<SEC-DOCUMENT>0001062993-15-002569.txt : 20150512
<SEC-HEADER>0001062993-15-002569.hdr.sgml : 20150512
<ACCEPTANCE-DATETIME>20150511195258
ACCESSION NUMBER:		0001062993-15-002569
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20150331
FILED AS OF DATE:		20150512
DATE AS OF CHANGE:		20150511

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:		15852465

	BUSINESS ADDRESS:	
		STREET 1:		225 UNION BLVD., SUITE 600
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
		BUSINESS PHONE:		303-974-2140

	MAIL ADDRESS:	
		STREET 1:		225 UNION BLVD., SUITE 600
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
</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>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>Washington, D.C. 20549
</B></P>
<P align=center><B><FONT size=5>Form 6-K </FONT></B></P>
<P align=center><B>REPORT OF FOREIGN PRIVATE ISSUER </B><B>PURSUANT TO RULE
13a-16 or 15d-16 UNDER THE </B><BR><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center>For the month of <B>May, 2015. </B></P>
<P align=center>Commission File Number <B>001-36204 </B></P>
<P align=center><B><U><FONT size=5>ENERGY FUELS INC.
</FONT></U></B><BR>(Translation of registrant&#146;s name into English) </P>
<P align=center><B>225 Union Blvd., Suite 600 </B><BR><B><U>Lakewood, CO 80228
</U><BR></B>(Address of principal executive offices) </P>
<P align=justify>Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F </P>
<P align=center>Form 20-F [&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;
Form 40-F [X]</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)(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>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center><B>INCORPORATION BY REFERENCE </B></P>
<P align=justify>Exhibits 99.1 to 99.3 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 (i) the Registration Statement on Form F-10 of
Energy Fuels Inc. (File No. 333-194916), as amended or supplemented and (ii) the
Registration Statement on Form F-4 of Energy Fuels Inc. (File No. 333-203996).</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 align=left>&nbsp; </TD>
    <TD align=left width="50%"><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;
      /S/ David C. Frydenlund</TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: May 11, 2015 </TD>
    <TD align=left width="50%">David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="50%">Senior Vice President, General Counsel &amp;
      Corporate Secretary </TD></TR></TABLE>
<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>
<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>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-1.htm">99.1
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit99-1.htm">Condensed
      Consolidated Interim Financial Statements for the three months ended March
      31, 2015 and March 31, 2014 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit99-2.htm">99.2
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit99-2.htm">Management&#146;s
      Discussion and Analysis for the three months ended March 31, 2015
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-3.htm">99.3
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit99-3.htm">Consent
      of Stephen P. Antony </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit99-4.htm">99.4
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit99-4.htm">Certification
      of Interim Filing &#150; CEO </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-5.htm">99.5
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit99-5.htm">Certification
      of Interim Filing &#150; CFO </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit99-6.htm">99.6
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit99-6.htm">Press
      Release dated May 11, 2015 </A></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>
<P align=center><IMG src="logo.jpg" border=0 width="292" height="180"> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B><I>Energy Fuels Inc.</I></B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><I>Condensed Consolidated Interim Financial
      Statements</I></B> </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>For the three months ended</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>March 31, 2015 and March 31, 2014</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>(Unaudited)</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>(Expressed in U.S. Dollars)</B>
</TD></TR></TABLE><BR>
<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 Consolidated Interim Statements of Financial
      Position</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px 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 noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>March 31, 2015</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, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>ASSETS</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>Current assets</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </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: -10pt; margin-left: 10pt">&nbsp;Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;6,542</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;10,410 </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: -10pt; margin-left: 10pt">&nbsp;Marketable securities
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>200</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>284 </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: -10pt; margin-left: 10pt">&nbsp;Trade and other receivables (Note 5)
</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>1,542</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%">600 </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: -10pt; margin-left: 10pt">&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>29,190</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>31,306 </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: -10pt; margin-left: 10pt">&nbsp;Prepaid expenses and other assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>728</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%">478 </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: -10pt; margin-left: 10pt">&nbsp;Assets held for sale </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>1,953</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>1,953 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>40,155</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%">45,031 </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: -10pt; margin-left: 10pt"><B>Non-current</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </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: -10pt; margin-left: 10pt">&nbsp;Notes receivable (Note 5) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>704</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%">682 </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: -10pt; margin-left: 10pt">&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>4,009</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>2,245 </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: -10pt; margin-left: 10pt">&nbsp;Investment in Virginia Energy Resources
      Inc. </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>374</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%">380 </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: -10pt; margin-left: 10pt">&nbsp;Property, plant and
      equipment (Note 7) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>67,206</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>65,873 </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: -10pt; margin-left: 10pt">&nbsp;Intangible assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>3,337</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%">3,882 </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: -10pt; margin-left: 10pt">&nbsp;Restricted cash </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>16,148</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>16,148 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    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: -10pt; margin-left: 10pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%"><B>&nbsp;131,933</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%">&nbsp;134,241 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>LIABILITIES &amp; SHAREHOLDERS' EQUITY</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>Current liabilities</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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: -10pt; margin-left: 10pt">&nbsp;Accounts payable and
      accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;3,164</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;4,743 </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: -10pt; margin-left: 10pt">&nbsp;Current portion of long-term
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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: -10pt; margin-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
      Decommissioning liabilities (Note 8) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>1,142</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>121 </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: -10pt; margin-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; Loans and borrowings (Note 9) </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>654</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%">46 </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>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>4,960</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>4,910 </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: -10pt; margin-left: 10pt"><B>Non-current</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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: -10pt; margin-left: 10pt">&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>1,608</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>1,517 </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: -10pt; margin-left: 10pt">&nbsp;Decommissioning liabilities (Note 8)
</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>15,564</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%">15,170 </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: -10pt; margin-left: 10pt">&nbsp;Loans and borrowings (Note 9) </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>13,938</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>15,786 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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: -10pt; margin-left: 10pt">&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>36,070</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%">32,473 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>Shareholders' equity</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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: -10pt; margin-left: 10pt">&nbsp;Capital stock (Note 10)
    </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;232,892</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;232,835
</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: -10pt; margin-left: 10pt">&nbsp;Contributed surplus (Note 10) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>23,062</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%">22,568 </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: -10pt; margin-left: 10pt">&nbsp;Share purchase warrants
      (Note 10) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>4,288</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>4,714 </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: -10pt; margin-left: 10pt">&nbsp;Deficit </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(166,339</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%">(163,978</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: -10pt; margin-left: 10pt">&nbsp;Accumulated other comprehensive income </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>1,960</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>719 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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: -10pt; margin-left: 10pt">&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>95,863</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%">96,858 </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 3px double" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;131,933</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;134,241 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Commitments and contingencies (Note 13) <BR>Subsequent events
