3 May 2016

ASX RELEASE

3 May 2016

UraniumSA Limited ("UraniumSA")

ASX Code: USA

ABN 48 119 978 013

Ground Floor

28 Greenhill Road

Wayville SA 5034

Phone +61 8 8132 0577

Fax +61 8 8132 0766

www.uraniumsa.com.au [email protected]

BOARD OF DIRECTORS

Alice McCleary Chairman Martin Janes Director Russel Bluck Director & Geoscience Manager

David Paterson Director & Acting CEO

PROJECTS

South Australia

Samphire ELs 4979, 5426 JV

Blackbush MC 4280

Murninnie EL 5440

Wild Horse Plains EL 4693 JV Muckanippie EL 4694

ISSUED CAPITAL

3 May 2016

Shares on Issue: 187,859,273 Quoted shares: 187,859,273

Unlisted Options: 9,650,000

INVESTOR INQUIRIES

[email protected]

SHARE PURCHASE PLAN (SPP) EXTENSION TO CLOSING DATE

On 15 April 2016 UraniumSA released details of a Share Purchase Plan (SPP) focussed on raising at least $400,000.

The Company's Samphire Project Uranium Asset demerger plan announced on 6 April 2016 has been received well by shareholders and the SPP is an important part of the proposal to ensure that the ongoing entities have sufficient funds, management structures and operational flexibility to support their ongoing activities.

SPP applications to-date have been steady and we thank those shareholders who have already subscribed.

UraniumSA hereby advises that the closing date of the SPP has been extended one week and is now 5.00pm (CST) Thursday 12 May 2016. This is in-line with the published terms and conditions of the SPP.

The Company anticipates that the $400,000 objective will be reached next week.

The SPP closing date extension will not impact the timetable for an extraordinary general meeting planned for the middle of June 2016 to consider the Samphire Project Uranium Asset demerger plan.

Inquiries regarding this report and company business may be directed to:

David Paterson - Acting CEO

+61 8 8132 0577

+61 417 823 654

VISIT OUR WEBSITE

www.uraniumsa.com.au

1

About UraniumSA Limited

UraniumSA is an Adelaide based explorer specialising in uranium mineralisation within a substantial portfolio of properties in South Australia's Gawler Craton.

The Company has discovered sediment hosted uranium mineralisation within Exploration Licence 4979, Samphire, which is located 20km south of the industrial city of Whyalla on the eastern Eyre Peninsula in South Australia. The Exploration Licence is owned and operated by Samphire Uranium Pty Ltd, a wholly owned subsidiary of UraniumSA Limited.

The Samphire project contains the:

Blackbush deposit with an estimated inferred resource 64.5 million tonnes of mineralisation at a bulk grade of 230ppm containing 14,850 tonnes U3O8 at a 100ppm eU3O8 cut-off grade (JORC 2012).

Plumbush deposit with an estimated inferred resource 21.8 million tonnes of mineralisation at a bulk grade of 292ppm containing 6,300 tonnes U3O8 at a 100ppm eU3O8 cut-off grade (JORC 2004).

On 6 April 2016 the Company announced a proposal that involves the demerger of a restructured Samphire Uranium Pty Ltd to Samphire Uranium Limited ('SUL') as a separate standalone unlisted public company. SUL is the owner of the Samphire Project Uranium Assets. Subject to shareholder approval the demerger will result in the following structure with UraniumSA shareholders owning shares in both entities pro-rata to their holding in UraniumSA at the time.

ORGANISATION STRUCTURE - 2016 (Post - Proposed Demerger)

A B

UraniumSA Limited

(ASX code: USA Ultimate Holding Co.)

Samphire Uranium Limited

(unlisted Public Company)

Fatjack Pty Ltd (100%)

Boston Minerals Pty Ltd (100%)

Angus Resources Pty Ltd (100%)

Function

Corporate strategy and delivery, finance and asset management/asset holder

Function Subsidiary holding exploration assets

Function Subsidiary holding exploration assets

Function

Owner of Samphire Project, exploration for uranium and base metals

Function

owner and operator of plant and equipment

Assets

100% Fatjack Pty Ltd

100% Boston Minerals Pty Ltd

Assets

EL4694 - Muckanippie (basement complex)

Assets

Cleve Project

ELA 2015/00113 - Sheoak Hill

ELA 2015/00114 - Lock

Cariwerloo Project

ELA 2015/00126 - Whymlet

Assets

Samphire Project (host of Blackbush & Plumbush deposits)

EL4979 - Mullaquana

EL5426 - Midgee (JV Hiltaba) EL5440 - Murninnie

EL4693 - Wild Horse Plain (JV Pirie Resources Pty Ltd) (100% interest in JV Uranium)

Samphire - Nonowie pastoral leases

100% Angus Resources Pty Ltd (owner of plant & equipment)

Assets

Backfill And rehabilitation plant, down hole geophysical logging plant

The exploration results and mineral resources reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr Russel Bluck a Director of UraniumSA Limited and Member of the Australian Institute of Geoscientists with sufficient experience relevant to the style of mineralisation and type of deposits being considered, and to the activity which is reported to qualify as a Competent Person as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Bluck consents to the inclusion in the report of matters based on his information in the form and context in which it appears. It should be noted that the abovementioned exploration results are preliminary.

2