Strathmore june13pres

E N E R G Y F U E L S ’ P R O P O S E D A C Q U I S I T I O N O F

S T R AT H M O R E M I N E R A L S C O R P.

June 2013

TSX | EFR

TSX | STM; OTCQX | STHJF

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”) and Strathmore Minerals Corp (“Strathmore” or “STM”) 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; statements with respect to National Instrument 43-101 technical reports, 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 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 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 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 STM’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 Preliminary Economic Assessment Study 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 STM’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 STM 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 Minerals 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

http://www.sedar.com/

http://www.sedar.com/

TRANSACTION SUMMARY

SYNERGY ANALYSIS

PRO FORMA ENERGY FUELS


Energy Fuels is Currently the Leading U.S. Conventional Uranium Producer

1.2 mill ion lbs. of expected FY-2013 U3O8 production (~25% - 30% of all US uranium production)

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 within the U.S.

Increased U3O8 production potential solidif ies Energy Fuels’ posit ion as the leading U.S uranium

producer & an emerging producer on global scale

Among the largest U3O8 Resource Holders in U.S., the 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

KEPCO & Sumitomo are world-class partners with whom business relationships can be enhanced

5

THE BUSINESS CASE FOR THE TRANSACTION


Milestones Achieved

June 11, 2013: Energy Fuels Inc. (“EFR”) signs definitive agreement to acquire Strathmore Minerals Corp. (“STM”) in an

all-stock transaction (the “Transaction”)

May 24, 2013: EFR and STM announce the signing of a letter of intent (the “LOI”) to pursue the Transaction

December 2012: Discussions and negotiations commence, including evaluations of expected synergies and reciprocal

due diligence

Positive Reaction

The Transaction has been well-received by both companies’ shareholders, market analysts and the media

May 24, 2013: The day following announcement of the LOI, STM’s and EFR’s share prices increased 31% and 10%,

respectively

May 31, 2013: EFR announces a bought deal private placement financing which is upsized due to strong investor interest

6

TRANSACTION BACKGROUND


7

SUMMARY TRANSACTION TERMS

ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER

Structure Acquisition of STM by EFR by way of plan of arrangement

Consideration Each STM shareholder will receive 1.47 common shares of EFR for each share of STM held, representing a 31%

premium to STM’s 20-day VWAP as of the May 22nd closing prices

Key Terms

Court and regulatory approvals and other customary conditions

STM’s outstanding options and warrants will be adjusted such that the number of Energy Fuels shares received

upon exercise and the exercise price will reflect the exchange ratio

Customary non-solicit and right to match provisions

Reciprocal expense reimbursement fee of $650,000 payable to the other party if either party does not obtain

shareholder approval

Mutual C$1.3 million termination fee payable to either party in certain circumstances

STM will appoint one member to the EFR board of directors

Indicative

Timetable

Respective Information Circulars – Expected to be mailed in July 2013

Respective Shareholder Meetings – Expected to be held in August 2013

Closing – Expected in late-August/early-September 2013

TSX | EFR

For Strathmore Shareholders

STM shareholders receive direct part icipation in a revenue-generating uranium producer that can

enhance the potential economic returns of STM’s project portfolio

EFR is covered by mult iple research analysts and enjoys greater trading l iquidity

EFR is well-capitalized with stronger f inancial resources relative to STM

The Transaction wil l be completed on a tax-deferred basis for STM shareholders

For Energy Fuels Shareholders

STM’s Roca Honda project provides EFR with the abi l ity to signif icantly expand production

potential at its White Mesa Mill

Combining STM’s Wyoming assets with EFR’s Sheep Mountain project wil l create the potential to

develop a larger, stand-alone production facil ity in Wyoming

For Both STM and EFR Shareholders

Signif icant synergies that wil l be realized through the Transaction

Corporate G&A and public company savings in excess of US$1 mill ion per year

8

BENEFITS TO SHAREHOLDERS


Strong Mutual Support for the Transaction

Both Executive Teams and Boards of Directors have expressed a willingness to enter into Support

