<SEC-DOCUMENT>0001062993-14-002850.txt : 20140514
<SEC-HEADER>0001062993-14-002850.hdr.sgml : 20140514
<ACCEPTANCE-DATETIME>20140513204218
ACCESSION NUMBER:		0001062993-14-002850
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20140331
FILED AS OF DATE:		20140514
DATE AS OF CHANGE:		20140513

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:		14839009

	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>
<HEAD>
   <TITLE>Energy Fuels Inc.: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
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<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR><B>Washington, D.C.
20549 </B><BR></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><BR></P>
<P align=center>For the month of <B>May 2014 </B></P>
<P align=center>Commission File Number <B>001-36204 </B></P>
<P align=center><B><FONT size=5>ENERGY FUELS INC. </FONT></B><BR><I>(Translation
of registrant&#146;s name into English) </I><BR></P>
<P align=center><B>2 Toronto Street, Suite 500 </B><BR><B>Toronto, Ontario,
Canada </B><BR><B>M5C 2B6</B><BR><I>(Address of principal executive offices)
</I><BR></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>
<P align=center>Form 20-F [&nbsp;
&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form 40-F&nbsp;&nbsp;[X] </P>
<P align=left>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): [&nbsp;&nbsp; ]</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): [&nbsp; &nbsp;]</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>
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<P align=center><B>INCORPORATION BY REFERENCE </B></P>
<P align=justify>Exhibits 99.2 to 99.4 included with this report on Form 6-K are
expressly incorporated by reference into this report and are hereby incorporated
by reference as exhibits to the Registration Statement on Form F-10 of Energy
Fuels Inc. (File No. 333-194916), as amended or supplemented. </P>
<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; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="50%"><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR>
    <TD noWrap>&nbsp; </TD>
    <TD noWrap width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="50%"><U>/S/ David C.
      Frydenlund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </U></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Date: May 13, 2014 </TD>
    <TD noWrap align=left width="50%">David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left></TD>
    <TD noWrap align=left width="50%">Senior Vice President, General Counsel
      &amp; Corporate Secretary </TD></TR></TABLE>
<P align=center>-2- </P>
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<P align=center><B>INDEX TO EXHIBITS</B> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%" bgColor=#eeeeee><a href="exhibit99-1.htm">99.1 </a> </TD>
    <TD bgColor=#eeeeee>
      <P align=justify><a href="exhibit99-1.htm">Press Release dated May 13, 2014</a></P></TD></TR>
  <TR>
    <TD width="5%"><a href="exhibit99-2.htm">99.2 </a> </TD>
    <TD>
      <P align=justify><a href="exhibit99-2.htm">Condensed Consolidated Interim Financial Statements for
      the three months ended March 31, 2014</a></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" bgColor=#eeeeee><a href="exhibit99-3.htm">99.3 </a> </TD>
    <TD bgColor=#eeeeee>
      <P align=justify><a href="exhibit99-3.htm">Management&#146;s Discussion and Analysis for the three months
      ended March 31, 2014</a></P></TD></TR>
  <TR>
    <TD width="5%"><a href="exhibit99-4.htm">99.4 </a> </TD>
    <TD>
      <P align=justify><a href="exhibit99-4.htm">Consent of Stephen P. Antony</a></P></TD></TR></TABLE>
<P align=center>-3- </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>
    <img border="0" src="exhibi1.jpg" width="160" height="107"></TD>
    <TD noWrap align=left width="30%"><B>Suite 500 &#150; 2 Toronto
      Street</B> <BR><B>Toronto, Ontario M5C 2B6</B> <BR><B>Tel: 416 214
      2810</B> <BR><B>Fax: 416 214 2727</B> <BR>investorinfo@energyfuels.com
      <BR>www.energyfuels.com </TD></TR>
  </TABLE>
<P align=center><B>Energy Fuels Announces Quarterly Results for the Three Months
Ended March 31, 2014, Including<br>
Strengthened Working Capital Position of $42.27 Million</B></P>
<P align=center>Toronto, Ontario and Lakewood, Colorado &#150; <B>May 13, 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 three months
ended March 31, 2014, including a strengthened working capital position of
$42.27 million. The Company&#146;s Quarterly Consolidated Financial Statements,
along with Management&#146;s Discussion and Analysis 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
<font color="#0000FF">
<U>www.sedar.com</U></font>, and in the United States on the Electronic Document
Gathering and Retrieval System (&#147;EDGAR&#148;) which, along with the Company&#146;s
quarterly report on Form 6-K, may be viewed at <u><font color="#0000FF">www.sec.gov/edgar.shtml</font></u>, and on
the Company&#146;s website at <font color="#0000FF"> <U>www.energyfuels.com</U></font>. 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 quarterly results for the quarter ended March 31, 2014 are
presented with comparable figures for the three months ended March 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; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">Three months </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">Three months </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">ended </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">ended&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">$000, except per share data </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">March 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">March 31, 2013 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Results of Operations:</B>
    </TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Total revenues </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;11,361 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;34,087 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Net income (loss) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(6,342</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(5,904</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Basic and diluted earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(0.32</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(0.40</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">As at March 31, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">As at December 31, </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">$000's </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Financial Position:</B> </TD>
    <TD vAlign=bottom align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Working capital </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;42,272 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;33,481 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Property, plant and equipment </TD>
    <TD vAlign=bottom align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgcolor="#E6EFFF">101,025 </TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgcolor="#E6EFFF">100,969 </TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Total assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">175,306 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">176,133 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Total long-term liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgcolor="#E6EFFF">34,594 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgcolor="#E6EFFF">31,579 </TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR></TABLE></DIV>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B>Financial and Operational Highlights for the Three Months
ended March 31, 2014: </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Increased cash by $9.66 million for the three months ended March 31, 2014.
  A portion of the increase in cash was due to the completion of the replacement
  of the Company&#146;s regulatory bonding portfolio with equivalent bonds from other
  surety providers, releasing to the Company $12.30 million of previously
  restricted cash, of which $8.70 million was released during the quarter, and
  $3.6 million was released in previous quarters.
  <LI>Production at the White Mesa Mill totaled 125,956 pounds of
  U<SUB>3</SUB>O<SUB>8</SUB>, all of which was from alternate feed materials.
  <LI>Sold 191,667 pounds of U<SUB>3</SUB>O<SUB>8</SUB>, pursuant to term
  contracts at an average realized price of $58.53 per pound.
  <LI>As of March 31, 2014, the Company had working capital of $42.27 million,
  including cash and cash equivalents of $16.29 million and 385,000 pounds of
  uranium concentrate inventory. </LI></UL>
<P align=justify><B>Corporate Highlights for the Three Months Ended March 31,
2014 and outlook for the year ending December 31, 2014 </B></P>
<P align=justify>Though prices in the short and medium term are under pressure
from excess supplies, in the longer term, Energy Fuels believes prices will
improve and intends to continue to strengthen its position as a leading uranium
company in the United States. The Company&#146;s primary objectives for 2014 are to
produce and procure sufficient uranium to fulfill delivery obligations under
existing uranium sales contracts, maintain several mines on standby, and continue
to permit other new projects, thereby positioning the Company to increase
production as market conditions warrant. If favorable opportunities arise, the
Company will also evaluate the acquisition of additional uranium properties in
the United States and evaluate the sale of certain non-core assets.
Environmental and permit compliance and maintenance activities will continue at
the White Mesa Mill, which is expected to be placed on standby in August 2014,
in order to maintain the facility to be able to restart mineral processing
operations as required.</P>
<P align=justify>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. Spot prices and long-term prices for uranium began the year
at $34.50 and $47.00 per pound, respectively. At the date of this news release
the spot and long-term prices had fallen to $29.00 and $45.00 per pound,
respectively.</P>
<P align=justify>Energy Fuels currently has three long-term contracts in place
for the delivery of 800,000 pounds of U<SUB>3</SUB>O<SUB>8 </SUB>during FY-2014.
Under these contracts, the Company expects to realize an average sales price of
$58.42 per pound U<SUB>3</SUB>O<SUB>8 </SUB>in FY-2014. This represents a 100%
premium to the current spot price of approximately $29.00 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 each contract is
currently at its minimum floor price. 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
the 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 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>2 </P>
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<P align=justify>Energy Fuels&#146; ability to deliver purchased U<SUB>3</SUB>O<SUB>8
</SUB>into one of its term contracts creates value 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 to develop into a second major
production center, 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>, of which 191,667 pounds
  were sold during the three months ended March 31, 2014. All 800,000 lbs. of
  forecasted sales will be delivered into the Company's three existing long-term
  contracts. 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. In addition, the
  Company has contracted for the purchase of 300,000 pounds of uranium in the
  spot market for sale into one contract.<LI><B>Production for FY-2014</B>: The Company expects to produce
  approximately 650,000 pounds of U<SUB>3</SUB>O<SUB>8 </SUB>during FY-2014,
  from both conventional ore (approximately 450,000 pounds) and alternate feed
  materials (approximately 200,000 pounds). In the three months ended March 31,
  2014, 125,956 pounds were produced from alternate feed materials. Conventional
  ore processing is expected to resume in late May 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 by the end of August 2014.
  <LI><B>FY-2014 Mining Activities: </B>Mining at the Pinenut mine is expected
  to continue into the first quarter of 2015 at which point the economic uranium
  resources are expected to be depleted, subject to the potential discovery of
  additional resources from planned underground exploration. 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 has completed
  additional exploration drilling in the Arizona 1 mine and believes that
  additional mineralization exists. However, at current market conditions such
  additional mineralization is not economic and, accordingly, the mine has been
  placed on standby.
  <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>3 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI><B>Spot market production and sales</B>: The Company does not expect to
  produce any material for sale into the current spot market, nor does it intend
  to sell any of its current inventories into the spot market. As discussed
  above the Company has contracted for the purchase of 300,000 pounds of
  U<SUB>3</SUB>O<SUB>8 </SUB>during the year ending December 31, 2014 for sale
  into one of its existing long-term contracts. </LI></UL>
<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 news
release. </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 U<SUB>3</SUB>O<SUB>8</SUB>.
