April 2014
NYSE MKT | UUUU
TSX | EFR
American Uranium. Fueling Nuclear Energy.
Certain of the information contained in this presentation constitutes "forward-looking information" (as defined in the Sec...
This presentation may use the terms "Measured", "Indicated“ and "Inferred" Resources. U.S. investors are advised that, whi...
ABOUT ENERGY FUELS
URANIUM MARKET OUTLOOK
ENERGY FUELS’ OPERATING PLATFORM
FINANCIALS & GUIDANCE
American Uranium. Fueling...
American Uranium. Fueling Nuclear Energy.
 Nuclear Energy | A high-growth sector
 Uranium | Fuel for nuclear power expec...
CURRENT URANIUM PRODUCTION + FUTURE GROWTH
U.S. Conventional Uranium Production
“Hub & Spoke” Production Strategy
 White ...
MARKETING ADVANTAGES
3 Long-Term Sales Contracts
 2 US Utilities & 1 South Korean Utility
 Premium Pricing
 $58.42 per ...
2-PART STRATEGY FOR 2014
8
American Uranium. Fueling Nuclear Energy.ENERGY FUELS INC. TSX | EFRNYSE MKT | UUUU
Fulfill con...
Current
(Weak Uranium Price)
Potential
(Strong Uranium Price)
Spot Price of U3O8
(1) $35.75 $75.00+
U3O8 Production
(Annua...
SNAPSHOT OF ENERGY FUELS
Capitalization Summary
Analyst Coverage
 Cantor Fitzgerald Rob Chang
 Dundee Securities Ltd. Da...
BOARD OF DIRECTORS & MANAGEMENT
Executive Team
Stephen P. Antony
President & Chief Executive Officer
Harold R. Roberts
Exe...
ABOUT ENERGY FUELS
URANIUM MARKET OUTLOOK
ENERGY FUELS’ OPERATING PLATFORM
FINANCIALS & GUIDANCE
ENERGY FUELS INC. America...
13
ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
WORLD ENERGY DEMAND INCREASING DRA...
144.6 146.6
175.2
40.2 39.5
35.3
171.3 173.8
201.7
2014 2015 2020
Secondary Supplies
Primary Production
Reactor
Requiremen...
MAJOR SUPPLY & DEMAND QUESTIONS
15
ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
Wh...
16
ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
GROWTH OF NUCLEAR ENERGY IN CHINA
...
17
ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
ONLY 90 MILLION LBS. OF URANIUM CA...
STRATEGIC POSITIONING IN THE U.S.
U.S. consumes 50+ million lbs. of
U3O8 per year … yet produces
only 4.5 million lbs.
 W...
ABOUT ENERGY FUELS
URANIUM MARKET OUTLOOK
ENERGY FUELS’ OPERATING PLATFORM
FINANCIALS & GUIDANCE
ENERGY FUELS INC. America...
ASSET SUMMARY
Central Mill Supplied by Regional Mines
1 Operating Mill
1 Producing Mine
8 Permitted Mines on Standby
3 Adv...
THE WHITE MESA MILL
The Only Operating Conventional Uranium Mill in the U.S.
 Reliable supplier of U3O8 since 1980
 Lice...
KEY MINERAL PROPERTIES
22
ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
Henry Mount...
RESOURCE SUMMARY
Measured & Indicated Inferred
Tons
(‘000)
Grade
(% U3O8)
Grade
(% V2O5)
Lbs. U3O8
(‘000)
Lbs. V2O5
(‘000)...
ABOUT ENERGY FUELS
URANIUM MARKET OUTLOOK
ENERGY FUELS’ OPERATING PLATFORM
FINANCIALS & GUIDANCE
ENERGY FUELS INC. America...
FINANCIAL HIGHLIGHTS – 15-MONTHS ENDED DEC. 31, 2013
25
ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | ...
FY-2014 GUIDANCE
 U3O8 Sales: 800,000 lbs. @ avg. realized price of $58.42/lb.
 U3O8 Production: 500,000 lbs. + 300,000 ...
ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
ENERGY FUELS | In Summary
1. Current ...
CONTACT
Energy Fuels Inc.
Suite 500 – 2 Toronto Street
Toronto, Ontario M5C 2B6
Energy Fuels Resources (USA) Inc.
