American Uranium. Ready to Go Further. Energy Fuels Inc. NYSE MKT | - PowerPoint PPT Presentation

American Uranium. Ready to Go Further. Energy Fuels Inc. NYSE MKT | UUUU TSX | EFR Energy Fuels’ Canyon Mine March 2017 High-Grade Uranium + Copper

Important Information for Investors & Stockholders Please carefully review the following important information about this presentation: ▲ Forward Looking Statements | PAGE 30 ▲ Notice Regarding Technical Disclosure | PAGE 31 ▲ Cautionary Statements For U.S. Investors Concerning Mineral Resources | PAGE 32 NYSE MKT: UUUU | TSX: EFR www. energyfuels .com 2

Energy Fuels Today’s Presentation ▲ Uranium Markets The History of Uranium Markets … and is History Repeating? Will Global Production Actually Respond? Are we in the Early Stages of the Next Uranium “Super Cycle”? ▲ Profile of Energy Fuels Conventional Production In Situ Recovery (“ISR”) Other Business Opportunities ▲ Energy Fuels Is Ready to Fill the Supply Gap ▲ Non-Core Assets Potentially Available for Transaction NYSE MKT: UUUU | TSX: EFR www. energyfuels .com 3

The History of Uranium Prices, Production & Lags (1) $180.00 180 Nominal $ Real $ Production 168.6M lbs. 162M lbs. $160.00 160 $140.00 140 1979 : Three Mile Island 119.7M lbs. $120.00 120 $100.00 100 81.7M lbs. 83.1M lbs. $80.00 80 2008 : Global Financial Crisis $60.00 60 2011 : Fukushima 2006 : Cigar Lake Floods 2005 : China’s 11 th 5-Year 1986 : Chernobyl Plan Promotes Nuclear $40.00 40 Late 60s to early-70s : Major Global 2003 : McArthur River 1995 : NUEXCO Reactor Construction Floods Bankruptcy $20.00 20 1993-2013 : US-Russia Megatons-to-Megawatts Program $- 0 1947 1952 1957 1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 “The Emergence Years” “The Coma Years” “The Renaissance Years” Growing Uranium Demand Stagnant Uranium Demand Growing Uranium Demand 1) Prices sourced from TradeTech; Production numbers sourced from Uranium Associates Pty Ltd.; 2016 price= 2016 low ($17.75) and 2017 price= 2017 high through Feb. 2 ($26.00); 4 2016 & 2017 production based on base-case (FAM1) TradeTech estimates.

Is History Repeating? Aspects of “Coma Years” Repeating … but with MAJOR Differences “COMA YEARS” TODAY Reactor growth stagnant Reactor construction increasing Excess global supplies Uranium demand increasing Uranium demand stagnant Insufficient Exploration not Excess inventories much lower production cuts replacing production Long permitting + development Massive excess inventories timelines delay new projects Legacy contracts Mines being “high- expiring graded” Forecasts for future of nuclear Investors can own physical uranium energy stagnant Limited investment in Enricher underfeeding new production Megatons-to-Megawatts Agreement High Kazakh production Minimal Kazakh production (but now decreasing?) 5

Will Uranium Global Production Respond? To rising demand + rising prices 2009 WNA Forecast KEY POINTS 70 Million Lbs. Per Year (Renaissance Years 2005-2012) Expected New “Near-Term” Production (1) ▲ Uranium prices over $40 per lb. ▲ Significant capital available for 2014 Actual (2) new projects ~6 million Lbs. Per Year ▲ Ex-Kazakhstan, global uranium Only 9% of 2009 WNA Forecast production dropped ▲ Several projects failed 2015 Actual (2) ▲ Kazakhstan = Only reason there ~16 million pounds per year have been no uranium shortages Only 22% of 2009 WNA Forecast 1) WNA Production Report: Production in “Development” (45M lbs.) + “Planned” and “Prospective” Production, ex-Kazakhstan (25M lbs.) 2) Compared to the 2009 WNA Production Forecast 6

Uranium Markets Recent Market Developments ▲ Kazakhstan Cutting Production 10% (~5M Lbs.) (1) Also creating new Swiss-based uranium marketing entity ▲ Other Significant Production Cuts Announced Rabbit Lake (4M lbs./year) (2) ; McArthur River (2M lbs. in 2016) (2) ; Langer- Heinrich (1.5M lbs./year) (2) ; Husab (missed 2016 production by 5.0M lbs.) (3) ; and Cameco recently announced potential for more cuts ▲ Japan 3 units restarted +Japanese think tank expects14 units operating by Q1-2018 (4) ▲ United States Building – and Saving – Plants 99 units operating; 4 being constructed; legislation being passed to save units (5) ▲ New Trump Administration Supportive of Nuclear Rick Perry committed to evaluating DOE uranium sales (~5M lbs./year) ▲ U.S. Uranium Import Risk Only ~6% of U.S. uranium requirements “Newly Mined” in the U.S. ~40% from Russia, Kazakhstan, & Uzbekistan (6) (1) 2017 Cuts; Ux Weekly, 31-02, January 9, 2017 (4) IEEJ Reference Case Scenario, December 22, 2016 (2) Ux Consulting, Scotiabank Presentation, January 2017 (5) Owned by Exelon (3) TradeTech, Uranium Market Study, Issue 4, 2015 forecast (6) U.S. Energy Information Administration 7