Energy Fuels has projects located in a number of Western U.S. states, including
a </I><I>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=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 ability to or success in moving its larger 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 SEDAR
</I><I>at </I><font color="#0000FF"><U>www.sedar.com</U></font>, and in its Form 40-F, which is available for
review on EDGAR at www.sec.gov/edgar.shtml<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&rsquo;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=center>4 </P>
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<P align="justify">
<B>FOR FURTHER INFORMATION PLEASE CONTACT: </B><BR>
<I>Energy Fuels Inc.</I><BR>
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<BR>
</P>
<P align="center">
5 </P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><img border="0" src="exhibi2.jpg" width="273" height="153"></P>
<P align=center>&nbsp;</P>
<P align=center><B><I><FONT size=5>Energy Fuels Inc.</FONT></I></B><B> </B></P>
<P align=center>&nbsp;</P>
<P align=center><B><I>Condensed Consolidated Interim Financial Statements
</I></B></P>
<P align=center><B>For the three months ended</B><BR><B>March 31, 2014
</B><BR><B>(Unaudited) </B><BR><B>(Expressed in U.S. Dollars) </B><BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Condensed Interim Consolidated Statements of Financial
      Position</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. dollars)</I> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>March 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">December 31, 2013 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>ASSETS</B> </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Current assets</B> </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;16,290</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;6,628 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Marketable
      securities (Note 5) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>389</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>409 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Trade and other receivables </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>764</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">653 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Inventories
      (Note 6) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>27,070</B>
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>28,040 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Assets held for sale </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>4,487</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">4,415 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Prepaid expenses and other assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>1,059</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>757 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>50,059</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">40,902 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left  bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;&nbsp;
</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Non-current</B> </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Property, plant
      and equipment </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>101,025</B>
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>100,969 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Investment in Virginia Energy
      Resources Inc. (Note 7) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>804</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,012 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Intangible
      assets </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>6,645</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>7,772 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Restricted cash (Note 8) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>16,773</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">25,478 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;175,306</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;176,133 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>LIABILITIES &amp;
      SHAREHOLDERS' EQUITY</B> </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Current liabilities</B>
</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;5,376</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;5,442 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Deferred revenue
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>1,444</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,429 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Current portion of long-term
      liabilities </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decommissioning
      liability (Note 8) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>172</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>172 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>795</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">378 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>7,787</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>7,421 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Non-current</B> </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Decommissioning liability (Note
      8) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>14,257</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">13,627 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Loans and borrowings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>20,337</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>17,952 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>42,381</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">39,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Shareholders' equity</B> </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Capital stock
      (Note 9) </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;232,696</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;232,089
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Contributed surplus </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>22,142</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">21,182 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Share purchase
      warrants </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>4,714</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,838 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Deficit </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(126,708</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(120,366</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Accumulated other comprehensive loss </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>81</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(610</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>132,925</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">137,133 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;175,306</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;176,133 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Additional footnote
      references</B> </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Commitments and contingencies
      (Note 12) </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
>&nbsp;</TD></TR></TABLE>
<P align=justify>Approved by the Board</P>
<P align=justify><U>(signed) Stephen P. Antony , Director</U></P>
<P align=justify><U>(signed) Larry Goldberg , Director</U></P>
<P align=justify>The accompanying notes are an integral part of these condensed
interim consolidated financial statements.</P>
<P align=center>2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Condensed Interim Consolidated Statements of
      Comprehensive Loss</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. dollars, except per share amounts)</I>
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="27%" colSpan=4><B>Three
      Months Ended</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="27%" colSpan=4><B>March 31,</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">(Revised Note 13) </TD>
    <TD vAlign=bottom align=left width="2%" ></TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>REVENUES (Note 11)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;11,361</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;34,087 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>COST OF SALES</B> </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Production cost of sales </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(7,475</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(26,037</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Depreciation, depletion and
      amortization </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(1,096</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(1,401</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Impairment of inventories </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(3,808</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR>
    <TD vAlign=bottom align=left  bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;&nbsp;
</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>TOTAL COST OF SALES</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(8,571</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(31,246</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR>
    <TD vAlign=bottom align=left  bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>GROSS PROFIT</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>2,790</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,841 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left  bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Care and maintenance expenses </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(637</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,403</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Selling, general and
      administrative expenses (Note 11) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(4,935</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(5,960</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Finance expense (Note 11) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(3,404</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,218</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Other expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(149</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(156</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR>
    <TD vAlign=bottom align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>NET LOSS BEFORE TAXES</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(6,335</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(5,896</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR>
    <TD vAlign=bottom align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(7</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(8</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR>
    <TD vAlign=bottom align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>NET LOSS FOR THE
      PERIOD</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(6,342</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(5,904</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>ITEMS THAT MAY BE RECLASSIFIED TO PROFIT
      OR LOSS</B> </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Unrealized gain
      on available-for-sale assets </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>420</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Gains on available-for-sale
      financial assets reclassified to profit or loss (Note 5) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(198</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Share of other
      comprehensive loss of Virginia Energy Resources Inc. </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(59</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Foreign currency translation adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>528</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">388 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left  bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>COMPREHENSIVE LOSS FOR THE PERIOD</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%"><B>&nbsp;(5,651</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%">&nbsp;(5,516</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>LOSS PER COMMON SHARE</B> </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;<B>BASIC AND DILUTED LOSS PER SHARE</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(0.32</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(0.40</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these condensed
interim consolidated financial statements.</P>
<P align=center>3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Condensed Interim Consolidated Statements of
      Shareholders' Equity</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. dollars)</I> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="27%" colSpan=4><B>Three
      Months Ended</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="27%" colSpan=4><B>March 31,</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Capital stock (Note 9)</B>
    </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Balance, beginning of period </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;232,089</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;179,427 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;
      &nbsp;Shares issued for exercise of share purchase warrants </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>607</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Shares issued for
      Investment in Virginia Energy </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,947 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;
      &nbsp;Share issuance costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(14</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Balance, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>232,696</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">183,360 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Contributed surplus</B> </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Balance,
      beginning of period </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>21,182</B>
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>19,805 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Share-based
      compensation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>960</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">5 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Balance, end of
      period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>22,142</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>19,810 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Share purchase
      warrants</B> </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Balance, beginning of period </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>4,838</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">4,103 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;
      &nbsp;Exercised share purchase warrants </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(124</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Balance, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>4,714</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">4,103 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Deficit</B> </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Balance,
      beginning of period </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff><B>(120,366</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(19,858</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Net loss for the
      period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(6,342</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(7,756</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Balance, end of
      period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(126,708</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(27,614</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Accumulated other
      comprehensive loss</B> </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Balance, beginning of period </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(610</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(957</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;
      &nbsp;Unrealized gain on available-for-sale assets </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>420</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Gains on
      available-for-sale financial assets reclassified to profit or loss </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(198</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;
      &nbsp;Share of comprehensive loss of equity-accounted investees </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(59</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Foreign currency
      translation reserve </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>528</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">388 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Balance, end of
      period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>81</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(569</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Total shareholders'
      equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;132,925</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;179,090 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these condensed
interim consolidated financial statements.</P>
<P align=center>4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Condensed Interim Consolidated Statements of Cash
      Flows</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. dollars)</I> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="27%" colSpan=4><B>Three
      Months Ended</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="27%" colSpan=4><B>March 31,</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>OPERATING ACTIVITIES</B>
    </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Net loss for the period </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;(6,342</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;(5,904</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Items not
      involving cash: </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Depletion,
      depreciation and amortization </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>2,308</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">7,117 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;
      &nbsp;Stock-based compensation </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>960</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>5 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Finance expense
</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>3,404</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,218 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;
      &nbsp;Unrealized foreign currency translation </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>28</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>416 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Impairment of
      inventories </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,401 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;
      &nbsp;Other expense </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>156 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Share of
      equity-accounted investee </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>149</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Cash received
      for services not yet provided </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>15</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Change in non-cash working
      capital </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(960</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">10,113 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Expenditures on
      reclamation of mineral interests </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(30</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Interest received </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>22</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">143 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(446</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>14,665 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>INVESTING ACTIVITIES</B>
    </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Development expenditures on
      property, plant and equipment </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(265</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(55</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Expenditures on
      exploration, evaluation and development </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(519</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(5,497</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Expenditures for Investment in
      Virginia Energy Resources Inc. </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(269</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Deposits
      received on assets held for sale </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>1,479</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Proceeds from sale of marketable
      securities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>415</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">747 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Change in cash deposited with regulatory
      agencies for decommissioning liabilities, net of interest </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>8,705</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(172</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>9,815</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(5,246</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR>
    <TD vAlign=bottom align=left  bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>FINANCING ACTIVITIES</B> </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Issuance of
      common shares upon exercise of warrants, net of share issuance costs </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>483</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Repayment of borrowings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(40</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(24</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>443</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(24</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>INCREASE IN CASH AND CASH
      EQUIVALENTS DURING THE PERIOD</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>9,812</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>9,395 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Effect of exchange rate
      fluctuations on cash held </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(150</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Cash and cash equivalents - beginning of
      period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>6,628</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>3,613 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>CASH AND CASH EQUIVALENTS - END OF PERIOD</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;16,290</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;13,011 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Non-cash investing and
      financing transactions:</B> </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Issuance of shares for
      investment in Virginia Energy </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,945 </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these condensed
interim consolidated financial statements.</P>
<P align=center>5</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2014 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited) </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. Dollars except share and per share amounts) <br>
&nbsp;</I></TD></TR></TABLE>
<P align=justify><B>1. REPORTING ENTITY AND NATURE OF OPERATIONS</B></P>
<P align=justify>Energy Fuels Inc. was incorporated under the laws of the
Province of Alberta and is now incorporated in the Province of Ontario. Energy
Fuels Inc. registered and head office is located at 2 Toronto Street, Suite 500,
Toronto, Ontario, Canada, M5C 2B6 and its principle place of business and the
head office of the Company&#146;s U.S. subsidiaries is located at 225 Union Blvd.
Suite 600, Lakewood, Colorado, 80228 USA. </P>
<P align=justify>Energy Fuels Inc. and its subsidiary companies (collectively,
the &#147;Company&#148; or &#147;EFI&#148;) are engaged in uranium mining and related activities,
including acquisition, exploration and development of uranium and vanadium
bearing properties, and extraction, processing and selling of uranium and
vanadium. </P>
<P align=justify>Uranium, the Company&#146;s primary product, is produced in the form
of uranium oxide concentrates (&#147;U<SUB>3</SUB>O<SUB>8</SUB>&#148;) and sold to various
customers around the world for further processing. Vanadium, a co-product of
some of the Company&#146;s mines, is also produced and is in the form of vanadium
pentoxide (&#147;V<SUB>2</SUB>O<SUB>5</SUB>&#148;). The Company also processes uranium
bearing waste materials, referred to as &#147;alternate feed materials&#148;.</P>
<P align=justify>In fiscal 2013, due to market conditions, the Company placed
certain of its mines on standby. </P>
<P align=justify>In October 2013, the Company announced the change in its fiscal
year end from September 30 to December 31, effective as of December 31, 2013.
Accordingly, for the 2013 reporting year, the Company reported its audited
consolidated financial statements for the fifteen month period ending December
31, 2013, compared with the twelve month period ended September 30, 2012. The
interim reporting periods and their respective comparative periods in 2014 are
as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left><U>Period </U></TD>
    <TD vAlign=bottom noWrap align=left width="50%"><U>Comparative Period
    </U></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left bgcolor="#E6EFFF">Three months ended March 31, 2014 </TD>
    <TD vAlign=bottom noWrap align=left width="50%" bgcolor="#E6EFFF">2<SUP>nd </SUP>Quarter:
      Three months ended March 31, 2013 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>Six months ended June 30, 2014 </TD>
    <TD vAlign=bottom noWrap align=left width="50%">3<SUP>rd </SUP>Quarter:
      Six months ended June 30, 2013 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left bgcolor="#E6EFFF">Nine months ended September 30,
      2014&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="50%" bgcolor="#E6EFFF">4<SUP>th </SUP>Quarter:
      Nine months ended September 30, 2013 </TD></TR></TABLE>
<P align=justify><B>2. BASIS OF PRESENTATION</B></P>
<P align=justify><B><I>Statement of Compliance</I></B></P>
<P align=justify>These condensed consolidated interim financial statements have
been prepared in accordance with IAS <I>34 Interim Financial Reporting </I>(&#147;IAS
34&#148;) and do not include all of the information required for full annual
financial statements and should be read in conjunction with the annual audited
financial statements of the Company for the 15 month period ended December 31,
2013.</P>
<P align=justify>These condensed consolidated interim financial statements were
approved by the Board of Directors of the Company on May 13, 2014. </P>
<P align=justify><B><I>Use of Estimates and Judgments</I></B></P>
<P align=justify>The preparation of condensed consolidated interim financial
statements requires management to make judgments, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets
and liabilities, income and expense. Actual results may differ from these
estimates.</P>
<P align=justify>In preparing these condensed consolidated interim financial
statements, the significant judgments made by management in applying the
Company&#146;s accounting policies and the key sources of estimation uncertainty were
the same as those applied to the consolidated financial statements as at and for
the 15 month period ended December 31, 2013. </P>
<P align=center>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. Dollars except share and per share amounts)</I> <br>
&nbsp;</TD></TR></TABLE>
<P align=justify><B>3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </B></P>
<P align=justify><B><I>Significant Accounting Policies</I></B></P>
<P align=justify>The accounting policies applied by the Company in these
condensed consolidated interim financial statements are the same as those
applied to the consolidated financial statements as at and for the 15 month
period ended December 31, 2013 except for as summarized below. </P>
<P align=justify><B><I>New accounting standards adopted during the current
period </I></B></P>
<P align=justify>The Company has adopted the following new standards, including
any consequential amendments to other standards, with a date of initial
application of January 1, 2014. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">(i) </TD>
    <TD>
      <P align=justify>IFRS 13 <I>Fair value measurement</I></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left width="5%">(ii) </TD>
    <TD>
      <P align=justify>IFRIC 21 <I>Levies</I></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">(iii) </TD>
    <TD>
      <P align=justify>Amendments to IAS 32 <I>Financial Instruments:
      presentation</I></P></TD></TR></TABLE>
<P align=justify>The nature and effects of the changes are explained below. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>IFRS 13 <I>Fair Value
Measurement</I></P></TD></TR></TABLE>
<P align=justify>IFRS 13 <I>Fair Value Measurement</I> (&#147;IFRS 13&#148;), which
provides guidance on how fair value should be applied where its use is already
required or permitted by other IFRS standards, and includes a definition of fair
value, and is a single source of guidance on fair value measurement and
disclosure requirements for use with all IFRS standards. This standard also
requires additional disclosure about fair value measurement. As a result of
adopting IFRS 13, the Company provided additional disclosures in Note 4.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>IFRIC Interpretation 21,
<I>Levies</I></P></TD></TR></TABLE>
<P align=justify>On January 1, 2014 the Company adopted IFRIC Interpretation 21,
<I>Levies</I> (&#147;IFRIC 21&#148;) 2014 with retrospective application. IFRIC 21
provides guidance on the accounting for a liability to pay a levy, if that
liability is within the scope of IAS 37, Provisions, Contingent Liabilities and
Contingent Assets. The interpretation was issued to address diversity in
practice around when the liability to pay a levy is recognized. The adoption of
IFRIC 21 did not have a material impact on these financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Amendments to IAS 32 <I>Financial Instruments:
      presentation</I></P></TD></TR></TABLE>
<P align=justify>The amendments to IAS 32 <I>Financial Instruments:
presentation</I> (&#147;IAS 32&#148;) clarify the criteria that should be considered in
determining whether an entity has a legally enforceable right to off-set
financial assets and liabilities if that right is: not contingent on a future
event; and enforceable both in the normal course of business and in the event of
default, insolvency or bankruptcy of the entity and all counterparties.
