<SEC-DOCUMENT>0001062993-14-001702.txt : 20140331
<SEC-HEADER>0001062993-14-001702.hdr.sgml : 20140331
<ACCEPTANCE-DATETIME>20140331060148
ACCESSION NUMBER:		0001062993-14-001702
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20140328
FILED AS OF DATE:		20140331
DATE AS OF CHANGE:		20140331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENERGY FUELS INC
		CENTRAL INDEX KEY:			0001385849
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36204
		FILM NUMBER:		14727698

	BUSINESS ADDRESS:	
		STREET 1:		2 TORONTO STREET - SUITE 500
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 2B6
		BUSINESS PHONE:		303-974-2140

	MAIL ADDRESS:	
		STREET 1:		2 TORONTO STREET - SUITE 500
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 2B6
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
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   <TITLE>Energy Fuels Inc.: Form 6-K - Filed by newsfilecorp.com</TITLE>
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<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>Washington, D.C. 20549
</B></P>
<P align=center><B><FONT size=5>Form 6-K </FONT></B></P>
<P align=center><B>REPORT OF FOREIGN PRIVATE ISSUER </B><B>PURSUANT TO RULE
13a-16 or 15d-16 UNDER THE </B><BR><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center>For the month of <B><U>March 2014 </U></B></P>
<P align=center>Commission File Number <B>001-36204 </B></P>
<P align=center><B><FONT size=5><U>ENERGY FUELS INC.
</U></FONT><BR></B>(Translation of registrant&#146;s name into English) </P>
<P align=center><B>2 Toronto Street, Suite 500 <BR></B><B>Toronto, Ontario,
Canada <BR>M5C 2B6<BR></B>(Address of principal executive offices) </P>
<P align=justify>Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=center>Form 20-F [ ] </TD>
    <TD width="50%" align=center>Form 40- F [X] </TD></TR></TABLE>
<P align=justify>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]</P>
<P align=justify><B>Note: </B>Regulation S-T Rule 101(b)(1) only permits the
submission in paper of a Form 6-K if submitted solely to provide an attached
annual report to security holders. </P>
<P align=justify>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]</P>
<P align=justify><B>Note: </B>Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report or other
document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrant&#146;s &#147;home country&#148;), or under the
rules of the home country exchange on which the registrant&#146;s securities are
traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrant&#146;s security
holders, and, if discussing a material event, has already been the subject of a
Form 6-K submission or other Commission filing on EDGAR. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
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<P align=center><B>SIGNATURE</B> </P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="50%" align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="50%" align=left><U>_/S/ David C.
      Frydenlund__________________</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="50%" align=left>David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: March 28, 2014 </TD>
    <TD width="50%" align=left>Senior Vice President, General Counsel &amp;
      Corporate </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="50%" align=left>Secretary </TD></TR></TABLE>
<P align=center>-2- </P>
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width="100%" noShade>
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<P align=center><B>INDEX TO EXHIBITS</B> </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD bgColor=#eeeeee width="90%" align=left><a href="exhibit99-1.htm">Press Release dated March 28,
      2014</a> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-2.htm">99.2</a></TD>
    <TD align=left><a href="exhibit99-2.htm">Press Release dated March 28, 2014</a></TD>
  </TR>
</TABLE>
<P align=center>-3- </P>
<HR align=center color=black SIZE=5 width="100%" noShade>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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   <TITLE>Energy Fuels Inc.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
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<!--$$/page=--><A name=page_1></A>&nbsp;<BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD rowSpan=6 align=left><IMG border=0 src="exhibit99-1x1x1.jpg"></TD>
    <TD vAlign=bottom width="30%" align=left><B>Suite 500 &#150; 2 Toronto
      Street</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="30%" align=left><B>Toronto, Ontario M5C 2B6</B>
    </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="30%" align=left><B>Tel: 416 214 2810</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="30%" align=left><B>Fax: 416 214 2727</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="30%" align=left>investorinfo@energyfuels.com
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="30%" align=left>www.energyfuels.com
</TD></TR></TABLE></DIV>
<P align=center><B>Energy Fuels Announces Results for the 15 Months Ended
December 31, 2013 </B></P>
<P align=center>Toronto, Ontario &#150; <B>March 28, 2014 </B></P>
<P align=justify><B>Energy Fuels Inc. (NYSE MKT:UUUU; TSX:EFR) (&#147;Energy Fuels&#148;
or the &#147;Company&#148;) </B>today reported its financial results for the 15 months
ended December 31, 2013. The Company&#146;s Annual Consolidated Financial Statements,
along with Management&#146;s Discussion and Analysis and its Annual Information Form
are available through its filings with the securities regulatory authorities in
Canada on the System for Electronic Document Analysis and Retrieval (&#147;SEDAR&#148;)
and may be viewed at www.sedar.comand in the United States on the Electronic
Document Gathering and Retrieval System (&#147;EDGAR&#148;) which, along with the
Company&#146;s annual report on Form 40-F, may be viewed at www.sec.gov/edgar.shtml,
and on the Company&#146;s website at www.energyfuels.com. Unless noted otherwise, all
dollar amounts are in US dollars. </P>
<P align=justify>As previously reported, readers should be advised that the
Company has changed its fiscal year end from September 30 to December 31 and,
accordingly, the annual results for the fiscal period ended December 31, 2013
are for the 15 months ended December 31, 2013. The Company also completed a
consolidation of its common shares, effective November 5, 2013, on the basis of
50 pre-consolidation shares for each post-consolidation share. All share and per
share amounts in this press release are shown on a post-consolidation basis.
