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  • 1. June 2013TSX | EFRAMERICA’S PREMIER URANIUM PRO DUCER
  • 2. Certain of the information contained in this presentation constitutes "forward-looking information" (as defined in the Securities Act (Ontario)) and "forward-looking statements" (asdefined 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 todays date. Such forward-looking information and forward-looking statements include but are not limited to: expected synergies resulting from the completion ofthe transaction with Denison Mines Corp (the “Transaction”); expected effects on value and opportunities resulting from the Transaction; the proposed business strategy for EnergyFuels following the Transaction; business plans; outlook; objectives; expectations as to the prices of U3O8 and V2O5; expectations as to reserves, resources, results of explorationand 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 todiffer materially from those expressed or implied by such forward-looking information and forward-looking statements. Factors that could cause such differences, without limiting thegenerality of the foregoing include: risks that the synergies and effects on value described herein may not be achieved; risks inherent in exploration, development and productionactivities; 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 increasedregulatory burdens; changes to reclamation requirements; unexpected geological or hydrological conditions; a possible deterioration in political support for nuclear energy; changesin government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits andapprovals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of thefacilities; 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 undertakeany 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 actualresults 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 STATEMENTS2ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR
  • 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 economicfeasibility. 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 thebasis 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 MineralReserves. Accordingly, U.S. investors are advised that information regarding Mineral Resources contained in this presentation may not be comparable to similar information made public byUnited 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 EFRs SEDAR profile and are available for viewing at www.sedar.com. The technical information in this presentation regardingArizona 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, whichreports 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 extractedfrom the Preliminary Feasibility Study (“PFS”) dated April 13, 2012 which is filed on EFRs SEDAR profile and is available for viewing at www.sedar.com.Energy Fuels entered into a definitive agreement to acquire Strathmore Minerals Corp. (“Strathmore”) in an all-stock transaction on June 11, 2013. Certain technical information regardingStrathmore is included herein. The technical information in this presentation regarding Strathmore’s Roca Honda Project was prepared in accordance with the Canadian regulatory requirementsset out in NI 43-101 and is extracted from the Preliminary Economic Assessment Study (“PEA”) dated August 6, 2012 which is filed on Strathmore’s SEDAR profile and is available for viewing atwww.sedar.com.The technical information in this presentation regarding Strathmore’s Gas Hills Project was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101. The technicalreports regarding this information are filed on STM’s SEDAR profile and are available for viewing at www.sedar.com.The technical information in this presentation regarding Strathmore’s Copper King Project was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and isextracted 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 Strathmore’s Marquez, Nose Rock, Dalton Pass, Jeep, Sky and Juniper Ridge projects was prepared in accordance with the Canadianregulatory 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 atwww.