Agreements to vote their shares in favour of the Transaction

Both companies’ Boards of Directors has received a fairness opinion supporting the Transaction from their

respective financial advisors

Korea Electric Power Company ("KEPCO") has expressed its willingness to enter into a support agreement

and vote their EFR and STM shares in favour of the Transaction

KEPCO is the largest shareholder of both EFR and STM, owning 8.5% and 11.7%, respectively

An affiliate of KEPCO is EFR’s largest customer based on expected FY-2013 U3O8 deliveries

KEPCO is STM’s strategic partner on the Gas Hills Project

9

SUPPORT FOR THE TRANSACTION



TRANSACTION SUMMARY

SYNERGY ANALYSIS


WHITE MESA MILL + ROCA HONDA PROJECT

Synergy: STM’s Roca Honda is a

significant high-grade resource within

trucking distance of EFR’s White Mesa Mill

Roca Honda is owned 60% by Strathmore & 40%

by Sumitomo

U3O8 Resources at the Roca Honda Project:

October 2012 Preliminary Economic Analysis:

Pre-Tax NPV8: $220 mil l ion

IRR (1): 19.2%

11


Lbs. U3O8 (millions)

Grade

U3O8 Tons

(millions)

M & I 10.0 0.40% 1.25

Inferred 7.1 0.41% 0.87

Roca Honda to White Mesa = 250 miles

Major Projects of the Combined Company in the Four Corners Region

(1) At $75/lb. U3O8

WHITE MESA MILL + ROCA HONDA PROJECT (CONT’D)

12


The Transaction Offers The Potential

to Avoid Construction & Operation of a

New Mill in New Mexico

October 2012 Roca Honda PEA assumed

construction of a new mill

Development Capita l : $66 mil l ion

Contingency Capita l : $16.6 mil l ion

Major capital cost savings potential &

opportunity to streamline permitting

process

Average Annual Production at Roca Honda

2.6 mil l ion lbs. U 3O8 per year

SHEEP MOUNTAIN PROJECT + GAS HILLS PROJECT

Synergy: Co-development potential of 2

large uranium projects in mining-friendly

Wyoming

Gas Hills owned 100% by Strathmore

KEPCO has r ight to earn up to 40% for addit ional $32m

Currently evaluating improved economics by:

Co-development CAPEX, increased LOM product ion

prof i le, permit t ing and G&A

STM’s mining claims adjacent to EFR’s Sheep

Mountain may simplify permitting and reduce

development CAPEX and ongoing operating costs

Options on Juniper Ridge being evaluated

4.1 mil l ion tons of Indicated Resource containing 5.2

mil l ion lbs. U 3O8 with an average grade of 0.063%

13


Gas Hills to Sheep Mountain = 28 miles

Major Projects of the Combined Company in Wyoming

SHEEP MOUNTAIN PROJECT + GAS HILLS PROJECT (CONT’D)

EFR Sheep Mountain Prefeasibility

Study (PFS):

Completed: March 2012

Pre-Tax NPV7: $173.5 million

IRR (1): 35%

15 year mine life

Heap Leach

Open Pit and Underground

14



Grade

U3O8 Tons

(millions)

Indicated 30.3 0.12% 12.9

Mineral

Reserve(1) 18.4 0.123% 7.4


Grade

U3O8 Tons

(millions)

Indicated 5.4 0.13% 2.3

Inferred 5.5 0.07% 3.9

STM Gas Hills NI 43-101

Technical Report:

Completed: March 2013

(1) At $65/lb. U3O8

(2) Numbers are not additive: Mineral Reserves are included in the Indicated Resources

KEY INDUSTRY RELATIONSHIPS STRENGTHENED

EFR’s and STM’s largest shareholder; has indicated will ingness to vote its

EFR and STM shares in favour of the Transaction

An affil iate of KEPCO is EFR’s largest uranium customer based on EFR`s

expected FY-2013 deliveries

KEPCO is STM’s strategic partner on the Gas Hills Project

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 structure given the possibi l i ty of co-development with