Amendments to IAS 32 are applicable to annual periods beginning on or after
January 1, 2014, with retrospective application required. The adoption of the
amendments to IAS 32 did not have a material impact on these financial
statements.</P>
<P align=justify><B>4. FAIR VALUE MEASURMENTS</B></P>
<P align=justify>Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value hierarchy establishes the
significance of the inputs used in making fair value measurements. The fair
value of financial assets and financial liabilities included in Level 1 are
determined by reference to quoted prices in active markets for identical assets
and liabilities.</P>
<P align=justify>The fair value of financial assets and financial liabilities in
Level 2 include valuations using inputs based on observable market data, either
directly or indirectly, other than quoted prices. Level 3 valuations are based
on inputs that are not based on observable market data. The Company has no
financial instruments measured at fair value categorized in Level 2 or 3
(valuation technique using non-observable market inputs) as at March 31,
2014.</P>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. Dollars except share and per share amounts)</I> <br>
&nbsp;</TD></TR></TABLE>
<P align=justify>Financial assets and financial liabilities measured at fair
value on a recurring basis include: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="10%">Level 1 </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="10%">Level 2 </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="10%">Level 3 </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="10%">Total </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;&nbsp; Marketable securities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>389 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>389 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;&nbsp; Convertible debentures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">19,904 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">19,904 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;20,293 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;-</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;20,293 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>As at March 31, 2014, the fair values of cash and cash
equivalents, restricted cash, short-term deposits, receivables, accounts
payable, accrued liabilities and loans and borrowings approximate their carrying
values because of the short-term nature of these instruments. </P>
<P align=justify><B>5. MARKETABLE SECURITIES </B></P>
<P align=justify>Marketable securities are classified as available-for-sale
financial assets, are stated at their fair values, and consist of the
following:<B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>March 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December, </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>2014</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">2013 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">&nbsp;<STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">$&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Mega Uranium Ltd.</B> </TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;&nbsp; 1,750,000 common shares (December 31,
      2013 - 2,877,000) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>380</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">243 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Bayswater Uranium
      Corporation</B> </TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;&nbsp; nil common shares (December 31, 2013 -
      2,759,807 common shares) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">157 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Other</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>9</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>9 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>389</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">409 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>In the three months ended March 31, 2014 the Company sold
2,877,000 shares of Mega Uranium Ltd. (&#147;Mega&#148;) for gross proceeds of $411 and
recorded a gain of $198 to the statement of profit and loss (March 31, 2013 -
$97). The Company also exchanged 2,759,807 shares of Bayswater Uranium
Corporation ("Bayswater") for 1,750,000 shares of Mega.</P>
<P align=justify>The Company has classified its investments in Mega and
Bayswater as available-for-sale investments and unrealized gains and losses or
changes in fair value are recorded in other comprehensive income until
realized.</P>
<P align=justify>The Company&#146;s investments in marketable securities are
classified as Level 1 in the fair value hierarchy outlined in<I> IFRS 7
Financial Instruments: Disclosures </I>as their fair value has been determined
based on a quoted price in an active market. </P>
<P align=justify><B>6. INVENTORIES </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>March 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December 31, </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>2014</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">2013 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">$&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Concentrates and
      work-in-progress </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>15,471</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>19,754 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Inventory of ore and alternate feed in
      stockpiles </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>8,200</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">4,618 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Raw materials and consumables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>3,399</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>3,668 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>27,070</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">28,040 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=center>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. Dollars except share and per share amounts)</I> <br>
&nbsp;</TD></TR></TABLE>
<P align=justify><B>7. EQUITY ACCOUNTED INVESTEES</B></P>
<P align=justify>The following table reconciles the summarized financial
information to the carrying amount of Energy Fuels interest in Virginia
Energy.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Carrying amount of interest in associate at December 31,
      2013 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;1,012</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Share of loss in Virginia Energy for
      the three months ended December 31, 2013 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(149</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Share of other comprehensive loss in Virginia Energy
      for the three months ended December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(59</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Balance, March 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;804</B> </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE>
<P align=justify>Virginia Energy generally releases its financial statements
after Energy Fuels releases its financial statements. Accordingly, the Company
records its share of Virginia Energy&#146;s comprehensive income or loss using
information available from the previous quarter. The Company has recorded a loss
of $149 in other income (expense) and $59 in other comprehensive income (loss)
for its share of comprehensive income or loss of Virginia Energy for the three
months ended December 31, 2013.</P>
<P align=justify><B>8. DECOMMISSIONING LIABILITIES AND RESTRICTED CASH </B></P>
<P align=justify>The following table summarizes the Company&#146;s decommissioning
liabilities: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>March 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December 31, </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>2014</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">2013 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">$&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Reclamation obligations,
      beginning of period </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>13,799</B>
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>15,199 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Revision of estimate (1) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>555</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,933</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Liability from
      acquisition of Colorado Plateau Partners LLC &amp; </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Arizona Strip Partners LLC </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">54 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Liability from
      acquisition of Strathmore Minerals Corp </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>105 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Accretion </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>105</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">416 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Reclamation work </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(30</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(42</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Reclamation obligations, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>14,429</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">13,799 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Site restoration liability by
      location: </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Exploration drill holes </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>172</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">172 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;White Mesa Mill
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>8,836</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>8,206 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Colorado Plateau </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>2,065</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,053 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Henry Mountains
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>444</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>441 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Daneros </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>79</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">78 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Arizona Strip
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>1,524</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,550 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Sheep Mountain </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>1,309</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">1,299 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>14,429</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>13,799 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Site restoration liability: </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Current </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>172</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>172 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Non-current </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>14,257</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">13,627 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>14,429</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>13,799 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Revision of estimates is as a result of a change in the
      risk-free discount rates used to calculate decommissioning
    liabilities.</P></TD></TR></TABLE>
<P align=center>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. Dollars except share and per share amounts)</I> <br>
&nbsp;</TD></TR></TABLE>
<P align=justify>The decommissioning and reclamation of the White Mesa mill and
U.S. mines are subject to legal and regulatory requirements. Estimates of the
costs of reclamation are reviewed periodically by the applicable regulatory
authorities. The above accrual represents the Company&#146;s best estimate of the
present value of future reclamation costs, discounted using risk-free interest
rates ranging from 0.14% to 3.83% based on US Treasury rates of varying lengths
ranging from 1 to 30 years. The total undiscounted decommissioning liability as
at March 31, 2014 is $27,963 (December 31, 2013 - $27,963). Reclamation costs
are expected to be incurred between 2014 and 2040. </P>
<P align=justify>Restricted cash, which is held by or for the benefit of
regulatory agencies to settle these future obligations, are comprised of the
following:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=center
    width="12%" nowrap><B>March 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=center
    width="2%" nowrap >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=center
    width="1%" nowrap >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=center
    width="12%" nowrap>December 31, </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" nowrap><B>2014</B> </TD>
    <TD vAlign=bottom align=center width="2%" nowrap >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" nowrap >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" nowrap>2013 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="12%" nowrap><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="2%" nowrap >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="1%" nowrap ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="12%" nowrap>$&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Restricted cash, beginning of
      period </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>25,478</B>
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>28,525 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Restricted cash from acquisition
      of Colorado Plateau Partners LLC &amp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Arizona Strip
      Partners LLC </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>54 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Restricted cash from acquisition
      of Strathmore Minerals Corp </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">902 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Refunds and returns for the period (1) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(8,705</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(4,003</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Restricted cash, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>16,773</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">25,478 </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B><I>(1)</I></B> </TD>
    <TD>
      <P align=justify><B><I>Mill and mine
reclamation</I></B></P></TD></TR></TABLE>
<P align=justify>The Company has cash, cash equivalents and fixed income
securities as collateral for various bonds posted in favour of the State of
Utah, the applicable state regulatory agencies in Colorado, Wyoming, New Mexico and Arizona and the
U.S. Bureau of Land Management for estimated reclamation costs associated with
the White Mesa mill and mining properties. Cash equivalents are short-term
highly liquid investments with original maturities of three months or less. The
restricted cash will be released when the Company has reclaimed a mineral
property. During the three months ended March 31, 2014, the Company had a net
refunds and returns of $8,705 from its collateral account (December 31, 2013 &#150;
$4,003) as a result of the restructuring of the Company&#146;s surety arrangements
and the reduction of bonding requirements at some of the Company&#146;s projects.