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 Purchaseand Sale Agreement. The Juniper Ridge NI 43-101 report is SEDAR filed on Crosshair Energys 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 anapplicable exemption from such registration requirements.Stephen P. Antony, P.E., President & CEO of Energy Fuels and David R. Miller of Strathmore are both Qualified Persons as defined by National Instrument 43-101 and have reviewed andapproved the technical disclosure contained in this document.NOTICE REGARDING TECHNICAL DISCLOSURE3ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 4. CORPORATE OVERVIEWURANIUM MARKET OUTLOOKENERGY FUELS’ OPERATING PLATFORPROPOSED ACQUISITION OF STRATHMORE MINERALSFINANCIALS & GUIDANCEENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 5.  The Only Conventional Uranium Producer in the U.S. ~1.2 million lbs. of FY-2013 production, accounting for ~25% of all U.S. uranium production Producing Mines in the Highest-Grade Uranium Deposits in the U.S. Arizona Strip grades among highest in the World outside the Athabasca Basin: 0.65% eU3O8 average Scalable Mining Assets With Potential for Significant Increased Production Above-Market Uranium Sales Contracts Currently In Place with Major Utilities May 24, 2013: Proposed Acquisition of Strathmore Minerals Announced Attractive Valuation Metrics The Right People & Partners5ENERGY FUELS’ HIGHLIGHTSENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 6. ASSET SUMMARYA Central Mill Supplied by Regional Mines1 Operating Mill2 Producing Mines5 Permitted Mines on Standby6 Permitted Development Projects12 Additional Development ProjectsThe leading position in three of the mostimportant uranium districts in the U.S.Colorado PlateauArizona StripWyoming6ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 7. CORPORATE MISSION & OBJECTIVESEnergy Fuels’ Mission: Become the dominant uranium producer in the U.S. and amid-tier producer globallyOperating Objectives Current (FY-2013)(Weak Uranium Price)Potential(Strong Uranium Price)Spot Price of U3O8 $39.75 $75.00 +U3O8 Production(Annualized Run-Rate)1.2 million lbs. 3.5 million lbs.*Production Centers1(White Mesa Mill)2(White Mesa Mill & Sheep Mountain Project)Producing Mines2(Arizona)8(Arizona, Utah, Colorado, Wyoming)Valuation MetricMarket Capitalization $124 million ?7The Proposed Acquisition of Strathmore Minerals Enhances Future Production ProfileENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 8. ENERGY FUELS’ CORPORATE STRATEGYPrudence in the Current Price Environment… Focus production levels to satisfy sales contract requirements Utilize lower-cost sources of production to meet sales contract requirements Increase supply of alternate feeds to the White Mesa Mill Develop the Canyon Mine as a future high-grade source of feed to White Mesa Mill… Yet Positioned for Growth and the Expected Rebound Maintain Colorado Plateau & Henry Mountains mines on standby to react to improvements inuranium prices Continue to permit the Sheep Mountain Project as a 2nd production center Continue to pursue accretive M&A opportunities and property acquisitions Including the recently announced acquisition of Strathmore Minerals Corp.8ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 9. SNAPSHOT OF ENERGY FUELSShare Performance(in US$ millions(1), except per share & market cap amts.)Share Price (June 21, 2013) C$0.165Fully-Diluted Shares Outstanding(2)(3)753.5Fully-Diluted