(Notes 11 and 14)</P>
<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
consolidated interim 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 Consolidated Interim Statements of
      Comprehensive Loss</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px 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 noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap 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 noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2015</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%">2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom 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: -10pt; margin-left: 10pt"><B>REVENUES (Note 12)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;7,600</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;11,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>COST OF SALES</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </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: -10pt; margin-left: 10pt">Production cost of sales </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(3,640</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%">(7,475</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: -10pt; margin-left: 10pt">Depreciation, depletion and amortization </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>(311</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>(1,096</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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: -10pt; margin-left: 10pt"><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>(3,951</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%">(8,571</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>GROSS PROFIT</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>3,649</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>2,790 </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: -10pt; margin-left: 10pt">Care and maintenance expenses </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(2,861</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%">(637</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt">Selling, general and
      administrative expenses (Note 12) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(3,324</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>(4,935</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -10pt; margin-left: 10pt">Finance income (expense) (Note 12) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>255</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%">(3,404</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: -10pt; margin-left: 10pt">Other income (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>(80</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>(149</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>NET LOSS BEFORE TAXES</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(2,361</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%">(6,335</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: -10pt; margin-left: 10pt">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>-</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>(7</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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: -10pt; margin-left: 10pt"><B>NET LOSS FOR THE PERIOD</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>(2,361</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%">(6,342</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>ITEMS THAT MAY BE
      RECLASSIFIED TO PROFIT OR LOSS</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </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: -10pt; margin-left: 10pt">&nbsp;Unrealized gain on available-for-sale
      assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(68</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%">420 </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: -10pt; margin-left: 10pt">&nbsp;Gains on
      available-for-sale financial assets reclassified to profit or loss </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>(198</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp;Share of other comprehensive income
      (loss) of Virginia Energy Resources Inc. </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>7</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%">(59</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: -10pt; margin-left: 10pt">&nbsp;Foreign currency translation adjustment </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>1,302</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>528 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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: -10pt; margin-left: 10pt"><B>TOTAL OTHER COMPREHENSIVE LOSS</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>1,241</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%">691 </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 3px double" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>COMPREHENSIVE LOSS FOR THE PERIOD</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(1,120</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(5,651</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom 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: -10pt; margin-left: 10pt"><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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(0.12</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(0.32</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim 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 Consolidated Interim Statements of
      Shareholders' Equity</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px 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 noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap 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 noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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 noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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 noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom 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
      10)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </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;Balance, beginning of period </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;232,835</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;232,089 </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;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>-</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>607 </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;Tax recovery from expired
      share purchase warrants </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>57</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%">- </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;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>232,892</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>232,696 </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 width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Contributed surplus (Note
      10)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </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;Balance, beginning of period </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>22,568</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;
      &nbsp;Share-based compensation (Note 11) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>125</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>960 </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;Share purchase warrants
      expired </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>426</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; &nbsp;Tax
      expense from expired 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>(57</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;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>23,062</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%">22,142 </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 width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Share purchase warrants (Note 10)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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">&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>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; &nbsp;Exercised share purchase
      warrants </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%">(124</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;Share
      purchase warrants expired </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>(426</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;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>4,288</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%">4,714 </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 width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom 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=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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">&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>(163,978</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>(120,366</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;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>(2,361</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%">(6,342</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;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>(166,339</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>(126,708</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 width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom 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 income (loss)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </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;Balance, beginning of period </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>719</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%">(610</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;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>(68</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>420 </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;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>-</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%">(198</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;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>7</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>(59</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;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>1,302</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%">528 </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;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>1,960</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>81 </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 width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom 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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;95,863</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;132,925 </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
consolidated interim 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 Consolidated Interim Statements of Cash
      Flows</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px 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 noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap 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 noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2015</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%">2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>OPERATING ACTIVITIES</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </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: -10pt; margin-left: 10pt">&nbsp;Net loss for the period </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;(2,361</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;(6,342</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp;Items not involving