</P>
<P align=justify><B>Selected Summary Financial Information:</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="12%" noWrap
    align=center>15 months ended </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="12%" noWrap
    align=center>12 months ended </TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>$000, except per share data </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center>December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center>September 30, 2012</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left><B>Results of Operations:
    </B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#ffffff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;Total revenues </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>&nbsp;73,248 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>&nbsp;25,028 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>&nbsp;Net income (loss) </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>(87,325</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>1,534 </TD>
    <TD bgColor=#ffffff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    align=left>&nbsp;Basic and diluted earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>(5.61</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>0.26 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="12%" noWrap
    align=center>As at December 31, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="12%" noWrap
    align=center>As at September 30, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>$000's </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center>2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center>2012 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Financial Position: </B></TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;Working capital
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>&nbsp;33,480 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>&nbsp;41,934 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Property, plant and equipment
</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>100,969 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>119,524 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;Total assets </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>176,133 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>223,844 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp;Total long-term liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>31,579 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>37,921 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B></B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B></B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%"
  align=left>&nbsp;</TD></TR></TABLE></DIV>
<P align=center>1</P>
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<P align=justify><B>Financial and Operational Highlights for the 15 Months ended
December 31, 2013: </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Generated cash flow from operations of $0.45 million for the 15 months
  ended December 31, 2013.
  <LI>Sold 956,668 pounds of U<SUB>3</SUB>O<SUB>8</SUB>, pursuant to term
  contracts at an average realized price of $56.47 per pound.
  <LI>Sold an additional 200,000 pounds of U<SUB>3</SUB>O<SUB>8 </SUB>to an
  existing term contract customer at an average price of $40.25 per pound. This
  sale was completed at a premium to the spot market at the time, as the Company
  provided the customer with a discount on portions of its long-term contract
  deliveries in the years 2015 through 2017. Sold an additional 40,000 pounds of
  U<SUB>3</SUB>O<SUB>8 </SUB>on the spot market at an average price of $41.50
  per pound.
  <LI>Vanadium sales generated $9.20 million for the 15 months ended December
  31, 2013.
  <LI>Production at the White Mesa Mill totaled 1,235,000 pounds of
  U<SUB>3</SUB>O<SUB>8</SUB>, from conventional ore and alternate feed
  materials. The mill also produced 1,537,000 pounds of
  V<SUB>2</SUB>O<SUB>5</SUB>.
  <LI>As of December 31, 2013, the Company had working capital of $33.48
  million, including cash and cash equivalents of $6.63 million and 452,000
  pounds of uranium concentrate inventory.
  <LI>Raised aggregate gross proceeds of $11.35 million, through a June 2013
  $6.52 million bought deal private equity placement and an October 2013 $4.83
  million bought deal offering.
  <LI>Acquired Strathmore Minerals Corp. (&#147;Strathmore&#148;) in August 2013, adding
  high-quality projects and uranium resources to the Company&#146;s portfolio.
  <LI>Completed a 50 for 1 share consolidation in November 2013, and a listing
  of the Company&#146;s common shares on the NYSE MKT in December 2013, which helped
  the Company access a larger pool of institutional and retail investors and
  improved the overall trading liquidity of the Company&#146;s shares.
  <LI>As previously reported, as a result of the drop in both the spot and term
  U<SUB>3</SUB>O<SUB>8 </SUB>prices from July 1, 2013 through September 30,
  2013, and the Company&#146;s expectation to place its Pinenut mine on stand-by in
  July 2014, the Company tested its plant, property and equipment for impairment
  and recognized an impairment loss of $60.26 million in the quarter ended
  September 30, 2013. </LI></UL>
<P align=justify><B>Corporate Highlights for the 15 Months Ended December 31,
2013 </B></P>
<P align=justify>The 15 months ended December 31, 2013 brought both
opportunities and challenges to Energy Fuels, as it continued to build its
uranium resource portfolio and strengthen its position as the leading
conventional uranium producer in the United States. During this period, Energy
Fuels produced over 1.2 million pounds of U<sub>3</sub>O<sub>8 </sub>from
its White Mesa Mill, which is the only conventional uranium mill operating in
the United States. This production accounted for approximately 25% of all
United States production in 2013. The Company also added a number of
high-quality projects and uranium resources to its portfolio, most notably from
its acquisition of Strathmore. The Strathmore acquisition included the Gas Hills
and Juniper Ridge projects in Wyoming and the Roca Honda Project in New Mexico.