EFR’s Sheep Mountain Project

STM’s joint venture partner on the Roca Honda Project

STM owns 60% and Sumitomo owns 40% of the Roca Honda LLC JV

Potent ia l to ut i l ize EFR’s White Mesa Mil l in connect ion with the JV

15


OTHER ASSETS ACQUIRED

Copper King Project (Gold/Copper)

NPV5: 159.5 million

Pre-Tax IRR: 31.2% $1,100/oz. gold and $3.00/ lb. copper

Royalties

Reno Creek ISR Uranium Project (Bayswater/Pacific Road)

5% Gross (est . start 2015)

Bayswater has opt ion to buy-back royalty for $2 mil l ion per 1% ($10 mil l ion total)

Lance ISR Uranium Project (Peninsula Energy)

4% Gross (est . start 2014)

16


Au (ounces)

Grade Thickness

Cu (million lbs.) Grade

M & I 926,000 0.54 223.0 0.187%

Inferred 174,000 0.38 62.5 0.20%


TRANSACTION SUMMARY

SYNERGY ANALYSIS


PRO FORMA ASSET SUMMARY

A Central Mill Supplied by Regional Mines

1 Operating Mill

2 Producing Mines

5 Permitted Mines on Standby

6 Permitted Development Projects

23 Additional Development Projects

The leading position in two of the most

important uranium districts in the U.S.

Four Corners District

Wyoming District

18


19

POST TRANSACTION CAPITAL STRUCTURE


Pro Forma Major Institutional Holders:

KEPCO

Dundee Resources

Pinetree Capital

Global X Management

Dimensional Fund Advisors

Source: Company Reports. Shown on an attributable basis.

(1) Adjusted for the $6.6M private placement (net proceeds of $6.2M)

completed in June 2013.

(2) Excluding capital costs

(3) Excludes out-of-the-money options, warrants and convertible

debentures.

(4) Based on STM’s unaffected share price of $0.18 on May 23, 2013 (day

prior to announcement of transaction with EFR).

(5) Based on EFR’s closing price of C$0.165 on June 17, 2013.

(6) Please see Page 21 for complete information on resource classification

tons, and grade.

(4) (5)

EFR as at

March 31,

2013 (1)

STM (as at

March 31, 2013)

EFR Post

Transaction (2)

Shares Outstanding 753.5 124.7 936.9

Warrants 53.3 (C$0.32) -- 53.3 (C$0.32)

Options 29.5 (C$0.27) 10.2 (C$0.57) 44.4 (C$0.31)

Restricted Share Units -- 2.4 3.6

Fully Diluted (3) 753.5 127.1 940.4

Pro-Forma Ownership (Basic, Incl. RSUs) 80% 20% 100%

Market Capitalization C$124.3 C$22.9 US$152.5

Cash US$19.1 C$3.0 US$22.0

Investments US$2.8 C$2.0 US$4.8

Debt US$21.5 -- US$21.5

Enterprise Value US$121.7 C$17.9 US$147.2

Working Capital US$39.3 C$4.3 US$43.5

U3O8 Resource (6)

M&I 52.4 36.4 88.8

Inferred 18.6 19.6 38.2

URANIUM PEER GROUP COMPARISON

Source: Dundee Securities Ltd.(1)

20

(1) As of June 17, 2013. Energy Fuels does not endorse or guarantee for the

accuracy of this information.

(2) Please see Pro Forma Resource Table on Slide 21 for complete information

on resource classification, tons and grade

(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 Production

Price Cap Value 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 (Pro Forma) $0.16 $153 $147 88.8 38.2 $1.66 $1.16 0.40x 0.82x 1,175 Producing US Southwest

U3O8 Resources

(MMlb) (2) EV / Resource

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

21


(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.