225 Unio...
APPENDIX
ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
INDUSTRY RELATIONSHIPS
 Generates 93% of South Korea’s electricity; Developing nuclear projects Worldwide
 Energy Fuels’...
THE WHITE MESA MILL
The Only Operating Conventional Uranium Mill in the U.S.
ENERGY FUELS INC. American Uranium. Fueling N...
ALTERNATE FEED PROCESSING AT WHITE MESA MILL
Lowest Cost U3O8 Production in Energy Fuels’ Portfolio
 No Associated Mining...
ARIZONA STRIP MINES
Current High-Grade, Low-Cost Production
 Pinenut Mine (Producing): Production expected through early ...
WYOMING PROJECTS
Permitting 2nd Major Production Center in Wyoming
 Co-development potential of Sheep Mt., Gas Hills & Ju...
ROCA HONDA PROJECT
Large-Scale Project in New Mexico
 Joint venture with Sumitomo Corporation of Japan
 Energy Fuels: 60...
HENRY MOUNTAINS COMPLEX
Standby Mine in Utah
 Production as recently as 2010
 Major existing infrastructure
 ~17-miles ...
COLORADO PLATEAU MINES
Recently-Producing Mines On Standby or
In Development
 Beaver (La Sal Complex): Standby, as of 201...
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Energy Fuels Corporate Presentation April 2014

  1. 1. April 2014 NYSE MKT | UUUU TSX | EFR American Uranium. Fueling Nuclear Energy.
  2. 2. Certain of the information contained in this presentation constitutes "forward-looking information" (as defined in the Securities Act (Ontario) and "forward-looking statements" (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that are based on expectations, estimates and projections of management of Energy Fuels Inc. ("Energy Fuels“ or “EFR”) as of today's date. Such forward-looking information and forward-looking statements include but are not limited to: expected synergies resulting from the completion of the transaction with Denison Mines Corp (the “Transaction”); expected effects on value and opportunities resulting from the Transaction; the proposed business strategy for Energy Fuels following the Transaction; business plans; outlook; objectives; expectations as to the prices of U3O8 and V2O5; expectations as to reserves, resources, results of exploration and related expenses; estimated future production and costs; changes in project parameters; and the expected permitting and production time lines. All statements contained herein which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking information and forward-looking statements. Factors that could cause such differences, without limiting the generality of the foregoing include: risks that the synergies and effects on value described herein may not be achieved; risks inherent in exploration, development and production activities; volatility in market prices for uranium and vanadium; the impact of the sales volume of uranium and vanadium; the ability to sustain production from mines and the mill; competition; the impact of change in foreign currency exchange; imprecision in mineral resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; unexpected geological or hydrological conditions; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks. Although Energy Fuels believes that the assumptions inherent in the forward- looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this presentation. Energy Fuels does not undertake any obligation to publicly update or revise any forward-looking information or forward looking statements after the date of this presentation to conform such information to actual results or to changes in Energy Fuels’ expectations except as otherwise required by applicable legislation. Additional information about the material factors or assumptions on which forward looking information is based or the material risk factors that may affect results is contained under “Risk Factors” in Energy Fuels' annual information form for the year ended September 30, 2012. These documents are available on the SEDAR website at www.sedar.com. FORWARD LOOKING STATEMENTS 2 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  3. 