Efr 102013

A ME R IC A’S P R E MIE R U R A N IU M P R OD U C E R

October 2013
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ENERGY FUELS INC.

AMERICA’S PREMIER URANIUM PRODUCER

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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

ENERGY FUELS INC.


NOTICE REGARDING TECHNICAL DISCLOSURE

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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

ENERGY FUELS INC.


C O R P O R ATE O V E R V I EW
U R A N I U M MA R K E T O U T L O OK
E N E R G Y F U E L S’ O P E R AT I NG P L AT F OR M
F I N A N C IA LS & G U I D A N C E

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ENERGY FUELS INC.


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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 2nd Largest Uranium Producer in US
 Unequalled Organic Production Scalability
 Experienced Management Team
 Strong Partners and Customers
5

ENERGY FUELS INC.


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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

( An n u alized Ru n - Rat e)

Production Centers
Producing Mines

Current (FY-2013)

Potential

( Weak U r anium Pr ice)

( Str ong U r anium Pr ice)

$35.00

$75.00+

1.15 millio n lb s.

6+ millio n lb s.
2

1

(White Mesa Mill)

(White Mesa Mill & Sheep Mountain Project)

2

9

(Arizona)

(Arizona, Utah, Colorado, Wyoming, & New Mexico)

6

ENERGY FUELS INC.


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

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ENERGY FUELS INC.


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SNAPSHOT OF ENERGY FUELS
Year-to-Date Share Performance (1)
$0.25

May 24, 2013: Acquisition of Strathmore
Minerals Announced

15.0

$0.15

10.0

$0.10

5.0

$0.05
$0.00
Jan-13

Apr-13

Price

Capitalization Summary
(in US$ millions(2), except where noted)
Share Price (October 18, 2013)
(3)

Analyst Coverage


Basic Market Capitalization (C$)
(2)

Cash & Cash Equivalents
Investments

(4)

$12.1

(4)

$0.2

Unsecured Convertible Debentures
Basic Enterprise Value
Working Capital

(4)

(5)

$19.7
$144.9
$38.0

8

Cantor Fitzgerald

Rob Chang

Haywood Securities Inc. Colin Healey



$137.5

Basic Market Capitalization(US$)

David Talbot



C$141.5

Dundee Securities Ltd.



C$0.145
975.7

Basic Shares Outstanding

0.0
Oct-13

Jul-13

Volume

Volume (MM)

Share Price (C$)

$0.20

20.0

Cowen Securities LLC

Daniel Scott

(1) Share price based on TSX closing prices; Volume includes all exchanges
(2) C$1.00 = US$0.97
(3) Please refer to public disclosure documents for options and warrants outstanding
(4) As at June 30, 2013 pro forma for the October 2013 $5M common share offering
(5) Based on October 18th, 2013 trading price on TSX converted into US $.

ENERGY FUELS INC.


TSX | EFR

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Peer Group Comparison
Share
Price
(US$ in millions)

(US$)

Market
Cap

Enterprise U3O8 Resources
Value
(MMlb) (2)
(US$MM) (US$MM)
M&I Inferred

EV / Resource

Price /

M&I

M&I + I

Book

Production
(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

n/a

(4)

88.8

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 NASDAQlisted peer group

9

ENERGY FUELS INC.


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BOARD OF DIRECTORS & MANAGEMENT
Executive Team

Board of Directors

Stephen P. Antony

J. B i r ks B o vai r d – C h ai r m an o f th e B o ar d

Pr esident & Chief Ex ecutiv e Offic er


38+ y ears m ining indus try ex perienc e, w ith 20 y ears in
uranium . J oined EF I at c om pany ’s inc eption in 2006.

Graham G. Moylan, CPA
Chief Financial Officer


F orm er inv es tm ent ba nk er w ith s ign if ic an t uran ium
ex perienc e.
Ex perienc ed in c api tal m ark e ts , M &A,
financ e, ac c ounting and auditing.

Harold R. Roberts

Executive Vice President & Chief Operating Officer


F orm erly Ex ec . VP of U S Operat ions fo r Den is on M ines
C orp and VP o f In terna t ional U ra nium C orp. Ex tens iv e
operating ex perienc e w ith the White M es a M ill.



Pau l C ar r o l l


Senior Vice President, Corporate Marketing


Ov er 20 y ears ex perienc e in the m i ning b us ines s , s ix
y ears in utili ty fuel m ark e ting an d 10 y ears in
inv es tm ent m anagem ent

David C. Frydenlund

Senior Vice President, General Counsel & Corporate Secretary


Ex tens iv e ex perienc e in the m inin g indus try , inc luding
form er c ouns el for Denis on M ines

L e n gt hy c a r e e r i n mi n i n g, b ot h as a l a w y e r a n d di r e c t o r / o f f i c e r o f c om p an i es i n C an a da , t h e U . S . , M ex i c o,
S ou t h A me ri c a, A f ri c a , Chi n a, Rus s i a , a nd K az ak hs t an .