</P>
<P align=justify><B>9. CAPITAL STOCK AND CONTRIBUTED SURPLUS </B></P>
<P align=justify><B><I>Authorized capital stock </I></B></P>
<P align=justify>The Company is authorized to issue an unlimited number of
Common Shares without par value, unlimited Preferred Shares issuable in series,
and unlimited Series A Preferred Shares. The Series A Preferred shares are
non-redeemable, non-callable, non-voting and with no right to dividends. The
Preferred Shares issuable in series will have the rights, privileges,
restrictions and conditions assigned to the particular series upon the Board of
Directors approving their issuance. </P>
<P align=justify><B><I>Issued capital stock </I></B></P>
<P align=justify>The issued and outstanding capital stock consists of Common
Shares as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="23%" colSpan=4><B>2014</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="23%" colSpan=4>2013 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Amount $</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">Shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">Amount $ </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Balance, January 1, </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
      bgColor=#e6efff><B>19,601,251</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>232,089</B>
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>13,642,672 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>179,427 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Shares issued for exercise of
      share purchase warrants </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>61,301</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>607</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Shares issued
      for Virginia Energy shares </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>437,028 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,908 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Shares issued for Virginia
      Energy advisory fees </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">5,405 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">39 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Share issuance costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(14</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Balance, March 31, </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>19,662,552</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>232,696</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">14,085,105 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">183,360 </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE>
<P align=center>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. Dollars except share and per share amounts)</I> <br>
&nbsp;</TD></TR></TABLE>
<P align=justify><B>10. SHARE-BASED PAYMENTS </B></P>
<P align=justify><B><I>Stock options </I></B></P>
<P align=justify>The fair value of stock options granted during the three months
ended March 31, 2014 and 2013 is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>Three months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">Three months ended </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>March 31, 2014</B>
</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">March 31, 2013 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">$&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Share option plan expense <SUP>(1)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>1,600</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>5 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Value of stock options granted </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>1,600</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">5 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company has established a stock option plan whereby
      the Board of Directors may grant options to employees, directors and
      consultants to purchase common shares of the Company. The maximum number
      of authorized but unissued shares available to be granted under the plan
      shall not exceed 10% of its issued and outstanding common shares. The
      exercise price of the options is set at the Company&#146;s closing share price
      on the day before the grant date.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>For the three months ended March 31, 2014, the Company
      granted 307,250 stock options (March 31, 2013 &#150; 50,000) to its employees,
      directors and consultants recording stock-based compensation expense of
      $960 (March 31, 2013 &#150; $5) . These options were granted with the following
      vesting conditions: 50% - immediately, 25% - one year after grant date,
      25% - two years after grant date.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The fair value of stock options granted to employees,
      directors and consultants was estimated on the dates of the grants using
      the Black-Scholes option pricing model with the following assumptions used
      for the grants made during the period:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="30%" bgcolor="#E6EFFF">Risk-free rate </TD>
    <TD align=left width="30%" bgcolor="#E6EFFF">1.600% </TD>
    <TD align=left width="30%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="30%">Expected life </TD>
    <TD align=left width="30%">5.0 years </TD>
    <TD align=left width="30%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="30%" bgcolor="#E6EFFF">Expected volatility </TD>
    <TD align=left width="30%" bgcolor="#E6EFFF">81%*</TD>
    <TD align=left width="30%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="30%">Expected dividend yield </TD>
    <TD align=left width="30%">0.0% </TD>
    <TD align=left width="30%">&nbsp;</TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">*</TD>
    <TD>Expected volatility is measured based on the Company&#146;s historical share
  price volatility over the expected life of the warrants. </TD></TR>
  </TABLE>
<P align=justify>The summary of the Company&#146;s stock options at March 31, 2014
and December 31, 2013, and the changes for the periods ending on those dates is
presented below: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="36%" colSpan=7><B>Three months ended</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="36%" colSpan=7><B>March 31, 2014</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom></TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"></TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>Weighted</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"></TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>Range of</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>Average</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>Exercise Prices</B>
    </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>Exercise Price</B>
</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>Number of</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Cdn$</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Cdn$</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Options</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance, beginning of period
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>7.60 - 44.22 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>14.27</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>795,318</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Transactions during the period: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Granted </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>9.05</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>9.05</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>307,250</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Exercised </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Forfeited </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>7.60 -
      44.22</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>21.58</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
bgColor=#e6efff><B>(20,886</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp;Expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>17.50</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>17.50</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>(12,000</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Balance, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>7.60 - 44.22</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>11.94</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>1,069,682</B> </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=center>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. Dollars except share and per share amounts)</I> <br>
&nbsp;</TD></TR></TABLE>
<P align=justify>The following table reflects the actual stock options issued
and outstanding as of March 31, 2014: </P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom align=center nowrap style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" nowrap style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="29%" nowrap colspan="4" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">Options outstanding </TD>
    <TD vAlign=bottom align=center width="2%" nowrap style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" nowrap style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="29%" nowrap colspan="4" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">Options Exercisable </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom align=center width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" nowrap bordercolor="#000000"><B>Weighted average</B> </TD>
    <TD vAlign=bottom align=center width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" nowrap bordercolor="#000000"><B>Weighted average</B> </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center nowrap bordercolor="#000000"><B>Exercise price</B> </TD>
    <TD vAlign=bottom align=center width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" nowrap bordercolor="#000000"><B>remaining</B> </TD>
    <TD vAlign=bottom align=center width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" nowrap bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" nowrap bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" nowrap bordercolor="#000000"><B>remaining</B> </TD>
    <TD vAlign=bottom align=center width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>(Cdn$)</B> </TD>
    <TD vAlign=bottom align=center width="1%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>Quantity</B> </TD>
    <TD vAlign=bottom align=center width="2%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>contractual life</B> </TD>
    <TD vAlign=bottom align=center width="2%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>Quantity</B> </TD>
    <TD vAlign=bottom align=center width="2%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>contractual life</B> </TD>
    <TD vAlign=bottom align=center width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">$0.00 to $9.99 </TD>
    <TD vAlign=bottom align=right width="1%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">516,150 </TD>
    <TD vAlign=bottom align=right width="2%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">4.66 </TD>
    <TD vAlign=bottom align=right width="2%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">362,525 </TD>
    <TD vAlign=bottom align=right width="2%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">4.59 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bordercolor="#000000">$10.00 to $19.99 </TD>
    <TD vAlign=bottom align=right width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bordercolor="#000000">491,050 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bordercolor="#000000">3.01 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bordercolor="#000000">491,050 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bordercolor="#000000">3.01 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bordercolor="#000000" bgcolor="#E6EFFF">$20.00 to $29.99 </TD>
    <TD vAlign=bottom align=right width="1%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bordercolor="#000000" bgcolor="#E6EFFF">39,326 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bordercolor="#000000" bgcolor="#E6EFFF">1.79 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bordercolor="#000000" bgcolor="#E6EFFF">39,326 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bordercolor="#000000" bgcolor="#E6EFFF">1.79 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bordercolor="#000000">$30.00 to $39.99 </TD>
    <TD vAlign=bottom align=right width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bordercolor="#000000">9,556 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bordercolor="#000000">1.69 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bordercolor="#000000">9,556 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bordercolor="#000000">1.69 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">$40.00 to $49.99 </TD>
    <TD vAlign=bottom align=right width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">13,600 </TD>
    <TD vAlign=bottom align=right width="2%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">1.43 </TD>
    <TD vAlign=bottom align=right width="2%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">13,600 </TD>
    <TD vAlign=bottom align=right width="2%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">1.43 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">1,069,682 </TD>
    <TD vAlign=bottom align=right width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">3.73 </TD>
    <TD vAlign=bottom align=right width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">916,057 </TD>
    <TD vAlign=bottom align=right width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" style="border-top-style: solid; border-top-width: 1; border-bottom: 2px solid #000000" bordercolor="#000000">3.54 </TD>
    <TD vAlign=bottom align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR></TABLE>
<P align=justify><B>11. SUPPLEMENTAL FINANCIAL INFORMATION </B></P>
<P align=justify>The components of revenues are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=center width="27%" colSpan=4 nowrap style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><B>Three Months Ended</B> </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=center width="27%" colSpan=4 nowrap style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>March 31,</B> </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=center width="12%" nowrap style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>2014</B> </TD>
    <TD align=center width="2%" nowrap style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=center width="1%" nowrap style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=center width="12%" nowrap style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">2013 </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">Uranium concentrates </TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF" ><B>$</B></TD>
    <TD align=right width="12%" bordercolor="#000000" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF"><B>&nbsp;11,219</B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="12%" bordercolor="#000000" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6EFFF">&nbsp;29,988 </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Vanadium concentrates </TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000"><B>-</B> </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000">4,037 </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">Alternate feed materials processing and other </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF"><B>142</B> </TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">62 </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Revenues</B> </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" ><B>$</B></TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000"><B>&nbsp;11,361</B> </TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" >$</TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;34,087 </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR></TABLE>
<P align=justify>The components of selling, general and administrative expenses
are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=center width="27%" colSpan=4 style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" nowrap><B>Three Months Ended</B> </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=center width="27%" colSpan=4 style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" nowrap><B>March 31,</B> </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=center width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" nowrap><B>2014</B> </TD>
    <TD align=center width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" nowrap >&nbsp;</TD>
    <TD align=center width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" nowrap >&nbsp;</TD>
    <TD align=center width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" nowrap>2013 </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Intangible asset amortization </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF" ><B>$</B></TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF"><B>&nbsp;(1,127</B></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF" ><B>)</B> </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;(2,918</TD>
    <TD align=left width="2%" bordercolor="#000000" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Selling expenses </TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000"><B>(79</B></TD>
    <TD align=left width="2%" bordercolor="#000000" ><B>)</B> </TD>
    <TD align=left width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000">(527</TD>
    <TD align=left width="2%" bordercolor="#000000" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;General and administrative </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF"><B>(3,729</B></TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF" ><B>)</B> </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">(2,515</TD>
    <TD align=left width="2%" bordercolor="#000000" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Selling, general and administrative expenses</B> </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" ><B>$</B></TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000"><B>&nbsp;(4,935</B></TD>
    <TD align=left width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" ><B>)</B> </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" >$</TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;(5,960</TD>
    <TD align=left width="2%" bordercolor="#000000" >) </TD></TR></TABLE>
<P align=justify>The components of finance income (expense) are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=center width="33%" colspan="4" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><B>Three Months Ended</B> </TD>
    <TD align=center width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=center width="33%" colspan="4" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>March 31,</B> </TD>
    <TD align=center width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=center width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>2014</B> </TD>
    <TD align=center width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=center width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">2013 </TD>
    <TD align=center width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">Accretion expense </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF"><B>
    $</B></TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF"><B>&nbsp;(104)</B> </TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">
    $</TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;(82) </TD>
    <TD align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Gain on sale of marketable securities (Note 5) </TD>
    <TD align=left width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000"><B>198</B> </TD>
    <TD align=right width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000">97 </TD>
    <TD align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">Foreign exchange </TD>
    <TD align=left width="1%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>-</B> </TD>
    <TD align=right width="2%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000" bgcolor="#E6EFFF">(2) </TD>
    <TD align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Change in value of convertible debentures </TD>
    <TD align=left width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000"><B>(3,091)</B> </TD>
    <TD align=right width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000">(898) </TD>
    <TD align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">Interest expense </TD>
    <TD align=left width="1%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000" bgcolor="#E6EFFF"><B>(429)</B> </TD>
    <TD align=right width="2%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="12%" bordercolor="#000000" bgcolor="#E6EFFF">(476) </TD>
    <TD align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">