3. This presentation may use the terms "Measured", "Indicated“ and "Inferred" Resources. U.S. investors are advised that, while such terms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. "Inferred Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. Accordingly, U.S. investors are advised that information regarding Mineral Resources contained in this presentation may not be comparable to similar information made public by United States companies. All of the technical information in this presentation was prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”). The technical information on each of the properties which are currently material to Energy Fuels is based on independent technical reports prepared in accordance with NI 43-101, as detailed below. These technical reports are available for viewing at www.sedar.com under Energy Fuels’ SEDAR profile or, in the case of the Roca Honda, Gas Hills and Copper King projects, under Strathmore Mineral Corp.’s (“Strathmore”) SEDAR profile. Technical information regarding Energy Fuels’ Colorado Plateau properties is based on the following technical reports: (i) “Technical Report on the Henry Mountains Complex Uranium Property, Utah, U.S.A.” dated June 27, 2012 authored by William E. Roscoe, Ph.D., P.Eng., Douglas H. Underhill, Ph.D., C.P.G., and Thomas C. Pool, P.E. of Roscoe Postle Associates Inc.; (ii) "The Daneros Mine Project, San Juan County, Utah, U.S.A“ dated July 18, 2012 authored by Douglas C. Peters, C.P.G., of Peters Geosciences; (iii) “Sage Plain Project (Including the Calliham Mine and Sage Mine) San Juan County, Utah and San Miguel County, Colorado” dated December 16, 2011 authored by Douglas C. Peters, C.P.G., of Peters Geosciences; (iv) “Updated Technical Report on Energy Fuels Resources Corporation’s Energy Queen Property, San Juan County, Utah” dated March 15, 2011 authored by Douglas C. Peters, C.P.G., of Peters Geosciences; (v) “Updated Technical Report on Energy Fuels Resources Corporation’s Whirlwind Property (Including Whirlwind, Far West, and Crosswind Claim Groups and Utah State Metalliferous Minerals Lease ML-49312), Mesa County, Colorado and Grand County, Utah” dated March 15, 2011 authored by Douglas C. Peters, C.P.G., of Peters Geosciences. Technical information regarding Energy Fuels’ Arizona Strip properties is based on the following technical reports: (i) "Technical Report on the Arizona Strip Uranium Project, Arizona, U.S.A.“ dated June 27, 2012 and authored by Thomas C. Pool, P.E. and David A. Ross, M. Sc., P.Geo. of Roscoe Postle Associates Inc.; and (ii) "Technical Report on the EZ1 and EZ2 Breccia Pipes, Arizona Strip District, U.S.A.“ dated June 27, 2012 and authored by David A. Ross, M.Sc., P.Geo. and Christopher Moreton, Ph.D., P.Geo., of Roscoe Postle Associates Inc. The technical information in this presentation regarding the Sheep Mountain Project is based on the technical report entitled “Sheep Mountain Uranium Project Fremont County, Wyoming USA – Updated Preliminary Feasibility Study – National Instrument 43-101 Technical Report” dated April 13, 2012 authored by Douglas L. Beahm P.E., P.G. The technical information in this presentation regarding the Roca Honda Project is based on the technical report entitled “Technical Report on the Roca Honda Project, McKinley County, New Mexico, U.S.A.” dated August 6, 2012 authored by Patti Nakai-Lajoie, Professional Geoscientist; Robert Michaud, Professional Engineer; Stuart E. Collins, Professional Engineer; and Roderick C. Smith, Professional Engineer of RPA (USA) Ltd. The technical information in this presentation regarding the Gas Hills Project is based on the technical report entitled “Technical Report Update of Gas Hills Uranium Project Fremont and Natrona Counties, Wyoming, USA” dated March 22, 2013 authored by Richard L. Nielsen, Certified Professional Geologist; Thomas C. Pool, Registered Professional Engineer; Robert L. Sandefur, Certified Professional Engineer; and Matthew P. Reilly, Professional Engineer of Chlumsky, Armbrust and Meyer LLC. The technical information in this presentation regarding the Copper King Project is based on the technical report entitled “Technical Report on the Copper King Project, Laramie County, Wyoming” dated August 24, 2012 authored by Paul Tietz, Certified Professional Geologist, and Neil Prenn, Registered Professional