Energy Fuels | Page 3

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Scalability

Unmatched

in the US uranium sector

Unique ability

to significantly

increase

production

Energy Fuels has the ability to leverage rising uranium prices and significantly scale-up production. In 2016, the Company expects to produce about 1 million lbs. of uranium. However, after the Company’s acquisition of Mesteña is completed, the Company will have over 11.5 million lbs. of licensed capacity. At these levels and with improved uranium prices, Energy Fuels is positioned to become one of the larger uranium producers in the World.

At a time when uncertainty in the energy market remains widespread, it is our belief that rising global demand for emission-free and carbon-free sources of energy – including nuclear energy – will continue to stand out within the energy sector. This is why we remain committed to building long-term value in the U.S. uranium space, through existing uranium production, maintaining and growing our production scalability at the lower-end of the cost curve, and continuing to consolidate in the U.S.

The company has grown quickly since 2009 by reconsolidating a fractured U.S. uranium industry that once led the world. Our major acquisitions include Titan Uranium in 2012, Denison Mines USA in 2012, Strathmore in 2013, Uranerz in 2015, and our pending acquisition of Mesteña Uranium now in 2016.

Many investors don’t yet realize that Energy Fuels is currently a major producer of uranium in the U.S. For the past several years, our White Mesa Mill has supplied an average of 1 million pounds of uranium to World nuclear markets every year. We are producing uranium from one mine in Arizona and have resumed development at another that could see production as soon as 2018. Arizona has the highest-grade uranium deposits in the U.S., and some of the highest grade uranium deposits in the World, outside of Canada’s Athabasca Basin.

Having the ability to significantly scale-up production from a growing, diverse mining portfolio in a rising price environment will allow Energy Fuels to more swiftly capitalize on further upside in uranium prices fueled by a growing global supply and demand imbalance being created by impressive growth in the global nuclear industry. Today, there are the 65 reactors under construction around the World, along with 510 more on order, planned and proposed. China is leading the way in the growth of nuclear power, as they expand production of clean, affordable energy. Some estimates show that China may increase their current nuclear generating capacity by 3x by 2020 and 10x by 2030.

Energy Fuels is the only company with both In Situ Recovery (ISR) and conventional uranium production in the U.S., which reduces our production risk to both utility customers and shareholders.

Insider Buying

Management + Board Members Recently Purchased 1+ Million Shares of Energy Fuels