A M E R I C A’ S P R E M I E R U R A N I U M P R O D U C E R

October 2013
TSX | EFR
OTCQX | EFRFF
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

OTCQX | EFRFF

FORWARD LOOKING STATEMENTS
Certain of the...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

OTCQX | EFRFF

NOTICE REGARDING TECHNICAL DISCLOSURE
Thi...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

C O R PO R ATE O VERVIEW

U R A N IU M MA R K ET O U T L O OK
EN ER...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

OTCQX | EFRFF

WHY ENERGY FUELS …
 Nuclear Energy is a ...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

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CORPORATE MISSION & OBJECTIVES
Energy Fue...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

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ENERGY FUELS’ CORPORATE STRATEGY
Prudence in the Current...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

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Peer Group Comparison
Share
Price
(US$ in...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

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BOARD OF DIRECTORS & MANAGEMENT
Executive...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

C O R PO R ATE O VERVIEW

U R A N IU M MA R K ET O U T L O OK
EN ER...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

OTCQX | EFRFF

WORLD NUCLEAR REACTOR FORECASTS(1)
Signif...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

OTCQX | EFRFF

GLOBAL COMPETITION FOR STRATEGIC COMMODIT...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

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SIGNIFICANCE OF THE US MARKET
The US is t...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

C O R PO R ATE O VERVIEW

U R A N IU M MA R K ET O U T L O OK
EN ER...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

ASSET SUMMARY
A Central Mill Supplied by Regional Mines
1 Operating...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

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OTCQX | EFRFF

THE WHITE MESA MILL
The Only Operating Co...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

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ALTERNATE FEED PROCESSING AT WHITE MESA M...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

ENERGY FUELS’ MARKETING STRENGTHS
A Reliable U.S.-Based ...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

ARIZONA STRIP MINES
Current High-Grade, Low-Cost Production


Ariz...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

OTCQX | EFRFF

ROCA HONDA PROJECT
Large-Scale, High-Grad...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

HENRY MOUNTAINS COMPLEX
Permitted & Developed
Mine in Utah


Energ...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

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COLORADO PLATEAU MINES
Recently-Producing...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

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OTCQX | EFRFF

SHEEP MOUNTAIN PROJECT
Large Stand-Alone ...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

OTCQX | EFRFF

INDUSTRY RELATIONSHIPS



Generates 93% ...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

OTCQX | EFRFF

RESOURCE SUMMARY
Measured & Indicated
Ton...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

C O R PO R ATE O VERVIEW
U R A N I U M MA R K ET O U T L O OK
EN ER...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

OTCQX | EFRFF

Q3-2013 FINANCIAL HIGHLIGHTS
SALES


Ave...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

OTCQX | EFRFF

FY-2013 & Q4-2013 GUIDANCE
FY-2013


Sal...
ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

TSX | EFR

CONTACT
Energy Fuels Inc.
Suite 500 – 2 Toronto Street
T...
Efr oct2013
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Efr oct2013