Engineer of Mine Development Associates. The technical information in this presentation regarding the Juniper Ridge project is based on a technical report entitled “Juniper Ridge Uranium Project, Carbon County, Wyoming, U.S.A.” dated January 27, 2014 authored by Douglas L. Beahm, P.E., P.G. and Terrence P. McNulty, P.E., D.Sc. The technical information in this presentation regarding the La Sal project is based on a technical report entitled “Technical Report on La Sal District Project (Including the Pandora, Beaver and Energy Queen Projects), San Juan County, Utah, U.S.A.” dated March 26, 2014 authored by Douglas C. Peters, CPG Stephen P. Antony, P.E., President & CEO of Energy Fuels is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this document. NOTICE REGARDING TECHNICAL DISCLOSURE 3 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  4. 4. ABOUT ENERGY FUELS URANIUM MARKET OUTLOOK ENERGY FUELS’ OPERATING PLATFORM FINANCIALS & GUIDANCE American Uranium. Fueling Nuclear Energy.American Uranium. Fueling Nuclear Energy.ENERGY FUELS INC. TSX | EFRNYSE MKT | UUUU
  5. 5. American Uranium. Fueling Nuclear Energy.  Nuclear Energy | A high-growth sector  Uranium | Fuel for nuclear power expected to benefit from growth  Major U.S. Uranium Producer | 25% of total US production in 2013  Strategically Positioned | US is World’s largest consumer of uranium  Unmatched Growth Potential | Among current producers  Key Strategic Partners | Korea Electric Power & Sumitomo 5 ENERGY FUELS | American Uranium. Fueling Nuclear Energy. ENERGY FUELS INC. TSX | EFRNYSE MKT | UUUU 5
  6. 6. CURRENT URANIUM PRODUCTION + FUTURE GROWTH U.S. Conventional Uranium Production “Hub & Spoke” Production Strategy  White Mesa Mill | Key Strategic Asset  Pinenut Mine | Currently in Production  Projects | On Standby or In Permitting & Development  Wyoming | Planning 2nd Major Production Center The largest uranium resource portfolio in the U.S., among producers(1) 6 American Uranium. Fueling Nuclear Energy.ENERGY FUELS INC. TSX | EFRNYSE MKT | UUUU Operating Mill Producing Mine Standby/Major Project Other Project (1) NI 43-101 Compliant
  7. 7. MARKETING ADVANTAGES 3 Long-Term Sales Contracts  2 US Utilities & 1 South Korean Utility  Premium Pricing  $58.42 per lb. in 2014  75% premium to current spot price  2014 Contract Volume  800,000 lbs.  Remaining Terms  2 to 4 years 7 American Uranium. Fueling Nuclear Energy.ENERGY FUELS INC. TSX | EFRNYSE MKT | UUUU Attractive to Utility Customers US-Based Production 30+ Year Production History Reliable Supplier of U3O8 Security of Supply Only Conventional Uranium Mill in US Seeking new long-term sales contracts Avoiding spot sales in current weak uranium price environment
  8. 8. 2-PART STRATEGY FOR 2014 8 American Uranium. Fueling Nuclear Energy.ENERGY FUELS INC. TSX | EFRNYSE MKT | UUUU Fulfill contract requirements Focus on low-cost production Pursue select spot purchases Reduce costs & sell non-core assets Conserve Capital Restart mines on “standby” Permit/develop large “baseload” mines Continue to consolidate US uranium properties Seek new sources of revenue – toll milling & alternate feeds Significant Production Growth Potential Manage Assets Conservatively Create & Sustain “Optionality”
  9. 9. Current (Weak Uranium Price) Potential (Strong Uranium Price) Spot Price of U3O8 (1) $35.75 $75.00+ U3O8 Production (Annualized Run-Rate) 500,000 lbs. (Plus, 300,000 lbs. of spot market purchases) 5+ million lbs. Production Centers 1 (White Mesa Mill) 2 (White Mesa Mill & Sheep Mountain Project) Producing Mines 1 (Arizona(2)) 9 (Arizona, Utah, Colorado, Wyoming, & New Mexico) VISION & OBJECTIVES Become the largest U3O8 producer in the United States & a mid-tier producer globally, as market conditions improve in the coming years 9 (1) Weekly Spot Price at April 21, 2014 (Ux Consulting) ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU Current (Weak Uranium Price) Spot Price of U3O8 (1) $32.50 U3O8 Production (Annualized Run-Rate) 500,000 lbs. (Plus, 300,000 lbs. of spot market purchases) Production Centers 1 (White Mesa Mill) Producing Mines 1 (Arizona)
