Erf 6262013

June 2013

TSX | EFR

A M E R I C A’ S P R E M I E R U R A N I U M P R O D U C E R

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 | EFR AMERICA’S PREMIER URANIUM PRODUCER

CORPORATE OVERVIEW

URANIUM MARKET OUTLOOK

ENERGY FUELS’ OPERATING PLATFOR

PROPOSED ACQUISITION OF STRATHMORE MINERALS

F INANCIALS & GUIDANCE


The Only Conventional Uranium Producer in the U.S.

~1.2 mill ion 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 Uran ium Pr ice)

Potential (St rong Uran ium Pr ice)

Spot Price of U3O8 $39.75 $75.00 +

U3O8 Production (Annual ized Run -Rate)

1.2 mil l ion lbs. 3.5 mil l ion 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 Capital ization $124 mil l ion ?

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

Util ize 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 opportunit ies and property acquisit ions

Including the recent ly announced acquisi t ion 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 Securit ies Ltd. (David Talbot)

Haywood Securit ies Inc. (Colin Healey)

Cowen Securit ies 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, 2013 9


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

Sh

are

Vo

lum

e (m

illion

s)

Sh

are

Pri

ce (

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 Pres ident & Ch ie f Execut ive Of f icer

O v e r 3 8 y e a r s m i n i n g i n d u s t r y e x p e r i e n c e , w i t h 2 0 y e a r s i n t h e u r a n i u m

s e c t o r . J o i n e d E F I a t c o m p a n y ’ s i n c e p t i o n i n 2 0 0 6 .

Graham G. Moylan, CPA Chief Financial Officer

F o r m e r i n v e s t m e n t b a n k e r w i t h e x t e n s i v e e x p e r i e n c e i n t h e u r a n i u m s e c t o r .

1 0 + y e a r s e x p e r i e n c e i n c l u d i n g c a p i t a l m a r k e t s , M & A , f i n a n c e , a c c o u n t i n g

a n d a u d i t i n g .

Harold R. Roberts Executive Vice President & Chief Operating Officer

F o r m e r l y E x e c . V P o f U S O p e r a t i o n s f o r D e n i s o n M i n e s C o r p a n d V P o f

I n t e r n a t i o n a l U r a n i u m C o r p . E x t e n s i v e o p e r a t i n g e x p e r i e n c e w i t h t h e W h i t e

M e s a M i l l .

Gary R. Steele Senior Vice President Corporate Marketing

O v e r 2 0 y e a r s e x p e r i e n c e i n t h e m i n i n g b u s i n e s s , s i x y e a r s i n u t i l i t y f u e l

m a r k e t i n g a n d 1 0 y e a r s i n i n v e s t m e n t m a n a g e m e n t

David C. Frydenlund Senior Vice President, General Counsel & Corporate Secretary

E x t e n s i v e e x p e r i e n c e i n t h e m i n i n g i n d u s t r y , i n c l u d i n g f o r m e r c o u n s e l f o r

D e n i s o n M i n e s

Board of Directors J . B i rks Bovai rd - Chai rman o f the Board

I n v o l v e d i n t h e f i n a n c i a l s e r v i c e s i n d u s t r y s i n c e t h e e a r l y 1 9 7 0 s w i t h e x t e n s i v e

e x p e r i e n c e i n n u m e r o u s p u b l i c r e s o u r c e c o m p a n i e s , b o t h a s a m e m b e r o f m a n a g e m e n t

a n d a s a d i r e c t o r .

Stephen P . Antony P r e s i d e n t a n d C h i e f E x e c u t i v e O f f i c e r o f E n e r g y F u e l s I n c .

Pau l Car ro l l L e n g t h y c a r e e r i n t h e m i n i n g i n d u s t r y , b o t h a s a l a w y e r a n d a s a d i r e c t o r a n d / o r o f f i c e r

o f s e v e r a l c o m p a n i e s i n C a n a d a , t h e U . S . , M e x i c o , C e n t r a l a n d S o u t h A m e r i c a , A f r i c a ,

C h i n a , R u s s i a , a n d K a z a k h s t a n .

Rober t Deng ler C o r p o r a t e D i r e c t o r o f D e n i s o n M i n e s C o r p a f t e r r e t i r i n g f r o m h i s p o s i t i o n a s N o n -

E x e c u t i v e V i c e - C h a i r m a n o f D y n a t e c C o r p o r a t i o n .

Larry Go ldberg C F O a n d C O O o f A r c e s t r a I n c . a n d f o r m e r C F O o f M e g a U r a n i u m . E x t e n s i v e e x p e r i e n c e

i n b o t h m a n a g e m e n t & a s a d i r e c t o r o f s e v e r a l p u b l i c c o m p a n i e s .

Mark Goodman M e m b e r o f t h e b o a r d o f s e v e r a l p u b l i c & p r i v a t e r e s o u r c e c o m p a n i e s , i n c l u d i n g C o g i t o r e

R e s o u r c e s I n c . , O d y s s e y R e s o u r c e s L t d . , C o r o n a G o l d C o r p . , D i a B r a s E x p l o r a t i o n I n c . ,

& t h e D y n a m i c V e n t u r e O p p o r t u n i t i e s F u n d .