The Roca Honda Project is one of the largest and highest grade uranium deposits
in the United States, 40% of which is held by joint venture partner, Sumitomo
Corporation of Japan. In addition, the Company was listed on the NYSE MKT,
entered into a Strategic Relationship Agreement with Korea Electric Power
Corporation (&#147;KEPCO&#148;), and completed two equity financings, raising aggregate
gross proceeds of over $11 million. </P>
<P align=justify>Energy Fuels continued to process both conventional ore and
alternate feed materials at its White Mesa Mill during the 15 months ended
December 31, 2013. In addition, the Company continued ore production at its
Arizona 1 and Pinenut mines in northern Arizona, and delivered uranium into its
existing term contracts with realized prices at a significant premium to the
current spot price. However, the Company also responded to what continues to be
a challenging uranium market environment, by placing three of its mines on
standby in late 2012, and placing shaft sinking operations at the Canyon mine on
standby in November 2013. In addition, the Company expects to place all
ore production and mineral processing at the White Mesa Mill on standby status
by mid-2014.</P>
<P align=center>2</P>
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<P align=justify>As described in the Energy Fuels&#146; Outlook for the Year Ending
December 31, 2014 (&#147;FY-2014&#148;) section below, Energy Fuels intends to continue to
maintain its mill and mining projects in a state of readiness, and to continue
to advance permitting on key projects, for the purpose of allowing the Company
to resume mining and increase uranium production, as market conditions warrant.
Energy Fuels will also continue to deliver into its existing term contracts
utilizing production, inventories, and spot purchases. </P>
<P align=justify>&#147;In 2012 and 2013, Energy Fuels established itself as a major
U.S. uranium producer,&#148; stated Stephen P. Antony, President and CEO of Energy
Fuels. &#147;Though we intend to reduce production in 2014, placing production on
standby later this year, we will continue to maintain our optionality by being
able to increase production as market conditions warrant. We believe our
demonstrated U.S. production capabilities will become all the more strategic in
the years to come, as World events are now proving the essential need for
secure, reliable energy supplies. Energy Fuels also showed it has the
flexibility to seize opportunities and respond to changing market conditions.
Our acquisition of Strathmore was just such an opportunity, as we now have the
largest NI 43-101 compliant uranium resource base in the U.S., among producers
or near-producers. Finally, we are continuing to move our large-scale, base-load
projects forward, including the Sheep Mountain, Roca Honda and Henry Mountains
projects. Although current uranium economics remain challenging, we remain
optimistic about the long-term fundamentals. We will continue to respond
proactively to these dynamic market conditions.&#148; </P>
<P align=justify><B>Corporate Highlights since December 31, 2013 </B></P>
<P align=justify>As previously announced, on March 3, 2014, the Company
completed the replacement of its $28.17 million regulatory bonding portfolio
with equivalent bonds from other surety providers, releasing to the Company
$12.34 million of previously restricted cash. </P>
<P align=justify><B>Energy Fuels&#146; Outlook for the Year Ending December 31, 2014
(&#147;FY-2014&#148;) </B></P>
<P align=justify>During 2013, the spot price of uranium dropped to and remained
at approximately $35.00 per lb. U<sub>3</sub>O<sub>8</sub>. In
addition, the long term U<sub>3</sub>O<sub>8</sub> price dropped to and
remains at approximately $50.00 per pound (see Market Outlook for the Year
Ending December 31, 2014 below). Energy Fuels continues to believe that the
current spot price of U<sub>3</sub>O<sub>8</sub> is below the economic cost to
produce U<sub>3</sub>O<sub>8</sub> from many currently operating uranium
mines around the world, and is well below the economic cost to develop the new
uranium mines which the Company believes will be required to fuel the projected
global growth in nuclear energy. Low uranium prices have adversely impacted
uranium production and development plans globally. As a result, it should be
expected that prices will need to rise to higher, sustained levels to support
the new mines that will be required to meet increasing demand. </P>
<P align=justify>As of December 31, 2013, Energy Fuels held 452,000 pounds
of U<sub>3</sub>O<sub>8</sub> in inventory. Energy Fuels has
U<sub>3</sub>O<sub>8</sub> term supply contracts in place with average
realized sales prices projected to be $58.42 per pound
U<sub>3</sub>O<sub>8 </sub>in FY-2014. This represents a 67% premium
to the current spot price of $34.70 per pound. These long term contracts provide
some protection to the Company against further reductions in the spot price of
uranium over the next several years, since the Company&#146;s term contract prices