  10. 10. SNAPSHOT OF ENERGY FUELS Capitalization Summary Analyst Coverage  Cantor Fitzgerald Rob Chang  Dundee Securities Ltd. David Talbot  Roth Capital Partners LLC Joseph Reagor  Haywood Securities Inc. Colin Healey  Cowen Securities LLC Daniel Scott (1) Share price based on NYSE MKT closing price. (2) Please refer to public disclosure documents for options and warrants outstanding. The number shown does not include “in-the-money” dilutive securities (3) As at December 31, 2013. 10 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. December 4, 2013 | Energy Fuels began trading on the NYSE MKT (“UUUU”) (in US$ millions) Share Price (April 22, 2014)(1) $8.76 Basic Shares Outstanding (million)(2) 19.6 Basic Market Capitalization(1)(2) $171.9 Cash & Cash Equivalents(3) $6.6 Investments(3) $0.4 Total Loans & Borrowings(3) $18.3 Basic Enterprise Value $183.2 Working Capital(3) $33.5 TSX | EFRNYSE MKT | UUUU One-Year Share Performance 0.0 0.2 0.4 0.6 0.8 $4.00 $6.00 $8.00 $10.00 $12.00 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Volume(MM) SharePrice(US$) Volume Price
  11. 11. BOARD OF DIRECTORS & MANAGEMENT Executive Team Stephen P. Antony President & Chief Executive Officer Harold R. Roberts Executive Vice President & Chief Operating Officer Gary R. Steele Senior Vice President, Corporate Marketing David C. Frydenlund Senior Vice President, General Counsel & Corporate Secretary Daniel G. Zang Chief Financial Officer & Controller 11 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU Board of Directors J. Birks Bovaird – Chairman Paul Carroll Larry Goldberg Mark Goodman Bruce Hansen Ron Hochstein Richard Patricio Tae Hwan Kim Stephen P. Antony – President & CEO Representatives from Dundee, KEPCO, Denison, Pinetree, and General Moly Decades of uranium industry experience
  12. 12. ABOUT ENERGY FUELS URANIUM MARKET OUTLOOK ENERGY FUELS’ OPERATING PLATFORM FINANCIALS & GUIDANCE ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  13. 13. 13 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU WORLD ENERGY DEMAND INCREASING DRAMATICALLY Expected Growth in Nuclear Generation 111% between 2011 – 2020 236% between 2011 – 2035 (1) IEA, World Energy Outlook, 2013, “Current Policies” Scenario 0 10000 20000 30000 40000 2011 2035 497 1049 1668 0 200 400 600 800 1000 1200 1400 1600 1800 2011 2020 2035 World Electricity Demand(1) (TWh) World Nuclear Generation(1) (TWh) World Growth in Electricity Demand 81% between 2011 and 2035 158% in Asia alone
  14. 14. 144.6 146.6 175.2 40.2 39.5 35.3 171.3 173.8 201.7 2014 2015 2020 Secondary Supplies Primary Production Reactor Requirements 136.6 138.2 158.6 33.9 33.3 26.3 179.1 181.9 225.6 2014 2015 2020 Secondary Supplies (Lower) Primary Production (Lower) Reactor Requirements (Upper) URANIUM SUPPLY & DEMAND 14 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU World Nuclear Association (High Demand; Low Supply Scenario) World Nuclear Association (Reference Case Scenario)
  15. 15. MAJOR SUPPLY & DEMAND QUESTIONS 15 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU Why Uranium Supplies May Be Lower Than Expected:  HEU Agreement Expired | 24m lbs./year secondary supply gone  Kazakhstan | Political risk; Rising production costs; Future production increases questionable; 2014 production flat with 2013  Uranium One | Kazakh court invalidates subsoil-use contracts for Akdala, South Inkai and Kharasan (March 2014)  Areva | Imouraren indefinitely on hold; Production threatened at Cominak & Somair (Niger)  Cameco | Reduced production forecasts; No expansion at Inkai  Russia | Political risk; Halting Honeymoon & Willow Creek; Priargunsky, Khiada, & Dalur showing reduced production  BHP Billiton | Olympic Dam expansion indefinitely deferred  Rio Tinto | Ranger shutdown pending new government approvals  Paladin | Kayelekera on standby; Langer Heinrich expansion deferred Why Uranium Demand May Be Higher Than Expected:  Worldwide | 72 new nuclear reactors now under construction  Middle East | 4+ reactors to be built in UAE with more likely; Turkey building 4+ reactors; Saudi Arabia building 16 reactors  Japan | 17 reactors applied to restart; 6 expected to be “fast-tracked” by Japanese NRA; Sendai 1 & 2 being inspected  China | ….