22

ENERGY FUELS’ TRACK RECORD OF RESOURCE GROWTH(1)


Source: Company Reports, Shown on an attributable basis

(1) Please see Pro Forma Resource Table on Page 21 for complete information on

resource classification, tons, and grade.

2.7

4.1

8.4

38.7

51.5

52.4

88.8

2.3

3.7

4.4

4.4

18.0

18.9

38.5

- 20.0 40.0 60.0 80.0 100.0 120.0 140.0

EFR (Pre-2009)

Magnum Acquisition (Mar. 2009)

Acquisitions/Resource Updates (2009 - 2012)

Titan Uranium Acquisition (Feb. 2012)

Denison US Assets Acquisition (June 2012)

Acquisitions/Resource Updates (2012 - 2013)

Proposed Strathmore Acquisition

Measured & Indicated Inferred

Million lbs. Measured & Inferred Million lbs. Inferred

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


TSX | STM

www.strathmoreminerals.com

Strathmore Minerals Corp. Suite 312 - 1708 Dolphin Avenue

Kelowna, BC

V1Y 9S4

David Miller CEO and Director

Tel: (307) 856-8080

Toll-Free: 1 (800) 647-3303

[email protected]


APPENDIX

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% U3O8 average

Scalable Mining Assets With Potential for Significant Increased Production

Potential for Significant Additional Revenues by Toll Milling 3rd Party Ore

Above-Market Uranium Sales Contracts Currently In Place with Major Utilities

Attractive Valuation Metrics

The Right People & Partners

25

ENERGY FUELS’ HIGHLIGHTS

ENERGY FUELS INC. TSX : EFR AMERICA’S PREMIER URANIUM PRODUCER

CORPORATE GOALS & 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 Product ion (Annua l ized Run -Rate)

1.2 mil l ion lbs. 3.5 mil l ion lbs.*

Product ion Centers 1

(White Mesa Mill)

2 (White Mesa Mill & Sheep Mountain Project)

Producing Mines 2

(Arizona)

8 (Arizona, Utah, Colorado, Wyoming)

Valuation Metric

Market Capita l izat ion $116 mil l ion ?

26

* The White Mesa Mill alone has produced ~4.5 million lbs. of U3O8 per year in the past


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: Future high -grade source of feed to White Mesa Mill

… Yet Positioned for Growth and the Expected Rebound

Maintain Colorado Plateau and Henry Mountains mines on standby to react to improvements

in uranium prices

Continue to permit the Sheep Mountain Project as 2nd production center

Continue to pursue accretive M&A opportunit ies and property acquisit ions

27


PRIMARY ASSETS

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 in production

Canyon mine in development

Sheep Mountain Project Large stand-alone uranium project in Wyoming

EFR’s largest single uranium resource

Standby Projects – Future Mill Feed Henry Mountains (EFR’s 2 nd largest resource)

La Sal Complex

Daneros

Sunday Complex

Whirlwind

28


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)

The White Mesa 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 & ore purchase agreements with 3 rd party miners represent signif icant potential

sources of revenue

29


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%

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 − Permit ted & part ia l ly -developed

Energy Queen − Permit ted & part ia l ly -developed

Sage Plain Project − In Permit t ing

Piñon Ridge Mill − Radioact ive Materia ls L icense issued Apri l 2013

Most of Energy Fuels’ Colorado Plateau mines have both uranium and vanadium resources

33


HENRY MOUNTAINS COMPLEX

Permitted & Developed

Mine in Utah

EFR’s 2nd largest U3O8

resource

~20 mill ion lbs. of NI 43-101

resource (see resource table)

Signif icant existing

infrastructure

~17-miles of existing

underground workings

Offices, maintenance facil ity,

onsite power, and excellent

access

~120-road miles to White

Mesa Mill

34


16.5% STAKE IN VIRGINIA ENERGY RESOURCES

The Largest Known Uranium Deposit in the United States

EFR 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 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


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

36

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.

37


Date post:	14-Sep-2014
Category:	Technology
View:	518 times
Download:	0 times

Strathmore june13pres

Technology