    <p style="text-indent: -15pt; margin-left: 15pt">Interest income </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>22</B> </TD>
    <TD align=right width="2%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">143 </TD>
    <TD align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Finance expense</B> </TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" bgcolor="#E6EFFF"><B>
    $</B></TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" bgcolor="#E6EFFF"><B>&nbsp;(3,404)</B> </TD>
    <TD align=right width="2%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left width="1%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" bgcolor="#E6EFFF">
    $</TD>
    <TD align=right width="12%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000" bgcolor="#E6EFFF">&nbsp;(1,218) </TD>
    <TD align=right width="2%" bordercolor="#000000">&nbsp;</TD></TR></TABLE>
<P align=center>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. Dollars except share and per share amounts)</I> <br>
&nbsp;</TD></TR></TABLE>
<P align=justify>A summary of depreciation, depletion and amortization expense
recognized in these financial statements are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="27%" colSpan=4><B>Three Months Ended</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="27%" colSpan=4><B>March 31,</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="12%" noWrap><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="2%" noWrap >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" noWrap >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="12%" noWrap>2013 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Recognized in production cost
      of sales </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;(1,096</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;(3,808</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Recognized in selling, general and administrative </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(1,208</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(3,406</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Depreciation, depletion and amortization</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(2,304</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(7,214</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR></TABLE>
<P align=justify><b>12. COMMITMENTS AND CONTINGENCIES</b></P>
<P align=justify><B><I>General legal matters</I></B></P>
<P align=justify>The Company is involved, from time to time, in various legal
actions and claims in the ordinary course of business. In the opinion of
management, the aggregate amount of any potential liability is not expected to
have a material adverse effect on the Company&#146;s financial position or
results.</P>
<P align=justify>One of the Company&#146;s subsidiaries, Energy Fuels Resources (USA)
Inc. (&#147;EFRI&#148;), formerly Denison Mines (USA) Corp., entered into a unit price
construction contract with KGL Associates, Inc. (&#147;KGL&#148;) in 2009 relating to the
construction of tailings cell 4B at the Company&#146;s White Mesa Mill. Performance
under this contract was under dispute in an action commenced in January 2011 in
the Seventh Judicial District Court, San Juan County, Utah. In the dispute, EFRI
sought approximately $3.25 million in damages from KGL, including project
completion costs, KGL sought payment of approximately $1.65 million for alleged
project labor and/or equipment inefficiencies, and both parties sought
prejudgment interest, attorney fees and costs. The parties agreed to resolve
this matter in binding arbitration. Under the Arrangement Agreement dated May
23, 2012 between the Company and Denison Mines Corp., Denison agreed to fully
indemnify the Company in connection with this litigation and will receive any
proceeds from arbitration. In February 2014 the arbitrator found in favor of
Denison and awarded damages, interest, attorneys&#146; fees and costs to Denison in
excess of $4.8 million. In March 2014, KGL filed a motion with the district
court to vacate the award, to which Denison has responded.</P>
<P align=justify>In April, 2013, the Colorado Department of Public Health and
Environment (&#147;CDPHE&#148;) re-issued the radioactive materials license (the
&#147;License&#148;) to the Company for the proposed Pi&#241;on Ridge Mill. In May, 2013, Sheep
Mountain Alliance and Rocky Mountain Wild, two non-government organizations,
filed a suit in Denver District Court challenging the re-issuance of the
License. In March, 2014, the Plaintiffs designated the record for the judicial
appellate review. In May, 2014, the Company filed a Motion for Remand, asking
the Court to remand this matter back to the previous Hearing Officer for
additional action intended to cure the purported procedural deficiencies alleged
by Plaintiffs in their lawsuit. If the Motion for Remand is denied, it is likely
that the judicial review process would resume with briefing and oral arguments
before the court on the merits of the Plaintiffs&#146; lawsuit, at the conclusion of
which the court may decide to uphold, reverse, or reverse and remand CDPHE&#146;s
decision to re-issue the License. If the Motion for Remand is granted, then the
expectation is that each side will submit revised findings of fact and
conclusions of law for consideration by the previous Hearing Officer and that
the Hearing Officer will issue a decision relating to those matters. Based on
that decision, and any subsequent intermediate review process by CDPHE&#146;s
Executive Director, the License matter will be re-presented to CDPHE for a final
administrative determination. Depending on that determination, either side or
both will be entitled to seek a new judicial appeal in the Denver District
Court. </P>
<P align=justify>In November, 2012, the Company was served with a Plaintiff&#146;s
Original Petition and Jury Demand in the District Court of Harris County, Texas,
claiming unspecified damages from the disease and injuries resulting from
mesothelioma from exposure to asbestos, which the Plaintiff claims was
contributed to by being exposed to asbestos products and dust while working at
the White Mesa Mill. The Plaintiff has also named a number of manufacturers of
asbestos and asbestos-related products in the law suit. The Company does not
consider this claim to have any merit, and therefore does not believe it will
materially affect the Company&#146;s financial position, results of operations or
cash flows. Plaintiff has produced a medical expert report, work history, and
answers to discovery. In January, 2013, the Company filed a Special Appearance to Challenge Personal Jurisdiction, Motion
to Transfer Venue, Motion to Dismiss for Forum Non Conveniens and Original
Answer Subject Thereto. </P>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. Dollars except share and per share amounts)</I> <br>
&nbsp;</TD></TR></TABLE>
<P align=justify>In January, 2013, the Ute Mountain Ute tribe filed a Petition
to Intervene and Request for Agency Action challenging the Corrective Action
Plan approved by the State of Utah Department of Environmental Quality (&#147;UDEQ&#148;)
relating to nitrate contamination in the shallow aquifer at the White Mesa Mill
site. This challenge is currently being evaluated, and may involve the
appointment of an administrative law judge to hear this matter. If an
administrative law judge is appointed and a hearing is held, the judge will
issue a recommended decision to the final agency decision maker, the Director of UDEQ. An appeal can be taken from the Director's decision to Utah's appellate
courts. The Company does not consider this action to have any merit. If the
petition is successful, the likely outcome would be a requirement to modify or
replace the existing Corrective Action Plan. At this time, the Company does not
believe that any such modification or replacement would materially affect the
Company&#146;s financial position, results of operations or cash flows. However, the
scope and costs of remediation under a revised or replacement Corrective Action
Plan have not yet been determined and could be significant. </P>
<P align=justify>In March, 2013, the Center for Biological Diversity, the Grand
Canyon Trust, the Sierra Club and the Havasupai Tribe (the &#147;Plaintiffs&#148;) filed a
complaint in the U.S. District Court for the District of Arizona (the &#147;District
Court&#148;) against the Forest Supervisor for the Kaibab National Forest and the
U.S. Forest Service (&#147;USFS&#148;, collectively, the &#147;Defendants&#148;) seeking an order
declaring that the USFS failed to comply with environmental, mining, public
land, and historic preservation laws in relation to the Company&#146;s Canyon mine,
and setting aside any approvals regarding exploration and mining operations at
the Canyon mine. In addition, the Plaintiffs sought injunctive relief directing
operations to cease at the mine and enjoining the USFS from allowing any further
exploration or mining-related activities at the Canyon mine until the USFS fully
complies with all applicable laws. In April 2013, the Plaintiffs filed a Motion
for Preliminary Injunction to enjoin the Defendants from allowing construction
and/or mining activities to occur at the Canyon mine and suspending all USFS
approvals. This motion was denied by the District Court In September, 2013. In
October 2013 Plaintiffs appealed the District Court&#146;s Order to the 9th Circuit
Court of Appeals, and filed two Emergency Motions for an Injunction Pending
Appeal. In November 2013, the Company decided to place shaft sinking operations
on standby at the Canyon Mine, due to market conditions, and to lessen the
expense of the litigation at the mine. At the same time, the Company entered
into a stipulation agreement with Plaintiffs under which the Company agreed to
keep shaft sinking operations on standby until the earlier of the date the
District Court issues a final appealable order on the merits of Plaintiffs&#146;
claims, or December 31, 2014, and Plaintiffs have agreed to stay their appeal
and Emergency Motions. In the meantime, Proceedings on the merits of the case
are ongoing. If the Plaintiffs are successful on the merits, the Company may be
required to maintain the mine on standby pending resolution of the matter. Such
a required prolonged stoppage of mine development and mining activities could
have a significant impact on the Company. </P>
<P align=justify>In August, 2011, the Company&#146;s subsidiary, Roca Honda
Resources, LLC, filed an application for a permit to dewater certain aquifers
underlying Roca Honda&#146;s proposed uranium mine site. The Pueblo of Acoma
protested the permit application, and a hearing on the merits was held in
November, 2013. In December, 2013, the Hearing Officer recommended approval of
the application, and the State Engineer adopted the recommendation. In January,
2014 Acoma Pueblo filed a notice of appeal and separately filed a Complaint for
Declaratory Judgment, in the Eleventh Judicial District Court of McKinley
County. The Company does not believe the appeal and Complaint have merit and
intends to defend against those actions. In March, 2014, the Company filed a
Motion to Dismiss the Complaint, on the basis that the appeal is the exclusive
remedy. A date for a hearing on this Motion has not been set at this time. If
the appeal is successful, the likely outcome would be remand of the permit back
to the State Engineer for reconsideration or possible withdrawal of the permit.
The Company does not believe that any such outcome would materially affect the
Company&#146;s financial position, results of operations or cash flows. </P>
<P align=justify>In April 2014, the Grand Canyon Trust filed a Clean Air Act
citizen suit in federal district court for alleged violations of the Clean Air
Act National Emissions Standards for Hazardous Pollutants, Subpart W, at the
White Mesa Uranium Mill. The Complaint alleges that radon from one of the
Mill&#146;s tailings impoundments exceeds the standard and that the mill is in
violation of a requirement that only two impoundments may be in operation at any
one time. The Complaint asks the court to impose injunctive relief, civil
penalties of up to $37,500 per day per violation, costs of litigation including
attorneys&#146; fees, and other relief. The Company does not consider the claims to
have merit, and intends to defend against this law suit. The Company believes
the issues raised by this environmental group are being addressed through the
proper regulatory channels and that the Company is currently in compliance with
all applicable regulatory requirements.</P>
<P align=center>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>(Expressed in
      thousands of U.S. Dollars except share and per share amounts)</I> <br>
&nbsp;</TD></TR></TABLE>
<P align=justify><B>13. ADJUSTMENTS TO COMPARATIVE FIGURES DUE TO BUSINESS
COMBINATIONS </B></P>
<P align=justify>As a result of the completion of purchase accounting made in
the period ended June 30, 2013 for the Company&#146;s June 2012 acquisition of
Denison Mines Holdings Corp. (&#147;DMHC&#148;), White Canyon Uranium Ltd. (&#147;White
Canyon&#148;) and their direct and indirect subsidiaries (collectively, the &#147;Denison
US Mining Division&#148;), the comparative information presented in these financial
statement for three months ended March 31, 2013 were revised as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="27%" colSpan=4><B>Three
      Months Ended</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="27%" colSpan=4><B>March 31, 2013</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>As stated originally</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>Revised</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>NET LOSS FOR THE
      PERIOD</B> </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;(7,756</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;(5,904</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>COMPREHENSIVE LOSS FOR THE PERIOD</B> </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;(7,368</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;(5,516</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B>
  </TD></TR></TABLE>
<P align=center>15 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left><B><font size="3">ENERGY FUELS
      INC.</font></B><font size="3"> </font> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR vAlign=top>
    <TD align=left>Three Months Ended March 31, 2014 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Expressed in
      thousands of U.S. Dollars, Unless Otherwise Noted) </TD></TR></TABLE>
<P align=justify><B>INTRODUCTION </B></P>
<P align=justify>This Management&#146;s Discussion and Analysis (&#147;<B>MD&amp;A</B>&#148;)
of Energy Fuels Inc. and its subsidiary companies (collectively, &#147;<B>Energy
Fuels</B>&#148; or the &#147;<B>Company</B>&#148;) provides a detailed analysis of the
Company&#146;s business and compares its financial results with those of the previous
year. This MD&amp;A is dated as of May 13, 2014 and should be read in
conjunction with the Company&#146;s condensed interim consolidated financial
statements and related notes for the three months ended March 31, 2014 and the
Company&#146;s consolidated annual financial statements for the15 months ended
December 31, 2013. In November 2013, the Company announced a change in its
fiscal year end from September 30 to December 31. As a result of this change,
the Company&#146;s first quarter results for 2014 include the financial statements
for the three months ended March 31, 2014 (&#147;Q1-2014&#148;), with comparative figures
for the three month period ended March 31, 2013 (&#147;FQ-2013&#148;) which is the
comparable quarter for last year.</P>
<P align=justify>Effective November 5, 2013, the Company completed a
consolidation of its common shares on the basis of 50 pre-consolidation common
shares for each post-consolidation common share. All share and per share amounts
in this MD&amp;A are shown on a post-consolidation basis. </P>
<P align=justify>This MD&amp;A was written to comply with the requirements of
National Instrument 51-102 &#150; Continuous Disclosure Obligations. All financial
information in this discussion and analysis is presented in United States
dollars, unless otherwise stated.</P>
<P align=justify>Other continuous disclosure documents, including the Company&#146;s
press releases, quarterly and annual reports, technical reports, Annual
Information Form (&#147;<B>AIF</B>&#148;) and Form 40-F are available through its filings
with the securities regulatory authorities in Canada at <font color="#0000FF"> <U>www.sedar.com</U></font><U>
(&#147;</U><B><U>SEDAR</U></B><U>&#148;)</U> and in the United States at
<font color="#0000FF">
<U>www.sec.gov/edgar.shtml</U></font> (&#147;<B>EDGAR</B>&#148;), and on the Company&#146;s website at
<font color="#0000FF">
<U>www.energyfuels.com</U></font>.</P>
<P align=justify>In this discussion, the terms &#147;Company&#148;, &#147;we&#148;, &#147;us&#148;, and &#147;our&#148;
refer to Energy Fuels and, as applicable, the Company&#146;s wholly-owned
subsidiaries: Energy Fuels Resources Corporation (&#147;<B>EFRC</B>&#148;), Energy Fuels
Holdings Corp. (previously known as Denison Mines Holdings Corp.)
(&#147;<B>EFHC</B>&#148;&#148;), Magnum Uranium Corp. (&#147;<B>Magnum</B>&#148;), Titan Uranium Inc.
(&#147;<B>Titan</B>&#148;), Strathmore Minerals Corp. (&#147;<B>Strathmore</B>&#148;) and their
respective subsidiaries. This MD&amp;A contains forward looking information and
forward looking statements within the meaning of applicable Canadian and United
States securities laws. See &#147;Cautionary Statement Regarding Forward-Looking
Statements&#148; starting on page 8 of this MD&amp;A.<B> </B></P>
<P align=justify><B>SUMMARY OF QUARTERLY RESULTS</B></P>
<P align=justify>Results for the eight most recent quarters ending with the
quarter ended March 31, 2014 are:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Mar 31</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Dec 31</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Sept 30</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>June 30</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2014</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2013</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2013</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2013</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>$000, except per share data </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total revenues </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>11,361 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>776 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>24,504 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,954 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net Income (loss) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(6,342</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(3,375</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(70,472</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(5,532</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Basic &amp; diluted net income (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(0.32</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(0.18</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(4.30</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(1.27</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Mar 31*</B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Dec 31*</B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Sept 30*</B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>June 30* </B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2013</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2012</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2012</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2012</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>$000, except per share data </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">&nbsp;<STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total revenues </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>34,087 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>8,927 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>25,028 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net Income (loss) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(5,904</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,042</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(19,160</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">23,697 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Basic &amp; diluted net income (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(0.40</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(0.15</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(1.41</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>5.76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>*</TD>
    <TD align=left width="95%">Adjusted as a result of the finalization of the
      purchase allocation of Denison Mines Holdings Corp. (&#147;DMHC&#148;) in June 2013.
