Annual Stockholders’ Meeting
25 April 2007
Management Presentation
Thorium Power
“Peaceful Nuclear Energy with Low Waste and Improved Industry Economics”
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This presentation includes or incorporates by reference statements that constitute forward-
looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These
statements relate to future events or to our future financial performance, and involve known
and unknown risks, uncertainties and other factors that may cause our actual results, levels of
activity, performance, or achievements to be materially different from any future results, levels
of activity, performance or achievements expressed or implied by these forward-looking
statements. These statements include, but are not limited to, information or assumptions about
revenues, gross profit, expenses, income, capital and other expenditures, financing plans,
capital structure, cash flow, liquidity, management’s plans, goals and objectives for future
operations and growth. In some cases, you can identify forward-looking statements by the use
of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,”
“estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other
comparable terminology. You should not place undue reliance on forward-looking statements
since they involve known and unknown risks, uncertainties and other factors which are, in
some cases, beyond our control and which could materially affect actual results, levels of
activity, performance or achievements.
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Thorium Power
Contents
Last Year’s Accomplishments
Company Objectives & Outlook
Investor Fact Sheet
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Last Year’s Accomplishments
Thorium Power Proprietary
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Thorium Power
Last Year’s Accomplishments (1 of 3)
Strengthened our Corporate Capabilities to Execute
Closed $15 million private placement
Completed merger of Thorium Power Inc and Novastar Resources Ltd to form Thorium
Power Ltd as a publicly traded company
Filled key positions in our management team
Erik Hällström, COO
Ambassador Dennis Hays, VP and Director of Government Relations
Peter Charles, Director of Corporate Affairs and Investor Relations
Retained expert communications firms and began execute integrated IR/PR strategy
Weber Shandwick (PR)
Crescendo (IR)
Visibility in high-profile media and conferences
Expanded relationship with US government
Appropriation process
2007 legislation
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Last Year’s Accomplishments (2 of 3)
Continued to Produce Strong Technology Development Results
Demonstrated successful scale-up of fuel technology
3x scale-up of fuel to one-meter rods
Successful thermal-hydraulic tests
Fuel bundle in same configuration as full-scale commercial reactors
Formed strategic alliance with Red Star, the premier nuclear design bureau
Deepens relationships with Russian nuclear industry
Provides increased program management capabilities, engineering resources and
facilities for final qualification of Thorium Power’s fuel designs, while retaining key
personnel from earlier work
Accelerates implementation of detailed plan (developed jointly with Red Star) for the
next three years’ development activities, leading up to Lead Test Assembly in a full-
scale commercial reactor
Created Technical Advisory Board to support company in development and deployment
of fuel designs
Experts in nuclear fuel, reactors and business
Backgrounds from major nuclear companies, e.g., GE, Westinghouse
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Last Year’s Accomplishments (3 of 3)
Developed Diversified Portfolio of Market Opportunities Supported by Strong Industry Trends
Industry trends strengthening Thorium Power benefits
“Nuclear renaissance” driven by global economic growth, CO 2 reduction objectives
and positive industry track-record
Increased concerns with proliferation, waste, uranium prices/supply
Thorium Power increasingly sought out by governments and commercial entities seeking
thorium-based nuclear energy
Countries with and without nuclear energy industry today
Nature of business discussions requires confidentiality, but a few markets publicly
announced e.g., India, Poland
Diversified portfolio of opportunities mitigates individual country market risk
Expanded efforts to form industry partnerships
Created International Advisory Board to expand our international commercialization
capabilities
Leaders in international business, government, energy and academia
Serve as strategic advisors and expand the company’s reach into businesses and
governments internationally
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Company Objectives & Outlook
Thorium Power Proprietary
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Thorium Power
Thorium Power Objectives (1 of 3)
- Key Announcements To Look Out For
Further Strengthen Corporate Capabilities to Execute in 2007-08
Strengthening of balance sheet – strategic and financial
CFO hiring
Thorium-focused U.S. and EU legislation, and government support benefiting
the company
Expansion of Intellectual Property
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Thorium Power Objectives (2 of 3)
- Key Announcements To Look Out For
Complete Technology Milestones Towards Fuel Insertion in a Commercial Reactor
within 3 Years, Following the Industry Standard Fuel Qualification Process
Scale up the fuel fabrication process to full length rods used in commercial
reactors
Validate thermal hydraulic performance of full size seed and blanket fuel assembly
Complete ampoule irradiation testing and perform post-irradiation examination to
confirm fuel performance
Obtain final regulatory approvals for insertion of fuel in a commercial reactor
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Thorium Power Objectives (3 of 3)
- Key Announcements To Look Out For
Close Business Agreements With Reactor Operators and Other Industry Partners
2007-08
Initial commercial arrangements with:
Operators of new and existing reactors
Fuel fabricators
Future participants in consortia for new reactors
Seek revenue from advisory and pre-construction services to
governments and commercial entities
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Investor Fact Sheet
Thorium Power Proprietary
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Thorium Power
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