energy fuels corporate presentation april 2014

April 2014

NYSE MKT | UUUU

TSX | EFR

A m e r i c a n U r a n i u m . F u e l i n g N u c l e a r E n e r g y.

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

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


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

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

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=BSrQxmffgWgyWM&tbnid=klDlSeJi0NBEqM:&ved=0CAUQjRw&url=http://de.wikipedia.org/wiki/Yellowcake&ei=b66GUq-JL8mC2AXMs4HIDw&bvm=bv.56643336,d.b2I&psig=AFQjCNF7CkILDAOGjvrc9BMEAMi6qIQXCw&ust=1384644580351736




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 Permitt ing &

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

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


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

2-PART STRATEGY FOR 2014

8


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”

Current(Weak Uran ium Pr ice)

Potential (St rong Uranium Pr ice)

Spot Price of U3O8(1) $35.75 $75.00+

U3O8 Production (Annual ized Run-Rate)

500,000 lbs.(P lus , 300,000 lbs . o f spot market purchases)

5+ million lbs.

Production Centers1

(White Mesa Mill)

2(White Mesa Mill & Sheep Mountain Project)

Producing Mines1

(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)


Current(Weak Uran ium Pr ice)

Spot Price of U3O8(1) $32.50

U3O8 Production (Annual ized Run-Rate)

500,000 lbs.(P lus , 300,000 lbs . o f spot market purchases)

Production Centers1

(White Mesa Mill)

Producing Mines1

(Arizona)

SNAPSHOT OF ENERGY FUELS

Capitalization Summary

Analyst Coverage

Cantor Fitzgerald Rob Chang

Dundee Securi t ies Ltd. David Talbot

Roth Capita l Partners LLC Joseph Reagor

Haywood Securi t ies Inc. Colin Healey

Cowen Securi t ies 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

Volum

e (MM

)

Sha

re P

rice

(US

$)

Volume Price

BOARD OF DIRECTORS & MANAGEMENT

Executive Team

Stephen P. AntonyPresident & Chief Execut ive Off icer

Harold R. RobertsExecutive Vice President & Chief Operating Officer

Gary R. SteeleSenior Vice President, Corporate Marketing

David C. FrydenlundSenior Vice President, General Counsel & Corporate Secretary

Daniel G. ZangChief Financial Officer & Controller

11


Board of Directors

J. Birks Bovaird – Chairman

Paul Carrol l

Larry Goldberg

Mark Goodman

Bruce Hansen

Ron Hochstein

Richard Patr ic io

Tae Hwan Kim

Stephen P. Antony – President & CEO

Representatives from Dundee, KEPCO,

Denison, Pinetree, and General Moly

Decades of uranium industry

experience

ABOUT ENERGY FUELS





13


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

144.6 146.6

175.2

40.2 39.5

35.3171.3 173.8

201.7

2014 2015 2020

Secondary Supplies

Primary Production

ReactorRequirements

136.6 138.2158.6

33.9 33.3

26.3

179.1 181.9

225.6

2014 2015 2020

Secondary Supplies(Lower)

Primary Production(Lower)

ReactorRequirements(Upper)

URANIUM SUPPLY & DEMAND

14


World Nuclear Association(High Demand; Low Supply Scenario)

World Nuclear Association(Reference Case Scenario)

MAJOR SUPPLY & DEMAND QUESTIONS

15


Why Uranium Supplies May Be Lower Than Expected:

HEU Agreement Expired | 24m lbs. /year secondary supply gone

Kazakhstan | Pol i t ica l r isk ; Ris ing product ion costs ; Future product ion increases quest ionable ; 2014 product ion f lat wi th 2013

Uranium One | Kazakh court inval idates subsoi l -use contracts for Akdala , South Inkai and Kharasan (March 2014)

Areva | Imouraren indef in i te ly on hold; Product ion threatened at Cominak & Somair (Niger)

Cameco | Reduced product ion forecasts ; No expansion at Inkai

Russia | Pol i t ica l r isk ; Hal t ing Honeymoon & Wil low Creek; Pr iargunsky , Khiada, & Dalur showing reduced product ion