  1. 1. A M E R I C A’ S P R E M I E R U R A N I U M P R O D U C E R October 2013 TSX | EFR OTCQX | EFRFF
  2. 2. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF FORWARD LOOKING STATEMENTS 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 forwardlooking 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. 2
  3. 3. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF NOTICE REGARDING TECHNICAL DISCLOSURE 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. The technical information in this presentation regarding Energy Fuels’ Colorado Plateau properties was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101. The technical reports regarding this information are filed on EFR's SEDAR profile and are available for viewing at www.sedar.com. The technical information in this presentation regarding Arizona Strip and Henry Mountain Complex properties was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and is extracted from technical reports, which reports are filed on EFR’s SEDAR profile and are available for viewing at www.sedar.com. The technical information in this presentation regarding the Sheep Mountain Project was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and is extracted from the Preliminary Feasibility Study (“PFS”) dated April 13, 2012 which is filed on EFR's SEDAR profile and is available for viewing at www.sedar.com. The technical information in this presentation regarding the Roca Honda Project was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and is extracted from the Preliminary Economic Assessment Study (“PEA”) dated August 6, 2012 which is filed on Strathmore Mineral Corp.’s (“Strathmore”) SEDAR profile and is available for viewing at www.sedar.com. The technical information in this presentation regarding the Gas Hills Project was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101. The technical reports regarding this information are filed on Strathmore’s SEDAR profile and are available for viewing at www.sedar.com. The technical information in this presentation regarding the Copper King Project was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and is extracted from the PEA dated August 24, 2012 which is filed on Strathmore’s SEDAR profile and is available for viewing at www.sedar.com. The technical information in this presentation regarding the Marquez, Nose Rock, Dalton Pass, Jeep, Sky and Juniper Ridge projects was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101. The technical reports regarding this information, excluding Juniper Ridge, are filed on Strathmore’s SEDAR profile and are available for viewing at www.sedar.com. The Juniper Ridge NI 43-101 Technical report was prepared by Crosshair Energy Corp, who returned the property to Strathmore on termination of the Juniper Ridge Purchase and Sale Agreement. The Juniper Ridge NI 43-101 report is SEDAR filed on Crosshair Energy's SEDAR profile at www.sedar.com. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered in the United States absent registration or an applicable exemption from such registration requirements. 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. 3
  4. 4. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER C O R PO R ATE O VERVIEW U R A N IU M MA R K ET O U T L O OK EN ER G Y F U EL S’ O PER AT I N G PL AT F O RM F IN A N C IALS & G U ID A N C E TSX | EFR OTCQX | EFRFF
  5. 5. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF WHY ENERGY FUELS …  Nuclear Energy is a High-Growth Sector  Uranium – the Fuel for Nuclear Power – Will Benefit from this Growth  Strategic Position within US – the World’s Largest Consumer of Uranium  Currently the 2 nd Largest Uranium Producer in US  Unequalled Organic Production Scalability  Experienced Management Team  Strong Partners and Customers 5
  6. 6. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF CORPORATE MISSION & OBJECTIVES Energy Fuels’ Mission: Become the dominant uranium producer in the US and a mid-tier producer globally, as market conditions warrant over time Operating Objectives Spot Price of U 3 O 8 U 3 O 8 Production (Annualized Ru n - Rate) Production Centers Producing Mines Current (FY-2013) Potential (Weak Uranium Price) (Strong Uranium Price) $35.00 $75.00+ 1.15 million lbs. 6+ million lbs. 1 2 (White Mesa Mill) (White Mesa Mill & Sheep Mountain Project) 2 9 (Arizona) (Arizona, Utah, Colorado, Wyoming, & New Mexico) 6