Market Capitalization(2)(3)C$124.3Cash & Cash Equivalents(3)$19.1Investments(3)$2.8Total Loans & Borrowings(3)$21.5Enterprise Value $121.7Working Capital(3)$39.3Capitalization Summary Analyst Coverage Dundee Securities Ltd. (David Talbot) Haywood Securities Inc. (Colin Healey) Cowen Securities LLC (Daniel Scott)(1) Assumes US$ and Cdn$ Parity(2) Includes only in-the-money dilutive securities(3) As at March 31, 2013, and including the shares and cash received from the C$6.6million bought deal private placement completed on June 13, 20139ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER0.02.04.06.0$0.00$0.10$0.20$0.30Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13ShareVolume(millions)SharePrice(C$)Volume Share Price
  • 10. URANIUM PEER GROUP COMPARISONSource: Dundee Securities Ltd.(1)10ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER(1) Prepared by Dundee Securities Ltd. as of June 17, 2013: Energy Fuels doesnot endorse or guarantee the accuracy of this information.(2) Please see Resource Table on Slide 23 for complete information on resourceclassification, tons and grade for both Energy Fuels & Strathmore(3) Based on consensus research estimates(4) Uranium Resources Inc. has in-place non-reserve mineralized material in NewMexico and in-place reserves in South TexasShare Market Enterprise U3O8 Resources ProductionPrice Cap Value (MMlb) (2)EV / Resource Price / Price / (000s lbs) (3)(US$ in millions) (US$) (US$MM) (US$MM) M&I Inferred M&I M&I + I NAV (3)Book FY2013E Stage LocationGlobal ProducersCameco $21.24 $8,397 $9,159 709.2 286.9 $12.91 $9.19 1.09x 1.73x 23,356 Producing GlobalPaladin Energy $0.94 $790 $1,368 352.9 123.0 $3.88 $2.87 0.56x 0.85x 8,175 Producing Namibia, MalawiUS Producers/DevelopersUranium Energy Corp. $2.04 $179 $170 32.4 34.1 $5.24 $2.55 0.85x 2.91x 250 Producing TexasUr-Energy $1.18 $146 $134 20.5 4.7 $6.52 $5.31 0.59x 2.36x 200 Construction WyomingUranerz Energy Corp. $1.18 $91 $88 15.7 3.3 $5.62 $4.63 0.41x NM NA Construction WyomingUranium Resources Inc. $2.53 $50 $43 n/a (4)n/a n/a 0.66x 0.93x NA Permitting TexasEnergy Fuels (Current) $0.16 $122 $122 52.4 18.6 $2.32 $1.71 0.32x 0.66x 1,175 Producing US SouthwestEnergy Fuels (Pro Forma Strathmore) $0.16 $152 $147 88.8 38.2 $1.66 $1.16 NA 0.69x 1,175 Producing US Southwest
  • 11. BOARD OF DIRECTORS & MANAGEMENTExecutive TeamStephen P. AntonyPresident & Chief Executive Officer Ov er 38 y ears mi ni ng i nd us try ex peri enc e , wi th 20 y ears i n th e ur ani umsector. Joined EFI at company’s incepti on in 2006 .Graham G. Moylan, CPAChief Financial Officer F orm er i nv es tm ent b ank er wi th e xtensiv e ex peri enc e i n the ur ani u m s ec tor .10+ y ears ex peri enc e i ncl udi ng c api tal m ark ets, M& A , fi nanc e, a cc ounti n gand auditi ng .Harold R. RobertsExecutive Vice President & Chief Operating Officer F orm erly Ex ec . V P of US O per a ti ons for Denis on Mi nes Cor p and V P ofInter nati onal Ur ani um Cor p. Ex tensiv e oper ati ng ex peri enc e with the W hi teMesa Mill.Gary R. SteeleSenior Vice President Corporate Marketing Ov er 20 y e ars ex peri enc e i n the mi ni ng b usi ness , six y ears i n utility fuelmarketing and 10 years in investm ent managem en tDavid C. FrydenlundSenior Vice President, General Counsel & Corporate Secretary Ex tensiv e ex peri enc e i n the mi ning i nd us try , i ncl udi ng form er c o uns el forDenison MinesBoard of DirectorsJ. Birks Bovaird - Chairman of the Board Inv olv ed i n the fi nanci al s ervic es i ndus try si nc e the early 19 70 s with ex tensiv eex peri enc e i n num er ous pu blic r e s ourc e c om pa ni es , both as a m e mber of m ana gem entand as a director .Stephen P. Antony President and Chief Executiv e Officer