    </TD></TR></TABLE>
<P align=center>- 1 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left><B><font size="3">ENERGY FUELS
      INC.</font></B><font size="3"> </font> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR vAlign=top>
    <TD align=left>Three Months Ended March 31, 2014 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Expressed in
      thousands of U.S. Dollars, Unless Otherwise Noted) </TD></TR></TABLE>
<P align=justify><B>RESULTS OF OPERATIONS &#150; Q1-2014 compared to FQ-2013 </B></P>
<P align=justify><B><I>General </I></B></P>
<P align=justify>For the three months ended March 31, 2014, the Company recorded
a net loss of $6.34 million or $0.32 per share, compared to a net loss of $5.90
million or $0.40 per share for the three months ended March 31, 2013. </P>
<P align=justify><B><I>Revenues </I></B></P>
<P align=justify>Revenues for the three months ended March 31, 2014 totaled
$11.36 million, of which $11.22 million were sales of uranium concentrates which
included the sale of 191,667 pounds of U<sub>3</sub>O<sub>8</sub> pursuant to term contracts at an
average price of $58.53 per pound. Revenues for the three months ended March 31,
2013 totaled $34.09 million, of which $29.99 million were sales of uranium
concentrates which included the sale of 533,334 pounds of U<sub>3</sub>O<sub>8</sub> pursuant to term
contracts at an average price of $56.23 per pound. The Company&#146;s revenues for
uranium are largely based on delivery schedules for long-term contracts, which
can vary from quarter to quarter.</P>
<P align=justify>Revenues for the three months ended March 31, 2013 also
included the sale of $4.04 million of vanadium in the form of V<sub>2</sub>O<sub>5</sub>. There were
no vanadium sales in the three months ended March 31, 2014, as the Company is
not producing vanadium at this time.</P>
<P align=justify><B><I>Operating Expenses </I></B></P>
<P align=justify><B>Milling and Mining Expenses</B> </P>
<P align=justify>For the three months ended March 31, 2014, the Company&#146;s
uranium production totaled 125,956 pounds of U<sub>3</sub>O<sub>8</sub>, all of which was from
alternate feed materials. During the three months ended March 31, 2013, the
Company processed conventional uranium and vanadium ores from the Company&#146;s
mines on the Colorado Plateau, as well as alternate feed material. Uranium and
vanadium production for the three months ended March 31, 2013 totaled 290,600
pounds of U<sub>3</sub>O<sub>8</sub>, including 51,600 pounds from alternate feed materials, and
812,600 pounds of V<sub>2</sub>O<sub>5</sub>. </P>
<P align=justify>Cost of goods sold for the three months ended March 31, 2014
totaled $8.57 million, which consisted of $7.48 million of mining and milling
production costs and $1.10 million of depreciation, depletion and amortization.
Cost of goods sold for the three months ended March 31, 2013 totaled $33.10
million, which consisted of $27.89 million of mining and milling production
costs, $3.81 million of depreciation, depletion and amortization and impairment
of inventories of $1.40 million.</P>
<P align=justify><B><I>Selling, General and Administrative </I></B></P>
<P align=justify>Selling, general and administrative expense includes costs
associated with marketing of Uranium, the corporate general and administrative
costs, and the non-cash costs of amortization of above market sales contract
value associated with the Denison acquisition. General and administrative
expenses consist primarily of payroll and related expenses for personnel,
contract and professional services, stock-based compensation expense and other
overhead expenditures. Selling, general and administrative expenses totaled
$4.94 million for the three months ended March 31, 2014, compared to $5.96
million for the three months ended March 31, 2013. The decrease in selling,
general and administrative expenses was primarily due a lower amortization of
the intangible asset and lower selling expenses partially offset by higher
general and administrative expenses. The increase in general and administrative
expense in the three months ended March 31, 2014 was primarily related to stock
based compensation of $0.96 million compared with nil in the three months ended
March 31, 2013.</P>
<P align=justify>Amortization of the intangible asset recorded for the U<sub>3</sub>O<sub>8
</sub>sales contract values in excess of spot price at the June 29, 2012 acquisition
date of Denison Mines Holdings Corp. and all of its US assets and subsidiaries
(the &#147;Denison US Mining Division&#148;) totaled $1.13 million for the three months
ended March 31, 2014, compared with $2.92 million for the three months ended
March 31, 2013. The decrease in the amount for the three months ended March 31,
2014 was directly related to the decrease in revenue compared with the three
months ended March 31, 2013 discussed above.</P>
<P align=justify><B><I>Care and Maintenance Expenses </I></B></P>
<P align=justify>The Company&#146;s Beaver, Pandora and Daneros mines were placed on
care and maintenance in the last quarter of calendar year 2012, as a result of
market conditions and because the Company is able to fulfill its short-term  contractual uranium delivery requirements utilizing its
existing uranium concentrate inventories, as well as production from its
existing stockpiles of ore, producing mines in Arizona and alternate feed
materials. Also, in November 2013 the Company placed shaft sinking operations on
its Canyon mine on standby. Costs related to the care and maintenance of these
and other standby mines decreased due to the Company&#146;s increased cost
efficiencies and totaled $0.64 million and $1.40 million for the three months
ended March 31, 2014 and the three months ended March 31, 2013,
respectively.</P>
<P align=center>- 2
- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left><B><font size="3">ENERGY FUELS
      INC.</font></B><font size="3"> </font> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR vAlign=top>
    <TD align=left>Three Months Ended March 31, 2014 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Expressed in
      thousands of U.S. Dollars, Unless Otherwise Noted) </TD></TR></TABLE>
<P align=justify><B><I>Other Income and Expenses </I></B></P>
<P align=justify>Finance expense was $3.40 million for the three months ended
March 31, 2014, and consists of a change in the mark-to-market values of
the Company&#146;s convertible debentures (the &#147;Debentures&#148;) totaling $3.09 million,
interest expense of $0.43 million and accretion expense related to the
decommissioning liability of $0.10 million, partially offset by interest income
of $0.02 million, and change in value of marketable securities of $0.20
million.</P>
<P align=justify>Finance expense totaled $1.22 million for the three months
ended March 31, 2013 and consists of a change in mark-to-market value of the
Debentures of $0.90 million, interest expense incurred on the Debentures of
$0.48 million, and accretion expense related to the decommissioning liability of
$0.08 million, partially offset by a change in the mark-to-market values of
marketable securities of $0.10 million and interest income of $0.14 million.
</P>
<P align=justify><B>OUTLOOK FOR THE YEAR ENDING DECEMBER 31, 2014 </B></P>
<P align=justify><B><I>General </I></B></P>
<P align=justify>Spot prices and long-term prices for uranium began the year at
$34.50 and $47.00 per pound, respectively. At the beginning of May 2014 the spot
and long-term prices had fallen to $29.00 and $45.00 per pound, respectively.
Though prices in the short and medium term are under pressure from excess
supplies, in the longer term, Energy Fuels believes prices will improve and
intends to continue to strengthen its position as a leading uranium company in
the United States, through business development activities, including permitting
and development of existing projects, as market conditions warrant. Energy Fuels
will also look to further acquire uranium properties in the United States, if
favorable opportunities arise. Environmental and permit compliance and
maintenance activities will continue at the White Mesa Mill in order to maintain
the facility to be able to restart mineral processing operations as required.
Energy Fuels currently intends to maintain several mines on standby and continue
to permit other new projects, thereby positioning the Company to increase
production as market conditions warrant.</P>
<P align=justify>The Company utilizes various industry forecasts to assist in
its business planning, evaluation of existing and future mining projects, and
assessment of its valuation of long-lived assets. The Company has evaluated, and
will continue to evaluate price forecasts from relevant sources 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 will assess whether an impairment allowance is necessary
which, if required, could be material, and the Company may adjust its
operations.<B> </B></P>
<P align=justify><B><I>Production </I></B></P>
<P align=justify>For the short-term, given the stagnant low spot price of
uranium discussed above, Energy Fuels has cut back production quantities to
approximately 650,000 pounds of U<sub>3</sub>O<sub>8</sub> for FY-2014, of which 126,000 pounds were
produced in the first quarter, and has secured purchases of uranium totaling
300,000 pounds for each of the years ending December 31, 2014 and 2015. These
sources of uranium along with present finished goods on hand (385,000 pounds of
U<sub>3</sub>O<sub>8</sub> on hand at March 31, 2014) will allow the Company to meet all of its
contractual commitments through at least December 31, 2015. The Company expects
to continue mining at the Pinenut mine into the first quarter of 2015, at which
point the economic uranium resource is expected to be depleted. Mining at the
Company&#146;s Arizona 1 mine was placed on standby in February 2014, upon depletion
of the currently economic uranium resource. During the first half of FY-2014 the
Company intends to continue processing alternate feed materials as well as mill
and process stockpiled ore from the Pinenut and Arizona 1 mines received at the
White Mesa Mill through approximately July 31, 2014. Once the Company has
completed its planned production, the Company expects to place all mineral
processing at the White Mesa Mill on standby during the second half of 2014. The
Company will continue to receive alternate feed materials at the White Mesa Mill
for future processing. Ore mined at the Pinenut mine after the mill has
completed its planned ore production run in 2014 will be stockpiled for
processing in a future mill run.</P>
<P align=center>- 3 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left><B><font size="3">ENERGY FUELS
      INC.</font></B><font size="3"> </font> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR vAlign=top>
    <TD align=left>Three Months Ended March 31, 2014 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Expressed in
      thousands of U.S. Dollars, Unless Otherwise Noted) </TD></TR></TABLE>
<P align=justify><B><I>Sales </I></B></P>
<P align=justify>With respect to its sales strategy in the short-term, as a
result of the relatively weak uranium spot price, Energy Fuels will primarily
focus on sales pursuant to its term contracts, which require deliveries of
800,000 lbs. during 2014, of which 300,000 pounds will be from purchased
material and 191,667 was delivered in the three months ended March 31, 2014. The
Company expects its sales to result in average realized prices of $58.42/lb. ,
which would be well-above the expected spot market price. At current prices, the
Company does not expect to produce any product for sale at spot prices, nor does
the Company expect to sell any existing product at spot prices. Also, if low
prices continue, the Company may not restart mineral processing activities at
the White Mesa Mill during 2015. The Company intends to closely monitor U<sub>3</sub>O<sub>8</sub>
prices, and may change operating plans under actual or expected market
conditions as necessary. </P>
<P align=justify><B>USE OF PROCEEDS FROM PUBLIC OFFERING </B></P>
<P align=justify>The following table outlines the proposed use of funds for
direct project categories (excluding general working capital) from the net
proceeds received from the October 15, 2013 public offering as compared to the
actual expenses incurred to March 31, 2014. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <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 align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>Estimated</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left><B>Use of Financing Net Proceeds
      (000's)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>Allocation of Net</B>
    </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>Actual Costs
      Incurred</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left><B>(excluding General Working Capital)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>Proceeds</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>to March 31, 2014</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;&nbsp; Continued
      exploration and development of the Company's Roca Honda, Sheep Mountain,
      Gas Hills , Juniper Ridge and Canyon Mine mineral properties </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;2,500</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;1,959 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;&nbsp; Identification and evaluation of future potential
      mineral property acquisitions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>750</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;3,250</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;1,959</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>LIQUIDITY AND CAPITAL RESOURCES</B></P>
<P align=justify>At March 31, 2014, the Company had working capital of $42.27
million including $16.29 million in cash and 385,000 pounds of finished goods
inventory. The Company believes it has sufficient cash and resources to carry
out its business plan beyond calendar year 2015 and therefore the company
believes that it will continue as a going concern for the foreseeable future.
</P>
<P align=justify><B>Cash and Financial Condition </B></P>
<P align=justify>Cash and cash equivalents were $16.29 million at March 31,
2014, compared to $6.63 million at December 31, 2013. The increase of $9.66
million was due primarily to cash provided by investing activities of $9.82
million and financing activities of $0.44 million partially offset by cash used
in operations of $0.45 million and loss on foreign exchange on cash held of
$0.15 million. </P>
<P align=justify>Net cash provided by investing activities was $9.82 million,
which was primarily related to cash received of $8.70 million from a reduction
in the collateral required to secure mine and mill reclamation bonds posted by
the Company, proceeds from sale of marketable securities of $0.42 million, and
deposits received on assets held for sale of $1.48 million, partially offset by
expenditures for property, plant and equipment of $0.26 million and exploration,
evaluation, permitting and development activities of $0.52 million. </P>
<P align=justify>Net cash from financing activities totaled $0.44 million
consisting primarily of $0.48 million from the issue of common shares from the
exercise of warrants, less $0.04 million repayment of borrowings.</P>
<P align=justify>Net cash used in operating activities of $0.45 million is
comprised of the net loss of $6.34 million for the period adjusted for non-cash
items and for changes in working capital items. Significant items not involving
cash were a $2.31 million depreciation and amortization of property, plant and
equipment and intangible assets, a $3.40 million non-cash effect of finance
expense, primarily the $3.09 million change in the value of the Debentures, and
$0.96 million related to stock based compensation.</P>
<P align=center>- 4 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left><B><font size="3">ENERGY FUELS
      INC.</font></B><font size="3"> </font> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR vAlign=top>
    <TD align=left>Three Months Ended March 31, 2014 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Expressed in
      thousands of U.S. Dollars, Unless Otherwise Noted) </TD></TR></TABLE>
<P align=justify><B>Contingencies</B></P>
<P align=justify><I>Legal matters</I></P>
<P align=justify>One of the Company&#146;s subsidiaries, Energy Fuels Resources (USA)
Inc. (&#147;<B>EFRI</B>&#148;), formerly Denison Mines (USA) Corp., entered into a unit
price construction contract with KGL Associates, Inc. (&#147;<B>KGL</B>&#148;) in 2009
relating to the construction of tailings cell 4B at the Company&#146;s White Mesa
Mill. Performance under this contract was under dispute in an action commenced
in January 2011 in the Seventh Judicial District Court, San Juan County, Utah.
