submitted to the Texas Railroad Commission, who approved the renewal.

Cebolleta Project, New Mexico USA –

An application to renew the Company’s exploration drilling permit was prepared and submitted to the Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department. The application for renewal is pending. Field work on the project was limited to one field examination to gather geological mapping information.

Juan Tafoya Project, New Mexico USA –

The Company made the annual lease payment to the Juan Tafoya Land Corporation, and our interests in the project remain in good standing.

Churchrock Project, New Mexico USA –

The company announced an agreement to sell the Churchrock and Crownpoint projects to Laramide Resources during the quarter for US$12.5M, with US$5.25 in cash at closing and US$7.25M in a note, as well as an option to purchase the La Sal property in Utah, USA. Closing is expected in March 2016.

Uranium Resources Mineral Properties

As of 31 December 2015

Lessor | Acreage (gross) | Acreage (net) | URI Interest (%) | Change in Quarter
New Mexico Projects
Ambrosia Lake, New Mexico
Fee-owned | 23,948.81 | 23,948.81 | 100 | n/a
Cebolleta Project, New Mexico
CLG Lease | 6,077.00 | 6,077.00 | 100 | n/a
Churchrock Project, New Mexico
Fee-owned | 9,518.44 | 9,518.44 | 100 | n/a
State Leases | 348.63 | 348.63 | 100 | n/a
Mining Claims | 1,693.20 | 1,693.20 | 100 | n/a
Crownpoint Project, New Mexico
Walker Tract | 140.00 | 56.00 | 40 | n/a
Mining Claims | 340.00 | 340.00 | 100 | n/a
Juan Tafoya Project, New Mexico
JTLC Lease | 4,096.00 | 4,096.00 | 100 | n/a
Armijo 1 |  |  | 100 | n/a
Armijo 2 |  |  | 100 | n/a
Armijo 3 |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Romero |  |  | 100 | n/a
Baros and Lucero |  |  | 100 | n/a
Garcia Trust |  |  | 100 | n/a
Garcia |  |  | 100 | n/a
Lara |  |  | 100 | n/a
Lucero |  |  | 100 | n/a
Lucero |  |  | 100 | n/a
Marquez |  |  | 100 | n/a
Vigil |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Blas |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Gonzales |  |  | 100 | n/a

Vigil |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Padilla |  |  | 100 | n/a
Pohl |  |  | 100 | n/a
Pohl |  |  | 100 | n/a
Pohl |  |  | 100 | n/a
Trueblood |  |  | 100 | n/a
Valenzuela |  |  | 100 | n/a
Nose Rock Project, New Mexico
Fee-owned | 6,353.60 | 6,353.60 | 100 | n/a
West Largo Project, New Mexico
Fee-owned | 5,061.59 | 5,061.59 | 100 | n/a
Mining Claims | 1,280.00 | 1,280.00 | 100 | n/a
Other Projects, New Mexico
Fee-owned | 134,193.26 | 134,193.26 | 100 | n/a
Texas Projects
Butler Ranch Project, Texas
Burris | 464.00 | 463.83 | 100 | n/a
Fischer | 114.60 | 114.60 | 100 | n/a
Minnie Holdings | 79.58 | 19.90 | 100 | n/a
Moczygemba | 84.19 | 84.19 | 100 | n/a
Lake | 171.83 | 171.83 | 100 | n/a
Regency | 106.27 | 106.27 | 100 | n/a
Zunker | 201.38 | 201.38 | 100 | n/a
Swierc | 100.69 | 100.69 | 100 | n/a
Butler | 1,049.76 | 1,049.76 | 100 | n/a
Collins |  |  | 100 | n/a
Collins |  |  | 100 | n/a
Lanier |  |  | 100 | n/a
Littlepage |  |  | 100 | n/a
McBride |  |  | 100 | n/a