R o b er t D en g l er


Co r p or a t e Di r e c t o r o f D en i s o n Mi n e s C or p a f t e r r e t i ri n g f r om hi s p o s i t i o n a s N on - E x e c u t i v e V i c e - C ha i r m a n
o f Dy n at e c Corp orat i o n .

L ar r y Go l d b er g


CF O a n d CO O of A rc es t ra I n c . a n d f o rm e r CF O of M e ga U ra ni u m . E x t en s i v e e x p e ri e n c e i n b o t h m a na g em e nt
& a s a di re c t o r o f s e v e ra l pu bl i c c ompa ni e s .

M ar k Go o d m an


Me m be r o f b oa r d o f s ev e r al p ub l i c & p ri v a t e re s o u rc e c o mp a ni e s , i n c l u d i n g C og i t o r e R es o u r c es I n c . ,
O dy s s ey Res o u rc e s Lt d . , C o ro n a G ol d C o rp . , Di a B r a s E x p l o r a t i o n I n c . , & t h e Dy n a mi c V e n t u re
O pp ort un i t i es F un d.

B r u ce H an sen


Gary R. Steele

I n v o l v ed i n t h e f i n a nc i a l s e rv i c es i n du s t ry s i nc e t h e e arl y 1 9 7 0 s w i t h ex t e ns i v e e x p e ri en c e i n n um e ro us
p ub l i c re s o urc e c ompa ni e s , bo t h a s a membe r o f man ag eme n t an d as a di re c t o r.

CE O of G e ne r al M ol y Co r p. s i nc e 20 0 7. P r e v i o u s l y , CF O a nd S V P o f New mo n t Mi n i n g C o r p o r at i o n. 1 2 y ea rs
w i t h S an t a F e P ac i f i c G ol d i n ro l e s i n c l ud i ng S V P Corp orat e Dev el o pme n t an d V P F i na nc e & Dev e l o pme n t .

R o n H o ch stei n


P res i d en t & CE O o f Den i s o n Mi n es Corp . s i nc e 20 0 9, a f t e r s erv i n g a s P res i d en t & CO O .

R i ch ar d Patr i ci o


E V P C o rp o ra t e A f f ai rs f o r Me g a U r a ni u m a nd V P Le g al & C o rp o r at e A f f ai rs f o r P i n e t r e e C a p i t a l , r e s p o ns i b l e
f o r M& A a c t i v i t i e s an d c o rp orat e t ran s ac t i o n s .

Eu n H o C h eo n g


V i c e P res i d en t o f O v e rs e a s Res o u rc e s

Steven K h an


P roj ec t Dev e l o pme nt

F orme r P res i d en t a nd Di re c t o r o f S t ra t hmo r e Mi ne ra l s

f o r K E P CO .

Corp .

Step h en P. A n to n y – Pr esi d en t an d C EO o f En er g y F u el s I n c.

10

ENERGY FUELS INC.


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WORLD NUCLEAR REACTOR FORECASTS(1)
Significant Supply & Demand Imbalances Expected
900

$120

700

$80

500

# Reactors

$160

$40

Spot Price of Uranium

1,100

Reactors Proposed
Reactors Planned
Reactors In Construction
Reactors Operating
Uranium Spot Price (in $)

300
Dec-06

$0
Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Uranium Term Price (in $)

Dec-12

 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:


Re acto r Fo re casts:

24%



Uranium Sp o t 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.

ENERGY FUELS INC.


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GLOBAL COMPETITION FOR STRATEGIC COMMODITY(1)
51.0

US = Over 90% Dependent on Imports
24.2

23.4
17.4

4.1

USA

-

France

13.2
3.9

China

7.5

11.0
6.1
-

Russia

S. Korea

2.5

Ukraine

The Top 5 consumers are nearly 90% dependent on imports

4.9

4.8
-

Germany

4.6

-

UK

Canada

Uranium Requirements (M lbs.)

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

ENERGY FUELS INC.


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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 3O 8 per year consumed in US

… yet only produces ~4 million lbs. of U 3O8 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

ENERGY FUELS INC.


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

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ENERGY FUELS INC.


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THE WHITE MESA MILL
The Only Operating Conventional Uranium Mill in the US


Reliable supplier of U 3O 8 and V 2O 5



Licensed Capacity:



Central location allows for the processing of ore from Arizona, Utah, Colorado, & New Mexico



Separate vanadium and “alterna te 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 3O 8 per year)
Has produced ~4.5 million lbs. U 3O 8 per year in the past

17

ENERGY FUELS INC.


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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 , includ ing uran ium-bearing ta ilings from o ther me ta l p rocessing
and residues from uranium conversion



The White Mesa Mill is the only facility in North America with the ability to process alternate feeds



U 3O 8 grades: < 1% to over 75%

18

ENERGY FUELS INC.


