27 January 2012 - Quarterly Activities and Cashflow Report

L EV EL 1

8 ? C OL I N ? S TR EE T

W EST P ER T H WA 600 5

PO ? B OX ? 886

W EST P ER T H WA 687 2

T EL :[phone]

F AX :[phone]

ABN 89 106 52 3 611

27 January 2012
Manager Announcements Company Announcements Office Australian Securities Exchange
10th Floor, 20 Bond Street
SYDNEY NSW 2000
Dear Sir/Madam,

Via electronic lodgement

QU ARTERL Y ACTIVITY REPORT FO R THE PERIOD ENDING 31 DECEMBER 2 011 HIGHLIGHTS

? The Company's Annual General Meeting was conducted on 17th November, 2011.

? Resource update for Aurora uranium deposit in progress.

? Additional historical drilling data obtained for the Aurora project area.

? A programme of metallurgical testing continued to evaluate options for processing of Aurora uranium mineralisation.

? Preliminary meetings completed with key State and Federal agencies regarding initiation of the formal permitting process for the development of the Aurora project.

? The Company had $2.05m in cash and liquid assets at 31 December. The Company realised $0.56m through the sale of African Energy Resources Limited shares.

ENERGY VENTURES LIMITED Annual General Meeting

All resolutions put to shareholders at the Company's Annual General Meeting held on 17th November 2011
were carried unanimously on a show of hands.

USA Uranium Projects

Energy Ventures, through its wholly owned US subsidiary Oregon Energy LLC, owns five uranium projects located in the western USA, all of which have been subject to significant historical exploration and have

Energy Ventures Limited December 2011 Quarterly Report

either current or historical resources. The most advanced of these projects is the Aurora uranium project located in southeast Oregon. Energy Ventures is currently advancing feasibility studies of the Aurora project, exploring other project areas to increase the Company's resource base, and is actively evaluating other uranium opportunities in the western USA.

Aurora Uranium Project

The Aurora uranium project is a volcanic?hosted uranium deposit located in the southeast part of Oregon, USA. Previous exploration on the deposit, including detailed drilling, shows that a significant uranium resource occurs within a near?surface, flat?lying zone of mineralisation that is potentially amenable to extraction by open pit methods. The Aurora deposit has a total resource base of 38 Mlb eU3O81 comprising an Indicated Resource of 36.7 Mlb eU3O8 at a grade of 253 ppm eU3O8, and an Inferred Resource of 1.2 Mlb eU3O8 at a grade of 151 ppm eU3O8.

Resource Estimate

An update to the resource estimate for the Aurora uranium deposit is currently being undertaken, incorporating the results of diamond drilling that has been undertaken by the Company in the past year. The new resource estimate is expected to be completed in the first quarter of 2012.
Geological and resource modelling at Aurora will be assisted by the integration of additional historical exploration data obtained during the quarter from Cordex Inc. who were actively exploring for uranium in the early 1980's on claims located immediately adjacent and northeast of the Aurora deposit. These new data obtained from Cordex include drill logs and downhole radiometric records for 110 rotary drill holes, which have now been digitised and merged with the Company's technical database.
Cordex report intersections of uranium mineralisation within more deeply buried or down?faulted zones of the same volcanic sequence that hosts the Aurora deposit. The grade and continuity of this mineralisation is currently being evaluated; as is the geological interpretation and relationship of the mineralisation to the known deposit.

Metallurgical Testwork

A programme of metallurgical testwork has been initiated by the Company to build upon the extensive historical metallurgical testing that was completed on the Aurora mineralisation. The tests are required to establish a viable process flowsheet and to advance the economic feasibility assessment of the deposit.
Initial work by metallurgical consultants Hazen Research Inc. in Golden, Colorado, has been directed toward an assessment of trommelling and wet screening to test the potential for beneficiation of the uranium mineralisation. Preliminary results are encouraging and the Company is currently considering additional tests to evaluate the leaching potential of the screened fractions.
Results for initial screening tests, and for the subsequent leach tests, are expected to be available in the next quarter.

Permitting

Preliminary meetings were conducted during the quarter with key Oregon and US federal agencies responsible for the permitting process for the Aurora uranium project. These include the Oregon Department of Geology and Mineral Industries (DOGAMI), the Oregon Energy Facility Siting Council (EFSC, a division of the Oregon Department of Energy), and the US Bureau of Land Management (BLM).

1 The term eU3O8 refers to an equivalent uranium oxide grade that is based on the conversion of a radiometric gamma log determination of radioactive mineral abundance to a calculated uranium content. True U3O8 values are obtained from direct chemical assay results.

