Update:

- Currently verifying and updating historic data regarding the uranium resource, dimensions and stripping ratios.
- A programme of acid leaching testwork was completed and report received and reviewed.
- A programme to test the amenability of the mineral resource for uranium heap leaching was completed. Results have been received and reviewed.
- Bioleaching was also investigated. Decision made to not pursue this path.
- We will pursue further heap leaching testwork and discard stirred tank leaching.

Goals for Q1:

- Determine how ore will be acquired and sampled for testwork.
- Use the recalculated resource information and zones to work toward a mining plan and pit design.
- Initiate further testwork with Mintek.
- Complete feasibility calculations based on models for uranium prices, exchange rates, mineral resource and processing parameters, to determine stripping ratios, cut-offs and operating costs, etc.
- Develop process flow chart and determine capex required with an engineering company.
- Determine viability of mining based on feasibility calculations and processes.

Update:

- Received acceptance letter from DME regarding re-submitted mining rights application.
- Bongani Minerals and environmental impact consultants have still not gained access to the land just west of Piketberg. Once we have access, we anticipate a 12-18 month window to complete the environmental impact assessment (EIA).

Goals for Q1:

- Obtain access to the land.
- Begin EIA work.

Update:

- Progress is approximately three months behind schedule.
- Second phase of blasting began early December.
- No sales to date.

Goals for Q1:

- Continue phase two blasting.
- Begin selling aggregate.

Update on Namibian project:

- Exploration license for CBM was issued to Aranos Gas on 13 Aug 2009, by Namibian Government.
- Aranos Gas is a 50/50 venture between SADC Minerals and ASS Investments (Batla has 80% of ASS Investments).
- Stakeholders' goal is for the CBM at Aranos to be commercialized by way of a gas-fired power generation plant for the benefit of the Republic of Namibia.
- The current estimate is for a plant with a maximum of 50-100 Mw generation capacity.
- The estimated life of production is currently 23 years. This estimate will be firmed up by way of further geotechnical studies.

Update on South African project:

- Creo Design (Pty) Ltd. completed a first-pass geological assessment of the CBM resources of Great Force Investments 120 (Pty) Ltd in Limpopo Province.

- The report defined the region with the greatest probability of CBM resource and provided an early estimate of inferred resources.

- The assessment confirmed that coal seams are at sufficient depth and thickness to proceed with methane emission testing.

Goals for Q1 on both projects:

- Measure methane levels emitted from existing boreholes.
- Complete bankable feasibility study.
- Gain approval from all regulatory authorities.

- Research possible off-take agreements for future production.

Update:

- DRC status: We have received the proposed payment schedule from the Japanese company that is purchasing our diamond concession in the DRC.
- Office move: The new office in TechnoPark Stellenbosch is scheduled for occupancy May 2010.

Update:

- AGM was held 29 September 2009. Company directors and auditors were present to address shareholder questions. All resolutions were accepted unanimously.
- An extraordinary general meeting will be held on 18 January, 2010 in Provence.
- Fortis: The court in Aix en Provence declared itself incompetent to give a ruling in this case. After getting specialized legal advice, we have decided to take the matter to the Supreme Court of Appeal.
- Office move: We have decided to move our registered office, and to move into new offices in Beziers, as of January 2010.
- Alternext: The transfer to Alternext is still a priority, but the project has been put on hold until economic conditions improve.