      cash: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </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: -10pt; margin-left: 10pt">&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>883</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%">2,308 </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: -10pt; margin-left: 10pt">&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>125</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>960 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="border-bottom-style: none; border-bottom-width: medium">
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; &nbsp; &nbsp;Finance (income) expense
    </TD>
    <TD vAlign=bottom align=left width="1%" style="border-bottom-style: none; border-bottom-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" style="border-bottom-style: none; border-bottom-width: medium"><B>(255</B></TD>
    <TD vAlign=bottom align=left width="2%" style="border-bottom-style: none; border-bottom-width: medium" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" style="border-bottom-style: none; border-bottom-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" style="border-bottom-style: none; border-bottom-width: medium">3,404 </TD>
    <TD vAlign=bottom align=left width="2%" style="border-bottom-style: none; border-bottom-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; &nbsp; &nbsp;Unrealized foreign currency
      translation expense </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>74</B> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>28 </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; &nbsp; &nbsp;Adjustment of
      decommissioning liability (Note 8) </TD>
    <TD vAlign=bottom align=left width="1%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" style="border-style: none; border-width: medium"><B>2,069</B> </TD>
    <TD vAlign=bottom align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" style="border-style: none; border-width: medium">- </TD>
    <TD vAlign=bottom align=left width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="border-top-style: none; border-top-width: medium">
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; &nbsp; &nbsp;Share of
      equity-accounted investee </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff style="border-top-style: none; border-top-width: medium"><B>13</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff style="border-top-style: none; border-top-width: medium">149 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="border-top-style: none; border-top-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp;Cash received for services not yet
      provided </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>91</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%">15 </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: -10pt; margin-left: 10pt">&nbsp;Change in non-cash
      working capital </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(2,517</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>(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: -10pt; margin-left: 10pt">&nbsp;Expenditures on reclamation of mineral
      interests </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(745</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%">(30</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: -10pt; margin-left: 10pt">&nbsp;Interest received </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</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>22 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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: -10pt; margin-left: 10pt">&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>(2,601</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%">(446</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>INVESTING ACTIVITIES</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </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: -10pt; margin-left: 10pt">&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>(443</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%">(265</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt">&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>(706</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>(519</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp;Cash received for sale of
      available-for-sale assets </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%">1,479 </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: -10pt; margin-left: 10pt">&nbsp;Proceeds from sale of
      marketable securities </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>415 </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: -10pt; margin-left: 10pt">&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%" >&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%">8,705 </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 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt">&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>(1,149</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>9,815 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>FINANCING ACTIVITIES</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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: -10pt; margin-left: 10pt">&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>-</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>483 </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: -10pt; margin-left: 10pt">&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>(17</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%">(40</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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: -10pt; margin-left: 10pt">&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>(17</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>443 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>INCREASE (DECREASE) 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>(3,767</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>9,812 </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: -10pt; margin-left: 10pt">&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>(101</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%">(150</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: -10pt; margin-left: 10pt">&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>10,410</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>6,628 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    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: -10pt; margin-left: 10pt"><B>CASH AND CASH EQUIVALENTS - END OF PERIOD</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%"><B>&nbsp;6,542</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%">&nbsp;16,290 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -10pt; margin-left: 10pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -10pt; margin-left: 10pt"><B>Non-cash investing and financing
      transactions:</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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: -10pt; margin-left: 10pt">&nbsp;Issuance of secured
      notes for acquisition of mineral properties </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>446</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></TABLE>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim financial statements</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 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, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Expressed in thousands of U.S. Dollars except share and
      per share amounts)</I> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</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 continued and is now incorporated in the Province of
Ontario. Energy Fuels Inc.&#146;s registered and head office is located at 2 Toronto
Street, Suite 500, Toronto, Ontario, Canada, M5C 2B6 and its principal 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 USA, 80228. </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
customers 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><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 34 Interim Financial Reporting using
accounting policies consistent with the International Financial Reporting
Standards (&#147;IFRS&#148;) issued by the International Accounting Standards Board and
IFRS Interpretations Committee. They do not include all the information required
for full annual financial statements and should be read in conjunction with the
consolidated financial statements of the Company as at and for the year ended
December 31, 2014. Selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the changes to the
Company&#146;s financial position and performance since the last annual consolidated
financial statements. </P>
<P align=justify>These condensed consolidated interim financial statements were
approved by the Board of Directors of the Company on May 8, 2015. </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 year ended December 31, 2014</P>
<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 year ended
December 31, 2014 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, 2015. </P>
<P align=center>6 </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, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Expressed in thousands of U.S. Dollars except share and
      per share amounts)</I> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>Employee benefits - Share-based payment transactions
</I></B></P>
<P align=justify><I>Restricted share units (&#147;RSUs&#148;) (equity settled)</I></P>
<P align=justify>The Company uses a fair value-based method of accounting for
RSUs granted to employees and directors of the Company. Each RSU has the same
value as one common share of the Company based on the five day volume weighted
average trading price. For awards with graded vesting, the fair value of each
tranche, adjusted for expected forfeitures, is recognized over its respective
vesting period as share-based compensation expense in the contributed surplus
account.</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,
2015.</P>
<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 noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap 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 noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Marketable securities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>200 </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>200 </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>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%">(14,066</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="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%">(14,066</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </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;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(13,866</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;&nbsp;-</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(13,866</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>As at March 31, 2015, 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. RECEIVABLES </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 noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>2015</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%">2014 </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </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;Trade receivables - other </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>1,542</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%">600 </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; </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>1,542</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>600 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Non-current </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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>&nbsp; &nbsp;Notes receivable (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>704</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>682 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>&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>704</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%">682 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 vAlign=top align=center width="5%">(1) </TD>
    <TD>
      <P align=justify>In the year ended December 31, 2014 the Company received
      two notes with the principal totaling $1,050 and due in 2018 in connection
      with the sale of certain assets previously recorded as held for sale.