Bruce Hansen C E O o f G e n e r a l M o l y C o r p . s i n c e 2 0 0 7 . P r e v i o u s l y , C F O a n d S e n i o r V P w i t h N e w m o n t

M i n i n g C o r p o r a t i o n . P r e v i o u s l y s p e n t 1 2 y e a r s w i t h S a n t a F e P a c i f i c G o l d w h e r e h e h e l d

r o l e s i n c l u d i n g S e n i o r V P C o r p o r a t e D e v e l o p m e n t a n d V P F i n a n c e & D e v e l o p m e n t .

Ron Hochste in P r e s i d e n t & C E O o f D e n i s o n M i n e s C o r p . s i n c e 2 0 0 9 , a f t e r s e r v i n g a s P r e s i d e n t & C O O .

Richard Patr ic io E x e c u t i v e V P C o r p o r a t e A f f a i r s f o r M e g a U r a n i u m L t d . a n d V P L e g a l & C o r p o r a t e A f f a i r s

f o r P i n e t r e e C a p i t a l L t d . , r e s p o n s i b l e f o r M & A a c t i v i t i e s , c o r p o r a t e t r a n s a c t i o n s , a n d c o m p a n y a d m i n i s t r a t i o n .

11


CORPORATE OVERVIEW


ENERGY FUELS’ OPERATING PLATFORM




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 $)

# R

eact

ors

Sp

ot P

rice of U

raniu

m

(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 Association 14

51.3

24.1

17.0 14.3

12.1 10.3

6.1 5.5 5.0 4.4 4.3

0.0 2.2 1.5 - -

2.2 - -

25.4

USA France China Russia Japan South Korea Ukraine UK Germany Canada

Uranium Requirements

Uranium Product ion U.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 mill ion lbs. U3O8 per year consumed in U.S.

U.S. is 90%+ dependent on imported uranium

Anticipated expirat ion of Russian HEU Agreement in November

2013 expected to have signif icant 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 mill ion lbs. in 1980

Safe & Politically Stable Jurisdiction

15


CORPORATE OVERVIEW






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 mill ion lbs. per year)

Mill has produced ~4.5 mill ion 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 mill ing agreements with 3 rd party miners represent signif icant 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 quantit ies of uranium

Sourced from 3 rd party producers, including uranium-bearing tail ings from other metal processing

and residues from uranium conversion

The White Mesa Mill is the only facil ity in North America with the abil ity 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 mill ion lbs. of on-t ime U3O8 deliveries since 2008

Attractive to uti l i ty 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 mill ion lbs. per year in the past

Central to uranium resources in Arizona, Colorado, Utah, and New Mexico

Toll mill ing agreements with 3 rd party miners represent signif icant addit ional revenue sources

Potential to secure new supplies of low-cost, higher-margin alternate feed

19


CORPORATE OVERVIEW




FINANCIALS & GUIDANCE


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 solidif ies Energy Fuels’ posit ion 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 wil l 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 Electr ic Power Corporat ion (KEPCO) & Sumitomo Corporat ion 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 faci l i t ies, increase l i fe -of-mine product ion

prof i les, s impl i f ied permit t ing, and reduced G&A

Strathmore’s claims adjacent to the Sheep Mountain Project

may simplify permitt ing 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 del iveries

Strathmore’s strategic partner on the Gas Hills Project (WY)

Right to earn-in up to 40% by spending an addit ional $32 mil l ion

Potent ia l to re-vis i t partnership st ructure g iven possibi l i ty of Gas Hil l ’s co-development wi th 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

Potent ia l to ut i l ize Energy Fuels’ White Mesa Mil l in connect ion 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.

CORPORATE OVERVIEW




FINANCIALS & GUIDANCE


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

[email protected]

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 mill ion 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’ 2 nd 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 transit ioning into production

Canyon Mine (Development): Development began in December 2012

Shaft Sinking commenced in March 2013

EZ Complex (Development): Progressing through permitt ing

Nor thern Ar izona

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-Feasibil ity Study (PFS) completed March 2012:

− 1.5M lbs. /yr . & 15 yr . mine l i fe

− Open pi t & 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 Permitt ing

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 mill ion lbs. of NI 43-

101 resource (1)

Signif icant existing

infrastructure

~17-miles of existing

underground workings

Offices, maintenance

facil ity, 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 Hil l Project, the largest

known uranium deposit in the U.S.

Energy Fuels holds a seat on the Board of

Directors

NPV (1) $427 mil l ion

IRR (1) 36.3%

Ini t ia l Cash Cost (1) $30.72/ lb.

Indicated Resource (Tons) 119.6 Mil l ion

Avg. Grade U3O8 0.056%

U3O8 (Lbs.) 133 Mil l ion (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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