  7. 7. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR ENERGY FUELS’ CORPORATE STRATEGY Prudence in the Current Price Environment…  Focus uranium production levels to satisfy sales contract requirements  Utilize relatively lower-cost sources of production to meet sales contract requirements  Increase supply of alternate feeds to the White Mesa Mill … Yet Positioned for Growth and the Expected Rebound  Maintain Colorado Plateau & Henry Mountains mines on standby to react to improvements in uranium prices  Permit Sheep Mountain & other Wyoming projects as a 2 nd major production center  Permit the Roca Honda Project in New Mexico  Consider potential growth through strategic acquisitions 7 OTCQX | EFRFF
  8. 8. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF Peer Group Comparison Share Price (US$ in millions) (US$) Market Cap Enterprise U3O8 Resources Value (MMlb) (2) (US$MM) (US$MM) M&I Inferred Production EV / Resource Price / M&I M&I + I Book (000's lbs) (3) FY2013E Stage Location US Producers/Developers Uranium Energy Corp. $2.02 $185 $174 32.4 34.1 $5.38 $2.62 2.54x 259 Producing Texas Ur-Energy $1.03 $127 $136 20.5 4.7 $6.61 $5.39 2.04x 220 Producing Wyoming Uranerz Energy Corp. $0.91 $78 $69 15.7 3.3 $4.38 $3.61 Uranium Resources Inc. $2.66 $53 $50 Energy Fuels $0.14 $138 $145  n/a (4) 88.8 n/a 38.2 $1.64 n/a $1.14 nm n/a Construction Wyoming 0.99x n/a Permitting Texas Producing US Southwest 0.64x 1,150 Energy Fuels is attractively valued relative to its NYSE MKT and/or NASDAQ listed peer group 9
  9. 9. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF BOARD OF DIRECTORS & MANAGEMENT Executive Team Board of Directors Stephen P. Antony J. Birks Bovaird – Chairman of the Board President & Chief Executive Officer  38+ years mining industry experience, with 20 years in uranium. Joined EFI at company’s inception in 2006. Graham G. Moylan, CPA Chief Financial Officer  Former investment banker with significant uranium experience. Experienced in capital markets, M&A, finance, accounting and auditing. Harold R. Roberts Executive Vice President & Chief Operating Officer  Formerly Exec. VP of US Operations for Denison Mines Corp and VP of International Uranium Corp. Extensive operating experience with the White Mesa Mill.  Paul Carroll  Senior Vice President, Corporate Marketing  Over 20 years experience in the mining business, six years in utility fuel marketing and 10 years in investment management David C. Frydenlund Senior Vice President, General Counsel & Corporate Secretary  Extensive experience in the mining industry, including former counsel for Denison Mines Lengthy career in mining, bot h as a lawyer and director/officer U.S., Mexico, South America, Africa, China, Russia, and Kazakhstan . of companies in Canada, the Robert Dengler  Corporate Director of Denison Mines Corp after retiring from his position as Non-Executive Vice-Chairman of Dynatec Corporation. Larry Goldberg  CFO and COO of Arcestra Inc. and former CFO of Mega Uranium. Extensive experience in bot h management & as a director of several public companies. Mark Goodman  Member of board of several public & private resource companies, including Cogitore Resources Inc., Odyssey Resources Ltd., Corona Gold Corp., Dia Bras Exploration Inc., & the Dynamic Venture Opportunities Fund. Bruce Hansen  Gary R. Steele Involved in the financial services industry since the early 1970s with extensive experience in numerous public resource companies, both as a member of management and as a director. CEO of General Moly Corp. since 2007. Previously, CFO and SVP of Newmont Mining Corporation. 12 years with Santa Fe Pacific Gold in roles including SVP Corporate Development and VP Finance & Development. Ron Hochstein  President & CEO of Denison Mines Corp. since 2009 , after serving as President & COO. Richard Patricio  EVP Corporate Affairs for Mega Uranium and VP Legal & Corporate Affairs for Pinetree Capital, responsible for M&A activities and corporate transactions . Eun Ho Cheong  Vice President of Overseas Resources Project Development for KEPCO. Steven Khan  Former President and Director of Strathmore Minerals Corp. Stephen P. Antony – President and CEO of Energy Fuels Inc. 10