      These notes carry a 3% annual interest payment and are secured by the
      underlying assets. The Company has setup a reserve of $223 against the
      collectability of these receivables.</P></TD></TR></TABLE>
<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, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Expressed in thousands of U.S. Dollars except share and
      per share amounts)</I> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<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 noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>2015</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%">2014 </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;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>26,341</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>28,363 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Inventory of ore in stockpiles
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>4,009</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%">2,245 </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>&nbsp; &nbsp;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>2,849</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>2,943 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>&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>33,199</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%">33,551 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Inventories - by duration </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Current </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>29,190</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%">31,306 </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>&nbsp; &nbsp;Long-term - ore in stockpiles </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>4,009</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>2,245 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>&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>33,199</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%">33,551 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>The long-term portion of inventory of ore in stockpiles
represents ore that is not currently expected to be processed within the next 12
months. </P>
<P align=justify><B>7. PROPERTY, PLANT AND EQUIPMENT </B></P>
<P align=justify>The following is a summary of property, plant and equipment for
the three months ended March 31, 2015: </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 noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </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="8%">&nbsp; </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="19%" colSpan=4><B><U>Mineral Properties</U></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="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><B>Plant and</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="8%">&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="8%"><B>Care and</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="8%"><B>Pre-development</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="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>equipment</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="8%"><B>Operating</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="8%"><B>maintenance </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="8%" ><STRONG>and non-operating</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%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Cost</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </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=left width="8%" bgColor=#e6efff>&nbsp; </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=left width="8%" bgColor=#e6efff>&nbsp; </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=left width="8%" bgColor=#e6efff>&nbsp; </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=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Balance at January 1, 2015 </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;82,321 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;7,327 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;3,262 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;105,721 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;198,631 </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>&nbsp;Additions </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="8%" bgColor=#e6efff>443 </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="8%" 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="8%" 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="8%" bgColor=#e6efff>918 </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="8%" bgColor=#e6efff>1,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>Balance at March 31, 2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;82,764 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;7,327 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;3,262 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;106,639 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;199,992 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Depreciation, depletion,
      disposals and impairment</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </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=left width="8%" bgColor=#e6efff>&nbsp; </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=left width="8%" bgColor=#e6efff>&nbsp; </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=left width="8%" bgColor=#e6efff>&nbsp; </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=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Balance at January 1, 2015 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">81,588 </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="8%">7,327 </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="8%">3,262 </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="8%">40,581 </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="8%">132,758 </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>&nbsp;Depreciation for the 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="8%" bgColor=#e6efff>28 </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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>28 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>Balance at March 31, 2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;81,616 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;7,327 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;3,262 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;40,581 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;132,786 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>Net
      Book Value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;1,148 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;- </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;66,058 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;67,206 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV>
<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, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Expressed in thousands of U.S. Dollars except share and
      per share amounts)</I> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B>8. DECOMMISSIONING LIABILITIES </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 noWrap
      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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>2015</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%">2014 </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      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 style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Decommissioning liability,
      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>15,291</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>13,799 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Revision of estimate (1) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>2,069</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%">2,821 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Transfer of
      liability associated with the sale of mining assets </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>(536</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Accretion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>91</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%">404 </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>&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>(745</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>(1,197</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Decommissioning liability, 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>16,706</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%">15,291 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Decommissioning liability by
      location: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Exploration drill holes </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>121</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%">121 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&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>11,803</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>11,075 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Colorado Plateau </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>1,626</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%">1,618 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&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>499</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>496 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Daneros </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>88</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%">87 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&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>1,908</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>1,237 </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;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>661</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%">657 </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; </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>16,706</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>15,291 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Decommissioning liability: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&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>1,142</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>121 </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;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>15,564</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%">15,170 </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; </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>16,706</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>15,291 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 vAlign=top align=center width="5%">(1) </TD>
    <TD>
      <P align=justify>Revision of estimates is as a result of a change in
      assumptions and scope of work as well as changes in the risk-free discount
      rates used to calculate decommissioning liabilities. Subsequent changes to
      the decommissioning liabilities for fully impaired assets are recorded in
      profit and loss.</P></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 0.26% to 2.54% based on US Treasury rates of varying lengths
ranging from 1 to 30 years. The total undiscounted decommissioning liability as
at March 31, 2015 is $27,519 (December 31, 2014 - $26,725). Reclamation costs
are expected to be incurred between 2015 and 2041 in the following manner: 2015
&#150; 2019 - $1,142, 2020 &#150; 2024 - $2,570, 2025 &#150; 2035 - $2,013, 2036 &#150; 2041 -
$21,673. </P>
<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, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Expressed in thousands of U.S. Dollars except share and
      per share amounts)</I> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B>9. LOANS AND BORROWINGS </B></P>
<P align=justify>The contractual terms of the Company&#146;s interest-bearing loans
and borrowings, which are measured at amortized cost, and the Company&#146;s
convertible debentures which are measured at fair value, 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 noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>2015</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%">2014 </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap 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 style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current portion of loans and
      borrowings: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </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=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Convertible debentures (1) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>363</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>&nbsp;Secured note (2) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>250</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>&nbsp;Finance leases and other </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>41</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%">46 </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; </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>654</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>46 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Long-term loans and borrowings: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Convertible debentures
      (1) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>13,703</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>15,740 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Secured note (2) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>201</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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Finance leases and other </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>34</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>46 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>&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>13,938</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%">15,786 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 vAlign=top align=center width="5%">(1) </TD>
    <TD>
      <P align=justify>On July 24, 2012, the Company completed a bought deal
      public offering of 22,000 floating-rate convertible unsecured subordinated
      debentures maturing June 30, 2017 (the &#147;Debentures&#148;). The Debentures were
      issued at a price of Cdn$1 per Debenture for gross proceeds of $21,551
      (the &#147;Offering&#148;). The Debentures are convertible into common shares at the
      option of the holder at a conversion price of Cdn$15.00 per common share.