Orr |  |  | 100 | n/a
Dzuik | 140.24 | 140.24 | 100 | n/a
Red Crest Trust | 140.00 | 140.00 | 100 | n/a
Jack Pump Project, Texas
Dragon | 138.36 | 138.36 | 100 | n/a
Reeves | 405.00 | 134.90 | 100 | n/a
Steinman |  | 134.90 | 100 | n/a
Steinman |  | 67.45 | 100 | n/a
Steinman |  | 67.45 | 100 | n/a
Kingsville Dome Project, Texas
Allen |  |  | 100 | n/a
Baker |  |  | 100 | n/a
Lamb |  |  | 100 | n/a
Jones |  |  | 100 | n/a
Ohlenbusch |  |  | 100 | n/a
Cumberland |  |  | 100 | n/a
Cumberland |  |  | 100 | n/a
OJC Farms |  |  | 100 | n/a
Cumberland |  |  | 100 | n/a
Radford |  |  | 100 | n/a
Radford |  |  | 100 | n/a
Radford |  |  | 100 | n/a
OJC Farms |  |  | 100 | n/a
Cumberland |  |  | 100 | n/a
OJC Farms |  |  | 100 | n/a
Cumberland |  |  | 100 | n/a
OJC Farms |  |  | 100 | n/a
Cumberland |  |  | 100 | n/a
Cumberland |  |  | 100 | n/a
Garcia |  |  | 100 | n/a
Basaluda |  |  | 100 | n/a
Martinez |  |  | 100 | n/a
Ortegon |  |  | 100 | n/a
Ortegon |  |  | 100 | n/a
Saenz |  |  | 100 | n/a
Mercado |  |  | 100 | n/a
Jamie |  |  | 100 | n/a
Garza |  |  | 100 | n/a
Granado |  |  | 100 | n/a
de la Paz |  |  | 100 | n/a
de la Paz |  |  | 100 | n/a
Garcia |  |  | 100 | n/a
Garcia |  |  | 100 | n/a

Garcia |  |  | 100 | n/a
Garcia |  |  | 100 | n/a
Garcia |  |  | 100 | n/a
Garcia |  |  | 100 | n/a
Garcia |  |  | 100 | n/a
Garcia |  |  | 100 | n/a
Garza |  |  | 100 | n/a
Garza |  |  | 100 | n/a
Garcia |  |  | 100 | n/a
Adame |  |  | 100 | n/a
Lopez |  |  | 100 | n/a
Lopez |  |  | 100 | n/a
Lopez |  |  | 100 | n/a
Leyba |  |  | 100 | n/a
Adame Estate |  |  | 100 | n/a
Seagraves |  |  | 100 | n/a
O’Neil |  |  | 100 | n/a
Durkee |  |  | 100 | n/a
Durkee |  |  | 100 | n/a
Hansen |  |  | 100 | n/a
Sims |  |  | 100 | n/a
Darr Estate |  |  | 100 | n/a
McLaughlin |  |  | 100 | n/a
McLaughlin |  |  | 100 | n/a
Olson |  |  | 100 | n/a
Cadamy Trust |  |  | 100 | n/a
Sims |  |  | 100 | n/a
Coe |  |  | 100 | n/a
Coe |  |  | 100 | n/a
Erard |  |  | 100 | n/a
Hudson |  |  | 100 | n/a
Mabie |  |  | 100 | n/a
Erard |  |  | 100 | n/a
Porter |  |  | 100 | n/a
Darr |  |  | 100 | n/a
O’Neil |  |  | 100 | n/a
Olson |  |  | 100 | n/a
Hansen |  |  | 100 | n/a
Seagraves |  |  | 100 | n/a
Cadamy |  |  | 100 | n/a
McLaughlin |  |  | 100 | n/a
Durkee |  |  | 100 | n/a
Nell Project, Texas
Barker | 312.77 | 78.19 | 100 | n/a

Novak |  | 78.19 | 100 | n/a
Schendel |  | 78.19 | 100 | n/a
Stewart |  | 78.19 | 100 | n/a
Rosita Project, Texas
Thomas | 618.11 | 618.11 | 100 | n/a
Saenez | 68.61 | 68.61 | 100 | n/a
Alaniz | 40.15 |  | 100 | n/a
Verdin |  |  | 100 | n/a
Pena |  |  | 100 | n/a
Valerio | 40.03 |  | 100 | n/a
Ramos |  |  | 100 | n/a
Ramos | 39.15 | 19.57 | 100 | n/a
Ramos |  | 19.57 | 100 | n/a
Garza | 48.42 | 48.42 | 100 | n/a
Pena |  |  | 100 | n/a
Rendon |  |  | 100 | n/a
Pena |  |  | 100 | n/a
Bueno |  |  | 100 | n/a
Garcia |  |  | 100 | n/a
de la Santos |  |  | 100 | n/a
Pena |  |  | 100 | n/a
Montoya |  |  | 100 | n/a
Valerio | 13.82 | 13.82 | 100 | n/a
Ramirez | 13.95 | 13.95 | 100 | n/a
Campos | 40.00 | 40.00 | 100 | n/a
Valerio | 73.48 | 73.48 | 100 | n/a
Alaniz, et. al. | 12.35 | 12.35 | 100 | n/a
Carrillo | 40.00 |  | 100 | n/a
Carrillo | 40.00 |  | 100 | n/a
Garcia | 98.96 | 98.96 | 100 | n/a
Garcia |  |  | 100 | n/a
Valerio |  |  | 100 | n/a
Salinas | 40.00 |  | 100 | n/a
Valerio |  |  | 100 | n/a
Valerio |  |  | 100 | n/a
Valerio |  |  | 100 | n/a
Alaniz |  |  | 100 | n/a
Salinas |  |  | 100 | n/a
Valerio |  |  | 100 | n/a
Hinojosa |  |  | 100 | n/a
Salinas |  |  | 100 | n/a
Valerio |  |  | 100 | n/a
Valerio |  |  | 100 | n/a
Ramon |  |  | 100 | n/a

