ENERGY FUELS INC.

November 2012

The Leading U.S. Conventional Uranium Producer

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; 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, 2011. These documents are available on the SEDAR website at www.sedar.com.

Forward Looking Statements

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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 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 dated April 13, 2012 which is filed on EFR's SEDAR profile and is available for viewing 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.

Notice Regarding Technical Disclosure

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Energy Fuels is the leading U.S.-based pure-play

uranium mining and production company– The largest conventional producer of uranium, & one of the

largest holders of NI 43-101 uranium resources, in the U.S.

Strategic Asset: The White Mesa Mill – the only

operating uranium mill in the U.S.

Current focus on relatively lower-cost sources of

production

Existing long-term sales contracts mitigate uranium

price risk– Above spot market prices with multiple utility customers

Strong, experienced management team and board– Extensive uranium mining and production expertise with

combined 9% equity ownership

Well-Capitalized with $60M(1) of net working capital– Including cash & marketable securities of about $31M(1)

Investment Highlights

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(1) As of June 30, 2012

Overview of Energy Fuels

5

The largest conventional uranium and vanadium

production company in the U.S., supplying nearly

one-third of the uranium produced in the U.S.

Recently acquired the U.S. mining division of

Denison Mines Corp., which includes the White

Mesa uranium mill, and several producing mines in

the western United States

Listed on the TSX (Ticker: EFR and EFR.DB)

Headquartered in Denver, CO, corporate offices in

Toronto, and production facilities in UT and AZ.

Overview

Capitalization Summary

LTM Price Performance

Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

0.0

2,000,000.0

4,000,000.0

6,000,000.0

8,000,000.0

10,000,000.0

1

2

3 4

567

8 9

Volume Price Event

Pric

e (C

$)

Volum

e (millions)

1. March 1, 2012

Announces updated P FS on Sheep Mountain.

2. April 16, 2012

Enters into a Letter Agreement to acquire all of Denison’s U.S. mining assets and operations.

3. J une 4, 2012

Announces private placement of subscription receipts for total gross proceeds of approximately $8.2M.

4. J une 26, 2012

Announces a bought deal convertible debenture financing for total gross proceeds of $22M.

5. J une 29, 2012

Closes Denison U.S. mining division acquisition and S&P /TSX Indices implement previously announced changes.

6. August 15, 2012

Announced the successful completion of two sales of U3O8 totaling approximately 200,000 lbs. during the month of J uly at an average price of US$62.18 per lb. U3O8.

7. August 22, 2012

Announces acquisition of Sage P lain properties from Aldershot Resources.

8. October 11, 2012

Announces settlement with Telluride and San Miguel County in P iñon Ridge Mill challenge.

9. October 17, 2012

Shifts short-term focus toward lower cost sources of U3O8 production within its asset portfolio.

(in C$ millions (1), except per share amounts)

Share Price (10/24/2012) $0.155

Fully Diluted Shares Outstanding 683.2

Fully Diluted Market Capitalization (2) $105.9

Cash & Cash Equivalents (3) $30.3

Total Debt (3) $25.0

Enterprise Value $100.6

Valuation Metric Multiple

P / NAV $477 0.21x

EV / In Situ Resource (U3O8 MM lbs) 70.4 $1.43

(1) Assumes US $ and Cdn $ Parity(2) Includes in-the-money dilutive securities(3) As at June 30, 2012 pro forma for the convertible debenture offering and the closing of the Aldershot transaction

Board of Directors & Management

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• Registered professional engineer

• Over 35 years experience in conventional and ISR mining and processing

Gary R. Steele, P.Eng., MSc.Sr. VP, Corporate Marketing

• Former investment banker with Dundee Securities with extensive transaction experience within the uranium sector

• 11 years aggregate experience in capital markets, finance, accounting and auditing

Graham Moylan, CPACFO

Stephen P. Antony, MBA President, CEO & Director

Management Board of Directors

J. Birks Bovaird – Chairman of the Board• Involved in the financial services industry since the early 1970s with extensive experience with public

resource companies.• Serves on the Board of Directors of NunaMinerals, Noble Minerals, and GTA Resources and Mining, and

was previously the VP, Corporate Finance of one of Canada’s major accounting firms

Paul Carroll – Director • A lengthy business career in the mining industry, both as a lawyer and director and/or officer of several

companies involved in mineral exploration and the mining industry in Canada, the U.S. Mexico, Latin America, Africa, China, Russia and Kazakhstan.