are currently at their floors. The Company has contracted to purchase
U<sub>3</sub>O<sub>8</sub> in the spot market for sale into one of these
contracts, which, along with Energy Fuels&#146; significant
U<sub>3</sub>O<sub>8</sub> inventories and scheduled production, provides
the Company with operational flexibility to meet its contract delivery
requirements during 2014 and beyond. The Company&#146;s inventories and spot
purchases also reduce the Company&#146;s need for near-term
U<sub>3</sub>O<sub>8</sub> production. This will allow the Company to place its
Pinenut mine on stand-by in July 2014 and production at its White Mesa Mill on standby beginning in
August 2014. While on standby, the Company will continue to accept alternate
feed materials and maintain the White Mesa Mill in a state of readiness to be
able to restart mineral processing activities when a production decision is
made.</P>
<P align=center>3</P>
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<P align=justify>The Company&#146;s ability to replace produced
U<sub>3</sub>O<sub>8</sub> with purchased U<sub>3</sub>O<sub>8</sub>for
deliveries under one of its term contracts creates value for Energy Fuels by
allowing the Company to purchase U<sub>3</sub>O<sub>8</sub> at prices lower than
its production cost, and to realize significant margins between the spot
purchase price and the contract sale price. This allows the Company to
extend the life of its mines into the future by preserving its
U<sub>3</sub>O<sub>8</sub> resources, reducing operational risk associated with
production operations, and enabling the Company to implement additional
significant cost-cutting measures.</P>
<P align=justify>At the same time, Energy Fuels will continue to position itself
to realize the economic benefits of anticipated improvements in the price
of U<sub>3</sub>O<sub>8</sub>, through select development and permitting
expenditures and care and maintenance activities. Energy Fuels has a
number of projects with large U<sub>3</sub>O<sub>8</sub> resources,
including the Henry Mountains Complex and the Roca Honda Project, which,
in a higher U<sub>3</sub>O<sub>8</sub> price environment, have the
potential to provide large, base-load quantities of uranium resources to the
White Mesa Mill and the opportunity to produce U<sub>3</sub>O<sub>8 </sub>
with greater operating efficiency. In addition, the Company has
extensive U<sub>3</sub>O<sub>8</sub>resources in Wyoming which it expects
will result in a second major production center for the Company, as market
conditions warrant. The Company intends to continue permitting activities on
these projects during FY-2014. </P>
<P align=justify>As outlined below, Energy Fuels provides the following updated
outlook for FY-2014. The Company intends to closely monitor actual and
forecasted U<sub>3</sub>O<sub>8</sub> prices, and may change operating plans
under actual or expected market conditions, as necessary. Accordingly, the
outlook provided herein may differ materially from actual results:</P>
<UL style="TEXT-ALIGN: justify">
  <LI><B>FY-2014 Uranium Sales</B>: The Company forecasts FY-2014 sales to be
  approximately 800,000 pounds of U<SUB>3</SUB>O<SUB>8</SUB>, all of which will
  be sold into three existing long-term contracts. 300,000 pounds has been
  contracted for purchase in the spot market for sale into one contract. Energy
  Fuels expects to realize an average sales price of $58.42 per pound of
  U<SUB>3</SUB>O<SUB>8 </SUB>during FY-2014. This average realized price per
  pound will not be subject to any decrease resulting from declines in future
  U<SUB>3</SUB>O<SUB>8 </SUB>spot and/or term prices as each contract is at the
  minimum floor price. If uranium spot and/or long-term prices rise to certain
  levels during FY-2014, the price mechanisms contained within the Company&#146;s
  contracts provide the opportunity to capture a significant portion of such
  price improvements over the remaining terms of the contracts.
  <LI><B>Production for FY-2014</B>: The Company expects to produce
  approximately 500,000 pounds of U<SUB>3</SUB>O<SUB>8</SUB> during FY-2014,
  from both conventional ore (350,000 pounds) and alternate feed materials
  (150,000 pounds). Conventional ore processing is expected to resume during the
  second quarter of FY-2014 to process all ore mined through the middle of
  FY-2014 from the Arizona 1 and Pinenut mines, at which point both conventional
  ore and alternate feed processing is expected to be placed on standby in
  August 2014.
  <LI><B>FY-2014 Mining Activities: </B>Mining at the Pinenut mine is expected
  to continue into the middle of FY-2014, at which point the mine is expected to
  be placed on standby, unless improvements in market conditions warrant
  continued production. Mining at the Arizona 1 mine was placed on standby in
  the first quarter of FY-2014 due to the depletion of its currently economic
  resources. The Company is currently completing drilling in the Arizona 1 mine
  to determine if additional economic mineralization exists.