Supply Risks + The Next Uranium Super Cycle Another “Coma” … or “The Calm Before the Storm”? ▲ Uranium demand is rising ▲ Most of today’s uranium production is unsustainable at current prices ▲ As legacy contracts expire, mines are expected to cut-back or close ▲ New production is expected to lag demand ▲ No new “Kazakhstans” on the horizon ▲ Existing uranium projects need higher prices to justify continuing production ▲ New uranium projects need much higher prices to justify entering production ▲ A number of expected projects will fail to meet expectations Not Considering … Mine accidents, technical problems, lawsuits, indigenous challenges, labor disputes, contract defaults, etc. 8

Energy Fuels A Proven U.S. Producer … Ready to Fill the Gap White Mesa Mill (Utah) ▲ 2 nd Largest Uranium Producer in U.S. in 2016 1,035,000 lbs. of production in 2016 ▲ Existing Conventional + ISR Production Nichols Ranch (Wyoming) Utah, Wyoming, Arizona, and Texas ▲ De-Risked + Diversified Canyon Mine (Arizona) 3 permitted & operational uranium production facilities ▲ Uranium Sales to Major Nuclear Utilities 1.15 million lbs. of U 3 O 8 sales in 2016 ▲ Significant Organic Production Growth Alta Mesa (Texas) Potential Leverage to increasing uranium prices NYSE MKT: UUUU | TSX: EFR www. energyfuels .com 9

Strategic Positioning U.S. is the World’s Largest Nuclear Market NYSE MKT: UUUU | TSX: EFR www. energyfuels .com 10

Board + Management Proven Leadership in the Global Uranium Mining Sector J. Birks Bovaird Stephen Antony President, CEO & Director Chairman Stephen P. Antony President, CEO & Director Mark Chalmers Chief Operating Officer Ames Brown Management Director Paul Carroll Paul Goranson Executive VP – ISR Operations Director Glenn Catchpole Director Daniel Zang Chief Financial Officer Bruce Hansen Director Senior VP, General Counsel & Corporate David Frydenlund Dennis Higgs Secretary Director Ron Hochstein Curtis Moore VP – Marketing & Corporate Development Director NYSE MKT: UUUU | TSX: EFR www. energyfuels .com 11

Scalability Unmatched in the U.S. Uranium Sector Unique Ability to Increase Uranium Resource Portfolio (1) Production Conventional Mill in Production 18 million lbs. + 52 million lbs. 12 million lbs. ISR Plant & Mine in Production + ISR Plant & Mine on Standby + 53 million lbs. High-Grade Mine in Development + Mines on Standby + Licensed capacity to produce 11.5+ million pounds Industry-Leading Resource Portfolio of uranium per year NYSE MKT: UUUU | TSX: EFR www. energyfuels .com (1) Please refer to Page 29 for additional information about reserves & resources. 12

The White Mesa Mill Conventional Uranium Production in Utah ▲ The only conventional uranium mill operating in U.S. ▲ 8+ Million Lbs. Per Year Licensed capacity ▲ 2017 expected production = 450,000 Lbs. ▲ Ongoing Production ▲ Central to the highest-grade uranium deposits Over 6 million lbs. of production since 2010 in U.S. ▲ 4.5 Million Lbs. ▲ Separate “alternate feed material” circuit Highest past annual production ▲ Revenue potential from 3 rd party processing NYSE MKT: UUUU | TSX: EFR www. energyfuels .com 13

Conventional Mines Near- and Long-Term Scalability ▲ The Canyon Mine (AZ) ~1% U 3 O 8 and high-grade Copper (1) High-Grade U + Cu Nearly Developed Surface complete; shaft nearly complete ▲ Large-Scale Projects (2) Sheep Mt. (WY) 30M lbs. of M&I Resources 15M lbs. of M&I + 11M lbs. Inf. Resources Roca Honda (NM) Henry Mts. (UT) 13M lbs. of M&I + 8M lbs. Inf. Resources ▲ Permitted/Developed Mines on Standby La Sal Complex (UT) 4M lbs. M&I + 0.4M lbs. Inf. Resources Daneros Mine (UT) 0.7M lbs. Inf. Resources Whirlwind Mine (CO) 1M lbs. M&I + 2M lbs. Inf. Resources Tony M Mine (UT) Portion of the Henry Mts. (1) Average grade of mineralization within mineable zones discovered so far. Several “standby” mines also contain high-grade Not NI 43-101 compliant. (2) Please refer to Pg. 29 for additional information on grade, tons and resource vanadium resources classification 14