Mark Goodman – Director• A member of the board of several public and private resource companies, including Cogitore Resources

Inc., Odyssey Resources Ltd., Corona Gold Corp., Dia Bras Exploration Inc., Ryan Gold Corp. and the Dynamic Venture Opportunities Fund

Bruce Hansen – Director• Currently CEO of General Moly; previously CFO and Senior VP with Newmont Mining Corporation• Prior to Newmont, spent 12 years with Santa Fe Pacific Gold where he held roles including VP Corporate

Development and VP Finance

Sheldon Inwentash – Director• Founder, Chairman and CEO of Pinetree Capital Ltd., a Canadian investment company with a large

portfolio of investments primarily in the junior resource and energy sectors, with extensive uranium holdings

Richard Patricio – Director• Serves as Executive VP Corporate Affairs for Mega Uranium Ltd. and VP Corporate & Legal Affairs for

Pinetree Capital, responsible for M&A activities, corporate transactions and overall administration

Larry Goldberg, CA – Director• Chartered Accountant, currently CFO and COO of Arcestra Inc., formerly CFO of ZENN Motor Company

Inc., Executive VP and CFO of Pinetree Capital Ltd., CFO of Mega Uranium Ltd., and CFO of Brownstone Ventures Inc.

Ron Hochstein – Director• Currently President and CEO of Denison Mines Corp. Formerly served as President and COO of Denison

Robert Dengler – Director• Serves as a Corporate Director of Denison Mines Corp after retiring from his position as Non-Executive

Vice-Chairman of Dynatec Corporation

• Formerly Executive VP of US Operations at Denison Mines Corp. since 2006

• From 2001 to 2006, served as VP of International Uranium Corporation

Harold R. RobertsExecutive VP, COO

• Over 20 years experience in the mining business, 6 years in utility fuel marketing and 10 years in investment management

• Registered professional engineer and mineral economist

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Two Global Commodities

Alloying agent for steel & titanium

Emerging battery & renewable energy technologies

NOT coupled to Uranium market

Current Price ~ US$5.50/lb.

Vanadium

Fuel for nuclear power

Current long-term contract prices = ~US$60 per lb.

Expected supply/demand imbalances

Current Spot Price (U3O8) = US$41.00/lb.

Uranium

On many Colorado Plateau properties, vanadium occurs with uranium adding a significant ‘byproduct’ revenue stream for the company

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Nuclear Industry Update

Existing, operable nuclear reactors(1):‐ United States – 104

‐ World – 434

U.S. expansion plans(1):‐ 3 reactor under construction

‐ 26 reactors are planned or proposed

Worldwide expansion plans(1):‐ 64 reactors under construction

‐ 483 additional new reactors are now planned or proposed

‐ More reactors planned now than before Fukushima(2):

‐ 62 reactors under construction‐ 478 planned & proposed

(1) World Nuclear Association, World Nuclear Power Reactors & Uranium Requirements, October 2012

(2) World Nuclear Association, World Nuclear Power Reactors & Uranium Requirements, February 2011

Current uranium prices are relatively low due to the slow pace of Japanese reactor restarts, plentiful uranium on the market & slow Worldwide economic growth

Asset Summary

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3 Operating mines

2 Permitted mines on standby

5 Permitted development projects

7 Additional development projects

A dominant resource position in three

of the most productive historical

uranium districts in the U.S.:‐ Colorado Plateau

‐ Arizona Strip

‐ Wyoming

Largest compliant resource holder in

the Uravan Mineral Belt

Significant vanadium by-product

resources on the Colorado Plateau

WY

UT

CO

NMAZ

SHEEP MOUNTAIN PROJ ECT

SAN RAFAEL PROJ ECT

ENERGY QUEEN MINE

SAGE PLAIN

WHIRLWIND MINE

PIÑON RIDGE MILL

LA SAL COMPLEX

SUNDAY COMPLEX

WHITE MESA MILLDANEROS

CANYON

ARIZONA STRIP

HENRY MOUNTAINS

Salt Lake City, UT

Phoenix, AZ

Albuquerque, NM

Denver, CO

Cheyenne, WY

Producing

Pandora

Standby

Beaver

Daneros

Development

Whirlwind

Energy Queen

Sage Plain

Sunday Complex Mines

San Rafael

43-101 U3O8 Resource:

9.4 M lbs. M&I, 5.3M lbs. Inf.

Colorado Plateau

Production & Development Assets

Arizona Strip Henry Mountains Complex

Producing

Arizona 1

Pinenut

Development

Canyon

EZ1/EZ2

DB1

43-101 U3O8 Resource:

5.5M lbs. Inf.

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Development

Sheep Mountain

43-101 U3O8 Resource:

30.3M lbs. M&I

Development

Tony M-Southwest

Copper Bench-Indian Bench

43-101 U3O8 Resource:

12.8M lbs. M&I, 8.1M lbs. Inf.

Sheep Mountain

Resource Summary

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Measured & Indicated Inferred

Tons (‘000)

Grade (%

U3

O8)

Grade (% V2O5)

lbs U3O8

(‘000)

lbs V2O5

(‘000)

Tons (‘000

)

Grade (% U3O8)

Grade (% V2O5)

lbs U3O8

(‘000)

lbs V2O5

(‘000)

Sheep Mountain 12,895 0.12% n/a 30,285 n/a n/a n/a n/a n/a n/a

Whirlwind 169 0.30% 0.97% 1,095 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 0.23% 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 3,114 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  

Arizona 1           54 0.64%   685  

Canyon           83 0.98%   1,629  

Pinenut           95 0.54%   1,037  

EZ Complex           224 0.47%   2,105  

Daneros           157 0.26%   824  

Total       52,471 34,862       18,889 13,083

* Includes 43-101 resources from Willhunt, Farmer Girl, and Torbyn

The White Mesa Mill (Utah) – A Strategic Asset

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The only conventional uranium mill operating in the U.S.

Licensed to process up to 2,000 tons of ore per day (producing up to 8M lbs. of U3O8/year)

Planned to produce about 1,100,000 lbs. U3O8 in FY-2013

Completed $31 million refurbishment program in 2008

Central location allows for processing of Arizona, Utah, Colorado, & New Mexico ores

Vanadium circuit allows for the recovery of vanadium from Colorado Plateau ores

Stand-alone alternate feed circuit allows for the low-cost processing of other uranium-bearing materials with no associated mining cost

White Mesa Mill (Utah) – A Strategic Asset

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Reliable US-based supplier of U3O8 & V2O5, supported by highly experienced staff, leading

technology, and a strong commitment to safety

Proven chemical processes result in high-quality products

Ore Delivered to Stockpile

Mill Laboratory

Semi-Autogenous Grinding (SAG) Mill

Counter-Current Decantation (CCD)

Alternate Feed Circuit

Packaged U3O8 Ready for Delivery

Marketing Strengths That Create & Preserve Value Energy Fuels’ White Mesa Mill is a reliable U3O8

supplier with over 3.5 million lbs. of on-time deliveries since 2008

An attractive supplier/partner for customers who require a secure, mid- to long-term source of supply

Energy Fuels currently has existing term contracts with three major utilities:

‒ Two domestic and one overseas

‒ Contracts have remaining terms between 3 and 5 years

‒ Each of the contracts have prices significantly above the current spot market

‒ Existing contracts mitigate the impact of the relatively low current spot price for U3O8

Energy Fuels is a major supplier of V2O5

Purchase commitments for V2O5 from a major U.S. aircraft alloy manufacturer

‒ Domestic customer

‒ Very high purity threshold

‒ High probability of ongoing deliveries

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Mines - Colorado Plateau

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* Both U3O8 and V2O5 Production

