URANIUM The Largest U.S. Producer VANADIUM Resuming Production in 2018 Energy Fuels Inc. NYSE American: UUUU TSX: EFR July 2018
IMPORTANT INFORMATION • Please carefully review important information about this presentation – Forward looking statements, page 25 – Notice regarding technical disclosure, page 26 – Cautionary statements for US investors concerning mineral resources, page 27 2
ENERGY FUELS – INVESTMENT THEMES #1 Uranium Producer in the U.S. 1 Leading production portfolio to capitalize on recovery faster – and on a greater scale – than peers 92 Resuming Vanadium Production in 2018 U 2 Expecting to become the only vanadium producer in the U.S. in 2018 Uranium 238.03 Uranium & Vanadium Poised for Growth Nuclear energy growing at fastest rate in 25 years; Vanadium prices up 400% in past two years 3 23 232 Petition Supporting U.S. Uranium Producers V Proposal for government trade quotas reserving 25% of U.S. market for U.S. uranium miners 4 Vanadium 50.94 Uranium ‘Alternate Feed Materials’ Super low-cost uranium production able to generate cash flow in today’s challenging market 5 Land Cleanup & Copper Recovery Additional opportunities to generate significant future cash flow 6 3
MARKET-LEADING PORTFOLIO URANIUM & VANADIUM ASSETS IN THE U.S. • Track record of sustained market leadership Energy Fuels’ Uranium Production Rank in U.S. • Ability to significantly increase production #1 as uranium prices rise #2 #3 • The only U.S. uranium supplier with both conventional & in-situ recovery (ISR) – 3 existing low-cost production facilities in Utah 2017 2015 2016 (conventional), Wyoming (ISR) & Texas (ISR) • 100% owner of the only fully-permitted & operational conventional uranium & vanadium mill in the U.S. – The White Mesa Mill (Utah) offers broad revenue- generating opportunities – Resuming vanadium production in 2018 4
STRATEGIC URANIUM PRODUCTION ASSETS IN U.S. U.S. IS THE WORLD’S BIGGEST NUCLEAR MARKET Nichols Ranch ISR Sheep Mountain Whirlwind La Sal Henry White Mesa Mill Mountains Canyon Roca Honda Alta Mesa ISR Conventional mill ISR plant and mine Major mine/project Existing nuclear power plant Nuclear power plant under construction 5
UNMATCHED FLEXIBILITY TO SCALE-UP PRODUCTION ENERGY FUELS CAN PRODUCE MORE POUNDS – FASTER – THAN COMPETITION 1 Speed to Increase 2017 Production M&I Inferred Mine Status Production Life (Lbs.) 2 (Lbs.) (Lbs.) 20 yr. ANNUAL PRODUCTION TARGET AT $40 - $50 PER POUND SALES PRICE = UP TO 2.5M POUNDS OF U 3 O 8 PER YEAR Nichols Ranch Permitted/Operating 259,000 6 months 10 yrs. 5.5m 1.1m Alta Mesa Permitted/Standby 0 12 months 15 yrs. 3.2m 16.8m Canyon (U 3 0 8 & Cu) Permitted/Standby 0 12 months 4 yrs. 2.4m 0.2m Alternate Feeds – White Mesa Permitted/Operating 366,000 6 months Ongoing n/a n/a Toll Processing – White Mesa Permitted/Operating 950,000 6 months Ongoing n/a n/a ANNUAL PRODUCTION TARGET AT $60 PER POUND SALES PRICE = ADDITIONAL 1M – 4M POUNDS OF U 3 O 8 PER YEAR La Sal Complex (U 3 0 8 & V 2 O 5 ) Permitted/Standby 0 6 months 7 yrs. 4.1m 0.4m Daneros Permitted/Standby 0 6 months 5 yrs. 0.1m 0.1m Whirlwind (U 3 0 8 & V 2 O 5 ) Permitted/Standby 0 12 months 8 yrs. 1.0m 2.0m Tony M Permitted/Standby 0 12 months 13 yrs. 8.1m 2.8m Roca Honda Advanced Permitting 0 4 years 9 yrs. 14.6m 11.2m Bullfrog Pre-permitting 0 6 years 13 yrs. 4.7m 5.3m Sheep Mt. Permitted 0 6 years 15 yrs. 30.3m n/a 10 yr. Nichols Ranch ISR Plant Alta Mesa ISR Plant White Mesa Mill Heap Leach Facility PRODUCTION FACILITY: 1 All figures are Company estimates 2 All NI 43-101 compliant resources. Please see resource table on page 27 for further information on pounds, resource classification, grade and tonnage. 6
NICHOLS RANCH ISR FACILITY – URANIUM FULLY LICENSED, CONSTRUCTED, AND IN PRODUCTION 2M lbs. 9 259,000 lbs. 2017 U 3 O 8 production Annual licensed capacity Wellfields now in production • Producing today • Ready to increase production within 6 Jackson Nichols Ranch ISR months of “GO” decision • Fully-permitted wellfields w/ significant in- Casper ground resources provide long-term production profile – Nichols Ranch Wellfields – 4 future wellfields Cheyenne – Jane Dough Wellfields – 22 future wellfields – Hank Wellfields – 8 future wellfields 7
ALTA MESA ISR FACILITY – URANIUM FULLY-PERMITTED, CONSTRUCTED, AND READY TO RESUME PRODUCTION 1.5M lbs. 200,000 4.6M lbs. U 3 O 8 Produced 2005 – 2013 Annual licensed capacity Total project area (acres) • On standby today • Ready to resume production within 12 Dallas months of “GO” decision • Significant in-ground Austin uranium resources Houston • Potential to greatly Corpus Christi expand resources through exploration Alta Mesa ISR 8