      Interest is paid in cash and in addition, unless an event of default has
      occurred and is continuing, the Company may elect, from time to time,
      subject to applicable regulatory approval, to satisfy its obligation to
      pay interest on the Debentures, on the date it is payable under the
      indenture (i) in cash; (ii) by delivering sufficient common shares to the
      debenture trustee, for sale, to satisfy the interest obligations in
      accordance with the indenture in which event holders of the Debentures
      will be entitled to receive a cash payment equal to the proceeds of the
      sale of such common shares; or (iii) any combination of (i) and
    (ii).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Debentures accrue interest, payable semi-annually in
      arrears on June 30 and December 31 of each year at a fluctuating rate, of
      not less than 8.5% and not more than 13.5%, indexed to the simple average
      spot price of uranium as reported on the Ux Weekly Indicator Price.
      Interest can be paid in cash or issuance of the Company&#146;s common shares.
      The Debentures may be redeemed in whole or part, at par plus accrued
      interest and unpaid interest by the Company between June 30, 2015 and June
      30, 2017 subject to certain terms and conditions, provided the volume
      weighted average trading price of the common shares of the Company on the
      TSX during the 20 consecutive trading days ending five days preceding the
      date on which the notice of redemption is given is not less than 125% of
      the conversion price.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Upon redemption or at maturity, the Company will repay
      the indebtedness represented by the Debentures by paying to the debenture
      trustee in Canadian dollars an amount equal to the aggregate principal
      amount of the outstanding Debentures which are to be redeemed or which
      have matured, as applicable, together with accrued and unpaid interest
      thereon.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Subject to any required regulatory approval and provided
      no event of default has occurred and is continuing, the Company has the
      option to satisfy its obligation to repay the Cdn$1 principal amount of
      the Debentures, in whole or in part, due at redemption or maturity, upon
      at least 40 days&#146; and not more than 60 days&#146; prior notice, by delivering
      that number of common shares obtained by dividing the Cdn$1 principal
      amount of the Debentures maturing or to be redeemed as applicable, by 95%
      of the volume-weighted average trading price of the common shares on the
      TSX during the 20 consecutive trading days ending five trading days
      preceding the date fixed for redemption or the maturity date, as the case
      may be. The debentures are classified as fair value through profit or loss
      where the debentures are measured at fair value based on the closing price
      on the TSX and changes are recognized in profit and loss. For the three
      months ended March 31, 2015 the Company recorded a gain on revaluation of
      convertible debentures of $709 (March 31, 2014 -
$3,091).</P></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, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Expressed in thousands of U.S. Dollars except share and
      per share amounts)</I> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&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 vAlign=top align=center width="5%">(2) </TD>
    <TD>
      <P align=justify>In February 2015 the Company issued a secured note in the
      amount of $446 for a 50% interest in a joint operation with an effective
      interest rate of 7%. The remaining balance of the note is repayable on the
      following schedule: February 13, 2016 ($250), and February 13, 2017
      ($250). This note is secured by the 50% interest in the joint operation.
      The current portion of this note is $250.</P></TD></TR></TABLE>
<P align=justify><B>10. 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: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=center width="23%" colSpan=4><B>March 31,
      2015</B> </TD>
    <TD style="BORDER-TOP: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=center width="23%" colSpan=4>December 31, 2014
    </TD>
    <TD style="BORDER-TOP: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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><B>19,677,552</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>232,835</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>19,601,251 </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>232,089 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&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>-</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%">61,301 </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%">607 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Shares issued for
      exercise of options </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>15,000 </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>139 </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;Tax recovery from expired share purchase warrants </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>-</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>57</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%">- </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></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>19,677,552</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>232,892</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>19,677,552 </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>232,835 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Contributed surplus </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 noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>2015</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%">2014 </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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="12%" bgColor=#e6efff><B>22,568</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>21,182 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Share purchase warrants expired
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>426</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>&nbsp; &nbsp;Tax expense from
      expired 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>(57</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>&nbsp; &nbsp;Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>125</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%">1,405 </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>&nbsp; &nbsp;Stock options exercised </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 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>(19</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Balance, 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>23,062</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%">22,568 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify><B>Share Purchase Warrants </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 noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="22%">&nbsp; </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="22%"><B>Exercise Price</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="22%"><B>Warrants</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left><B>Month Issued</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="22%"><B>Expiry Date</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="22%"><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="22%"><B>Issued</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>June 2012 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="22%" bgColor=#e6efff>June 22, 2015 </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="22%" bgColor=#e6efff>13.25 </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="22%" bgColor=#e6efff>355,005 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>June 2013 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="22%">June 15, 2015 </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="22%">9.50 </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="22%">464,859 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>June 2013 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="22%" bgColor=#e6efff>June 15, 2015 </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="22%" bgColor=#e6efff>9.00 </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="22%" bgColor=#e6efff>19,915 </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>October 2013 </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=left
    width="22%">October 16, 2015 </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="22%">8.00 </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="22%">9,290 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<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, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Expressed in thousands of U.S. Dollars except share and
      per share amounts)</I> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</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-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Weighted</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="23%" colSpan=4><B>Number of warrants</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left 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 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 noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left 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>March 31,</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%">December 31, </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Cdn$</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>2015</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%">2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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>15.61 </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>1,079,069</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>1,140,370 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Expiration of agent warrants
      issued in connection with public offering </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">32.50 </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>(230,000</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="10%">- </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>&nbsp; &nbsp;Shares issued for exercise of 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="10%" bgColor=#e6efff>8.72 </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>(61,301</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Balance, 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="10%">11.04 </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>849,069</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%">1,079,069 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>

