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.

Thorium Power

Contents

Last Year’s Accomplishments

Company Objectives & Outlook

Investor Fact Sheet

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

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

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 ₂reduction 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

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

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

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