TSX | EFR

ENERGY FUELS’ MARKETING STRENGTHS
A Reliable U.S.-Based Supplier of U 3O8


Attrac tive to utility customers who require a secure, long-term source of U 3O 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

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ENERGY FUELS INC.


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
N or ther n Ar izona

20

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ENERGY FUELS INC.


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ROCA HONDA PROJECT
Large-Scale, High-Grade Project in New Mexico


Energy Fuels 3 rd Largest U 3O 8 Resource



Acquired from Strathmore Minerals in August 2013



Joint venture with Sumitomo Corporation of Japan





Ene rg y Fue ls:
Sumito mo :

60%
40%

Potential to process resource at White Mesa Mill


Avo id ing the time and co st o f p e rmitting and b uild ing a ne w mill in NM

Preliminary Economic Analysis (1)


Demonstrates average annual production of 2.6M lbs. of U 3O 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.

ENERGY FUELS INC.


HENRY MOUNTAINS COMPLEX
Permitted & Developed
Mine in Utah


Energy Fuels’ 2 nd largest
U 3O 8 resource



Production as recently as
2010



Major existing infrastruc ture



~17-miles of existing
underground workings



~120-miles to White Mesa



Resources:






Lbs. U 3 O 8 :
T ons:
Avg. Gr ade:

12.8 millio n
2.4 millio n
0.27%

Inferred Resources:




Lbs. U 3 O 8 :
T ons:
Avg. Gr ade:

22

8.1 millio n
1.6 millio n
0.25%

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ENERGY FUELS INC.


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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-deve loped

 Energy Queen:

Permitted & partially-deve loped

 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

ENERGY FUELS INC.


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SHEEP MOUNTAIN PROJECT
Large Stand-Alone Development Project in Wyoming


Energy Fuels’ largest U 3O 8 resource (Indicated):




Lbs. U 3 O 8 :
T ons:
Av g. Gr ade:

30.3 millio n
12.9 millio 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)

IRR

NPV10%

Initial CAPEX

OPEX

(US$ million)

(US$ million)

(US$ million)

(US$/lb.)

NPV7%

Alternative 1

42%

$200.6

$145.8

$109.4

$32.31

Alternative 2

35%

$173.5

$118.5

$60.8

$32.31

Alternative 3

33%

$96.0

$67.3

$60.8

$31.31

(Open Pit & Underground, Concurrent Start)
(Open Pit & Underground – Concurrent End)
(Open Pit Only )

24

(1)

Assumes uranium price of $65/lb.

ENERGY FUELS INC.


TSX | EFR

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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


Base d o n e xp e cte d FY-2013 d e live rie s



One of the largest trading organiza tions in the World and a key supplier of
uranium to Japanese utilities



Joint venture partner on the Roca Honda Project in New Mexico

25

ENERGY FUELS INC.


TSX | EFR

OTCQX | EFRFF

RESOURCE SUMMARY
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
(% V 2O5)
------0.30%
-1.39%
-1.35%
0.97%
------0.99%

Inferred

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

Lbs. V 2O5
(‘000)
------4,596
-17,829
-6,030
3,293
------3,104
34,852

26

Grade
(% U3O8)

Tons (‘000)
-1,615
869
2,160
3,900
-454
908
49
167
68
437
55
156
83
95
46
224
28
11,314

-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
(% V 2O5)
------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. V 2O5
(‘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. U 3O8.
(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.

ENERGY FUELS INC.


TSX | EFR

OTCQX | EFRFF

Q3-2013 FINANCIAL HIGHLIGHTS
SALES


Average Sales Price:

$58.75 /lb.



U 3O 8 Sales:

50,000 lbs.



V 2O 5 Sales:

315,000 lbs.

PRODUCTION


Cost of Production (1) :

$38.82 /lb.



Adjusted Cost of Production (1) :

$32.26 /lb.



U 3O 8 Production (Conventional):



U 3O 8 Production (Alternate Feed):



V 2O 5 Production:

416,000 lbs.
95,000 lbs.
490,000 lbs.

INVENTORY


502,000 lbs.

Uranium Concentrates @ June 30, 2013:
(1)

28

C os t of produc t ion and adjus t ed c os t of produc t ion per pound of U 3 O 8
are non-I F R S m eas ures t hat t he C om pany ut iliz es t o m eas ure t he
perf orm anc e of it s uranium produc t ion bus ines s at t he W hit e M es a M ill

ENERGY FUELS INC.


TSX | EFR

OTCQX | EFRFF

FY-2013 & Q4-2013 GUIDANCE
FY-2013


Sales:

1.00 million lbs. U 3O 8 of which 96% are pursuant to term contracts
1.54 million lbs. V 2O 5



Production:

1.15 million lbs. U 3O 8
1.54 million lbs. V 2O 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 3O 8 Sales:

257,000 lbs. all of which are pursuant to term contracts



U 3O 8 Production:

125,000 lbs. all from alternate feed materials
29

ENERGY FUELS INC.


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

TSX | EFR

OTCQX | EFRFF

Efr 102013

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