  <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 noWrap 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>2015</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%">2014 </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%"><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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="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>&nbsp; &nbsp;Expiration of warrants issued in
      connection with public offering </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(426</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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp;Shares issued for exercise of 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>-</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>(124</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Balance, 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>4,288</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%">4,714 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B>11. SHARE-BASED PAYMENTS </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 align=center width="5%"><B><I>(a)</I></B> </TD>
    <TD>
      <P align=justify><B><I>Stock options</I></B></P></TD></TR></TABLE>
<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>
<P align=justify>The summary of the Company&#146;s stock options at March 31, 2015
and December 31, 2014, and the changes for the fiscal years 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 noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="30%" colSpan=7><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="8%">&nbsp; </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="8%">Year ended </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="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="8%">&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%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="8%"><B>March 31, 2015</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="8%">&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%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="8%">&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%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="8%">December 31, 2014 </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="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&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="8%"><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="8%">&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="8%">Range of </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="8%">Weighted </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="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><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="8%"><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="8%">&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="8%">Exercise </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="8%">Average </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="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><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="8%"><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="8%"><B>Number 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="8%">Prices </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="8%">Exercise Price </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="8%">Number of </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Cdn$</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Cdn$</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="8%"><B>Options</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="8%">Cdn$ </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="8%">Cdn$ </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="8%">Options </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap 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="8%" 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="8%" bgColor=#e6efff><B>11.66</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="8%" bgColor=#e6efff><B>905,413</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="8%" 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="8%" bgColor=#e6efff>14.27 </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="8%" bgColor=#e6efff>795,318 </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="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>9.05 </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="8%" bgColor=#e6efff>9.05 </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="8%" bgColor=#e6efff>307,250 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Exercised (1) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><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="8%"><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="8%"><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="8%">8.75 </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="8%">8.75 </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="8%">(15,000</TD>
    <TD vAlign=bottom align=left width="2%">) </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="8%" bgColor=#e6efff><B>8.75
      -39.80</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="8%" bgColor=#e6efff><B>13.24</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="8%" bgColor=#e6efff><B>(25,981</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="8%" 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="8%" bgColor=#e6efff>14.70 </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="8%" bgColor=#e6efff>(158,655</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>&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="8%"><B>11.50 -43.00</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="8%"><B>18.71</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="8%"><B>(36,720</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="8%">17.50 </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="8%">17.50 </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="8%">(23,500</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </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="8%" 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="8%" bgColor=#e6efff><B>11.30</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="8%" bgColor=#e6efff><B>842,712</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="8%" bgColor=#e6efff>7.60 - 44.22 </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="8%" bgColor=#e6efff>11.66 </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="8%" bgColor=#e6efff>905,413 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>The weighted average price of an option exercised in the three
months ended March 31, 2015 was $nil (December 31, 2014 Cdn$10.18 ($9.10)) . $50
of share-based payment expense recognized in profit and loss is from previous
periods. </P>
<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, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Expressed in thousands of U.S. Dollars except share and
      per share amounts)</I> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The following table reflects the actual stock options issued
and outstanding as of March 31, 2015: </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 2px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="37%" colSpan=4>Options
      outstanding </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="37%" colSpan=4>Options
      Exercisable </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="17%">&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="17%"><B>Weighted 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="17%">&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="17%"><B>Weighted average</B>
    </TD>
    <TD vAlign=bottom noWrap align=center width="2%"
>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center><B>Exercise price</B> </TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="17%">&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="17%"><B>remaining</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="17%">&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="17%"><B>remaining</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%"
>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center><B>(Cdn$)</B> </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="17%"><B>Quantity</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="17%"><B>contractual life</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="17%"><B>Quantity</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="17%"><B>contractual life</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bgColor=#e6efff>$0.00 to $9.99 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>437,300 </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="17%" bgColor=#e6efff>3.61 </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="17%" bgColor=#e6efff>369,488 </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="17%" bgColor=#e6efff>3.57 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>$10.00 to $19.99 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%">371,230 </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="17%">2.11 </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="17%">371,230 </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="17%">2.11 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bgColor=#e6efff>$20.00 to $29.99 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>29,900 </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="17%" bgColor=#e6efff>1.04 </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="17%" bgColor=#e6efff>29,900 </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="17%" bgColor=#e6efff>1.04 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>$30.00 to $39.99 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%">882 </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="17%">0.73 </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="17%">882 </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="17%">0.73 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    bgColor=#e6efff>$40.00 to $49.99 </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="17%" bgColor=#e6efff>3,400 </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="17%" bgColor=#e6efff>0.94 </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="17%" bgColor=#e6efff>3,400 </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="17%" bgColor=#e6efff>0.94 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>&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="17%">842,712 </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=left
    width="17%">&nbsp; </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="17%">774,900 </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=left
    width="17%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>On January 28, 2015, the Company&#146;s Board of Directors
authorized the grant of 133,150 options. These options did not meet the
measurement criteria under IFRS 2, Share based payments, and have not been
recorded in the financial statements. These were granted to the employees in
April 2015. </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 align=center width="5%"><B><I>(b)</I></B> </TD>
    <TD>
      <P align=justify><B><I>Restricted share