In the dispute, EFRI sought approximately $3.25 million in damages from KGL,
including project completion costs, KGL sought payment of approximately $1.65
million for alleged project labor and/or equipment inefficiencies, and both
parties sought pre-judgment interest, attorney fees and costs. The parties
agreed to resolve this matter in binding arbitration. Under the Arrangement
Agreement dated May 23, 2012 between the Company and Denison Mines Corp.,
Denison agreed to fully indemnify the Company in connection with this litigation
and will receive any proceeds from arbitration. In February 2014 the arbitrator
found in favor of Denison and awarded damages, interest, attorneys&#146; fees and
costs to Denison in excess of $4.8 million. In March 2014, KGL filed a motion
with the district court to vacate the award, to which Denison has responded.</P>
<P align=justify>In April, 2013, the Colorado Department of Public Health and
Environment (&#147;<B>CDPHE</B>&#148;) re-issued the radioactive materials license (the
&#147;<B>License</B>&#148;) to the Company for the proposed Pi&#241;on Ridge Mill. In May,
2013, Sheep Mountain Alliance and Rocky Mountain Wild, two non-government
organizations, filed a suit in Denver District Court challenging the re-issuance
of the License. In March, 2014, the Plaintiffs designated the record for the
judicial appellate review. In May, 2014, the Company filed a Motion for Remand,
asking the Court to remand this matter back to the previous Hearing Officer for
additional action intended to cure the purported procedural deficiencies alleged
by Plaintiffs in their lawsuit. If the Motion for Remand is denied, it is likely
that the judicial review process would resume with briefing and oral arguments
before the court on the merits of the Plaintiffs&#146; lawsuit, at the conclusion of
which the court may decide to uphold, reverse, or reverse and remand CDPHE&#146;s
decision to re-issue the License. If the Motion for Remand is granted, then the
expectation is that each side will submit revised findings of fact and
conclusions of law for consideration by the previous Hearing Officer and that
the Hearing Officer will issue a decision relating to those matters. Based on
that decision, and any subsequent intermediate review process by CDPHE&#146;s
Executive Director, the License matter will be re-presented to CDPHE for a final
administrative determination. Depending on that determination, either side or
both will be entitled to seek a new judicial appeal in the Denver District
Court. </P>
<P align=justify>In November, 2012, the Company was served with a Plaintiff&#146;s
Original Petition and Jury Demand in the District Court of Harris County, Texas,
claiming unspecified damages from the disease and injuries resulting from
mesothelioma from exposure to asbestos, which the Plaintiff claims was
contributed to by being exposed to asbestos products and dust while working at
the White Mesa Mill. The Plaintiff has also named a number of manufacturers of
asbestos and asbestos-related products in the law suit. The Company does not
consider this claim to have any merit, and therefore does not believe it will
materially affect the Company&#146;s financial position, results of operations or
cash flows. Plaintiff has produced a medical expert report, work history, and
answers to discovery. In January, 2013, the Company filed a Special Appearance
to Challenge Personal Jurisdiction, Motion to Transfer Venue, Motion to Dismiss
for Forum Non Conveniens and Original Answer Subject Thereto. </P>
<P align=justify>In January, 2013, the Ute Mountain Ute tribe filed a Petition
to Intervene and Request for Agency Action challenging the Corrective Action
Plan approved by the State of Utah Department of Environmental Quality
(&#147;<B>UDEQ</B>&#148;) relating to nitrate contamination in the shallow aquifer at the
White Mesa Mill site. This challenge is currently being evaluated, and may
involve the appointment of an administrative law judge to hear this matter. If
an administrative law judge is appointed and a hearing is held, the judge will
issue a recommended decision to the final agency decision maker, the Director of UDEQ. An appeal can be taken from the Director's decision to Utah's appellate
courts. The Company does not consider this action to have any merit. If the
petition is successful, the likely outcome would be a requirement to modify or
replace the existing Corrective Action Plan. At this time, the Company does not
believe that any such modification or replacement would materially affect the
Company&#146;s financial position, results of operations or cash flows. However, the
scope and costs of remediation under a revised or replacement Corrective Action
Plan have not yet been determined and could be significant. </P>
<P align=justify>In March, 2013, the Center for Biological Diversity, the Grand
Canyon Trust, the Sierra Club and the Havasupai Tribe (the &#147;<B>Plaintiffs</B>&#148;)
filed a complaint in the U.S. District Court for the District of Arizona (the
&#147;<B>District Court</B>&#148;) against the Forest Supervisor for the Kaibab National
Forest and the U.S. Forest Service (&#147;USFS&#148;, collectively, the &#147;Defendants&#148;)
seeking an order declaring that the USFS failed to comply with environmental,
mining, public land, and historic preservation laws in relation to the Company&#146;s
Canyon mine, and setting aside any approvals regarding exploration  and mining operations at the Canyon mine. In addition, the
Plaintiffs sought injunctive relief directing operations to cease at the mine
and enjoining the USFS from allowing any further exploration or mining-related
activities at the Canyon mine until the USFS fully complies with all applicable
laws. In April 2013, the Plaintiffs filed a Motion for Preliminary Injunction to
enjoin the Defendants from allowing construction and/or mining activities to
occur at the Canyon mine and suspending all USFS approvals. This motion was
denied by the District Court In September, 2013. In October 2013 Plaintiffs
appealed the District Court&#146;s Order to the 9<SUP>th</SUP> Circuit Court of
Appeals, and filed two Emergency Motions for an Injunction Pending Appeal. In
November 2013, the Company decided to place shaft sinking operations on standby
at the Canyon Mine, due to market conditions, and to lessen the expense of the
litigation at the mine. At the same time, the Company entered into a stipulation
agreement with Plaintiffs under which the Company agreed to keep shaft sinking
operations on standby until the earlier of the date the District Court issues a
final appealable order on the merits of Plaintiffs&#146; claims, or December 31,
2014, and Plaintiffs have agreed to stay their appeal and Emergency Motions. In
the meantime, Proceedings on the merits of the case are ongoing. If the
Plaintiffs are successful on the merits, the Company may be required to maintain
the mine on standby pending resolution of the matter. Such a required prolonged
stoppage of mine development and mining activities could have a significant
impact on the Company.<B> </B> </P>
<P align=center>- 5 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left><B><font size="3">ENERGY FUELS
      INC.</font></B><font size="3"> </font> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR vAlign=top>
    <TD align=left>Three Months Ended March 31, 2014 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Expressed in
      thousands of U.S. Dollars, Unless Otherwise Noted) </TD></TR></TABLE>
<P align=justify>In August, 2011, the Company&#146;s subsidiary, Roca Honda
Resources, LLC, filed an application for a permit to dewater certain aquifers
underlying Roca Honda&#146;s proposed uranium mine site. The Pueblo of Acoma
protested the permit application, and a hearing on the merits was held in
November, 2013. In December, 2013, the Hearing Officer recommended approval of
the application, and the State Engineer adopted the recommendation. In January,
2014 Acoma Pueblo filed a notice of appeal and separately filed a Complaint for
Declaratory Judgment, in the Eleventh Judicial District Court of McKinley
County. The Company does not believe the appeal and Complaint have merit and
intends to defend against those actions. In March, 2014, the Company filed a
Motion to Dismiss the Complaint, on the basis that the appeal is the exclusive
remedy. A date for a hearing on this Motion has not been set at this time. If
the appeal is successful, the likely outcome would be remand of the permit back
to the State Engineer for reconsideration or possible withdrawal of the permit.
The Company does not believe that any such outcome would materially affect the
Company&#146;s financial position, results of operations or cash flows.<B> </B></P>
<P align=justify>In April 2014, the Grand Canyon Trust filed a Clean Air Act
citizen suit in federal district court for alleged violations of the Clean Air
Act National Emissions Standards for Hazardous Pollutants, Subpart W, at the
White Mesa Uranium Mill. The Complaint alleges that radon from one of the
Mill&#146;s tailings impoundments exceeds the standard and that the mill is in
violation of a requirement that only two impoundments may be in operation at any
one time. The Complaint asks the court to impose injunctive relief, civil
penalties of up to $37,500 per day per violation, costs of litigation including
attorneys&#146; fees, and other relief. The Company does not consider the claims to
have merit, and intends to defend against this law suit. The Company believes
the issues raised by this environmental group are being addressed through the
proper regulatory channels and that the Company is currently in compliance with
all applicable regulatory requirements.</P>
<P align=justify><B>NEW ACCOUNTING STANDARDS ADOPTED DURING THE CURRENT PERIOD
</B></P>
<P align=justify>The Company has adopted the following new standards, including
any consequential amendments to other standards, with a date of initial
application of January 1, 2014. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=right >&nbsp;</TD>
    <TD align=left width="5%">(i) </TD>
    <TD align=left width="90%">IFRS 13 <I>Fair value measurement</I> </TD></TR>
  <TR vAlign=top>
    <TD align=right >&nbsp;</TD>
    <TD align=left width="5%">(ii) </TD>
    <TD align=left width="90%">IFRIC 21 <I>Levies</I> </TD></TR>
  <TR vAlign=top>
    <TD align=right >&nbsp;</TD>
    <TD align=left width="5%">(iii) </TD>
    <TD align=left width="90%">Amendments to IAS 32 <I>Financial Instruments:
      presentation</I> </TD></TR></TABLE>
<P align=justify>The nature and effects of the changes are explained below. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>IFRS 13 <I>Fair Value
Measurement</I></P></TD></TR></TABLE>
<P align=justify>IFRS 13 <I>Fair Value Measurement</I> (&#147;IFRS 13&#148;), which
provides guidance on how fair value should be applied where its use is already
required or permitted by other IFRS standards, and includes a definition of fair
value, and is a single source of guidance on fair value measurement and
disclosure requirements for use with all IFRS standards. This standard also
requires additional disclosure about fair value measurement. As a result of
adopting IFRS 13, the Company provided additional disclosures in Note 4.</P>
<P align=center>- 6 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left><B><font size="3">ENERGY FUELS
      INC.</font></B><font size="3"> </font> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR vAlign=top>
    <TD align=left>Three Months Ended March 31, 2014 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Expressed in
      thousands of U.S. Dollars, Unless Otherwise Noted)
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>IFRIC Interpretation 21,
<I>Levies</I></P></TD></TR></TABLE>
<P align=justify>On January 1, 2014 the Company adopted IFRIC Interpretation 21,
<I>Levies</I> (&#147;IFRIC 21&#148;) 2014 with retrospective application. IFRIC 21
provides guidance on the accounting for a liability to pay a levy, if that
liability is within the scope of IAS 37, Provisions, Contingent Liabilities and
Contingent Assets. The interpretation was issued to address diversity in
practice around when the liability to pay a levy is recognized. The adoption of
IFRIC 21 did not have a material impact on these financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Amendments to IAS 32 <I>Financial Instruments:
      presentation</I></P></TD></TR></TABLE>
<P align=justify>The amendments to IAS 32 <I>Financial Instruments:
presentation</I> (&#147;IAS 32&#148;) clarify the criteria that should be considered in
determining whether an entity has a legally enforceable right to off-set
financial assets and liabilities if that right is: not contingent on a future
event; and enforceable both in the normal course of business and in the event of
default, insolvency or bankruptcy of the entity and all counterparties.
Amendments to IAS 32 are applicable to annual periods beginning on or after
January 1, 2014, with retrospective application required. The adoption of the
amendments to IAS 32 did not have a material impact on these financial
statements.</P>
<P align=justify><B>OFF-BALANCE SHEET ARRANGEMENTS </B></P>
<P align=justify>The Company does not have any off-balance sheet arrangements.