of Energy Fuels Inc.Paul Carroll Len gthy c ar eer i n the mi ni ng i nd u stry , bot h as a l awy er an d as a di rec tor and/ or offic erof s ev er al c om pani es i n Can ada, the U. S ., M exic o, Centr al an d S o uth Am eric a, A fric a,China, Russia, and Kazak hs tan .Robert Dengler Cor por ate Dir ec tor of De nis on Mines Cor p aft er r etiri ng fr om his p osi ti on as Non-Executiv e Vice-Chairm an of Dynatec Corpor ati on .Larry Goldberg CF O and CO O of Arc es tr a Inc . an d form er CF O of M eg a Ur ani um . Ex tensiv e ex peri enc ein both managem en t & as a director of several public compani es .Mark Goodman Mem ber of the b oar d of s ev er al public & priv ate r es ourc e c om pa ni e s, i ncl udi ng Cogi tor eRes ourc es Inc . , O dyss ey Res ourc es Ltd. , Cor ona G ol d Cor p . , Di a B ras Ex pl or ati on Inc . ,& the Dynamic Ventur e Oppor tuni ti es Fund .Bruce Hansen CE O of G ener al M oly Cor p . si nc e 2007. Pr evi ously , CFO and S e ni or VP with Newm ontMini ng Cor por ati on . Pr evi ously s pent 1 2 y ears with S ant a F e P aci fic G ol d wher e he hel droles including Senior VP Corpor ate Developm ent and VP Financ e & Developm e nt .Ron Hochstein President & CEO of Denison Mines Corp. since 2009 , after serving as President & COO.Richard Patricio Ex ec utiv e V P Cor por ate A ffairs fo r M ega Ur ani um Ltd. a nd V P Le ga l & Cor por ate A ffairsfor Pi netr ee Capi tal Ltd. , r es pon sibl e for M &A ac tiviti es , c or por ate transac tions , andcompany adminis tra tio n.11ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 12. CORPORATE OVERVIEWURANIUM MARKET OUTLOOKENERGY FUELS’ OPERATING PLATFORMPROPOSED ACQUISITION OF STRATHMORE MINERALSFINANCIALS & GUIDANCEENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 13. WORLD NUCLEAR REACTOR FORECASTS(1)Significant Supply & Demand Imbalances Expected 125% increase in nuclear reactors projected in the coming years Major uranium development projects around the World are being deferred Between January 2008 and April 2013: Reactor Forecasts: 24% Uranium Spot Price(2): 47%$0$20$40$60$80$100$120$140$1603004005006007008009001,0001,100Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12Reactors ProposedReactors PlannedReactors In ConstructionReactors OperatingUranium Spot Price (in $)Uranium Term Price (in $)#ReactorsSpotPriceofUranium(1) World Nuclear Association, May 2013, Ux Consulting(2) At June 18, 2013, the Spot Price was $39.75/lb. and theLong-Term price was $57.00/lb.13ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 14. GLOBAL COMPETITION FOR STRATEGIC COMMODITY(1)It is believed that uranium prices need to increase to $65 - $75/lb.to stimulate new project development(1)(1) Ux Consulting Company; World Nuclear Association1451.324.117.014.312.110.36.1 5.5 5.0 4.44.30.02.2 1.5 - -2.2- -25.4USA France China Russia Japan South Korea Ukraine UK Germany CanadaUranium RequirementsUranium ProductionU.S. = 90% Dependent on ImportsThe Top 6 consumers are well over 90% dependent on importsENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 15. SIGNIFICANCE OF THE US MARKETU.S. is the World’s largest consumer of uranium … ~20% of U.S. electricity is generated from nuclear power ~50 million lbs. U3O8 per year consumed in U.S. U.S. is 90%+ dependent on imported uranium Anticipated expiration of Russian HEU Agreement in November2013 expected to have significant impact on U.S. supplies… yet only produces ~4 million lbs. of U3O8 per year U.S. generates only ~3% of World’s primary uranium production U.S. was the World’s leading uranium producer from 1953–1980,peaking at 43.6 million lbs. in 1980Safe & Politically Stable Jurisdiction15ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 16. CORPORATE