Ramon | 121.78 | 60.89 | 100 | n/a
Canales |  |  | 100 | n/a
Valerio |  |  | 100 | n/a
Valerio |  |  | 100 | n/a
Valerio |  |  | 100 | n/a
Lictenberger |  |  | 100 | n/a
Garcia |  |  | 100 | n/a
Cardenas |  |  | 100 | n/a
Berlanga |  |  | 100 | n/a
Rogers |  |  | 100 | n/a
Villarreal |  |  | 100 | n/a
Maldonado |  |  | 100 | n/a
Tanguma |  |  | 100 | n/a
Maldaonado |  |  | 100 | n/a
Zarte |  |  | 100 | n/a
Ortiz |  |  | 100 | n/a
Trevino |  |  | 100 | n/a
Prieto |  |  | 100 | n/a
Garcia |  |  | 100 | n/a
Contrareras |  |  | 100 | n/a
Crewes Partners |  |  | 100 | n/a
Sejita Dome Project, Texas
Cattan | 277.00 | 138.49 | 100 | n/a
Marsh | 611.00 | 203.76 | 100 | n/a
Sellers Trust |  | 50.94 | 100 | n/a
Villarreal Trust |  | 50.94 | 100 | n/a
WWHM&H | 703.00 | 351.35 | 100 | n/a
WWHM&H | 148.00 | 74.00 | 100 | n/a
WWHM&H | 107.00 | 26.70 | 100 | n/a
Ramirez |  | 8.89 | 100 | n/a
Lawrence |  |  | 100 | n/a
Eskridge |  |  | 100 | n/a
Benavides |  |  | 100 | n/a
Benavides |  |  | 100 | n/a
Tobin |  |  | 100 | n/a
WWHM&H | 107.00 | 5.34 | 100 | n/a
Casseb Estate | 145.00 | 57.96 | 100 | n/a
WWHM&H |  | 43.47 | 100 | n/a
Cavazos | 80.00 | 80.00 | 100 | n/a
Cavazos | 80.00 | 81.69 | 100 | n/a
Rodriguez | 82.00 | 81.69 | 100 | n/a
Almaraz | 235.00 | 234.81 | 100 | n/a
Hayes |  |  | 100 | n/a
Pullin |  |  | 100 | n/a

Yzaguirre |  |  | 100 | n/a
Yzaguirre |  |  | 100 | n/a
Yzaguirre |  |  | 100 | n/a
Yzaguirre |  |  | 100 | n/a
Garcia | 521.00 | 521.00 | 100 | n/a
Eskridge |  | 8.89 | 100 | n/a
Moser |  | 8.89 | 100 | n/a
Lawrence | 123.93 | 123.93 | 100 | n/a
Eskridge |  |  | 100 | n/a
Benavides |  |  | 100 | n/a
Benavides |  |  | 100 | n/a
Vasquez Project, Texas
Davis | 170.00 | 170.00 | 100 | n/a
Anderson |  |  | 100 | n/a
Rentz |  |  | 100 | n/a
Rentz |  |  | 100 | n/a
Carreon |  |  | 100 | n/a
7B Cattle | 118.00 |  | 100 | n/a
Turkey Projects
Sefaatli Project, Yozgat Province
MIGEM 201100582 | 9,866 | 9,866 | 100 | n/a
MIGEM 201100583 | 12,261 | 12,261 | 100 | n/a
MIGEM 200810035 | 2,965 | 2,965 | 100 | n/a
Temrezli Project, Yozgat Province
MIGEM 201300488 | 3,673 | 3,673 | 100 | n/a
MIGEM 200810035 | 2,965 | 2,965 | 100 | n/a
MIGEM 201200147 | 4,053 | 4,053 | 100 | n/a
MIGEM 200711984 | 538 | 538 | 100 | n/a
MIGEM 200800329 | 545 | 545 | 100 | n/a
MIGEM 200902709 | 1,715 | 1,715 | 100 | n/a