  <LI><B>FY-2014 Project Permitting</B>: During FY-2014, the Company expects
  permitting activities to total approximately $1.5 million, primarily at the
  Sheep Mountain, Roca Honda and Henry Mountains projects. </LI></UL>
<P align=center>4</P>
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<P align=justify><B>Market Outlook for the Year Ending December 31, 2014
</B></P>
<P align=justify>Over the medium- to long-term, nuclear power capacity and
generation are growing, while uranium production will likely struggle to meet
this growing demand. As a result, it should be expected that prices will need to
rise to higher, sustained levels to support the new mines that will be required
to meet increasing demand. However, in the short-to medium term, there is
uncertainty about uranium prices as a result of ample worldwide uranium
inventories, due in large part to secondary sources of supply, such as remaining
excess commercial inventories, inventories held by governments, reprocessing of
spent fuel, re-enriching tails and similar activities, as well as the
slower-than-expected restart of Japan&#146;s nuclear reactors. As a result of current
market conditions, many producing uranium mines have been placed on standby, and
uranium development projects are being delayed around the World. </P>
<P align=justify>Despite the current uncertainty, long-term demand fundamentals
in the uranium sector remain strong. World net electricity consumption is
expected to increase by 69% by 2035, according to the World Energy Outlook 2013,
a report issued by the International Energy Agency. As a result of high fossil
fuel prices, energy security concerns, improved reactor designs and climate
change concerns, new nuclear capacity is expected to be a significant part of
meeting this growth in electricity demand. According to the World Nuclear
Association, as of February, 2014, there are 434 nuclear reactors operable
worldwide in 30 countries, generating 374.3 gigawatts of electricity. Of perhaps
greater significance, 70 nuclear reactors are under construction in 14 countries
including 49 under construction in China, India, South Korea and Russia.
Overall, there are 483 new reactors on order, planned or proposed around the
World. The 70 reactors under construction are expected to require over 100
million pounds of U<sub>3</sub>O<sub>8</sub> for initial cores and an additional
38 million pounds of U<sub>3</sub>O<sub>8</sub> annually once they are in
operation, and those that are on order, planned or proposed are expected
to require approximately 268 million pounds of uranium per year. Contrasting
this with expected 2014 global reactor demand of just over 171 million pounds
clearly illustrates the growth potential of the uranium business.</P>
<P align=justify>Although long-term fundamentals remain strong, Energy Fuels
believes the near-to medium- term uncertainty in the market could lead to
continued sluggishness in the price of uranium. According to price data from The
Ux Consulting Company, LLC (&#147;UxC&#148;), the spot price of uranium dropped $9.00 per
lb., from $43.50 per pound on January 1, 2013 to $34.50 per pound on December
31, 2013. The UxC long-term price indicator dropped $6.00 per pound from $56.00
per pound to $50.00 per pound during the same period. The current UxC spot and
long-term prices are $34.70 and $50.00, respectively. In March 2014 UxC
published its &#147;Uranium Market Outlook &#150; Q1 2014&#148;. In this report UxC reduced its
annual price projections for the period from 2014 to 2025 compared with their Q4
2013 report (published in December 2013). The Company is currently evaluating
the revised forecast, along with other industry forecasts, to determine the
Company&#146;s expectation of future uranium prices. In the event the Company
concludes that a significant deterioration in expected future uranium prices has
occurred, the Company may adjust its operations, in addition to assessing
whether an impairment allowance may be necessary, which, if required, could be
material. </P>
<P align=justify>Although current uranium market conditions remain challenging,
Energy Fuels remains optimistic about the long term fundamentals. As Japan
begins to restart its reactors, new nuclear units come online worldwide, and
uranium production and project deferrals persist, the supply of uranium for new
and existing nuclear units may become less certain, providing additional
stimulus to potential increases in the price of uranium. The timing and pace of
the uranium market recovery will be dependent on a number of factors, including
the pace of new reactor startups around the World, the timing and scope of the
restart of Japan&#146;s nuclear reactors, the development of new mine projects, the
performance of existing mine projects, levels of secondary supplies, and the timing of
utilities re-entering the market for new long-term contracts.</P>
<P align=center>5</P>
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<P align=justify>In this challenging market, Energy Fuels will continue to
position itself to take advantage of the expected growth in the industry while
maintaining its ability to respond to dynamic market conditions.<B></B></P>
<P align=justify><B><I>Stephen P. Antony, P.E., President &amp; CEO of Energy
Fuels</I></B><I>, is a Qualified Person as defined by National Instrument 43-101
and has reviewed and approved the technical disclosure contained in this
document. </I></P>
<P align=justify><B><I>About Energy Fuels: </I></B><I>Energy Fuels is currently
America&#146;s largest conventional uranium producer, supplying approximately 25% of
the uranium produced in the U.S. in 2013. Energy Fuels operates the White Mesa
Mill, which is the only conventional uranium mill currently operating in the
U.S. The mill is capable of processing 2,000 tons per day of uranium ore and has
a licensed capacity of over 8 million </I><I>lbs. of
</I><I>U</I><I><sub>3</sub></I><I>O</I><I><sub>8</sub></I><I>. Energy Fuels
has projects located in a number of Western U.S. states, including a
producing mine, mines on standby, and mineral properties in various
stages of permitting and development. The Company&#146;s common shares are listed on
the Toronto Stock Exchange under the trading symbol &#147;EFR&#148; and on the NYSE MKT
under the trading symbol &#147;UUUU&#148;. </I></P>
<P align=center>6</P>
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<P align=justify><B><I>Cautionary Note Regarding Forward-Looking
Statements:</I></B><I> This news release contains certain &#147;Forward Looking
Information&#148; and &#147;Forward Looking Statements&#148; within the meaning of applicable
Canadian and United States securities legislation, which may include, but is not
limited to, statements with respect to the future financial or operating
performance of the Company and its projects and with respect to the market
outlook, including: the quality of its projects; the Company&#146;s ability to resume
mining and increase uranium production as market conditions warrant; the
Company&#146;s U.S. production being or becoming more strategic in the years to come;
the Company&#146;s ability to or success in moving its large scale projects forward
as expected; the Company&#146;s expectations as to long term fundamentals in the
market and price projections; the Company&#146;s expectations that prices will need
to rise to support new mines needed to meet increasing demand; the Company&#146;s
ability to maintain its White Mesa Mill and other assets in a state of readiness
to be able to restart operations as required; the ability of the Company to
develop a strategy that could result in a second production center in Wyoming;
production and sales forecasts; and expected permitting and other expenditures.
