Erf 6262013

June 2013
TSX | EFR
AMERICA’S PREMIER URANIUM PRO DUCER

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. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR

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.
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 regarding
Strathmore is included herein. The technical information in this presentation regarding Strathmore’s 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’s SEDAR profile and is available for viewing at
www.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 technical
reports 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 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 Strathmore’s 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 and David R. Miller of Strathmore are both Qualified Persons as defined by National Instrument 43-101 and have reviewed and
approved the technical disclosure contained in this document.
NOTICE REGARDING TECHNICAL DISCLOSURE
3
ENERGY FUELS INC. TSX | EFRAMERICA’S PREMIER URANIUM PRODUCER

CORPORATE OVERVIEW
URANIUM MARKET OUTLOOK
ENERGY FUELS’ OPERATING PLATFOR
PROPOSED ACQUISITION OF STRATHMORE MINERALS
FINANCIALS & GUIDANCE

 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 & Partners
5
ENERGY FUELS’ HIGHLIGHTS

ASSET SUMMARY
A Central Mill Supplied by Regional Mines
1 Operating Mill
2 Producing Mines
5 Permitted Mines on Standby
6 Permitted Development Projects
12 Additional Development Projects
The leading position in three of the most
important uranium districts in the U.S.
Colorado Plateau
Arizona Strip
Wyoming
6

CORPORATE MISSION & OBJECTIVES
Energy Fuels’ Mission: Become the dominant uranium producer in the U.S. and a
mid-tier producer globally
Operating 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 Centers
1
(White Mesa Mill)
2
(White Mesa Mill & Sheep Mountain Project)
Producing Mines
2
(Arizona)
8
(Arizona, Utah, Colorado, Wyoming)
Valuation Metric
Market Capitalization $124 million ?
7
The Proposed Acquisition of Strathmore Minerals Enhances Future Production Profile

ENERGY FUELS’ CORPORATE STRATEGY
Prudence 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 in
uranium 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.
8

SNAPSHOT OF ENERGY FUELS
Share Performance
(in US$ millions(1), except per share & market cap amts.)
Share Price (June 21, 2013) C$0.165
Fully-Diluted Shares Outstanding(2)(3)
753.5
Fully-Diluted Market Capitalization(2)(3)
C$124.3
Cash & Cash Equivalents(3)
$19.1
Investments(3)
$2.8
Total Loans & Borrowings(3)
$21.5
Enterprise Value $121.7
Working Capital(3)
$39.3
Capitalization Summary Analyst Coverage
 Dundee Securities Ltd. (David Talbot)
 Haywood Securities Inc. (Colin Healey)
 Cowen Securities LLC (Daniel Scott)
(1) Assumes US$ 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$6.6
million bought deal private placement completed on June 13, 20139
0.0
2.0
4.0
6.0
$0.00
$0.10
$0.20
$0.30
Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13
ShareVolume(millions)
SharePrice(C$)
Volume Share Price

URANIUM PEER GROUP COMPARISON
Source: Dundee Securities Ltd.(1)
10
(1) Prepared by Dundee Securities Ltd. as of June 17, 2013: Energy Fuels does
not endorse or guarantee the accuracy of this information.
(2) Please see Resource Table on Slide 23 for complete information on resource
classification, 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 New
Mexico and in-place reserves in South Texas
Share Market Enterprise U3O8 Resources Production
Price Cap Value (MMlb) (2)
EV / Resource Price / Price / (000's lbs) (3)
(US$ in millions) (US$) (US$MM) (US$MM) M&I Inferred M&I M&I + I NAV (3)
Book FY2013E Stage Location
Global Producers
Cameco $21.24 $8,397 $9,159 709.2 286.9 $12.91 $9.19 1.09x 1.73x 23,356 Producing Global
Paladin Energy $0.94 $790 $1,368 352.9 123.0 $3.88 $2.87 0.56x 0.85x 8,175 Producing Namibia, Malawi
US Producers/Developers
Uranium Energy Corp. $2.04 $179 $170 32.4 34.1 $5.24 $2.55 0.85x 2.91x 250 Producing Texas
Ur-Energy $1.18 $146 $134 20.5 4.7 $6.52 $5.31 0.59x 2.36x 200 Construction Wyoming
Uranerz Energy Corp. $1.18 $91 $88 15.7 3.3 $5.62 $4.63 0.41x NM NA Construction Wyoming
Uranium Resources Inc. $2.53 $50 $43 n/a (4)
n/a n/a 0.66x 0.93x NA Permitting Texas
Energy Fuels (Current) $0.16 $122 $122 52.4 18.6 $2.32 $1.71 0.32x 0.66x 1,175 Producing US Southwest
Energy Fuels (Pro Forma Strathmore) $0.16 $152 $147 88.8 38.2 $1.66 $1.16 NA 0.69x 1,175 Producing US Southwest