OVERVIEWURANIUM MARKET OUTLOOKENERGY FUELS’ OPERATING PLATFORMPROPOSED ACQUISITION OF STRATHMORE MINERALSFINANCIALS & GUIDANCEENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 17. THE WHITE MESA MILLThe Only Operating Conventional Uranium Mill in the U.S. Reliable supplier of U3O8 and V2O5 Licensed Capacity: 2,000 tons of ore/day (and up to 8 million lbs. per year)Mill has produced ~4.5 million lbs. U3O8/year in the past Central location allows for the processing of ore from Arizona, Utah, Colorado, & New Mexico Separate vanadium and “alternate feed” circuits Toll milling agreements with 3rd party miners represent significant potential sources of revenue17ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 18. ALTERNATE FEED PROCESSING AT WHITE MESA MILLHigher-Margin Uranium Production with No Associated Mining Costs Alternate Feed Defined: Uranium-bearing materials – other than conventional ore – withrecoverable quantities of uranium Sourced from 3rd party producers, including uranium-bearing tailings from other metal processingand residues from uranium conversion The White Mesa Mill is the only facility in North America with the ability to process alternate feeds U3O8 grades: < 1% to over 75%18ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 19. ENERGY FUELS’ MARKETING STRENGTHSA Reliable U.S.-Based Supplier of U3O8 White Mesa Mill has made nearly 4 million lbs. of on-time U3O8 deliveries since 2008 Attractive to utility customers who require a secure, long-term source of U3O8Sales Contracts with Three Investment Grade Utilities One international and two in the U.S. with remaining terms of 3-5 years Prices at a substantial premium to the current spot marketProduction 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 3rd party miners represent significant additional revenue sources Potential to secure new supplies of low-cost, higher-margin alternate feed19ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 20. CORPORATE OVERVIEWURANIUM MARKET OUTLOOKENERGY FUELS’ OPERATING PLATFORMPROPOSED ACQUISITION OF STRATHMORE MINERALSFINANCIALS & GUIDANCEENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 21. Combines Assets that Belong Together Well-defined synergies & complementary asset bases in the Southwest U.S. & Wyoming provide acompelling strategic rationaleCreates a Dominant Uranium Player in the U.S. Increased U3O8 production potential solidifies Energy Fuels’ position as a leading U.S uraniumproducer & an emerging producer on global scaleAmong the largest U3O8 Resource Holders in U.S. – World’s Largest Nuclear Market Combined resources will make Energy Fuels one of the largest holders of U.S.-based NI 43-101uranium resources with a robust portfolio of development projectsKey Strategic Relationships Strengthened Korea Electric Power Corporation (KEPCO) & Sumitomo Corporation of Japan are world-classpartners with whom business relationships can be enhanced21BUSINESS CASE FOR THE TRANSACTIONENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR
  • 22. TRANSACTION SYNERGIESEnergy Fuels’ White Mesa Mill +Strathmore’s Roca Honda Project (CO/NM) Roca Honda: One of the largest and highest-grade U3O8deposits in the U.S Within trucking distance of the White Mesa Mill (250 miles) Potential to avoid cost of constructing a new mill in NMEnergy Fuels’ Sheep Mountain Project +Strathmore’s Gas Hills Project (WY) Potential for co-development of two large uranium projects,28-miles from one another Common processing facilities, increase life-of-mine productionprofiles, simplified permitting, and reduced G&A Strathmore’s claims adjacent to the Sheep Mountain Projectmay simplify permitting and reduce costs22ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 23. STRENGTHENED INDUSTRY RELATIONSHIPS