efr 102013

October 2013 TSX | EFR OTCQX | EFRFF

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

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ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER TSX | EFR OTCQX | EFRFF

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.

NOTICE REGARDING TECHNICAL DISCLOSURE

3


CORP ORATE OV E RV IEW

URANIUM MARKE T OUT L OOK

E NE RGY F UE L S’ OP E RAT ING P L AT F ORM

F INANCIALS & GUIDANCE


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

WHY ENERGY FUELS …


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 Current (FY-2013) (Weak Uranium Pr ice)

Potential (Strong Uranium Pr ice)

Spot Price of U3O8 $35.00 $75.00+

U3O8 Production (Annualized Ru n- Rate) 1.15 mil l ion lbs. 6+ mil l ion lbs.

Production Centers 1 (White Mesa Mill)

2 (White Mesa Mill & Sheep Mountain Project)

Producing Mines 2 (Arizona)

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

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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 2nd major production center

Permit the Roca Honda Project in New Mexico

Consider potential growth through strategic acquisitions

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Volume Price

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

Capitalization Summary Analyst Coverage Dundee Securities Ltd. David Talbot

Cantor Fitzgerald Rob Chang

Haywood Securities Inc. Colin Healey

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 $. 8


May 24, 2013: Acquisition of Strathmore Minerals Announced

(in US$ millions(2), except where noted) Share Price (October 18, 2013) C$0.145 Basic Shares Outstanding(3) 975.7 Basic Market Capitalization (C$) C$141.5

Basic Market Capitalization(US$)(2) $137.5 Cash & Cash Equivalents(4) $12.1 Investments(4) $0.2 Unsecured Convertible Debentures(5) $19.7 Basic Enterprise Value $144.9 Working Capital(4) $38.0

Peer Group Comparison

9


Share Market Enterprise ProductionPrice Cap Value Price / (000's lbs) (3)

(US$ in millions) (US$) (US$MM) (US$MM) M&I Inferred M&I M&I + I Book FY2013E Stage Location

US Producers/DevelopersUranium Energy Corp. $2.02 $185 $174 32.4 34.1 $5.38 $2.62 2.54x 259 Producing TexasUr-Energy $1.03 $127 $136 20.5 4.7 $6.61 $5.39 2.04x 220 Producing WyomingUranerz Energy Corp. $0.91 $78 $69 15.7 3.3 $4.38 $3.61 nm n/a Construction WyomingUranium Resources Inc. $2.66 $53 $50 n/a (4) n/a n/a 0.99x n/a Permitting Texas

Energy Fuels $0.14 $138 $145 88.8 38.2 $1.64 $1.14 0.64x 1,150 Producing US Southwest

U3O8 Resources(MMlb) (2) EV / Resource

Energy Fuels is attractively valued relative to its NYSE MKT and/or NASDAQ-listed peer group

BOARD OF DIRECTORS & MANAGEMENT Executive Team Stephen P. Antony President & Chief Ex ecutiv e Offic er 38+ y ears m in ing indus try ex per ienc e, w i th 20 y ears in

uranium . J o ined 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 i th s ign i f ic an t uran ium

ex per ienc e. Ex per ienc ed in c api ta l m ark e ts , M &A, financ e, ac c ounting and audi ting.

Harold R. Roberts Executive Vice President & Chief Operating Officer F orm er ly 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 per ienc e w i th the Whi te M es a M i l l .

Gary R. Steele Senior Vice President, Corporate Marketing Ov er 20 y ears ex per ienc e in the m i n ing b us ines s , s ix

y ears in uti l i ty fue l 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 per ienc e in the m in in g indus try , inc luding

form er c ouns el for Denis on M ines

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

I nv o l v ed i n t he f i n anc i a l s e rv i c es i n dus t ry s i nc e th e e arl y 1 9 70 s w i t h ex te ns i v e ex pe ri enc e i n n um e ro us pub l i c res ourc e c ompan i es , bo th as a member o f manageme nt and as a d i rec to r.

Pau l C ar r o l l Le n gt hy c a r ee r i n mi n i n g , b o t h as a l aw y e r a n d d i r ec to r /o f f i c e r o f c om p an i es i n C an a da , th e U .S . , M ex i c o ,

S outh A meri c a , A f ri c a , Ch i na , Rus s i a , and K az ak hs tan .