Energy Ventures Limited December 2011 Quarterly Report

Briefings on the project were also provided to the local Native American reservation and senior advisors with the Office of the Governor.
The Company is currently preparing the documentation required to formally initiate the permitting process for the project. These documents are expected to be submitted in the first quarter of 2012. The Company is also progressing the appointment of a lead consultant to assist with the planning and implementation of a comprehensive baseline environmental study for the Aurora project.

Maybell Uranium Project

The Maybell uranium project has been staked in an area of northwest Colorado that contains historical uranium mines and other known mineralised occurrences. The project currently comprises a total of 586 lode claims, covering approximately 4,740 ha, and is located approximately 40 km west of the town of Craig. Based on historical uranium production records and reported exploration results, there is significant potential at the Maybell project area for both verification and discovery of near surface uranium resources.
Assay results were received in December for a small reconnaissance drilling program that was completed in the southern part of the project area to test several zones with anomalous radiometric responses. There were no significant uranium intersections in the drilling and the Company is currently evaluating the next phase of exploration on the project area.

Skull Creek Uranium Project

The Company acquired the Skull Creek uranium project in 2010. The project consists of 72 lode claims that cover an area of approximately 580 ha and is located in north?western Colorado; approximately 110 km west of the town of Craig and about 75 km west of the Company's Maybell uranium project. The project is situated in an active coal mining area.
No work was undertaken at the Skull Creek project during the quarter.

Virgin Valley Uranium Project

The Virgin Valley uranium project is located in northwest Nevada, USA. The Company holds 37 federal lode claims that comprise a total of approximately 740 ha, and which cover a known historical uranium prospect hosted in volcanic rocks and associated sedimentary units within a volcanic caldera complex. The project is located in an active mining area, approximately 500 km north of Reno and approximately 100 km west of the Company's Aurora uranium project in Oregon.
No work was undertaken at the Virgin Valley project during the quarter.

Coyote Basin Project

The Coyote Basin project currently comprises a single State of Colorado Uranium Mining Lease and 522 federal lode claims located in Moffat and Rio Blanco counties in northwest Colorado. The project is close to infrastructure and is located approximately 35 km to the northwest of the town of Meeker; and some 40 km to the southwest of the Company's Maybell uranium project.
No work was undertaken at the Coyote Basin project during the quarter.

USA Exploration Outlook

The Company expects to continue its exploration and development programmes in the US during the following quarter. The following work is proposed:

Energy Ventures Limited December 2011 Quarterly Report

? Ongoing metallurgical testwork to assess the leaching and recovery characteristics of the Aurora uranium mineralisation and to determine a preferred processing technique.

? Formal initiation of the statutory permitting process for the Aurora project in Oregon.

? Commencement of baseline environmental studies at the Aurora project.

? Update of the Aurora deposit resource estimate.

? Compilation of historical data from the Company's projects.

? Ongoing assessment of other mineral project opportunities in western USA.

AFRICAN ENERGY RESOURCES LIMITED (4.5m shares)

Energy Ventures holds a small equity interest in African Energy Resources Limited (ASX: AFR), an ASX listed resources company focussed on exploration and development of energy projects in Africa. African Energy is currently advancing the exploration and development of a large deposit of thermal coal discovered in Botswana.
African Energy commenced excavation of a test pit at the Sese coal deposit to obtain a 10,000t bulk sample. Coal from the bulk sample will be used for a series of large?scale tests and will also be made available to a number of potential customers. The Company also commenced work on development of a coal fired power plant at the site.
For African Energy's December quarterly activity and cash flow report, and for further information on the
African Energy projects, please visit its website: www.africanenergyresources.com.

NORRSKEN ENERGY LTD (EVE 50%)

Norrsken Energy Limited is a UK incorporated joint venture company formed in 2008 between Energy Ventures Ltd and Swedish mineral company IGE Nordic AB (now Nickel Mountain Resources AB, see www.nickelmountain.se) to evaluate early stage uranium exploration targets in Sweden. Energy Ventures holds 50% of Norrsken Energy and is the manager of the joint venture company.
During the quarter Norrsken finalised the sale of its Olserum REE?U project in southeast Sweden to Tasmet AB, a wholly owned subsidiary of Tasman Metals Ltd (TSX.V:TS), in return for 37,746 fully paid common shares in Tasman. All regulatory approvals have been obtained for the transaction and the shares have been issued to Norrsken, subject to a statutory escrow period of 4 months imposed by the Toronto Stock Exchange.

