Energy Resources of Australia : Response to ASX Price Query

8 February 2019

Ms Charlotte Hope

Senior Adviser, Listings Compliance (Sydney) ASX Compliance Pty Ltd

Level 6, Stock Exchange Centre 20 Bridge Street

Sydney NSW 2000

By email:[e-mail]

Dear Charlotte

Energy Resources of Australia Ltd (ERA) - ASX price query

Head office Level 3, Energy House,

18-20 Cavenagh St, Darwin NT 0800 GPO Box 2394, Darwin NT 0801, Australia

T [phone] F [phone]

Ranger mine Locked Bag 1,

Jabiru NT 0886 Australia

T [phone] F [phone]

www.energyres.com.au

We refer to your letter dated 8 February 2019. In response to your specific questions, we reply as follows:

• 1. No.

• 2. Not applicable, in view of our response to question 1.

• 3. No.

• 4. ERA is in compliance with the Listing Rules, including Listing Rule 3.1.

• 5. The above responses are provided with the relevant authorisation and approval in accordance with ERA's continuous disclosure policy.

Yours sincerely

James O'Connell

Legal Counsel & Company Secretary

8 February 2019

Mr James O'Connell Company Secretary

Energy Resources of Australia Limited Level 10, TIO Centre

24 Mitchell Street DARWIN, NT, 0800

By email:

Dear Mr O'Connell

Energy Resources of Australia ('ERA'): Price Query

We note the change in the price of ERA's securities from a low of $0.2365 to a high of $0.365 over the last ten days.

Request for Information

In light of this, ASX asks ERA to respond separately to each of the following questions and requests for information:

• 1. Is ERA aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?

  In responding to this question, please consider in particular whether ERA is aware of any information that its earnings for the 12 month period ending on 31 December 2018:

  • (a) are likely to differ materially (downwards or upwards) from any earnings guidance it has given for the period; or

  • (b) if ERA has not given any earnings guidance for the period, are otherwise likely to come as a surprise to the market (by reference to analyst forecasts for the period or, if ERA is not covered by analysts, its earnings for the prior corresponding period)?

• 2. If the answer to question 1 is "yes".

  • (a) Is ERA relying on Listing Rule 3.1A not to announce that information under Listing Rule 3.1? Please note that the recent trading in ERA's securities would suggest to ASX that such information may have ceased to be confidential and therefore ERA may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is "yes", you need to contact us immediately to discuss the situation.

  • (b) Can an announcement be made immediately? Please note, if the answer to this question is "no", you need to contact us immediately to discuss requesting a trading halt (see below).

  • (c) If an announcement cannot be made immediately, why not and when is it expected that an announcement will be made?

• 3. If the answer to question 1 is "no", is there any other explanation that ERA may have for the recent trading in its securities?

4.

Please confirm that ERA is complying with the Listing Rules and, in particular, Listing Rule 3.1.

ASX Limited [[Listings]]

5. Please confirm that ERA's responses to the questions above have been authorised and approved under its published continuous disclosure policy or otherwise by its board or an officer of ERA with delegated authority from the board to respond to ASX on disclosure matters.

When and where to send your response

This request is made under Listing Rule 18.7. Your response is required as soon as reasonably possible and, in any event, by no later than 2 PM AEDT today Friday, 8 February 2019. If we do not have your response by then, ASX will likely suspend trading in ERA's securities under Listing Rule 17.3. You should note that if the information requested by this letter is information required to be given to ASX under Listing Rule 3.1 and it does not fall within the exceptions mentioned in Listing Rule 3.1A, ERA's obligation is to disclose the information "immediately". This may require the information to be disclosed before the deadline set out in the previous paragraph.

ASX reserves the right to release a copy of this letter and your response on the ASX Market Announcements Platform under Listing Rule 18.7A. Accordingly, your response should be in a form suitable for release to the market. Your response should be sent to me by e-mail [e-mail]. It should not be sent directly to the ASX Market Announcements Office. This is to allow me to review your response to confirm that it is in a form appropriate for release to the market, before it is published on the ASX Market Announcements Platform.

Listing Rules 3.1 and 3.1A

Listing Rule 3.1 requires a listed entity to give ASX immediately any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity's securities. Exceptions to this requirement are set out in Listing Rule 3.1A. In responding to this letter, you should have regard to ERA's obligations under Listing Rules 3.1 and 3.1A and also to Guidance Note 8 Continuous Disclosure: Listing Rules 3.1 - 3.1B. It should be noted that ERA's obligation to disclose information under Listing Rule 3.1 is not confined to, nor is it necessarily satisfied by, answering the questions set out in this letter.

Trading halt

If you are unable to respond to this letter by the time specified above, or if the answer to question 1 is "yes" and an announcement cannot be made immediately, you should discuss with us whether it is appropriate to request a trading halt in ERA's securities under Listing Rule 17.1. If you wish a trading halt, you must tell us:

•  the reasons for the trading halt;

•  how long you want the trading halt to last;

•  the event you expect to happen that will end the trading halt;

•  that you are not aware of any reason why the trading halt should not be granted; and

•  any other information necessary to inform the market about the trading halt, or that we ask for.

We may require the request for a trading halt to be in writing. The trading halt cannot extend past the commencement of normal trading on the second day after the day on which it is granted.

You can find further information about trading halts in Guidance Note 16 Trading Halts & Voluntary Suspensions.

Suspension

If you are unable to respond to this letter by the time specified above ASX will likely suspend trading in ERA's securities under Listing Rule 17.3.

Enquiries

If you have any queries or concerns about any of the above, please contact me immediately.

Yours sincerely

Charlotte Hope

Senior Adviser, Listings Compliance (Sydney)