R o b er t D en g l er Co r p or a te Di r ec to r o f D en i s o n Mi ne s C or p a f t e r r e t i ri ng f r om h i s po s i t i on a s N on - E x ec u t i v e V i c e - C ha i r m an

o f Dy natec Corpora t 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 nc . an d f o rm e r CF O o f M e ga U ra n i um . E x t ens i v e ex p e ri e nc e i n b o th m a na g em e nt

& as a d i rec to r o f s ev era l pub l i c c ompan i es .

M ar k Go o d m an Me m be r o f b oa r d o f s ev e r a l p ub l i c & p ri v a t e re s o u rc e c o mp a n i es , i nc l u d i n g C og i t o r e R es o ur c es I nc . ,

O dy s s ey Res o u rc e s L t d . , C o ro n a G o l d C o rp . , Di a B r as E x p l o r a t i o n Inc . , & t h e Dy na mi c V e nt u re O pportun i t i es F und.

B r u ce H an sen CE O of G e ne r a l M o l y Co r p . s i nc e 20 0 7. P r ev i o us l y , CF O a nd S V P o f New mo n t Mi n i n g C o r po r a t i o n . 1 2 y ea rs

w i th S anta F e P ac i f i c G o l d i n ro l es i nc l ud i ng S V P Corpora t e Dev e l opmen t and V P F i nanc e & Dev e l opmen t .

R o n H o ch stei n P res i den t & CE O o f Den i s on Mi nes Corp . s i nc e 2009, a f te r s erv i ng as P res i den t & CO O .

R i ch ar d Patr i ci o E V P C o rp o ra t e A f fa i rs fo r Me g a U r an i u m a nd V P Le g a l & C o rp o r a t e A f f a i rs f o r P i n e t r e e C a p i t a l , r es p o ns i b l e

fo r M& A ac t i v i t i es and c orpora t e t ran s ac t io n s .

Eu n H o C h eo n g V i c e P res i den t o f O v ers eas Res ourc es P ro j ec t Dev e l opme nt fo r K E P CO .

Steven K h an F ormer P res i den t and Di rec to r o f S t ra thmo r e Mi nera l s 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


WORLD NUCLEAR REACTOR FORECASTS(1)

Significant Supply & Demand Imbalances Expected

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: Reacto r Fo recasts : 24% Uranium Spo t Price (2): 54%

# Rea

ctor

s

Spot Price of Uranium

(1) World Nuclear Association, August 2013, Ux Consulting (2) At September 30, 2013, the Spot Price was $35.00/lb. and the

Long-Term price was $50.00/lb. 12


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Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Reactors Proposed

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Reactors In Construction

Reactors Operating

Uranium Spot Price (in $)

Uranium Term Price (in $)

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 13


51.0

24.2

17.4 13.2 11.0

6.1 4.9 4.8 4.6 3.9 4.1 -

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- 2.5

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USA France China Russia S. Korea Ukraine Germany UK Canada Sweden

Uranium Requirements (M lbs.) Uranium Production (M Lbs.)The Top 5 consumers are nearly 90% dependent on imports

US = Over 90% Dependent on Imports

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. U3O8 per year consumed in US

… yet only produces ~4 million lbs. of U3O8 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 difficul t, time-consuming and expensive

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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

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THE WHITE MESA MILL The Only Operating Conventional Uranium Mill in the US Reliable supplier of U3O8 and V2O5

Licensed Capacity: 2,000 tons of ore per day (and up to 8 million lbs. U3O8 per year) Has produced ~4.5 million lbs. U3O8 per year in the past

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 3rd party miners represent significant potential sources of revenue

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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 3rd par ty producers , includ ing uran ium-bear ing ta i lings 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

U3O8 grades: < 1% to over 75%

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ENERGY FUELS’ MARKETING STRENGTHS A Reliable U.S.-Based Supplier of U3O8 Attrac tive to utility 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 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 3rd party miners represent significant additional revenue sources Potential to secure new supplies of relatively lower-cost alternate feed materials

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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

Nor thern Ar izona

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ROCA HONDA PROJECT Large-Scale, High-Grade Project in New Mexico Energy Fuels 3rd Largest U3O8 Resource

Acquired from Strathmore Minerals in August 2013

Joint venture with Sumitomo Corporation of Japan Energy Fue ls : 60% Sumitomo: 40%

Potential to process resource at White Mesa Mill Avo id ing the time and cost o f pe rmitting and build ing a new mil l in NM

Preliminary Economic Analysis(1)

Demonstrates average annual production of 2.6M lbs. of U3O8 over a 9 year mine life

NI 43-101 Resource Estimate:

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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 (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.

