Uranium Resources : Shareholder Circular and Notice of Meeting

If before 6.00 p.m. on 18 December 2017 you have sold or transferred all your Existing Ordinary Shares you should hand this Document, together with any accompanying documents (if applicable), to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for onward transmission to the purchaser or transferee. If you have sold or transferred only part of your holding in Existing Ordinary Shares in the Company, you should retain these documents.

The distribution of this Document in jurisdictions other than the UK may be restricted by law and, therefore, persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdictions. In particular, this Document should not be forwarded or transmitted in or into the United States, Canada, Australia, South Africa, Japan or any other jurisdiction where it would be illegal to do so. The Existing Ordinary Shares have not been, nor will the Existing Ordinary Shares or the New Ordinary Shares be, registered under the United States Securities Act 1933 (as amended) or under any of the relevant securities laws of any state of the United States or of Canada, Australia, South Africa or Japan. Accordingly, neither the New Ordinary Shares nor the Placing Shares may (unless an exemption under relevant securities laws is applicable) be offered, sold, resold or delivered, directly or indirectly, in or into the United States, Canada, Australia, South Africa or Japan or for the account or benefit of any such person located in the United States, Canada, Australia, South Africa or Japan.

This Document does not constitute an offer to buy, acquire or subscribe for, or the solicitation of an offer to buy, acquire or subscribe for, New Ordinary Shares or an invitation to buy, acquire or subscribe for Existing Ordinary Shares. This Document does not constitute a prospectus for the purposes of the Prospectus Rules of the FCA or an admission document for the purpose of the AIM Rules for Companies.

The London Stock Exchange has not itself examined or approved the contents of this Document. AIM is a market designed primarily for emerging or smaller companies to which a higher degree of investment risk tends to be attached to than to larger or more established companies. AIM securities are not admitted to the Official List and the AIM Rules for Companies are less demanding than those of the Official List. A prospective investor should be aware of the risks of investing in AIM companies and should make the decision to invest only after careful consideration and, if appropriate, consultation with an appropriate financial adviser.

Application will be made to the London Stock Exchange for the Placing Shares and shares issued pursuant to the Capitalisation to be admitted to trading on AIM. It is expected that dealings in the Placing Shares will commence on or around 21 December 2017.

(Incorporated in England and Wales with Registered No. 5329401)

Your attention is drawn to the letter from the Chairman of Uranium Resources plc, set out on pages 10 to 19 of this Document, which recommends that you vote in favour of the Resolutions to be proposed at the General Meeting referred to below. The General Meeting has been convened by the Directors for the purpose of considering the proposals set out in this Circular.

Northland Capital Partners Limited, which is a member of the London Stock Exchange, is authorised and regulated in the United Kingdom by the FCA and is acting as nominated adviser and broker to the Company and no one else in connection with the Proposals and will not be responsible to any person other than the Company for providing the regulatory and legal protections afforded to clients of Northland Capital Partners Limited nor for providing advice in relation to the contents of this Circular or any matter, transaction or arrangement referred to in it. Northland Capital Partners Limited has not authorised the contents of, or any part of, this Circular and no liability whatsoever is accepted by Northland Capital Partners Limited for the accuracy of any information or opinion contained in this Circular or for the omission of any information.

Peterhouse Corporate Finance Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company and no one else in connection with the proposals and will not be responsible to any person other than the Company for providing the regulatory and legal protections afforded to clients of Peterhouse Corporate Finance Limited nor for providing advice in relation to the contents of this Circular or any matter, transaction or arrangement referred to in it. Peterhouse Corporate Finance Limited has not authorised the contents of, or any part of, this Circular and no liability whatsoever is accepted by Peterhouse Corporate Finance Limited for the accuracy of any information or opinion contained in this Circular or for the omission of any information.

Copies of this Document will be available free of charge from the Company's registered office during normal business hours for a period of one month and on the website of the Company.

Dated 4 December 2017

Note:

This Circular contains certain forward-looking statements which relate to future events. Such forward- looking statements reflect the Directors' current expectations and beliefs and are based on information currently available to the Directors and are based on reasonable assumptions at this date. While the Directors make these forward-looking statements in good faith, neither the Company nor its Directors can guarantee that any anticipated future results will be achieved.

2017

Publication of this Document 4 December

Latest time and date for receipt of Forms of Proxy in respect of the General Meeting

12.00 p.m. on 18 December

General Meeting 20 December

Record date for Bonus Warrant Issue 4.30 p.m. on 20 December Expected date of Completion of the Disposal 20 December

Record date for the Share Capital Reorganisation 20 December

Admission of the New Ordinary Shares to AIM 21 December

Expected issue of the Placing Shares and admission of these shares to trading on AIM

21 December

CREST stock accounts credited with Bonus Warrants, New Ordinary Shares and Placing Shares in uncertificated form

21 December

Dispatch of certificates for Bonus Warrants, New Ordinary Shares and Placing Shares in certificated form by no later than

5 January 2018

Notes

1. References to times in this Document are to London time unless otherwise stated.

2. If any of the above times or dates should change, the revised times and/or dates will be notified to Shareholders by an announcement on an RNS (and posted on the Company's website).

3. All events in the above timetable following the General Meeting are conditional upon approval by the Shareholders of the Resolutions.