  16. 16. 16 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU GROWTH OF NUCLEAR ENERGY IN CHINA According to Recent Chinese Announcements:  China to exceed previous target of 58 million GWe nuclear by 2020  2015-2020 Five Year Plan | 6 to 8 new reactor units per year 16.4 21.2 33.0 48.7 64.2 30.1 38.3 58.3 93.1 128.1 2014 2015 2020 2025 2030 Annual U Demand (M Lbs. Generating Capacity (GWe) World Nuclear Association (China – Reference Case Scenario) Still less than 5% of China’s total electrical generation ) Less than 2% of China’s total electrical generation
  17. 17. 17 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU ONLY 90 MILLION LBS. OF URANIUM CAN BE PRODUCED AT TODAY’S SPOT PRICE Source: Credit Suisse, Ux Consulting and New World Consulting Uranium prices must rise in order to support the new production that will be needed
  18. 18. STRATEGIC POSITIONING IN THE U.S. U.S. consumes 50+ million lbs. of U3O8 per year … yet produces only 4.5 million lbs.  World’s largest consumer of uranium  90%+ dependent on imported uranium U.S. is a safe & politically stable jurisdiction … yet has significant barriers to entry. 18 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  19. 19. ABOUT ENERGY FUELS URANIUM MARKET OUTLOOK ENERGY FUELS’ OPERATING PLATFORM FINANCIALS & GUIDANCE ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  20. 20. ASSET SUMMARY Central Mill Supplied by Regional Mines 1 Operating Mill 1 Producing Mine 8 Permitted Mines on Standby 3 Advanced-Stage “Base-Feed” Projects 22 Additional Projects Leading positions in four of the most important uranium districts in the U.S. Colorado Plateau Arizona Strip Wyoming New Mexico 20 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU Operating Mill Producing Mine Standby/Major Project Other Project
  21. 21. THE WHITE MESA MILL The Only Operating Conventional Uranium Mill in the U.S.  Reliable supplier of U3O8 since 1980  Licensed Capacity | 2,000 tons of ore per day and 8+ million lbs. U3O8 per year  Has produced up to 4.5 million pounds of U3O8 per year in the past  Centrally located  Separate “alternate feed material” and vanadium circuits 21 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  22. 22. KEY MINERAL PROPERTIES 22 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU Henry Mountains (Standby)  Production as recently as 2010 with major existing infrastructure  Measured & Indicated Resources:  Tons: 2.4 million  Lbs. U3O8: 12.8 million  Avg. Grade: 0.27%  Inferred Resources:  Tons: 1.6 million  Lbs. U3O8: 8.1 million  Avg. Grade: 0.25% Arizona Strip (Production)  Pinenut Mine | In Production  Canyon Project | Development/Standby  EZ Complex | In Permitting  Combined U3O8 Resources (Inf.):  Tons: 0.38 million  Lbs. U3O8: 4.3 million  Avg. Grade: 0.57% Wyoming (Permitting)  3 large-scale, base-feed uranium projects:  Sheep Mountain, Gas Hills, Juniper Ridge  Evaluating co-development & processing alternatives  Combined U3O8 Resources (M&I):  Tons: 20.0 million  Lbs. U3O8: 41.8 million  Avg. Grade: 0.11%  Significant Inferred Resources Roca Honda (Permitting)  Among the largest & highest grade uranium projects in the U.S.  Measured & Indicated Resources:  Tons: 2.1 million  Lbs. U3O8: 16.8 million  Avg. Grade: 0.40%  Inferred Resources:  Tons: 1.4 million  Lbs. U3O8: 11.9 million  Avg. Grade: 0.41% Operating Mill Producing Mine Standby/Major Project Other Project