units</I></B></P></TD></TR></TABLE>
<P align=justify>On January 28, 2015, the Company&#146;s Board of Directors approved
the issuance of 153,850 RSUs under the Company&#146;s 2015 Omnibus Equity Incentive
Compensation Plan (the &#147;Compensation Plan&#148;). The RSUs are settled in shares of
the Company, and they vest 50% over one year, 25% over two years, and 25% over
three years. </P>
<P align=justify>The Compensation Plan is subject to approval by a shareholder
vote, and accordingly the fair value of the RSUs has been estimated using the
share price on January 28, 2015 which will be updated upon approval by the
shareholders. </P>
<P align=justify>The following table reflects the restricted share units issued
and outstanding as of March 31, 2015 </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 noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>Number of</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>units</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance, December 31, 2014
</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></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Granted </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>153,850</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="12%" bgColor=#e6efff><B>-</B> </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;Settled for equity </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></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Balance, March 31, 2015 </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>153,850</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The fair value of the RSUs at March 31, 2015 was $74 (December
31, 2014 - $nil). During the three months ended March 31, 2015, compensation
expense recognized was $74 (December 31, 2014 - $nil). </P>
<P align=justify><B>12. 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2015</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%">2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Uranium concentrates </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;6,995</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;11,219 </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>Alternate feed materials processing and other </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>605</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%">142 </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><B>Revenues</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;7,600</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;11,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></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, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Expressed in thousands of U.S. Dollars except share and
      per share amounts)</I> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2015</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%">2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Intangible asset amortization
    </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff><B>&nbsp;(545</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;(1,127</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Selling expenses </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(68</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%">(79</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>General and administrative </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>(2,711</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>(3,729</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left><B>Selling, general and administrative expenses</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;(3,324</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;(4,935</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2015</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%">2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Interest expense </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff><B>&nbsp;(378</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;(429</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Interest income </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>22</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%">22 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accretion expense </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(91</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>(104</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Gain (loss) on sale of marketable securities
      (Note 5) </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%">198 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Foreign exchange </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(7</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>Change in value of 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="12%"><B>709</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%">(3,091</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Finance income (expense)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;255</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(3,404</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>A summary of depreciation, depletion and amortization expense
recognized in the consolidated financial statements 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 noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2015</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%">2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Recognized in production cost
      of sales </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff><B>&nbsp;(311</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;(1,096</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>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>(572</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%">(1,212</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Depreciation, depletion and amortization</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(883</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(2,308</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify><B>13. COMMITMENTS AND CONTINGENCIES</B></P>
<P align=justify><B><I>General legal matters </I></B></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 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. In January, 2013, the Company
filed a Special Appearance challenging jurisdiction and certain other procedural
matters relating to this claim. </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;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 the matter. 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 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=center>14 </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 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, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Expressed in thousands of U.S. Dollars except share and
      per share amounts)</I> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR></TABLE>
<P align=justify>In April 2014, the Grand Canyon Trust filed a citizen suit in
federal district court for alleged violations of the Clean Air Act at the White
Mesa Mill. In October 2014, the plaintiffs were granted leave by the court to
add further purported violations to their April 2014 suit. The Complaint, as
amended, alleges that radon from one of the Mill&#146;s tailings impoundments
exceeded the standard; that the mill is in violation of a requirement that only
two tailings impoundments may be in operation at any one time; and that certain
other violations related to the manner of measuring and reporting radon results
from one of the tailings impoundments occurred in 2013. The Complaint asks the
court to impose injunctive relief, civil penalties of up to $38 per day per
violation, costs of litigation including attorneys&#146; fees, and other relief. The
Company believes the issues raised in the Complaint are being addressed through
the proper regulatory channels and that the Company is currently in compliance
with all applicable regulatory requirements relating to those matters. The
Company intends to defend against all issues raised in the Complaint.</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 (the &#147;USFS&#148; and together with the Forest Supervisor the
  &#147;Defendants&#148;) seeking an order (a) 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, (b) setting aside any approvals regarding
  exploration and mining operations at the Canyon mine, and (c) 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, which was denied by the District Court in September,
  2013. In October 2013, the 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 entered into a stipulation
  agreement with the Plaintiffs, which was extended in November 2014, 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
  the Plaintiffs&#146; claims, or April 15, 2015, and the Plaintiffs agreed to stay
  their appeal and Emergency Motions. On April 7, 2015, the District Court issued
  its final ruling in favor of the Defendants and the Company and against the
  Plaintiffs on all counts. Thereafter, Plaintiffs dismissed their pending appeal
  regarding the District Court&#146;s Preliminary Injunction decision and their
  Emergency Motions. The Plaintiffs have appealed the District Court&#146;s ruling on
  the merits to the Ninth Circuit Court of Appeals, and have filed motions for an
  injunction pending appeal with the District Court. The Defendants and the
  Company each are required to file a consolidated response to those motions by
  May 11, 2015. If the Plaintiffs are successful on their motion for injunction
  pending appeal or 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 future operations of the Company. </P>
<P align=justify><B><I>Mineral property commitments </I></B></P>
<P align=justify>The Company enters into commitments with federal and state
agencies and private individuals to lease mineral rights. These leases are
renewable annually and are expected to total $1,471 for the year ended December
31, 2015.</P>
<P align=justify><B><I>Surety bonds </I></B></P>
<P align=justify>The Company has indemnified third-party companies to provide
surety bonds as collateral for the Company&#146;s decommissioning liabilities. The
Company is obligated to replace this collateral in the event of a default, and
is obligated to repay any reclamation or closure costs due. </P>
<P align=center>15 </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 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, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Unaudited)</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Expressed in thousands of U.S. Dollars except share and
      per share amounts)</I> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B>14. ACQUISITION OF URANERZ ENERGY CORPORATION </B></P>
<P align=justify>On January 4, 2015, as amended on May 8, 2015, the Company
entered into an Agreement and Plan of Merger (the &#147;Merger Agreement&#148;) Uranerz
Energy Corporation (&#147;Uranerz&#148;) pursuant to which it is proposed the Company will
acquire all of the issued and outstanding shares of common stock of Uranerz.