  10. 10. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER C O R PO R ATE O VERVIEW U R A N IU M MA R K ET O U T L O OK EN ER G Y F U EL S’ O PER AT I N G PL AT F O RM F IN A N C IALS & G U ID A N C E TSX | EFR OTCQX | EFRFF
  11. 11. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF WORLD NUCLEAR REACTOR FORECASTS(1) Significant Supply & Demand Imbalances Expected 900 # Reactors $160 $120 700 $80 500 Spot Price of Uranium 1,100 Reactors Proposed Reactors Planned Reactors In Construction Reactors Operating $40 Uranium Spot Price (in $) 300 Dec-06 $0 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Uranium Term Price (in $) Feb-13  125% increase in nuclear reactors possible in the coming years  Major uranium development projects around the World are being deferred  Between January 2008 and August 2013:  Reactor Forecasts: 24%  Uranium Spot Price (2) : 54% 12 (1) (2) World Nuclear Association, August 2013, Ux Consulting At September 30, 2013, the Spot Price was $35.00/lb. and the Long-Term price was $50.00/lb.
  12. 12. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF GLOBAL COMPETITION FOR STRATEGIC COMMODITY(1) 51.0 US = Over 90% Dependent on Imports 24.2 23.4 17.4 13.2 4.1 - USA France 3.9 China 7.5 11.0 6.1 - Russia S. Korea 2.5 Ukraine 4.9 4.8 - Germany 4.6 - UK Canada Uranium Requirements (M lbs.) The Top 5 consumers are nearly 90% dependent on imports 3.9 - Sweden Uranium Production (M Lbs.) It is believed that uranium prices need to increase to $65 - $75/lb. to stimulate new project development (1) 13 (1) Ux Consulting Company; World Nuclear Association
  13. 13. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF SIGNIFICANCE OF THE US MARKET The US is the World’s largest consumer of uranium …   ~20% of U.S. electricity is generated from nuclear power ~51 million lbs. U 3 O 8 per year consumed in US … yet only produces ~4 million lbs. of U 3 O 8 per year.     Over 90% dependent on imported uranium Russian HEU Agreement expiring in Nov. 2013 expected to have significant impact on US supplies Only ~3% of World’s primary uranium production from US The US led the World in uranium production from 1953–1980, peaking at 43.6 million lbs. in 1980 The US is a safe & politically stable jurisdiction …  With strong property rights and legal systems … yet has significant barriers to entry.  Permitting new mining projects in the US can be difficult, time-consuming and expensive 14
  14. 14. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER C O R PO R ATE O VERVIEW U R A N IU M MA R K ET O U T L O OK EN ER G Y F U EL S’ O PER AT I N G PL AT F O RM F IN A N C IALS & G U ID A N C E TSX | EFR OTCQX | EFRFF
  15. 15. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER ASSET SUMMARY A Central Mill Supplied by Regional Mines 1 Operating Mill 2 Producing Mines 1 Permitted Mine Under Construction 6 Permitted Mines on Standby 4 Permitted Development Projects 22 Additional Development Projects Leading position in four of the most important uranium districts in the US Colorado Plateau Arizona Strip Wyoming New Mexico 16 TSX | EFR OTCQX | EFRFF
  16. 16. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF THE WHITE MESA MILL The Only Operating Conventional Uranium Mill in the US  Reliable supplier of U 3 O 8 and V 2 O 5  Licensed Capacity:  Central location allows for the processing of ore from Arizona, Utah, Colorado, & New Mexico  Separate vanadium and “alternate feed” circuits  Toll milling agreements with 3 rd party miners represent significant potential sources of revenue 2,000 tons of ore per day (and up to 8 million lbs. U 3 O 8 per year) Has produced ~4.5 million lbs. U 3 O 8 per year in the past 17