KEPCO: Generates 93% of South Korea’s electricity; nuclear projects Worldwide Energy Fuels’ and Strathmore’s largest shareholder Affiliate of KEPCO is Energy Fuels’ largest uranium customer Based on expected FY-2013 deliveries Strathmore’s strategic partner on the Gas Hills Project (WY) Right to earn-in up to 40% by spending an additional $32 million Potential to re-visit partnership structure given possibility of Gas Hill’s co-development with EnergyFuels’ Sheep Mountain Strathmore’s joint venture partner on the Roca Honda Project (NM) Strathmore owns 60%; Sumitomo owns 40% of the Roca Honda LLC JV Potential to utilize Energy Fuels’ White Mesa Mill in connection with the JV23ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 24. COMBINED COMPANY: PRO FORMA RESOURCE SUMMARYMeasured & Indicated InferredTons(‘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 -- -- -- -- -- --Whirlwind 169 0.30% 0.97% 1,003 3,293 437 0.23% 0.72% 2,000 6,472Energy Queen 224 0.31% 1.35% 1,396 6,030 68 0.27% 1.33% 366 1,804San Rafael 758 0.22% 0.30% 3,405 4,596 454 0.21% 0.28% 1,860 2,510Sage Plain 643 0.23% 1.39% 2,834 17,829 49 0.18% 1.89% 181 1,854Other Properties 158 0.20% 0.99% 642 3,104 28 0.22% 0.80% 120 443Copper/Indian Bench 718 0.33% -- 4,674 -- 755 0.35% -- 5,332 --Tony M/Southwest 1,684 0.24% -- 8,140 -- 860 0.16% -- 2,750 --Canyon -- -- -- -- -- 83 0.98% -- 1,629 --Pinenut -- -- -- -- -- 95 0.54% -- 1,037 --Arizona 1(2)-- -- -- -- -- 46 0.64% -- 594 --EZ Complex -- -- -- -- -- 224 0.47% -- 2,105 --Daneros -- -- -- -- -- 156 0.21% -- 661 --TOTAL EFR 52,379 34,852 18,635 13,083Roca Honda 1,246 0.40% -- 10,070 -- 869 0.41% -- 7,136 --Gas Hills 2,300 0.13% -- 5,400 -- 3,900 0.07% -- 5,500 --Marquez 3,611 0.13% -- 9,130 -- 2,160 0.11% -- 4,907 --Nose Rock 2,594 0.15% -- 2,594 -- 167 0.14% -- 452 --Dalton Pass 1,623 0.10% -- 3,071 -- 908 0.08% -- 1,530 --Sky 669 0.07% -- 948 -- 55 0.05% -- 54 --Juniper Ridge 4,140 0.06% -- 5,208 -- -- -- -- -- --TOTAL STM 36,421 -- 19,579 --PRO FORMA TOTAL 88,800 34,852 38,214 13,08324ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER(1)The Sheep Mountain Project’s 30m lbs. of Indicated Resource includes 7.4 million tons ofProbable Mineral Reserve with a grade of 0.123% U3O8, containing 18.4 million lbs. U3O8.(2)Mining is ongoing at the Arizona 1. The number shown includes NI 43-101 InferredResources that are not in the current mine plan.
  • 25. CORPORATE OVERVIEWURANIUM MARKET OUTLOOKENERGY FUELS’ OPERATING PLATFORMPROPOSED ACQUISITION OF STRATHMORE MINERALSFINANCIALS & GUIDANCEENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 26. Q2-2013 FINANCIAL PERFORMANCECash Flow From Operations: $14.7 millionCash Cost of Production(1): $39.57 /lb.Average Sales Price: $56.23 /lb.U3O8 Production (Conventional): 239,000 lbs.U3O8 Production (Alternate Feed): 51,600 lbs.U3O8 Sales: 533,334 lbs.V2O5 Production: 812,600 lbs.V2O5 Sales: 667,000 lbs.$000, except per share data Quarter-Ended Mar. 31, 2013Results of Operations:Total Revenues $ 34,087Net Income (Loss) $ (7,756)Basic and Diluted Earnings (Loss) Per Share $ (0.01)Financial Position: As at Mar. 31, 2013Working Capital $ 33,109Total Assets $ 225,087Total Liabilities $ 45,99726HighlightsFinancial SummaryENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 27. FY-2013 & Q3-2013 GUIDANCEFY-2013 Sales: 1.0 – 1.05 million lbs. U3O81.5 – 1.6 million lbs. V2O5 Production: 1.175 million lbs. U3O81.5 – 1.6 million lbs. V2O5 Mining: Continuing at Arizona 1 and Pinenut mines through FY-2013Colorado Plateau mines on standby as of Q1-2013 Development: Canyon Mine (Arizona) Development - $3.9 - $4.4 millionSheep Mountain (Wyoming) Permitting - $1.1 millionOther Permitting & Exploration Activities - $1.8 millionQ3-2013 U3O8 