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EXHIBIT 99.2
INTERNATIONAL URANIUM CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNITED STATES DOLLARS) (UNAUDITED)
<TABLE>
<CAPTION>
MARCH 31, 2000 SEPTEMBER 30, 1999
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<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $646,031 $469,407
Trade and other receivables 3,216,798 2,226,303
Inventories 9,880,187 11,930,637
Prepaid expenses and other 182,850 191,425
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13,925,866 14,817,772
Plant and equipment, net 6,016,014 6,790,627
Mongolia mineral properties 10,720,388 10,484,299
Notes receivable 200,088 202,016
Restricted cash and marketable securities 9,615,308 9,344,541
Deferred charge 4,248,875 4,248,875
Organizational costs, net 3,277 3,679
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$44,729,816 $45,891,809
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LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities $662,915 $2,132,614
Notes payable 540,221 1,049,493
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1,203,136 3,182,107
Notes payable, net of current portion 13,776 22,811
Reclamation obligations 11,810,167 13,265,700
Deferred revenue 6,383,725 3,123,441
Deferred credit 4,320,000 4,320,000
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23,730,804 23,914,059
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SHAREHOLDERS' EQUITY
Share capital 37,439,402 37,439,402
Retained earnings (16,440,390) (15,461,652)
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20,999,012 21,977,750
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$44,729,816 $45,891,809
================================================
</TABLE>
ON BEHALF OF THE BOARD
/s/ RON F. HOCHSTEIN /s/ LUKAS H. LUNDIN
Ron F. Hochstein, Director Lukas H. Lundin, Director
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INTERNATIONAL URANIUM CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNITED STATES DOLLARS) (UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED MARCH 31
2000 1999
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<S> <C> <C>
OPERATIONS
Revenue
Uranium sales $5,311,000 $7,520,450
Vanadium sales 353,608 -
Process milling 493,200 4,024,174
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Total revenue 6,157,808 11,544,624
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Costs and expenses
Uranium cost of sales 4,415,000 6,417,348
Vanadium cost of sales 333,411 -
Process milling expenditures 849,371 3,159,010
Selling, general and administrative 2,223,004 2,316,118
Write-down of inventories 606,022 3,460,000
Depreciation 550,639 423,298
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8,977,447 15,775,774
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Loss before the following (2,819,639) (4,231,150)
Decrease in reclamation obligations 1,455,533 -
Net interest and other income 385,368 443,121
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Loss before taxes (978,738) (3,788,029)
Provision for income taxes - -
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LOSS FOR THE PERIOD $(978,738) $(3,788,029)
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Loss per common share $(0.01) $(0.06)
===================================================
(DEFICIT) RETAINED EARNINGS
(Deficit) Retained earnings, beginning of period (15,461,652) 1,636,025
Loss for the period (978,738) (3,788,029)
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DEFICIT, END OF PERIOD $(16,440,390) $(2,152,004)
===================================================
</TABLE>
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INTERNATIONAL URANIUM CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOW
(UNITED STATES DOLLARS) (UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED MARCH 31
2000 1999
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<S> <C> <C>
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
Loss for the period $(978,738) $(3,788,029)
Items not affecting cash
Depreciation and amortization 550,639 423,298
Amortization of uranium sales contract purchase cost - 729,730
Write-down of inventories 606,022 3,460,000
Decrease in reclamation liabilities (1,455,533) -
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(1,277,610) 824,999
Changes in non-cash working capital items
Decrease in marketable securities - 11,731
(Increase) decrease in trade and other receivables (990,495) 2,492,138
Decrease (increase) in inventories 1,664,996 (1,412,698)
Increase in other current assets (22,998) (104,224)
(Decrease) increase in accounts payable and accrued liabilities (1,469,700) 377,878
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NET CASH (USED IN) PROVIDED BY OPERATIONS (2,095,807) 2,189,824
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INVESTING ACTIVITIES
Properties, plant and equipment (20,204) (1,469,894)
Mongolia mineral properties (180,503) (655,799)
Collection of notes receivable 1,928 276
(Increase) decrease in restricted cash and marketable securities (270,767) 196,255
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NET CASH USED IN INVESTMENT ACTIVITIES (469,546) (1,929,162)
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FINANCING ACTIVITIES
Decrease in notes payable (518,307) (21,427)
Increase (decrease) in deferred revenue 3,260,284 (322,899)
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NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 2,741,977 (344,326)
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Increase (decrease) in cash and cash equivalents 176,624 (83,664)
Cash and cash equivalents, beginning of period 469,407 6,282,275
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CASH AND CASH EQUIVALENTS, END OF PERIOD $646,031 $6,198,611
=========================================
SUPPLEMENTARY CASH FLOW INFORMATION
Cash interest paid $54,690 $7,391
Cash interest received $327,095 $418,039
</TABLE>