  17. 17. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF ALTERNATE FEED PROCESSING AT WHITE MESA MILL Relatively Lower-Cost Uranium Production with No Associated Mining Costs  Alternate Feed Defined: Uranium-bearing materials – other than conventional ore – with recoverable quantities of uranium  Sourced from 3 rd party producers, including uranium-bearing tailings from other metal processing and residues from uranium conversion  The White Mesa Mill is the only facility in North America with the ability to process alternate feeds  U 3 O 8 grades: < 1% to over 75% 18
  18. 18. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR ENERGY FUELS’ MARKETING STRENGTHS A Reliable U.S.-Based Supplier of U 3 O 8  Attractive to utility customers who require a secure, long -term source of U 3 O 8 Sales Contracts with Three Investment Grade Utilities  One international and two in the U.S . with remaining terms of 2–4 years Production Growth Potential  The White Mesa Mill has produced ~4.5 million lbs. per year in the past  Central to uranium resources in Arizona, Colorado, Utah, and New Mexico  Toll milling agreements with 3 rd party miners represent significant additional revenue sources  Potential to secure new supplies of relatively lower -cost alternate feed materials 19 OTCQX | EFRFF
  19. 19. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER ARIZONA STRIP MINES Current High-Grade, Low-Cost Production  Arizona 1 Mine (Producing): Production expected through 2013  Pinenut Mine (Producing): Production commenced in July 2013  Canyon Mine (Development): Development began in December 2012 Shaft Sinking commenced in March 2013  EZ Complex (Development): Progressing through permitting Northern Arizona 20 TSX | EFR OTCQX | EFRFF
  20. 20. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF ROCA HONDA PROJECT Large-Scale, High-Grade Project in New Mexico  Energy Fuels 3 rd Largest U 3 O 8 Resource  Acquired from Strathmore Minerals in August 2013  Joint venture with Sumitomo Corporation of Japan    Energy Fuels: Sumitomo: 60% 40% Potential to process resource at White Mesa Mill  Avoiding the time and cost of permitting and building a new mill in NM Preliminary Economic Analysis (1)  Demonstrates average annual production of 2.6M lbs. of U 3 O 8 over a 9 year mine life NI 43-101 Resource Estimate: 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 21 (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 $75/lb.
  21. 21. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER HENRY MOUNTAINS COMPLEX Permitted & Developed Mine in Utah  Energy Fuels’ 2 nd largest U 3 O 8 resource  Production as recently as 2010  Major existing infrastructure  ~17-miles of existing underground workings  ~120-miles to White Mesa  Measured & Indicated Resources:     Lbs. U 3 O 8 : Tons: Avg. Grade: 12.8 m illion 2.4 m illion 0.27% Inferred Resources:    Lbs. U 3 O 8 : Tons: Avg. Grade: 22 8.1 m illion 1.6 m illion 0.25% TSX | EFR OTCQX | EFRFF
  22. 22. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF COLORADO PLATEAU MINES Recently-Producing Mines On Standby & In Development  Beaver (La Sal): Standby, as of Oct. 2012  Pandora (La Sal): Standby, as of Dec. 2012  Daneros: Standby, as of Oct. 2012  Sunday Complex: Standby, as of 2009  Whirlwind: Permitted & partially-developed  Energy Queen: Permitted & partially-developed  Sage Plain Project: In Permitting  Piñon Ridge Mill: Radioactive Materials License issued April 2013 Most of Energy Fuels’ Colorado Plateau mines have both uranium and vanadium resources 23
  23. 23. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF SHEEP MOUNTAIN PROJECT Large Stand-Alone Development Project in Wyoming  Energy Fuels’ largest U 3 O 8 resource (Indicated):    Lbs. U 3 O 8 : Tons: Avg. Grade: 30.3 million 12.9 m illio n 0.12%  Co-development potential with projects acquired from Strathmore in Aug. 2013  Existing mine permit in place; BLM Plan of Operations expected in 2014; NRC License expected in 2015  Pre-Feasibility Study (“PFS”) completed in March 2012:    1.5M lbs. per year during 15 -year mine life Open pit & underground mining Low-cost heap leach recovery Pre-Tax Financial Evaluation (1) Alternative 1 (Open Pit & Underground, Concurrent Start) Alternative 2 (Open Pit & Underground – Concurrent End) Alternative 3 (Open Pit Only) NPV7% NPV10% Initial CAPEX OPEX (US$ million) (US$ million) (US$ million) (US$/lb.) 42% $200.6 $145.8 $109.4 $32.31 35% $173.5 $118.5 $60.8 $32.31 33% $96.0 $67.3 $60.8 $31.31 IRR 24 (1) Assumes uranium price of $65/lb.
