First Uranium Corporation T.FIU

The numbers on our options

[Critical_Mass]

Assumptions
Conversion price =	0.20
MWS Earnings =	60 million a year at current production and gold prices
	Option 1 = Vote No to both deals and be diluted			Option 2 Sell Ezulwami and buy back as many notes as possible before they convert			Option 3 =Accept AGA deal
Assumptions and comments	The 443.3 million NAV for MWS is from RBC's dec number. I took the current maked down FIU NAV for Ezulwini from the last report.  A likely better non distressed value then the 70m currently offerred, but still conservative especially if we can actually get it producing profitably with a lower royalty rate, reduced interest after the dilution and new mine plan			Assume we can buy back 80m at 87.5/100 par.  We will realize a gain on this of 10m			Not bad on the surface, but I reject this option because it leaves us with a money losing mine and no working capital. So the numbers arnt accurate as there will be dilution resulting not considered
	We Still need working capital, but not much.
	Option 1	Vote NO		Option 2	Sell EZ, buy notes		Option 3	Sell MWS
		MWS 10x P/E	8x P/E		MWS 10x P/E	8x P/E
	Using RBC NAV	Using 10x P/E	Using 8x P/E	Using RBC NAV	Using 10x P/E	Using 8x P/E
Ezulwini	$100	$100.00	$100.00	0	0	0	100
MWS	$443.30	$600.00	$480.00	443.9	600	480	0
Total	$543.30	$700.00	$580.00	443.9	600	480	100
NAV- Debt= Enterprise value	$375.60	$532.30	$412.30	276.2	432.3	312.3	100
Gain on Note retirement				10	10	10	0
.=Enterprise value/share afterwards	.38	.54	.42	.49	.75	.55	0.42
Converting debt	$150.00			70	70	70	0
Current Shares	237.90	237.90	237.90	237.90	237.90	237.90	237.90
Shares issued	750.00	750.00	750.00	350.00	350.00	350.00	0
Remaining debt	167.7	167.7	167.7	167.7	167.7	167.7	0
Total Shares in each option	987.90	987.5	987.5	587.9	587.9	587.9	237.90
					Option 4 = Accept both deals.
RBC Global gold Average current P/E multiple from lates weekly gold tables					25c minus 10m loan from Gold One.  Which is around 4c.  So 21 c if we are lucky and there are no escrow charges.
	2011	2012	2013
Tier 2	19.8	13.4	9.7
Tier 3	24.6	10.5	5.9
					No thank you!!!