Generally, these forward-looking statements can be identified by the use of
forward-looking terminology such as &#147;plans&#148;, &#147;expects&#148; &#147;does not expect&#148;, &#147;is
expected&#148;, &#147;is likely&#148;, &#147;budget&#148; &#147;scheduled&#148;, &#147;estimates&#148;, &#147;forecasts&#148;,
&#147;intends&#148;, &#147;anticipates&#148;, &#147;does not anticipate&#148;, or &#147;believes&#148;, or variations of
such words and phrases, or state that certain actions, events or results &#147;may&#148;,
&#147;could&#148;, &#147;would&#148;, &#147;might&#148; or &#147;will be taken&#148;, &#147;occur&#148;, &#147;be achieved&#148; or &#147;have
the potential to&#148;. All statements, other than statements of historical fact,
herein are considered to be forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
express or implied by the forward-looking statements. Factors that could cause
actual results to differ materially from those anticipated in these
forward-looking statements include: risks associated with estimating production,
forecasting future price levels necessary to support production, and the
Company&#146;s ability to increase production in response to any increases in
commodity prices; risks inherent in the Company&#146;s and industry&#146;s forecasts or
predictions of future uranium prices; risks of delays in obtaining permits and
licenses that could impact expected production levels or increases in expected
production levels; government and third party actions with respect to supplies
of secondary sources of uranium; fluctuations or changes in the market prices of
uranium and the other factors described under the caption &#147;Risk Factors&#148; in the
Company&#146;s Annual Information Form dated March 26, 2014, which is available for
review on the System for Electronic Document Analysis and Retrieval</I> <I>at </I>www.sedar.com<I>. Forward-looking statements contained herein
are made as of the date of this news release, and the Company disclaims, other
than as required by law, any obligation to update any forward-looking statements
whether as a result of new information, results, future events, circumstances,
or if management&#146;s estimates or opinions should change, or otherwise. There can
be no assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated
in such statements. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements. </I></P>
<P align=justify><B>FOR FURTHER INFORMATION PLEASE CONTACT: <BR></B><I>Energy
Fuels Inc.<BR></I>Curtis Moore <BR>Investor Relations<BR> (303) 974-2140
<BR>Toll free: 1-888-864-2125 <BR>Email: investorinfo@energyfuels.com
<BR>Website: www.energyfuels.com</P>
<P align=center>7</P>
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<TYPE>EX-99.2
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<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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   <TITLE>Energy Fuels Inc.: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
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    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Energy Fuels
      Files Two Technical Reports and Preliminary Base Shelf </B><B>Prospectus
      <BR>&nbsp;</B></TD></TR></TABLE>
<P align=justify><B>March 28, 2013 </B></P>
<P align=justify><B>Toronto, Ontario and Lakewood, Colorado </B></P>
<P align=justify><B>Energy Fuels Inc. (NYSE MKT:UUUU) (TSX:EFR) (&#147;Energy Fuels&#148;
or the &#147;Company&#148;) </B>is pleased to announce that it has filed an updated
mineral resource estimate on its 100% owned La Sal Project, increasing the
Company&#146;s measured and indicated uranium and vanadium resourc ces by about 2.7
million and 15.5 million pounds, respectively, and an updated mineral resource
estimate and preliminary economic assessment on its 100% owned Juniper Ridge
Project, increasing the Company&#146;s indicated uranium resources by nearly 1
million pounds. In addition, the Company has filed a preliminary base shelf
prospectus with the securities commissions in each of the provinces and
territories of Canada, except Quebec and intends to file on March 31, 2014 a
registration statement (Form F-10) with the United States Securities and
Exchange Commission (&#147;SEC&#148;). Each of these filings is described in more detail
below. </P>
<P align=justify>The La Sal Project: </P>
<P align=justify>The Company has filed on SEDAR a report titled, &#147;Technical
Report on La Sal District Project (Including the Pandora, Beaver, and Energy
Queen Projects), San Juan County, Utah, U.S.A.&#148;, which includes an updated NI
43-101 mineral resource estimate (the &#147;La Sal Technical Report&#148;), prepared in
accordance with National Instrument 43-101 <I>Standa</I><I>rds of
Disclos</I><I>ure for Minera</I><I>l Projects </I>of the Canadian Securities
Administration (&#147;NI 43-101&#148;). The La Sal Technical Report was prepared by
Douglas C. Peters, CPG, who is a &#147;qualified person&#148; and &#147;independent&#148; of the
Company within the meaning of NI 43-101. The La Sal Technical Report replaces
the March 15, 2011 technical report on the Energy Queen project.</P>
<P align=justify>The La Sal Project consists of a series of uranium-vanadium
mines along an 11-mile mineral trend located in southeastern Utah. The
Pandora/Snowball (&#147;Pandora&#148;) mines and the Beaver/LaSal (&#147;Beaver&#148;) mines are
fully-permitted and fully-developed mines which were in production by Energy
Fuels as recently as the Fall of 2012. The Company is currently maintaining
these mines on standby, so they can be placed back into production with minimal
time or cost, as uranium market conditions warrant. In addition, the La Sal
Project includes the Company&#146;s fully-permitted and partially-developed Energy
Queen project, along with an adjacent property known as the Redd Block property.