WHITE MESA MILL – URANIUM + VANADIUM THE ONLY CONVENTIONAL URANIUM & VANADIUM MILL IN THE U.S. 366,000 lbs. 946,000 lbs. 8M+ lbs. 2017 U 3 O 8 Production Annual licensed capacity U 3 O 8 Processed for 3 rd Party in 2017 1 • Uranium – In production today with considerable excess capacity – Central to the highest-grade uranium deposits in U.S. – Separate circuit for processing low-cost alternate feed materials Salt Lake City • Vanadium – Separate vanadium production circuit – Significant past V 2 O 5 production Moab – Resuming V 2 O 5 production in 2018 • Copper – Evaluating potential to process copper from Canyon mine White Mesa Mill • Other Business Opportunities Alternate feed materials, 3 rd party toll milling, land cleanup work – 9
CANYON MINE – URANIUM + COPPER FULLY-PERMITTED, CONSTRUCTED, AND READY TO ENTER PRODUCTION • High-grade uranium + copper • Surface development + main Canyon Mine shaft complete to 1,470-feet • Very low “all-in” cost of Flagstaff production – Copper credits could reduce Phoenix costs further Tucson • Process at White Mesa Mill • Reduced activity today 1 Please refer to page 27 for more information on grade, tonnage, and resource classification Production Ready: 2017 Resource Estimate: The highest-grade • 2.4M lbs. of Uranium – 0.9% U 3 O 8 (1) uranium mine in the U.S. • 11.9M lbs. of Copper – 5.9% Cu (1) 10
ADDITIONAL CONVENTIONAL MINES – URANIUM + VANADIUM OFFERING NEAR-TERM PRODUCTION & LONG-TERM SCALABILITY La Sal Complex/Beaver Shaft • Fully-permitted & developed mines on standby Uranium + Vanadium – La Sal Complex (Utah) – Daneros Mine (Utah) – Whirlwind Mine (Utah/Colorado) – Henry Mountains – Tony M Mine (Utah) 1 • Future large-scale mines – Roca Honda (New Mexico) Whirlwind Mine Uranium + Vanadium – Henry Mountains – Bullfrog (Utah) 1 • Fully-permitted large-scale mine – Sheep Mountain (Wyoming) Vanadium La Sal, Whirlwind, and other mines have significant high- grade vanadium resources – all near the White Mesa Mill 1 The Henry Mountains Complex is comprised of the Tony M mine and the Bullfrog Project 11
VANADIUM RESUMING PRODUCTION IN 2018 400%+ 1.5M lbs. 32M lbs. 1 Increase in vanadium prices Most recent V 2 O 5 production M&I vanadium resources at La Sal & since 2016 by Energy Fuels (2013) Whirlwind Mines (1% avg. grade 1 ) WHITE MESA MILL PERMITTED & DEVELOPED VANADIUM MARKET MINES • Separate vanadium recovery • Steel, titanium, & other circuit alloys • Expect to produce 500,000 lbs. • Strategic mineral for of V 2 O 5 in late-2018, early- defense applications 2019 (low-cost capital • Commercialization of preparations underway) advanced vanadium • Up to 4 million lbs. recoverable batteries V 2 O 5 in pond solutions • Increasing demand & • Nearby stockpiles; alternate production cuts driving price feeds, conventional mines increases 1 Please refer to page 27 for more information on grade, tonnage, and resource classification 12
“Energy Fuels and Ur-Energy Jointly File Section 232 Petition with U.S. Commerce PETITIONING U.S. GOVERNMENT FOR URANIUM QUOTA Department to Investigate Effects of Uranium Imports on U.S. National Security” INITIATING SECTION 232 INVESTIGATION Press Release – January 16, 2018 • U.S. Department of Commerce (“DOC”) required to initiate investigation UP TO • Proposed trade remedies: 12M – Quota reserving 25% of U.S. nuclear market for U.S. uranium miners – U.S. government utilities & agencies required to buy U.S. uranium POUNDS/YEAR RESERVED FOR • DOC has up to 270 days to complete investigation & submit U.S. MINERS recommendations to the President • President has up to 90 days to impose trade remedies • If successful, Petition likely to result in revitalization of U.S. uranium industry with negligible effects on U.S. utilities & consumers 13
STRONG URANIUM CUSTOMER BASE MAJOR NUCLEAR UTILITIES • Favorable industry reputation, including perfect track record of on-time deliveries 650,000 • Low risk of non-payment due to customer profile and strength • Near-term focus on U.S. with expansion potential in LBS OF SALES global growth markets IN 2018 (AT $48/LB.) 1 • Energy Fuels is the preferred U.S. uranium supplier due to multiple existing production facilities + proven track-record 1 Company guidance 14
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