  23. 23. RESOURCE SUMMARY Measured & Indicated Inferred Tons (‘000) Grade (% U3O8) Grade (% V2O5) Lbs. U3O8 (‘000) Lbs. V2O5 (‘000) Tons (‘000) Grade (% U3O8) Grade (% V2O5) Lbs. U3O8 (‘000) Lbs. V2O5 (‘000) Sheep Mountain(1) 12,895 0.12% -- 30,285 -- -- -- -- -- -- Henry Mountains 2,402 0.27% -- 12,814 -- 1,615 0.25% -- 8,082 -- Roca Honda(2) 1,246 0.40% -- 10,070 -- 869 0.41% -- 7,136 -- Marquez 3,611 0.13% -- 9,130 -- 2,160 0.11% -- 4,907 -- Juniper Ridge 5,233 0.06% -- 6,120 -- 107 0.09% -- 182 -- Gas Hills 2,300 0.13% -- 5,400 -- 3,900 0.07% -- 5,500 -- La Sal Complex 1,142 0.18% 0.94% 4,100 21,525 185 0.10% 0.51% 362 1,902 San Rafael 758 0.22% 0.30% 3,405 4,596 454 0.21% 0.28% 1,860 2,510 Dalton Pass 1,623 0.10% -- 3,071 -- 908 0.08% -- 1,530 -- Sage Plain 643 0.23% 1.39% 2,834 17,829 49 0.18% 1.89% 181 1,854 Nose Rock 2,594 0.15% -- 2,594 -- 167 0.14% -- 452 -- Whirlwind 169 0.30% 0.97% 1,003 3,293 437 0.23% 0.72% 2,000 6,472 Sky 669 0.07% -- 948 -- 55 0.05% -- 54 -- Daneros -- -- -- -- -- 156 0.21% -- 661 -- Canyon -- -- -- -- -- 83 0.98% -- 1,629 -- Pinenut(3) -- -- -- -- -- 72 0.43% -- 612 -- EZ Complex -- -- -- -- -- 224 0.47% -- 2,105 -- Other Properties 158 0.20% 0.99% 642 3,104 28 0.22% 0.80% 120 443 TOTAL 35,443 92,416 50,347 11,495 37,507 13,181 23 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  24. 24. ABOUT ENERGY FUELS URANIUM MARKET OUTLOOK ENERGY FUELS’ OPERATING PLATFORM FINANCIALS & GUIDANCE ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  25. 25. FINANCIAL HIGHLIGHTS – 15-MONTHS ENDED DEC. 31, 2013 25 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU SALES Uranium Sales 1,196,668 lbs. Vanadium Sales 1,537,000 lbs. PRODUCTION Uranium Production 1,235,000 lbs. Vanadium Production 1,537,000 lbs. INVENTORY 452,000 lbs. TOTAL REVENUES $73.2 million CASH $6.6 million WORKING CAPITAL $33.5 million
  26. 26. FY-2014 GUIDANCE  U3O8 Sales: 800,000 lbs. @ avg. realized price of $58.42/lb.  U3O8 Production: 500,000 lbs. + 300,000 lbs. of spot market purchases.  Mill Operations: Conventional ore processing to resume during Q2-2014 until mid-2014. Alternate feed processing to continue until placed on standby in mid-2014. Continue to accept alternate feed deliveries and perform maintenance activities to allow prompt restart as market conditions warrant  Mining: Continuing at Pinenut mine through 2014 and into 2015.  Permitting: Continuing at Sheep Mountain, Roca Honda & Henry Mountains ($1.5m) 26 - Continue to assess evolving uranium markets - - Adjust operations as market conditions warrant - ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  27. 27. ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU ENERGY FUELS | In Summary 1. Current producer 2. Unmatched production growth potential
  28. 28. CONTACT Energy Fuels Inc. Suite 500 – 2 Toronto Street Toronto, Ontario M5C 2B6 Energy Fuels Resources (USA) Inc. 225 Union Blvd., Suite 600 Lakewood, Colorado 80228 Tel: 303-974-2140 Toll Free: 888-864-2125 investorinfo@energyfuels.com NYSE MKT | UUUU TSX | EFR ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU www.energyfuels.com
  29. 29. APPENDIX ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  30. 30. INDUSTRY RELATIONSHIPS  Generates 93% of South Korea’s electricity; Developing nuclear projects Worldwide  Energy Fuels’ largest shareholder  Representative of KEPCO sits on Energy Fuels’ Board of Directors  Affiliate of KEPCO is Energy Fuels’ largest uranium customer  Korea Hydro & Nuclear Power (KHNP)  One of the largest trading organizations in the World  Key supplier of uranium to Japanese utilities  40% joint venture partner on Energy Fuels’ Roca Honda Project in New Mexico 30 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  31. 31. THE WHITE MESA MILL The Only Operating Conventional Uranium Mill in the U.S. ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU Packaged U3O8 View of Mill Control RoomEvaporation Pond Ore Stockpile Ore Being Delivered to Mill CCD Tanks