BOARD OF DIRECTORS & MANAGEMENT
Executive Team
Stephen P. Antony
President & 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 um
sector. Joined EFI at company’s incepti on in 2006 .
Graham G. Moylan, CPA
Chief 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 g
and auditi ng .
Harold R. Roberts
Executive 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 of
Inter nati onal Ur ani um Cor p. Ex tensiv e oper ati ng ex peri enc e with the W hi te
Mesa Mill.
Gary R. Steele
Senior 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 fuel
marketing and 10 years in investm ent managem en t
David C. Frydenlund
Senior 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 for
Denison Mines
Board of Directors
J. 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 e
ex 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 ent
and 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 er
of 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 e
in 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 e
Res 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 ont
Mini 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 d
roles 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 ffairs
for Pi netr ee Capi tal Ltd. , r es pon sibl e for M &A ac tiviti es , c or por ate transac tions , and
company adminis tra tio n.
11

CORPORATE OVERVIEW
URANIUM MARKET OUTLOOK
ENERGY FUELS’ OPERATING PLATFORM
PROPOSED ACQUISITION OF STRATHMORE MINERALS
FINANCIALS & GUIDANCE

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
$160
300
400
500
600
700
800
900
1,000
1,100
Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12
Reactors Proposed
Reactors Planned
Reactors In Construction
Reactors Operating
Uranium Spot Price (in $)
Uranium Term Price (in $)
#Reactors
SpotPriceofUranium
(1) World Nuclear Association, May 2013, Ux Consulting
(2) At June 18, 2013, the Spot Price was $39.75/lb. and the
Long-Term price was $57.00/lb.13

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 Association14
51.3
24.1
17.0
14.3
12.1
10.3
6.1 5.5 5.0 4.44.3
0.0
2.2 1.5 - -
2.2
- -
25.4
USA France China Russia Japan South Korea Ukraine UK Germany Canada
Uranium Requirements
Uranium ProductionU.S. = 90% Dependent on Imports
The Top 6 consumers are well over 90% dependent on imports

SIGNIFICANCE OF THE US MARKET
U.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 November
2013 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 1980
Safe & Politically Stable Jurisdiction
15

THE WHITE MESA MILL
The 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 revenue
17

ALTERNATE FEED PROCESSING AT WHITE MESA MILL
Higher-Margin Uranium Production with 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 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
 U3O8 grades: < 1% to over 75%
18

ENERGY FUELS’ MARKETING STRENGTHS
A 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 U3O8
Sales 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 market
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 3rd party miners represent significant additional revenue sources
 Potential to secure new supplies of low-cost, higher-margin alternate feed
19

Combines Assets that Belong Together
 Well-defined synergies & complementary asset bases in the Southwest U.S. & Wyoming provide a
compelling strategic rationale
Creates a Dominant Uranium Player in the U.S.
 Increased U3O8 production potential solidifies Energy Fuels’ position as a leading U.S uranium
producer & an emerging producer on global scale
Among 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 43-101
uranium resources with a robust portfolio of development projects
Key Strategic Relationships Strengthened
 Korea Electric Power Corporation (KEPCO) & Sumitomo Corporation of Japan are world-class
partners with whom business relationships can be enhanced
21
BUSINESS CASE FOR THE TRANSACTION
ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR

TRANSACTION SYNERGIES
Energy Fuels’ White Mesa Mill +
Strathmore’s Roca Honda Project (CO/NM)
 Roca Honda: One of the largest and highest-grade U3O8
deposits in the U.S
 Within trucking distance of the White Mesa Mill (250 miles)
 Potential to avoid cost of constructing a new mill in NM
Energy 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 production
profiles, simplified permitting, and reduced G&A
 Strathmore’s claims adjacent to the Sheep Mountain Project
may simplify permitting and reduce costs
22

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 Energy
Fuels’ 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 JV
23