</P>
<P align=justify>The La Sal Technical Report increases the Company&#146;s measured
and indicated uranium resources by approximately 2.7 million pounds, and its
measured and indicated vanadium re esources by approximately 15.5 million
pounds, compared to the previous Energy Queen technical report. According to the
La Sal Technical Report, the project contains 1.14 million tons of Measured and
Indicated Mineral Resources with approximately 4.1 million pounds of uranium and
21.5 million pounds of vanadium at average grades of 0.18%<SUP>
</SUP>U<SUB>3</SUB>O<SUB>8 </SUB>and 0.94% V<SUB>2</SUB>O<SUB>5</SUB>,
respectively. In addition, the project contains approximately 0.2 million tons
of Inferred Mineral Resources with 0.4 million pounds of uranium and 1.9 million
pounds of vanadium at average grades of 0.10% U<SUB>3</SUB>O<SUB>8 </SUB>and
0.51% V<SUB>2</SUB>O<SUB>5</SUB>, respectively. </P>
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<P align=justify>Stephen P. Antony, President and CEO of Energy Fuels stated:
&#147;The La Sal Project is one of Energy Fuels&#146; key uranium and vanadium production
sources, as it has the potential to contribute to our near-term production
optionality. Two mines in the project, the Beaver mine and the Pandora mine,
were in production as recently as late 2012. We continue to maintain these mines
on standby, so we can bring them back into production within just a few months&#146;
time with minimal upfront cost, once market conditions improve to suitable
levels.&#148; </P>
<P align=justify><U>The Juniper Ridge Project:</U> </P>
<P align=justify>The Company also filed on SEDAR a report titled, &#147;Juniper Ridge
Uranium Project, Carbon County, Wyoming, U.S.A.&#148;, which includes an updated NI
43-101 mineral resource estimate and a preliminary economic assessment (the
&#147;Juniper Ridge Technical Report&#148;) prepared in accordance with NI 43-101. The
Juniper Ridge Technical Report was prepared by Douglas L. Beahm, P.E., P.G. and
Terence P. McNulty, P.E., D.Sc., each of whom are a &#147;qualified person&#148; and
&#147;independent&#148; of the Company within the meaning of NI 43-101. The Juniper Ridge
Technical Report replaces a previous February 21, 2012 technical report on the
project. </P>
<P align=justify>The Juniper Ridge Technical Report increases the mineral resource estimate for the project by nearly 20% in
comparison to the previous technical report. The new resource estimate for the Juniper Ridge project shows the
project having a total of approximately 5.2 million tons of Indicated Mineral Resources containing 6.1 million
pounds of uranium with an average grade of 0.06% eU<sub>3</sub>O<sub>8</sub>. In addition, the project is estimated to have an additional
107,000 tons of Inferred Mineral Resources containing 182,000 pounds of uranium with an average grade of 0.09%
eU<sub>3</sub>O<sub>8</sub>.</P>
<P align=justify>Under the base-case scenario in the preliminary economic
assessment (&#147;PEA&#148;), the Company anticipates utilizing open pit mining in
conjunction with on-site heap leach recovery that produces an intermediate
uranium concentrate in the form of loaded resin, which could be shipped to
Energy Fuels&#146; 100% owned White Mesa Mill near Blanding, Utah (or other regional
facilities) for final processing. Historic mining at the project occurred in the
1950&#146;s and 1960&#146;s, during which time significant uranium was produced. </P>
<P align=justify>Under the base-case scenario in the PEA, the Juniper Ridge Project is expected to produce a little over 500,000
pounds of U<sub>3</sub>O<sub>8</sub> per year over a 10-year mine life. The project is expected to require initial capital expenditures of
$37.5 million, and to generate an after-tax internal rate of return of 22% and net present value of $21.3 million,
applying an 8% discount rate. In addition, the direct cash cost of production, including processing and royalties, is
expected to total $38.84 per pound. The PEA assumes a constant uranium price of $65/pound over the 10-year life
of the project.</P>
<P align=justify><U>Preliminary Base Shelf Prospectus &amp; U.S. Registration
Statement</U>: </P>
<P align=justify>The Company also has filed a preliminary base shelf prospectus
(the &#147;Prospectus&#148;) with the securities commissions in each of the provinces and
territories of Canada, except Quebec, and intends to file on Monday, March 31,
2014 a registration statement on Form F-10 with the SEC, which will not yet
become effective. The securities may not be sold, nor may offers to buy, be
accepted prior to the time the registration statement becomes effective. Details
on these filings are described below. </P>
<P align=justify>Under the Prospectus, the Company may issue common shares,
warrants, subscription receipts, preferred shares, debt securities, or any
combination of such securities as units, in amounts, at prices, and on terms to