Sales: 50,000 lbs. U3O8 Production: 500,000 to 550,000 lbs.27ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 28. CONTACTEnergy Fuels Inc.Suite 500 -2 Toronto StreetToronto, Ontario M5C 2B6Energy Fuels Resources (USA) Inc.225 Union Blvd., Suite 600Lakewood, Colorado 80228Stephen P. AntonyPresident & Chief Executive OfficerTel: 303-974-2140Toll Free: 888-864-2125santony@energyfuels.comTSX : EFRwww.energyfuels.comENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 29. APPENDIXENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 30. ENERGY FUELS’ PRIMARYASSETSThe White Mesa Mill Only conventional uranium mill operating in the U.S. ~1.2 million lbs. of U3O8 production (FY-2013) Alternate Feed & Vanadium CircuitsArizona Strip Mines Arizona 1 and Pinenut mines currently in production Canyon mine in developmentSheep Mountain Project Large stand-alone uranium project in Wyoming Energy Fuels’ single largest uranium resourceStandby Projects – Future Mill Feed Henry Mountains (Energy Fuels’ 2nd largest resource) La Sal Complex Daneros Sunday Complex Whirlwind30ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 31. ARIZONA STRIP MINESHigh-Grade, Low-Cost Production Arizona 1 Mine (Producing): Production expected through 2013 Pinenut Mine (Producing): Currently transitioning into production Canyon Mine (Development): Development began in December 2012Shaft Sinking commenced in March 2013 EZ Complex (Development): Progressing through permittingNorthern Arizona31ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 32. SHEEP MOUNTAIN PROJECT30+ Million lbs. of NI 43-101 Indicated UraniumResource Large stand-alone project in mining-friendly Wyoming with anexisting mine permit BLM Plan of Operations expected in 2014 NRC License expected in 2015 Pre-Feasibility Study (PFS) completed March 2012:− 1.5M lbs./yr. & 15 yr. mine life− Open pit & underground mining− Low-cost heap leach recoveryPre-Tax Financial Evaluation IRRNPV7%(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 $32.31Alternative 2(Open Pit & Underground – Concurrent End)35% $173.5 $118.5 $60.8 $32.31Alternative 3(Open Pit Only)33% $96.0 $67.3 $60.8 $31.3132ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 33. COLORADO PLATEAU MINESRecently-Producing Mines On Standby &In Development Beaver (La Sal Complex): Standby, as of Oct. 2012 Pandora (La Sal Complex):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 Licenseissued April 2013Most of Energy Fuels’ Colorado Plateau mines have both uranium and vanadium resources33ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER
  • 34. HENRY MOUNTAINS COMPLEXPermitted & DevelopedMine in Utah Energy Fuels’ 2nd largestU3O8 resource ~20 million lbs. of NI 43-101 resource(1) Significant existinginfrastructure ~17-miles of existingunderground workings Offices, maintenancefacility, onsite power, andexcellent access ~120-road miles to theWhite Mesa Mill34ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER(1) See Page 23 for complete information on grade, tons,and resource classification
  • 35. 16.5% STAKE IN VIRGINIA ENERGY RESOURCESThe Largest Known Uranium Deposit in the United States Energy Fuels owns 16.5% of the outstandingcommon shares of Virginia Energy ResourcesInc. (TSX-V : VUI) Owns the Coles Hill Project, the largestknown uranium deposit in the U.S. Energy Fuels holds a seat on the Board ofDirectorsNPV(1) $427 millionIRR(1) 36.3%Initial Cash Cost(1) $30.72/lb.Indicated Resource (Tons) 119.6 MillionAvg. Grade U3O8 0.056%U3O8 (Lbs.) 133 Million(1) According to Preliminary Economic Analysis datedSeptember 2012 under Virginia Energy Resources profile onSEDAR. Based on a 7% discount rate and a uranium price of$64 per lb. U3O8.35ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER