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1 RENAISSANCE URANIUM LIMITED AND SUBSIDIARIES A.B.N CONSOLIDATED FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2012

2 RENAISSANCE URANIUM LIMITED CORPORATE DIRECTORY DIRECTORS David Christensen Geoff McConachy Andrew Martin Stephen Bizzell Chris Anderson AUSTRALIAN BUSINESS NUMBER SECRETARY Angelo Gaudio ADMINISTRATION AND REGISTERED OFFICE 36 North Terrace Kent Town SA 5067 Phone: Fax: Website: SHARE REGISTRY Link Market Services Limited ANZ Building Level 15, 324 Queen Street Brisbane Qld 4000 Phone: Fax: SOLICITORS HopgoodGanim Lawyers Level 8, Waterfront Place 1 Eagle Street Brisbane Qld 4000 Phone: Fax: AUDITORS BDO (SA) Level 7, BDO Centre 420 King William Street Adelaide SA 5000 Phone: Fax: McDonald Steed McGrath Lawyers Gilbert Street Adelaide SA 5000 Phone: Fax: Competent Persons Statement The exploration results reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr. G. W. McConachy (fellow of the Australasian Institute of Mining and Metallurgy) who is a director of Renaissance. Mr. McConachy has sufficient experience relevant to the style of mineralisation and type of deposits being considered to qualify as a competent person as defined by the 2004 edition of the Australasian code for reporting of exploration results, mineral resources and ore reserves (the JORC code, 2004 edition). Mr. McConachy consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 2

3 DIRECTORS REPORT Your directors present their report on the consolidated entity consisting of Renaissance Uranium Limited and the entities it controlled at the end of, or during, the half-year ended 31 December Directors The following persons were directors of Renaissance Uranium Limited (the Company) during the halfyear and up to the date of this report, unless otherwise stated: David Christensen Geoff McConachy Andrew Martin Stephen Bizzell Chris Anderson Company Secretary Angelo Gaudio Review of Operations For the half-year ended 31 December 2012, the loss for the consolidated entity after providing for income tax was $194,295 (2011: $18,911). Operational activities and highlights for the half-year ended 31 December 2012 are listed as follows: Exploration licence 5012 (EL 5012) granted to Renaissance in the Eastern Eyre Peninsula of South Australia. EL 5012, together with EL 4721, forms the Eastern Eyre Project, where Renaissance is targeting iron-oxide, copper-gold-uranium (IOCGU) and shear-hosted copperuranium deposits. The granting of EL 5012 had previously been restricted whilst the Department of Defence and the Government of South Australia considered and finalised procedures for conducting exploration. With the tenement granted, Renaissance commenced pre-drilling exploration activities within the Eastern Eyre Project area, including detailed gravity coverage. Within the EL 5012, Renaissance identified multiple untested copper drill targets. Renaissance intersected copper mineralisation associated with IOCGU-style alteration at the Kokatha prospect in the maiden drilling program completed at Gairdner Project; additional results include anomalous silver drill assays and surface samples at Freshwater prospect and elevated nickel within high chrome ultramafic sequence at Border prospect. Renaissance extended the Olary Project with the approval of two new exploration licence applications over strategic landholdings located immediately east and west of Exco (ASX: EXS) and Polymetals Mining Limited s (ASX: PLY) White Dam gold mine in eastern South Australia. 3

4 Review of Operations (continued) DIRECTORS REPORT Renaissance completed an airborne electromagnetic (AEM) survey over graphite targets at its Cowell Prospect in the Eastern Eyre Peninsula of South Australia. The AEM survey identified multiple zones of strong conductivity, including two target zones that Renaissance interprets as along-strike from Archer Exploration Limited s (ASX: AXE) Wilklow graphite prospect. Renaissance acquired the historic Warrior uranium project in the Central Gawlor Craton of South Australia from Hillment Pty Ltd (Hillment), a wholly-owned subsidiary of Stellar Resources Limited (ASX: SRZ), in exchange for a residual net smelter royalty of 1%. Renaissance acquired a major strategic land position in the uranium-rich Frome Basin. The project tenements, which include ten exploration licences in the Frome Basin and one exploration licence located in the northern Gawler Craton of South Australia, were acquired from Frome Uranium Pty Ltd (Frome Uranium), a subsidiary of Callabonna Uranium Limited (ASX: CUU), in exchange for 800,000 ordinary shares in Renaissance. 4

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6 DECLARATION OF INDEPENDENCE 6

7 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 Note Consolidated Entity Half-Year Ended 31 December 31 December $ $ Revenue 124, ,108 Other income 2 161, ,808 Exploration costs expensed (16,156) (15,754) Depreciation and amortisation expenses (4,671) (1,036) Employee benefits expense (283,185) (277,257) Legal expenses (33,791) (10,920) Administration and consulting expenses (83,706) (123,388) Office accommodation (14,070) (7,333) Other expenses (45,424) (21,139) Profit/(Loss) before income tax expense 2 (194,295) (18,911) Income tax expense - - Net Profit/(Loss) for the half-year (194,295) (18,911) Other comprehensive income - - Total comprehensive income for the half-year (194,295) (18,911) Profit/(Loss) for the half-year is attributable to: Owners of Renaissance Uranium Limited (194,295) (18,911) Total comprehensive income for the half-year is attributable to: Owners of Renaissance Uranium Limited (194,295) (18,911) Earnings/(loss) per share for loss attributable to owners of Renaissance Uranium Limited: Cents Cents Basic earnings/(loss) per share (0.17) (0.02) Diluted earnings/(loss) per share (0.17) (0.02) The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. 7

8 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2012 Note Consolidated Entity 31 December 30 June $ $ ASSETS Current Assets Cash and cash equivalents 3,851,357 5,107,959 Trade and other receivables Prepayments 220,911 50,865 87,204 38,357 Total Current Assets 4,123,133 5,233,520 Non-Current Assets Plant and equipment 25,928 29,746 Exploration and evaluation expenditure 5,224,748 4,291,316 Total Non-Current Assets 5,250,676 4,321,062 TOTAL ASSETS 9,373,809 9,554,582 LIABILITIES Current Liabilities Trade and other payables Provisions 317,885 55, ,876 44,744 Total Current Liabilities 373, ,620 Non-Current Liabilities Total Non-Current Liabilities - - TOTAL LIABILITIES 373, ,620 NET ASSETS 9,000,043 9,133,962 EQUITY Contributed equity 3 9,798,800 9,758,800 Reserves 937, ,275 Accumulated losses (1,736,408) (1,542,113) TOTAL EQUITY 9,000,043 9,133,962 The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes. 8

9 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 Issued Accumulated Option Total Capital Losses Reserve Equity $ $ $ $ Balance at 1 July ,709,300 (1,244,895) 891,660 9,356,065 Total comprehensive income for the half-year Loss for the half-year - (18,911) - (18,911) Total comprehensive income - (18,911) - (18,911) Transactions with owners in their capacity as owners Contributions of Equity Costs associated with issue of share capital Share based payments At 31 December ,709,300 (1,263,805) 891,660 9,337,155 Balance at 1 July ,758,800 (1,542,113) 917,275 9,133,962 Total comprehensive income for the half-year Loss for the half-year - (194,295) - (194,295) Total comprehensive income - (194,295) - (194,295) Transactions with owners in their capacity as owners Contributions of Equity (Note 3) 40, ,000 Costs associated with issue of share capital Share based payments ,376 20,376 40,000-20,376 60,376 At 31 December ,798,800 (1,736,408) 937,651 9,000,043 The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. 9

10 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 Note Consolidated Entity Half-Year Ended 31 December 31 December $ $ CASH FLOWS FROM OPERATING ACTIVITIES Receipts for Goods & Services Tax paid 106,271 94,974 Payments to suppliers and employees (including payments of Goods & Services Tax) (456,064) (490,736) Interest received Research and Development tax offset refund 120, , ,808 Net cash (outflow)/inflow from operating activities (228,900) 97,262 CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment (853) (7,022) Cash inflow for business combination - - Payments for exploration & evaluation (1,026,849) (930,575) Net cash (outflow)/inflow from investing activities (1,027,702) (937,597) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares - - Payments for share issue expenses - - Repayments of borrowings - - Net cash (outflow)/inflow from financing activities - - NET INCREASE/(DECREASE) IN CASH HELD (1,256,602) (840,335) Net cash at beginning of period 5,107,959 7,485,009 NET CASH AT END OF PERIOD 3,851,357 6,644,674 The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. 10

11 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER BASIS OF PREPARATION These general purpose financial statements for the half-year reporting period ended 31 December 2012 have been prepared in accordance with Australian Accounting Standard 134 Interim Financial Reporting and the Corporations Act These half-year financial statements do not include all the notes of the type normally included in annual financial statements and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial statements. Accordingly, these half-year financial statements are to be read in conjunction with the annual financial statements for the year ended 30 June 2012 and any public announcements made by Renaissance Uranium Limited during the half-year reporting period in accordance with the continuous disclosure requirements of the Corporations Act The same accounting policies and methods of computation have generally been followed in these half-year financial statements as compared with the most recent annual financial statements. (a) Going concern The financial statements have been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of business. This includes the realisation of capitalised exploration expenditure of $5,224,748 (30 June 2012: $4,291,316). Whilst the directors believe sufficient funds are held for commitments over the next 12 months, the ability of the consolidated entity beyond that period, to maintain continuity of normal business activities and to pay their debts as and when they fall due and to recover the carrying value of their areas of interest, is dependent upon the ability of the Company to successfully raise additional capital and/or the successful exploration and subsequent exploitation of their areas of interest through sale or development. 2. LOSS FOR THE HALF-YEAR Consolidated Entity Half-Year Ended 31 December 31 December $ $ The following items are relevant in explaining the financial performance for the interim period: Research and Development tax offsets 161, ,808 11

12 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER ISSUED CAPITAL (a) Ordinary shares Consolidated Entity Consolidated Entity Half-Year Ended Half-Year Ended Number of shares Number of shares $ $ At 1 July 114,000, ,250,000 9,758,800 9,709,300 Shares issued during the half year ended 31 December (1) 800,000-40,000 - Share issue costs Shares issued during the half year 800,000-40,000 - Total as at 31 December 114,800, ,250,000 9,798,800 9,709,300 (1) 800,000 ordinary shares were issued to Frome Uranium Pty Ltd, a subsidiary of Callabonna Uranium Limited (ASX: CUU) as consideration for the acquisition of ten exploration licences in the Frome Basin and one exploration licence located in the northern Gawler Craton of South Australia. 4. SEGMENT INFORMATION The consolidated entity has identified its operating segments based on the internal reports that are reviewed and used by the board of directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The consolidated entity is managed primarily on a geographic basis, that is, the location of the respective areas of interest (tenements) in Australia. Operating segments are determined on the basis of financial information reported to the Board which is at the consolidated entity level. The Consolidated entity does not have any products or services it derives revenue from. In the opinion of the board of directors, the consolidated entity has one reportable segment, being exploration for copper, gold, uranium and associated minerals in Australia. Accordingly, all significant operating decisions are based upon analysis of the consolidated entity as a single segment. The financial results from this segment are equivalent to the financial statements of the consolidated entity as a whole. The basis for determining segments has not changed from the last annual financial statements. 12

13 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER CONTINGENT LIABILITIES There have been no material changes in contingent liabilities or contingent assets since the last annual reporting date. 6. EVENTS SUBSEQUENT TO REPORTING DATE There has not been any matter or circumstance that has arisen since the end of the reporting period that has significantly affected, or may significantly affect, the operations of the consolidated entity or the state of affairs of the consolidated entity in future periods. 13

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15 Tel: Fax: BDO Centre Level 7, 420 King William Street Adelaide SA 5000 GPO Box 2018, Adelaide SA 5001 Australia INDEPENDENT AUDITOR S REVIEW REPORT TO THE MEMBERS OF RENAISSANCE URANIUM LIMITED Report on the Half-Year Financial Report We have reviewed the accompanying half-year financial report of Renaissance Uranium Limited, which comprises the consolidated statement of financial position as at 31 December 2012, and the consolidated statement of profit and loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, notes comprising a statement of accounting policies and other explanatory information, and the directors declaration of the consolidated entity comprising the disclosing entity and the entities it controlled at the half-year s end or from time to time during the half-year. Directors Responsibility for the Half-Year Financial Report The directors of the disclosing entity are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity s financial position as at 31 December 2012 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations As the auditor of Renaissance Uranium Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. BDO (SA) ABN is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN , an Australian company limited by guarantee. BDO (SA) and BDO (Australia) Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania. 15

16 Independence In conducting our review, we have complied with the independence requirements of the Corporations Act We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Renaissance Uranium Limited, would be in the same terms if given to the directors as at the time of this auditor s review report. Conclusion Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Renaissance Uranium Limited is not in accordance with the Corporations Act 2001 including: (a) (b) giving a true and fair view of the consolidated entity s financial position as at 31 December 2012 and of its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations Emphasis of Matter on Going Concern Without modifying our conclusion, we draw attention to the matters set out in Note 1(a). The financial statements have been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of business. The ability of the consolidated entity to maintain continuity of normal business activities, to pay its debts as and when they fall due and to recover the carrying value of its areas of interest, is dependent upon the successful raising in the future of necessary funding and/or the successful exploration and subsequent exploitation of its areas of interest through sale or development. No adjustments have been made to the carrying value of assets or recorded amount of liabilities should the company s plans not eventuate. BDO (SA) Michael Haydon Partner 4 March