be determined based on market conditions at the time of sale, and as set forth
in an accompanying prospectus supplement, for an aggregate offering amount of up
to US$100,000,000 during the 25 month period that the final short form base
shelf prospectus remains effective. </P>
<P align=justify>Stephen P. Antony, President and CEO of Energy Fuels commented:
&#147;An important aspect of Energy Fuels&#146; strategy is to create and maintain the
optionality of our US-based uranium production assets so we can significantly
increase uranium production as market conditions may improve in the coming
years. This base shelf prospectus puts Energy Fuels into a position to access new financing
opportunities that could be utilized in pursuing this strategy over the next two
years and ensures that we are ready to rapidly execute on new transactions as
they arise.&#148;</P>
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<P align=justify>This press release shall not constitute an offer to sell or the
solicitation of any offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state. </P>
<P align=justify><B><I>Stephen P. Antony, P.E., President &amp; CEO of Energy
Fuels</I></B><I>, is a Qualified Person as defined by NI 43-101 and has reviewed
and approved the technical disclosure contained in this document.</I><B>
</B></P>
<P align=justify><b><i>About Energy Fuels:</i></b><i> Energy Fuels is currently America&rsquo;s largest conventional uranium producer, which supplied
  approximately 25% of the uranium produced in the United States in 2013. Energy Fuels operates the White Mesa
  Mill, which is the only conventional uranium mill currently operating in the U.S. The mill is capable of processing
  2,000 tons per day of uranium ore and has a licensed capacity of over 8 million lbs. of U<sub>3</sub>O<sub>8</sub> per year. Energy Fuels
  has projects located in a number of Western U.S., including a producing mine, mines on standby and mineral
  properties in various stages of permitting and development. The Company&rsquo;s common shares are listed on the
Toronto Stock Exchange under the trading symbol &ldquo;EFR&rdquo; and on the NYSE MKT under the trading symbol &ldquo;UUUU&rdquo;.</i></P>
<P align=justify><B><I>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
</I></B></P>
<P align=justify><I>This news release contains certain &#147;Forward Looking
Information&#148; and &#147;Forward Looking Statements&#148; within the meaning of applicable
Canadian and United States securities legislation, which may include, but is not
limited to, statements and expectations with respect to the Juniper Ridge and La
Sal Project resource estimates, development plans, permitting, and project
economics, the filing of the preliminary or final base shelf prospectus and
obtaining a receipt therefor, future offerings of securities, having any
registration statement referred to herein declared effective in the U.S., and
the timing of filing an F-10 registration statement. Generally, these
forward-looking statements can be identified by the use of forward-looking
terminology such as &#147;expects&#148; &#147;does not expect&#148;, &#147;is expected&#148;, &#147;subject to&#148;,
&#147;prospective&#148; or &#147;believe&#148;, or variations of such words and phrases, or state
that certain actions, events or results &#147;may&#148;, &#147;could&#148;, or &#147;will be taken&#148;, &#147;be
achieved&#148; or &#147;have the potential to&#148;. All statements, other than statements of
historical fact, herein are considered to be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements express or implied by the forward-looking statements. Factors that
could cause actual results to differ materially from those anticipated in these
forward-looking statements are described under the caption &#147;Risk Factors&#148; in the
Company&#146;s Annual Information Form dated March 26, 2014, which is available for
review on the System for Electronic Document Analysis and Retrieval at
</I><I><U>www.sedar.com</U></I><I>. Forward-looking statements contained herein
are made as of the date of this news release, and the Company disclaims, other
than as required by law, any obligation to update any forward-looking statements
whether as a result of new information, results, future events, circumstances,
or if management&#146;s estimates or opinions should change, or otherwise. There can
be no assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated
in such statements. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements. </I></P>
<P align=justify><B>FOR FURTHER INFORMATION PLEASE CONTACT: </B></P>
<P align=justify>Energy Fuels Inc. <BR>Curtis H. Moore <BR>Investor Relations
<BR>(303) 974-2140 or Toll free: 1-888-864-2125 <BR>investorinfo@energyfuels.com
<BR>www.energyfuels.com<B> </B></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