  24. 24. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF INDUSTRY RELATIONSHIPS  Generates 93% of South Korea’s electricity  Developing nuclear projects Worldwide  Energy Fuels’ largest shareholder  Affiliate of KEPCO is Energy Fuels’ largest uranium customer  Based on expected FY-2013 deliveries  One of the largest trading organizations in the World and a key supplier of uranium to Japanese utilities  Joint venture partner on the Roca Honda Project in New Mexico 25
  25. 25. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF RESOURCE SUMMARY Measured & Indicated Tons (‘000) Sheep Mountain(1) Henry Mountains Roca Honda(2) Marquez Gas Hills Juniper Ridge San Rafael Dalton Pass Sage Plain Nose Rock Energy Queen Whirlwind Sky Daneros Canyon Pinenut Arizona 1(3) EZ Complex Other Properties TOTAL 12,895 2,402 1,246 3,611 2,300 4,140 758 1,623 643 2,594 224 169 669 -----158 33,432 Grade (% U3O8) 0.12% 0.27% 0.40% 0.13% 0.13% 0.06% 0.22% 0.10% 0.23% 0.15% 0.31% 0.30% 0.07% -----0.20% Grade (% V2O5) ------0.30% -1.39% -1.35% 0.97% ------0.99% Lbs. U3O8 (‘000) 30,285 12,814 10,070 9,130 5,400 5,208 3,405 3,071 2,834 2,594 1,396 1,003 948 -----642 88,800 Inferred Lbs. V2O5 (‘000) ------4,596 -17,829 -6,030 3,293 ------3,104 34,852 26 Tons (‘000) -1,615 869 2,160 3,900 -454 908 49 167 68 437 55 156 83 95 46 224 28 11,314 Grade (% U3O8) -0.25% 0.41% 0.11% 0.07% -0.21% 0.08% 0.18% 0.14% 0.27% 0.23% 0.05% 0.21% 0.98% 0.54% 0.64% 0.47% 0.22% Grade (% V2O5) ------0.28% -1.89% -1.33% 0.72% ------0.80% Lbs. U3O8 (‘000) -8,082 7,136 4,907 5,500 -1,860 1,530 181 452 366 2,000 54 661 1,629 1,037 594 2,105 120 38,214 Lbs. V2O5 (‘000) ------2,510 -1,854 -1,804 6,472 ------443 13,083 (1) The Sheep Mountain Project’s 30m lbs. of Indicated Resource includes 7.4 million tons of Probable Mineral Reserve with a grade of 0.123% U 3O8, containing 18.4 million lbs. U3O8. (2) The number shown only includes Energy Fuels 60% share of Roca Honda joint venture (3) Mining is ongoing at the Arizona 1 mine. The number shown includes NI 43-101 Inferred Resources that are not in the current mine plan.
  26. 26. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER C O R PO R ATE O VERVIEW U R A N I U M MA R K ET O U T L O OK EN ER G Y F U EL S’ O PER AT I N G PL AT F O RM F IN A N C IALS & G U ID A N C E TSX | EFR OTCQX | EFRFF
  27. 27. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF Q3-2013 FINANCIAL HIGHLIGHTS SALES  Average Sales Price: $58.75 /lb.  U 3 O 8 Sales: 50,000 lbs.  V 2 O 5 Sales: 315,000 lbs. PRODUCTION  Cost of Production (1) : $38.82 /lb.  Adjusted Cost of Production (1) : $32.26 /lb.  U 3 O 8 Production (Conventional):  U 3 O 8 Production (Alternate Feed):  V 2 O 5 Production: 416,000 lbs. 95,000 lbs. 490,000 lbs. INVENTORY  Uranium Concentrates @ June 30, 2013: 28 502,000 lbs. (1 ) C o st o f p ro d u cti o n a n d a d j u ste d co st o f p ro d u cti o n p e r p o u n d o f U 3O 8 are non-IFRS measures that the Company utilizes to measure the performance of its uranium production business at the White Mesa Mill
  28. 28. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF FY-2013 & Q4-2013 GUIDANCE FY-2013  Sales: 1.00 million lbs. U 3 O 8 of which 96% are pursuant to term contracts 1.54 million lbs. V 2 O 5  Production: 1.15 million lbs. U 3 O 8 1.54 million lbs. V 2 O 5  Mining: Continuing at Arizona 1 & Pinenut mines through FY-2013 Colorado Plateau mines on standby as of Q1 -2013  Development: Canyon Mine (Arizona) Development - $3.9 - $4.4 million Sheep Mountain (Wyoming) Permitting - $1.1 million Other Permitting & Exploration Activities - $1.8 million Q4-2013  U 3 O 8 Sales: 257,000 lbs. all of which are pursuant to term contracts  U 3 O 8 Production: 125,000 lbs. all from alternate feed materials 29
  29. 29. ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR 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 Stephen P. Antony President & Chief Executive Officer Tel: 303-974-2140 Toll Free: 888-864-2125 santony@energyfuels.com TSX : EFR OTCQX : EFRFF www.energyfuels.com OTCQX | EFRFF

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