AGRICOLA RESOURCES PLC (EVE 29.8%)

Agricola Resources plc (PLUS: AGRI) is a mineral exploration company listed on the UK's PLUS Exchange. The company is exploring for gold deposits in North Africa, with initial projects located in the Anti?Atlas region of Morocco.
In October 2010, Agricola Resources advised that it is in discussions for a possible acquisition of Kazakh Resources Limited, a company which owns rights to acquire various mineral assets in Kazakhstan, principally for tungsten and molybdenum. If negotiations are successful, then transfer of the assets as a result of the acquisition will require the approval of the Government of the Republic of Kazakhstan.
Trading in Agricola Resources shares is currently suspended, pending a further announcement on the acquisition. Further information on Agricola Resources and its projects in Morocco and Kazakhstan may be found at www.agricolaresources.com.

Energy Ventures Limited December 2011 Quarterly Report

WAYLAND COPPER LIMITED (EVE 50%)

Wayland Copper Limited is an incorporated joint venture company formed between Energy Ventures and AIM listed company Beowulf Mining plc (AIM:BEM, see www.beowulfmining.com) to explore the Ballek copper?gold?uranium project. This project comprises four exploration permits that collectively cover 110 km2 in Arjeplog County, northern Sweden. The historical Lulepotten copper?gold deposit, which has an Inferred Resource of 5.4 Mt grading 0.8% copper and 0.3 g/t gold, is contained within the project area. Energy Ventures has earned 50% equity in Wayland Copper, which is to be jointly funded by the Company and Beowulf Mining in order to complete any further agreed exploration work programme(s) going forward.
Management of Wayland Copper is the responsibility of Beowulf Mining. No significant exploration was reported during the December quarter.

Lachlan Reynolds Managing Director

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the 'JORC Code') sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves. The information contained in this announcement has been presented in accordance with the JORC Code and references to "Measured", "Indicated" and "Inferred Resources" are to those terms as defined in the JORC Code.

Information in this report relating to exploration results is based on data compiled by Mr Lachlan Reynolds (a full time employee of Energy Ventures), who is a member of The Australasian Institute of Mining and Metallurgy. Mr Reynolds has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person under the 2004 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Reynolds consents to the inclusion of the data in the form and context in which it appears.

For any further information, please refer to the Company's website (see www.energyventures.com.au) or contact the Company directly on [phone].

Energy Ventures Limited December 2011 Quarterly Report

Appendix 4C

Quarterly report for entities admitted on the basis of commitments

Rule 4.7B

Name of entity

ENERGY VENTURES LTD

ABN Quarter ended ("current quarter")

89 106 523 611 31 December 2011

Consolidated statement of cash flows

Cash flows related to operating activities

1.1 Receipts from customers

1.2 Payments for (a) staff costs

(b) advertising and marketing

(c) research and development

(d) leased assets

(e) other working capital

1.3 Dividends received

1.4 Interest and other items of a similar nature received

1.5 Interest and other costs of finance paid

1.6 Income taxes paid

1.7 Other (provide details if material)

Net operating cash flows

Energy Ventures Limited December 2011 Quarterly Report

1.13 Total operating and investing cash flows (carried forward) Cash flows related to financing activities

1.14 Proceeds from issues of shares, options, etc.

1.15 Proceeds from sale of forfeited shares

1.16 Proceeds from borrowings

1.17 Repayment of borrowings

1.18 Dividends paid

1.19 Other

Net financing cash flows

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

Current quarter

$A'000

1.24 Aggregate amount of payments to the parties included in item 1.2 323

1.25 Aggregate amount of loans to the parties included in item 1.11 ?

1.26 Explanation necessary for an understanding of the transactions: Payments include consulting fees, directors' fees, tenement, GIS management and provision of a fully serviced office by related party entities.

Non?cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

Nil

2.2 Details of outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest

Nil

Energy Ventures Limited December 2011 Quarterly Report

Financing facilities available

Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).

3.1 Loan facilities

3.2 Credit standby arrangements

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

Acquisitions and disposals of business entities

5.1 Name of entity

5.2 Place of incorporation or registration

5.3 Consideration for acquisition or disposal

5.4 Total net assets

5.5 Nature of business

Energy Ventures Limited December 2011 Quarterly Report

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act (except to the extent that information is not required because of note 2) or other standards acceptable to ASX.

2 This statement does give a true and fair view of the matters disclosed.

Daniel Davis

Company Secretary

27 January 2012

Notes

1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2. The definitions in, and provisions of, AASB 1026: Statement of Cash Flows apply to this report except for the paragraphs of the Standard set out below.

? 6.2 ? reconciliation of cash flows arising from operating activities to operating profit or loss

? 9.2 ? itemised disclosure relating to acquisitions

? 9.4 ? itemised disclosure relating to disposals

? 12.1(a) ? policy for classification of cash items

? 12.3 ? disclosure of restrictions on use of cash

? 13.1 ? comparative information

3. Accounting Standards. ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.