BHP Bill i ton | Olympic Dam expansion indef in i te ly deferred

Rio Tinto | Ranger shutdown pending new government approvals

Paladin | Kayelekera on standby; Langer Heinr ich expansion deferred

Why Uranium Demand May Be Higher Than Expected:

Worldwide | 72 new nuclear reactors now under construct ion

Middle East | 4+ reactors to be bui l t in UAE with more l ike ly ; Turkey bui ld ing 4+ reactors ; Saudi Arabia bui ld ing 16 reactors

Japan | 17 reactors appl ied to restar t ; 6 expected to be “ fast - t racked” by Japanese NRA; Sendai 1 & 2 being inspected

China | … .

16


GROWTH OF NUCLEAR ENERGY IN CHINA

According to Recent Chinese Announcements:

China to exceed previous target of 58 mill ion GWe nuclear by 2020

2015-2020 Five Year Plan | 6 to 8 new reactor units per year

16.421.2

33.0

48.7

64.2

30.138.3

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


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

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


ABOUT ENERGY FUELS





ASSET SUMMARYCentral 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


Operating Mill

Producing Mine

Standby/Major

Project

Other Project

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


KEY MINERAL PROPERTIES

22


Henry Mountains (Standby) Production as recently as 2010 with major

existing infrastructure

Measured & Indicated Resources: Tons: 2.4 mi l l ion

Lbs. U 3O 8 : 12.8 mi l l ion

Avg. Grade: 0.27%

Inferred Resources: Tons: 1.6 mi l l ion


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 mi l l ion


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 mi l l ion


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 mi l l ion


Avg. Grade: 0.40%

Inferred Resources: Tons: 1.4 mi l l ion


Avg. Grade: 0.41%

Operating Mill

Producing Mine

Standby/Major

Project

Other Project

RESOURCE SUMMARYMeasured & 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


ABOUT ENERGY FUELS





FINANCIAL HIGHLIGHTS – 15-MONTHS ENDED DEC. 31, 2013

25


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

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 | In Summary

1. Current producer

2. Unmatched production growth

potential

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

[email protected]

NYSE MKT | UUUU

TSX | EFR


www.energyfuels.com

APPENDIX


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


THE WHITE MESA MILLThe Only Operating Conventional Uranium Mill in the U.S.


Packaged U3O8 View of Mill Control RoomEvaporation Pond

Ore Stockpile Ore Being Delivered to Mill CCD Tanks

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

quantit ies of uranium

Sourced from 3 rd party producers, including uranium-bearing tail ings from metal & rare earth mineral

processing, residues from uranium conversion, etc.

U3O8 grades: < 1% to over 75%

32


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 permitt ing

33


Pinenut Mine (Headframe & Ore Stockpile)

WYOMING PROJECTSPermitting 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) 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 $32.31

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.


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

ROCA HONDA PROJECT

Large-Scale Project in New Mexico

Joint venture with Sumitomo Corporation of Japan

Energy Fuels: 60%

Sumitomo: 40%

In Permitt ing

Potential to process uranium resources at White Mesa Mill

Avoid the t ime & cost of bui ld ing a new mil l in NM

Preliminary Economic Analysis (1)

Assumes annual average production of 2.6M lbs. of U 3O8 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.


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. U 3O8: 12.8 mil l ion

Tons: 2.4 mil l ion

Avg. Grade: 0.27%

Inferred Uranium Resources:

Lbs. U 3O8: 8.1 mil l ion

Tons: 1.6 mil l ion

Avg. Grade: 0.25%

36


Operating Mill

Producing Mine

Standby/Major

Project

Other Project

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 Permitt ing

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 resources37


Operating Mill

Producing Mine

Standby/Major Project

Other Project

energy fuels corporate presentation april 2014

Investor Relations

forwardlooking information

energy fuels expectations

forwardlooking statements

technical information

nuclear energy changes

similar information

additional information

energy fuels sedar profile