HENRY MOUNTAINS COMPLEX Permitted & Developed Mine in Utah Energy Fuels’ 2nd largest

U3O8 resource Production as recently as

2010 Major existing infrastruc ture ~17-miles of existing

underground workings ~120-miles to White Mesa Measured & Indicated

Resources: Lbs. U 3O 8: 12.8 mil l io n T ons: 2.4 mil l io n Avg. Grade: 0.27%

Inferred Resources: Lbs. U 3O 8: 8.1 mil l io n T ons: 1.6 mil l io n Avg. Grade: 0.25%

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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

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SHEEP MOUNTAIN PROJECT Large Stand-Alone Development Project in Wyoming Energy Fuels’ largest U3O8 resource (Indicated):

Lbs. U 3O8: 30.3 mil l ion Tons: 12.9 mil l ion Av g. Grade: 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 l i fe Open pi t & underground mining Low-cost heap leach recovery

Pre-Tax Financial Evaluation (1) 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

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(1) Assumes uranium price of $65/lb.

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 Based on expected FY-2013 de live ries

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

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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 -- -- -- -- -- -- Henry Mountains 2,402 0.27% -- 12,814 -- 1,615 0.25% -- 8,082 -- Roca Honda(2) 1,246 0.40% -- 10,070 -- 869 0.41% -- 7,136 -- Marquez 3,611 0.13% -- 9,130 -- 2,160 0.11% -- 4,907 -- Gas Hills 2,300 0.13% -- 5,400 -- 3,900 0.07% -- 5,500 -- Juniper Ridge 4,140 0.06% -- 5,208 -- -- -- -- -- -- San Rafael 758 0.22% 0.30% 3,405 4,596 454 0.21% 0.28% 1,860 2,510 Dalton Pass 1,623 0.10% -- 3,071 -- 908 0.08% -- 1,530 -- Sage Plain 643 0.23% 1.39% 2,834 17,829 49 0.18% 1.89% 181 1,854 Nose Rock 2,594 0.15% -- 2,594 -- 167 0.14% -- 452 -- Energy Queen 224 0.31% 1.35% 1,396 6,030 68 0.27% 1.33% 366 1,804 Whirlwind 169 0.30% 0.97% 1,003 3,293 437 0.23% 0.72% 2,000 6,472 Sky 669 0.07% -- 948 -- 55 0.05% -- 54 -- Daneros -- -- -- -- -- 156 0.21% -- 661 -- Canyon -- -- -- -- -- 83 0.98% -- 1,629 -- Pinenut -- -- -- -- -- 95 0.54% -- 1,037 -- Arizona 1(3) -- -- -- -- -- 46 0.64% -- 594 -- EZ Complex -- -- -- -- -- 224 0.47% -- 2,105 -- Other Properties 158 0.20% 0.99% 642 3,104 28 0.22% 0.80% 120 443 TOTAL 33,432 88,800 34,852 11,314 38,214 13,083

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ENERGY FUELS INC. AMERICA’S PREMIER URANIUM PRODUCER

(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) 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.

TSX | EFR OTCQX | EFRFF

Q3-2013 FINANCIAL HIGHLIGHTS SALES

Average Sales Price: $58.75 /lb. U3O8 Sales: 50,000 lbs. V2O5 Sales: 315,000 lbs.

PRODUCTION Cost of Production(1): $38.82 /lb. Adjusted Cost of Production(1): $32.26 /lb. U3O8 Production (Conventional): 416,000 lbs. U3O8 Production (Alternate Feed): 95,000 lbs. V2O5 Production: 490,000 lbs.

INVENTORY Uranium Concentrates @ June 30, 2013: 502,000 lbs.

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(1) C os t of produc t ion and adjus t ed c os t o f produc t ion per pound of U 3O8 are non- I F R S m eas ures t hat t he C om pany ut i l iz es t o m eas ure t he per f orm anc e of i t s uranium produc t ion bus ines s at t he W hi t e M es a M i l l

FY-2013 & Q4-2013 GUIDANCE FY-2013

Sales: 1.00 million lbs. U3O8 of which 96% are pursuant to term contracts

1.54 million lbs. V2O5

Production: 1.15 million lbs. U3O8 1.54 million lbs. V2O5

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 U3O8 Sales: 257,000 lbs. all of which are pursuant to term contracts

U3O8 Production: 125,000 lbs. all from alternate feed materials

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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 OTCQX : EFRFF www.energyfuels.com


efr 102013

Economy & Finance