COMBINED COMPANY: PRO FORMA 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 -- -- -- -- -- --
Whirlwind 169 0.30% 0.97% 1,003 3,293 437 0.23% 0.72% 2,000 6,472
Energy Queen 224 0.31% 1.35% 1,396 6,030 68 0.27% 1.33% 366 1,804
San Rafael 758 0.22% 0.30% 3,405 4,596 454 0.21% 0.28% 1,860 2,510
Sage Plain 643 0.23% 1.39% 2,834 17,829 49 0.18% 1.89% 181 1,854
Other Properties 158 0.20% 0.99% 642 3,104 28 0.22% 0.80% 120 443
Copper/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 13,083
Roca 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 13,083
24
(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% U3O8, containing 18.4 million lbs. U3O8.
(2)Mining is ongoing at the Arizona 1. The number shown includes NI 43-101 Inferred
Resources that are not in the current mine plan.

Q2-2013 FINANCIAL PERFORMANCE
Cash Flow From Operations: $14.7 million
Cash 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, 2013
Results of Operations:
Total Revenues $ 34,087
Net Income (Loss) $ (7,756)
Basic and Diluted Earnings (Loss) Per Share $ (0.01)
Financial Position: As at Mar. 31, 2013
Working Capital $ 33,109
Total Assets $ 225,087
Total Liabilities $ 45,997
26
Highlights
Financial Summary

FY-2013 & Q3-2013 GUIDANCE
FY-2013
 Sales: 1.0 – 1.05 million lbs. U3O8
1.5 – 1.6 million lbs. V2O5
 Production: 1.175 million lbs. U3O8
1.5 – 1.6 million lbs. V2O5
 Mining: Continuing at Arizona 1 and 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
Q3-2013
 U3O8 Sales: 50,000 lbs.
 U3O8 Production: 500,000 to 550,000 lbs.
27

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
www.energyfuels.com

APPENDIX

ENERGY FUELS’ PRIMARY
ASSETS
The White Mesa Mill
 Only conventional uranium mill operating in the U.S.
 ~1.2 million lbs. of U3O8 production (FY-2013)
 Alternate Feed & Vanadium Circuits
Arizona Strip Mines
 Arizona 1 and Pinenut mines currently in production
 Canyon mine in development
Sheep Mountain Project
 Large stand-alone uranium project in Wyoming
 Energy Fuels’ single largest uranium resource
Standby Projects – Future Mill Feed
 Henry Mountains (Energy Fuels’ 2nd largest resource)
 La Sal Complex
 Daneros
 Sunday Complex
 Whirlwind
30

ARIZONA STRIP MINES
High-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 2012
Shaft Sinking commenced in March 2013
 EZ Complex (Development): Progressing through permitting
Northern Arizona
31

SHEEP MOUNTAIN PROJECT
30+ Million lbs. of NI 43-101 Indicated Uranium
Resource
 Large stand-alone project in mining-friendly Wyoming with an
existing 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 recovery
Pre-Tax Financial Evaluation 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
32

COLORADO PLATEAU MINES
Recently-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 License
issued April 2013
Most of Energy Fuels’ Colorado Plateau mines have both uranium and vanadium resources
33

HENRY MOUNTAINS COMPLEX
Permitted & Developed
Mine in Utah
 Energy Fuels’ 2nd largest
U3O8 resource
 ~20 million lbs. of NI 43-
101 resource(1)
 Significant existing
infrastructure
 ~17-miles of existing
underground workings
 Offices, maintenance
facility, onsite power, and
excellent access
 ~120-road miles to the
White Mesa Mill
34
(1) See Page 23 for complete information on grade, tons,
and resource classification

16.5% STAKE IN VIRGINIA ENERGY RESOURCES
The Largest Known Uranium Deposit in the United States
 Energy Fuels owns 16.5% of the outstanding
common shares of Virginia Energy Resources
Inc. (TSX-V : VUI)
 Owns the Coles Hill Project, the largest
known uranium deposit in the U.S.
 Energy Fuels holds a seat on the Board of
Directors
NPV(1) $427 million
IRR(1) 36.3%
Initial Cash Cost(1) $30.72/lb.
Indicated Resource (Tons) 119.6 Million
Avg. Grade U3O8 0.056%
U3O8 (Lbs.) 133 Million
(1) According to Preliminary Economic Analysis dated
September 2012 under Virginia Energy Resources profile on
SEDAR. Based on a 7% discount rate and a uranium price of
$64 per lb. U3O8.
35

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