</P>
<P align=justify><B>DIVIDENDS </B></P>
<P align=justify>The Company has not paid dividends in the past, and it does not
expect to pay dividends in the near future. If the Company generates earnings in
the future, it expects that they will be retained to finance further growth. The
directors of the Company will determine if and when dividends will be declared
and paid in the future based on the Company&#146;s financial position at the relevant
time. </P>
<P align=justify><B>OUTSTANDING SHARE DATA </B></P>
<P align=justify>At May 13, 2014, there were 19,698,472 common shares issued and
outstanding, 1,079,069 warrants issued and outstanding to purchase a total of
1,079,069 common shares, and 1,067,912 stock options outstanding to purchase a
total of 1,067,912 common shares for a total of 21,845,453 common shares on a
fully-diluted basis. In addition, at May 13, 2014, there were 22,000 Debentures
outstanding, convertible into a total of 1,466,667 common shares. </P>
<P align=justify><B>CONTROLS AND PROCEDURES</B> </P>
<P align=justify>The Chief Executive Officer and Chief Financial Officer of the
Company are responsible for designing internal controls over financial reporting
or causing them to be designed under their supervision in order to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
IFRS. The control framework that has been used is the COSO (1992) framework.</P>
<P align=justify>There was no change in the Company&#146;s internal controls over
financial reporting that occurred during the first quarter of 2014 that has
materially affected, or is reasonably likely to materially affect, the Company&#146;s
internal controls over financial reporting.</P>
<P align=justify><B>Disclosure controls and procedures </B></P>
<P align=justify>Disclosure controls and procedures have been designed to
provide reasonable assurance that all relevant information required to be
disclosed by the Company is accumulated and communicated to senior management as
appropriate to allow timely decisions regarding required disclosure. The
Company&#146;s Chief Executive Officer and Chief Financial Officer have concluded,
based on their evaluation of the design effectiveness of the disclosure controls
and procedures as of March 31, 2014, which disclosure controls and procedures
provide reasonable assurance that material information is made known to them by
others within the Company are appropriately designed. </P>
<P align=justify>Since the December 31, 2013 evaluation, there have been no
material changes to the Company&#146;s disclosure controls and procedures.</P>
<P align=center>- 7 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left><B><font size="3">ENERGY FUELS
      INC.</font></B><font size="3"> </font> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR vAlign=top>
    <TD align=left>Three Months Ended March 31, 2014 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Expressed in
      thousands of U.S. Dollars, Unless Otherwise Noted) </TD></TR></TABLE>
<P align=justify><B>Limitations of controls and procedures</B></P>
<P align=justify>The Company&#146;s management, including the Chief Executive Officer
and Chief Financial Officer believe that any internal controls over financial
reporting and disclosure controls and procedures, no matter how well designed,
can have inherent limitations. Therefore, even those systems determined to be
effective can provide only reasonable assurance that the objectives of the
control system are met. </P>
<P align=justify><B>ADDITIONAL IFRS FINANCIAL PERFORMANCE MEASURES</B><B>
</B></P>
<P align=justify>The Company has included the additional IFRS measure &#147;Earnings
(loss) from mine operations&#148; in the financial statements. Management noted that
&#147;Gross Profit&#148; provides useful information to investors as an indication of the
Company&#146;s principal business activities before consideration of how those
activities are financed, sustaining capital expenditures, corporate and
exploration and evaluation expenses, finance income and costs, and taxation.
</P>
<P align=justify><B>QUALIFIED PERSON </B></P>
<P align=justify>The disclosure of scientific and technical information
regarding Energy Fuels&#146; properties in this MD&amp;A was prepared under the
supervision of Stephen P. Antony, P.E. President and Chief Executive Officer of
Energy Fuels, who is a Qualified Person in accordance with the requirements of
National Instrument 43-101. </P>
<P align=justify><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></P>
<P align=justify>This MD&amp;A contains forward looking information and forward
looking statements within the meaning of applicable Canadian and United States
securities laws. Those statements appear in a number of places in this MD&amp;A
and include, but are not limited to, statements and information regarding the
Company&#146;s current intent, belief or expectations primarily with respect to: the
Company&#146;s business objectives and plans; exploration and development plans and
expenditures; estimation of mineral resources and reserves; mineral grades;
Energy Fuels&#146; expectations regarding additions to its mineral reserves and
resources through acquisitions and development; success of the Company's
permitting efforts, including receipt of regulatory approvals, permits and
licenses and treatment under governmental regulatory regimes and the expected
timeframes for receipt of such approvals, permits, licenses and treatments;
possible impacts of regulatory actions; capital expenditures; expansion plans;
success of the Company's mining and/or milling operations; availability of
equipment and supplies; availability of alternate feed materials for processing;
the Company&#146;s processing technologies; future production costs, including costs
of labor, energy, materials and supplies; future effective tax rates; future
benefits costs; future royalties payable; the outcome and possible impacts of
disputes and legal proceedings in which the Company is involved; the timing and
amount of estimated future production, including Energy Fuels&#146; expectations
regarding expected price levels required to support production and the Company&#146;s
ability to increase production as market conditions warrant; sales volumes and
future uranium and vanadium prices and treatment charges; future trends in the
Company&#146;s industry; global economic growth and industrial demand; global growth
in and/or attitudes towards nuclear energy; changes in global uranium and
vanadium and concentrate inventories; expected market fundamentals, including
the supply and demand for uranium and vanadium; the Company&#146;s and industry&#146;s
expectations relating to future prices of uranium and vanadium; currency
exchange rates; environmental risks; reclamation costs, including unanticipated
reclamation expenses; collateral requirements for surety bonds; title disputes
or claims; the adequacy of insurance coverage; and legal proceedings and the
potential outcomes therefrom. </P>
<P align=justify>In certain cases, forward looking statements can be identified
by the use of words such as &#147;plans&#148;, &#147;expects&#148; or &#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; or &#147;does not anticipate&#148;, &#147;continue&#148;, or &#147;believes&#148;,
and similar expressions, or variations of such words and phrases or statements
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; or &#147;be achieved&#148;. </P>
<P align=justify>Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made. Energy Fuels
believes that the expectations reflected in this forward-looking information are
reasonable but no assurance can be given that these expectations will prove to
be correct, and such forward-looking information included in this MD&amp;A
should not be unduly relied upon. This information speaks only as of the date of
this MD&amp;A. Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the forward looking
statements contained in this MD&amp;A. </P>
<P align=center>- 8 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left><B><font size="3">ENERGY FUELS
      INC.</font></B><font size="3"> </font> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR vAlign=top>
    <TD align=left>Three Months Ended March 31, 2014 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Expressed in
      thousands of U.S. Dollars, Unless Otherwise Noted) </TD></TR></TABLE>
<P align=justify>Readers are cautioned that it would be unreasonable to rely on
any such forward looking statements and information as creating any legal
rights, and that the statements and information are not guarantees and may
involve known and unknown risks and uncertainties, and that actual results are
likely to differ (and may differ materially) and objectives and strategies may
differ or change from those expressed or implied in the forward looking
statements or information as a result of various factors. Such risks and
uncertainties include risks generally encountered in the development and
operation of mineral properties and processing facilities such as: risks
associated with mineral and resource estimates, including the risk of errors in
assumptions or methodologies; 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; uncertainties and liabilities inherent in mining operations;
geological, technical and processing problems, including unanticipated
metallurgical difficulties, ground control problems, process upsets and
equipment malfunctions; risks associated with labour disturbances and
unavailability of skilled labour; risks associated with the availability and/or
fluctuations in the costs of raw materials and consumables used in the Company's
production processes; risks associated with environmental compliance and
permitting, including those created by changes in environmental legislation and
regulation and delays in obtaining permits and licenses that could impact
expected production levels or increases in expected production levels; actions
taken by regulatory authorities with respect to mining and processing
activities; risks associated with the Company&#146;s dependence on third parties in
the provision of transportation and other critical services; title risks; the
adequacy of insurance coverage; uncertainty as to reclamation and
decommissioning liabilities; the ability of the Company&#146;s bonding companies to
require increases in the collateral required to secure reclamation obligations;
the potential for, and outcome of, litigation and other legal proceedings,
including potential injunctions pending the outcome of such litigation and
proceedings; the ability of Energy Fuels to meet its obligations to its
creditors; risks associated with the Company&#146;s relationships with its business
and joint venture partners; failure to obtain industry partner, government and
other third party consents and approvals, when required; competition for, among
other things, capital, acquisitions of mineral reserves, undeveloped lands and
skilled personnel; incorrect assessments of the value of acquisitions; risks
posed by fluctuations in exchange rates and interest rates, as well as general
economic conditions; risks inherent in the Company&#146;s and industry&#146;s forecasts or
predictions of future uranium and vanadium price levels; fluctuations in the
market prices of uranium and vanadium, which are cyclical and subject to
substantial price fluctuations; the risks associated with asset impairment as a
result of decreases in uranium prices; risks associated with lack of access to
markets and the ability to access capital; the market price of Energy Fuels&#146;
securities; public resistance to nuclear energy or uranium mining; uranium
industry competition and international trade restrictions; and the other factors
discussed under &#147;Risk Factors&#148; in the Company&#146;s Annual Information Form dated
March 26, 2014 available at <U>http://www.sedar.com,</U> and in its Form 40-F
available at <U>http://www.sec.gov/edgar.shtml</U>. </P>
<P align=justify><B>The Company cautions that the foregoing list of risks and
uncertainties is not exhaustive. Additional information on these and other
factors which could affect operations or financial results are included under
the heading </B><B><I>&#147;Risk Factors&#148; </I></B><B>in the Company&#146;s Annual MD&amp;A
and in the Company&#146;s Annual Information Form each dated March 26, 2014 available
at </B><B><U>http://www.sedar.com,</U></B><B> and in its Form 40-F available at
</B><B><U>http://www.sec.gov/edgar.shtml</U></B><B>. The forward-looking
statements and forward-looking information contained in this MD&amp;A are
expressly qualified by this cautionary statement. The Company does not undertake
any obligation to publicly update or revise any forward looking statements to
reflect actual results, changes in assumptions or changes in other factors
affecting any forward looking statements or information except as expressly
required by applicable securities laws. If the Company does update one or more
forward looking statements, no inference should be drawn that the Company will
make additional updates with respect to those or other forward looking
statements. </B></P>
<P align=justify><B>Cautionary Note to United States Investors Concerning
Estimates of Measured, Indicated and Inferred Resources: </B>This MD&amp;A may
use the terms &#147;Measured&#148;, &#147;Indicated&#148; and &#147;Inferred&#148; Resources. United States
investors are advised that, while such terms are recognized and required by
Canadian regulations, the United States Securities and Exchange Commission does
not recognize them. &#147;Inferred Mineral Resources&#148; have a great amount of
uncertainty as to their existence, and as to their economic and legal
feasibility. It cannot be assumed that all or any part of an Inferred Mineral
Resource will ever be upgraded to a higher category. Under Canadian rules,
estimates of Inferred Mineral Resources may not form the basis of feasibility or
other economic studies. <B>United States investors are cautioned not to assume
that all or any part of Measured or Indicated Mineral Resources will ever be
converted into Mineral Reserves. United States investors are also cautioned not
to assume that all or any part of an Inferred Mineral Resource exists, or is
economically or legally mineable. </B></P>
<P align=center>- 9 - </P>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>

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<P align=center><B>CONSENT OF STEPHEN P. ANTONY </B></P>
<P align=justify>I consent to the inclusion in the Management&#146;s Discussion and
Analysis of Energy Fuels Inc. (the &#147;Company&#148;) for the three months ended March
31, 2014 (the &#147;MD&amp;A&#148;), of references to my name with respect to the
disclosure of scientific and technical information regarding the Company&#146;s
properties (the &#147;Technical Information&#148;). </P>
<P align=justify>I also consent to the incorporation by reference in the
Company&#146;s Registration Statement on Form F-10 (No. 333-194916), as amended,
filed with the United States Securities and Exchange Commission, of the
references to my name and the Technical Information in the MD&amp;A. </P>
<P style="MARGIN-LEFT: 50%" align=justify><U>/s/ Stephen P.
Antony&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; </U><BR>Name: Stephen P. Antony, P.E. <BR>Title: President
and Chief Executive <BR>Officer, Energy Fuels Inc. </P>
<P align=justify>Date: May 13, 2014 </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