  32. 32. ALTERNATE FEED PROCESSING AT WHITE MESA MILL Lowest Cost U3O8 Production in Energy Fuels’ Portfolio  No Associated Mining Costs  Alternate Feed Defined: Uranium-bearing materials – other than conventional ore – with recoverable quantities of uranium  Sourced from 3rd party producers, including uranium-bearing tailings from metal & rare earth mineral processing, residues from uranium conversion, etc.  U3O8 grades: < 1% to over 75% 32 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  33. 33. ARIZONA STRIP MINES Current High-Grade, Low-Cost Production  Pinenut Mine (Producing): Production expected through early 2015  Canyon Mine (Development): Fully-permitted & partially developed (construction on standby)  EZ Complex (Permitting): Progressing through permitting 33 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU Pinenut Mine (Headframe & Ore Stockpile)
  34. 34. WYOMING PROJECTS Permitting 2nd Major Production Center in Wyoming  Co-development potential of Sheep Mt., Gas Hills & Juniper Ridge Projects  Formerly producing projects in Wyoming, a mining-friendly jurisdiction Significant NI 43-101 Uranium Resources: Sheep Mountain Pre-Feasibility Study (“PFS”) completed in March 2012: Pre-Tax Financial Evaluation(1) IRR NPV7% (US$ million) NPV10% (US$ million) Initial CAPEX (US$ million) OPEX (US$/lb.) Alternative 1 (Open Pit & Underground, Concurrent Start) 42% $200.6 $145.8 $109.4 $32.31 Alternative 2 (Open Pit & Underground – Concurrent End) 35% $173.5 $118.5 $60.8 $32.31 Alternative 3 (Open Pit Only) 33% $96.0 $67.3 $60.8 $31.31 34 (1) Assumes $65/lb. uranium price. Technical information on Sheep Mountain was prepared in accordance with NI 43-101 and is extracted from the PFS dated April 13, 2012 filed on the Company’s SEDAR profile. ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU Measured & Indicated Inferred Tons (‘000) Grade (% U3O8) Lbs. U3O8 (‘000) Tons (‘000) Grade (% U3O8) Lbs. U3O8 (‘000) Sheep Mountain 12,895 0.12% 30,285 -- -- -- Gas Hills 2,300 0.13% 5,400 3,900 0.07% 5,500 Juniper Ridge 5,233 0.06% 6,120 107 0.09% 182 TOTAL 19,335 41,805 3,900 5,682 Sheep 1 and Sheep 2 Portals McIntosh Open Pit at Sheep Mountain
  35. 35. ROCA HONDA PROJECT Large-Scale Project in New Mexico  Joint venture with Sumitomo Corporation of Japan  Energy Fuels: 60%  Sumitomo: 40%  In Permitting  Potential to process uranium resources at White Mesa Mill  Avoid the time & cost of building a new mill in NM Preliminary Economic Analysis(1)  Assumes annual average production of 2.6M lbs. of U3O8 over a 9 year mine life NI 43-101 Resource Estimate(1): 35 Classification Tons Grade (% U3O8) Lbs. U3O8 Measured & Indicated 2,077,000 0.40% 16,783,000 Inferred 1,448,000 0.41% 11,894,000 (1) Please refer to Strathmore Minerals Corp.’s profile on SEDAR. Includes cost of constructing a new mill in New Mexico. Assumes uranium price of $75/lb. ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU
  36. 36. HENRY MOUNTAINS COMPLEX Standby Mine in Utah  Production as recently as 2010  Major existing infrastructure  ~17-miles of existing underground workings  ~120-miles to White Mesa  M&I Uranium Resources:  Lbs. U3O8: 12.8 million  Tons: 2.4 million  Avg. Grade: 0.27%  Inferred Uranium Resources:  Lbs. U3O8: 8.1 million  Tons: 1.6 million  Avg. Grade: 0.25% 36 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU Operating Mill Producing Mine Standby/Major Project Other Project
  37. 37. COLORADO PLATEAU MINES Recently-Producing Mines On Standby or In Development  Beaver (La Sal Complex): Standby, as of 2012  Pandora (La Sal Complex):Standby, as of 2012  Daneros: Standby, as of 2012  Sunday Complex: Standby, as of 2009  Whirlwind: Permitted & partially-developed  Energy Queen: Permitted & partially-developed  Sage Plain Project: In Permitting Proposed New Uranium Mill  Piñon Ridge Mill Radioactive Materials License issued April 2013 Most of Energy Fuels’ Colorado Plateau mines have both uranium and vanadium resources 37 ENERGY FUELS INC. American Uranium. Fueling Nuclear Energy. TSX | EFRNYSE MKT | UUUU Operating Mill Producing Mine Standby/Major Project Other Project
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