SAN RAFAEL PROJECT

SAGE PLAIN PROJECT

WHIRLWIND MINE

ENERGY QUEEN

PANDORA COMPLEX

LA SAL COMPLEX

SUNDAY MINE COMPLEX

RIM MINE

WHITE MESA MILL

• All permits in place

• Mine rehabilitation complete

• All Environmental permit facilities & mine related construction complete

• 151 Miles to White Mesa

• Internal PEA completed

Whirlwind Mine*

Sage Plain Project*

• Rehabilitation of historic Calliham & Sage Mines

• 54 Miles to White Mesa

• Projected permitting by April 2013

Energy Queen Mine*

• All permits in place

• Detailed capital cost estimate developed

• 59 Miles to White Mesa

• Adjoins La Sal Project

La Sal Complex*

• Recent production from Beaver & Pandora Mines (placed on standby Oct. 2012)

• 5-Year Production History1 – 379,717 tons averaging 0.22% U3O8 and 1.18% V2O5

• 54 Miles to White Mesa

• Also includes the LaSal & Snowball Mines

(1) Through December 31, 2011

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Daneros Mine (Utah)

Recently producing uranium mine in Utah’s White Canyon District (placed on standby in October 2012)

65 miles to the White Mesa Mill, along County Roads and State Highways

Production History:

− 2010: 46,150 tons (0.31% U3O8)

− 2011: 34,368 tons (0.28% U3O8)

Arizona Strip Mines High-grade production from breccia pipe deposits (0.65% avg. grade)

Current production at Arizona 1 mine (anticipated through 2013)

2nd mine (Pinenut) recently opened – production expected by December 2012

3rd mine (Canyon) shaft sinking in progress

EZ1 and EZ2 progressing through permitting

Additional exploration potential in region

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EZ1 & EZ2

EZ1 & EZ2

ARIZONA 1

ARIZONA 1

PINENUTPINENUT

CANYON

CANYON

Arizona 1 Mine Canyon MineNorthern Arizona

Consisting of the Tony M, Indian Bench, Copper Bench and Southwest deposits

Tony M Mine contains approximately 17-miles of existing underground workings

Large resource base (12.8M lbs. Indicated, 8.1M lbs. Inferred)

Currently on care & maintenance

Production-ready – permitted in September 2007

Excellent infrastructure, including county road access, onsite power generation, fuel storage facilities, evaporation pond, maintenance building and offices.

Mines - Henry Mountains Complex (Utah)

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Henry Mountain Complex

Sheep Mountain Project (Wyoming)

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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

Over 30 million lbs. of NI 43-101 Measured & Indicated uranium resource

Stand-alone brown-field project with current WDEQ mine permit in historic uranium mining jurisdiction

BLM Plan of Operations in progress (Expected 2014)

US NRC Radioactive Materials License application initiated (Expected in 2015)

Pre-Feasibility Study completed March 2012:

‐ Production of 1.5M lbs./yr. & 15 yr. mine life‐ Combination of open-pit and underground mining‐ Low-cost heap leach recovery

1 Based on a uranium price of $65 per lb. U3O8

Existing Portals

Existing Open Pit

Energy Fuels: In SummaryUniquely Positioned

The only conventional uranium production company in the United States

Strategic Uranium Production AssetsThe White Mesa Mill, a proven, reliable supplier of uranium and vanadiumProducing and production-ready mines in close proximity to White Mesa

High-Purity Vanadium Production V2O5 is a byproduct of Colorado Plateau uranium production

Vanadium-production is an additional revenue source unrelated to the nuclear industry

Alternate Feed ProcessingA low-cost source of uranium production

Existing Uranium Sales ContractsWith multiple utilities that diminishes the impact of lower uranium spot prices

The Sheep Mountain ProjectA 30m lb. stand-alone conventional uranium project located in mining-friendly Wyoming

Well Capitalized~$60M in working capital(1)

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(1) As at June 30, 2012 pro forma for the convertible debenture offering

Summary of Analyst Coverage Energy Fuels is currently covered by three equity research analysts:

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Brokerage Analyst Recommendation Target Price

Dundee Securities Ltd. David Talbot Buy $0.80

Haywood Securities Inc. Colin Healy Sector Outperform $0.40

Dahlman Rose & Co. Anthony Young Hold n/a

Contact Info

Energy Fuels Inc.Suite 500 – 2 Toronto St.Toronto, ONM5C 2B6

Stephen AntonyPresident & CEOTel: (303) 974-2140Toll-Free: (888) 864-2125s.antony@energyfuels.com

www.energyfuels.com