Under the terms of the Merger Agreement, shareholders of Uranerz will receive
0.255 common shares of the Company for each share of Uranerz common stock held
or 24,453,303 shares. Based on the common shares outstanding of both the Company
and Uranerz, the Company&#146;s shareholders will own approximately 45% of the shares
of the Company upon completion of the transaction and Uranerz shareholders will
own approximately 55% of the common shares of the Company.</P>
<P align=justify>The Uranerz transaction will be carried out by way of a merger
of Uranerz with, and into, a subsidiary of Energy Fuels under Nevada Law and the
exchange of common stock of the Company for all outstanding shares of common
stock of Uranerz. The transaction will be subject to the approval of at least a
majority of the holders of the outstanding common shares of Uranerz, as well as
at least a majority of the votes cast by Uranerz shareholders, excluding
directors and officers of Uranerz. The transaction is also subject to the
approval of at least a majority of the votes cast by the Company&#146;s shareholders
and other customary regulatory approvals. </P>
<P align=justify>At the current time, the Company expects the acquisition of
Uranerz to be completed during the 3rd quarter of 2015, if all conditions,
including shareholder and regulatory approvals, are satisfied. </P>
<P align=center>16 </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">
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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 2px solid" align=left><B>ENERGY FUELS
      INC.</B> </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, 2015 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px 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 11, 2015 and should be read in
conjunction with the Company&#146;s condensed consolidated interim financial
statements and related notes for the three months ended March 31, 2015 and the
Company&#146;s consolidated annual financial statements for the year ended December
31, 2014.</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 its Annual Report on 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> (&#147;<B>SEDAR</B>&#148;) 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 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.<B> </B></P>
<P align=justify><B>2015 HIGHLIGHTS TO DATE </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 align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>On January 5, 2015, Energy Fuels announced the execution
      of a definitive agreement (&#147;<B>DA</B>&#148;) pursuant to which it is proposed
      that the Company would acquire all of the issued and outstanding shares of
      common stock of Uranerz Energy Corporation (&#147;<B>Uranerz</B>&#148;). Under the
      terms of the DA, shareholders of Uranerz will receive 0.255 common shares
      of Energy Fuels for each share of Uranerz common stock held subject to
      shareholder and regulatory approval. At the current time, the Company
      expects the acquisition of Uranerz to be completed during the 3<SUP>rd
      </SUP>quarter of 2015, if all conditions, including shareholder and
      regulatory approvals, are satisfied. See &#147;Acquisition of Uranerz&#148;.
  </P></TD></TR>
  <TR>
    <TD align=center  >&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>On February 6, 2015, the Company announced that it is
      preparing to resume development at its high-grade Canyon mine in Arizona.
      The Company expects to transition mining personnel from the
      currently-producing Pinenut mine to the Canyon mine during Q2-2015, at
      which point the Company expects the economic resources at the Pinenut mine
      to be depleted. According to the Arizona Strip Technical Report, prepared
      in accordance with NI 43-101 and dated June 27, 2012, the Canyon deposit
      is estimated to have approximately 83,000 tons of Inferred Mineral
      Resources containing approximately 1.63 million pounds of uranium having
  an average grade of 0.98% eU<SUB>3</SUB>O<SUB>8</SUB>. </P></TD></TR>
  <TR>
    <TD align=center  >&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>On February 17, 2015, the Company acquired a 50% interest
      in the high-grade Wate uranium deposit (the &#147;<B>Wate Project</B>&#148;) from
      VANE Minerals (US) LLC (&#147;<B>VANE</B>&#148;). The Wate Project is held in the
      Wate Mining Company, LLC joint venture (&#147;<B>LLC</B>&#148;). The other 50% of
      the LLC is held by Uranium One Americas, Inc. As consideration for the 50%
      interest in the LLC, the Company paid VANE $0.25 million cash at closing,
      along with a $0.50 million non-interest-bearing promissory note, payable
      in two equal installments of $0.25 million each on the 1<SUP>st </SUP>and
      2<SUP>nd </SUP>anniversaries of the note, and a 2% production royalty on
      the 50% LLC interest being acquired. The royalty can be purchased by
      Energy Fuels upon payment to VANE of an additional $0.75 million. In
      addition, upon satisfaction of certain permitting milestones and other
      conditions, the amounts due under the note will be accelerated, and the
      Company will pay to VANE an additional $0.25 million cash. If Energy Fuels
      elects not to make the payments under the note, it will be required to
      transfer the LLC interest back to VANE. </P></TD></TR></TABLE>
<P align=justify><B>Strategy </B></P>
<P align=justify>Energy Fuels intends to continue to strengthen its position as
the leading uranium mining company focused on the United States. The Company
expects to accomplish this through: </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 align=center width="5%">1) </TD>
    <TD>
      <P align=justify>Pursuing the completion of the Company&#146;s acquisition of
      Uranerz.</P></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 align=left><B>ENERGY FUELS INC.</B> </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, 2015 </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 vAlign=top align=center width="5%">2) </TD>
    <TD>
      <P align=justify>Continuing the current Mill campaign to process alternate
      feed materials into mid-2015.</P></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">3) </TD>
    <TD>
      <P align=justify>Continuing mining at the Pinenut Mine until the economic
      resources are depleted, which is expected to occur in mid-2015. Pinenut
      ore is being shipped to the White Mesa Mill and is expected to be
      processed in 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">4) </TD>
    <TD>
      <P align=justify>Continuing development of the Canyon Mine.</P></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">5) </TD>
    <TD>
      <P align=justify>After mid-2015, continuing activities at the White Mesa
      Mill (except for mineral processing), and maintaining the facility in a
      state of readiness for the purpose of restarting mineral processing
      operations in 2016, or earlier as market conditions, cash needs and/or
      contract delivery requirements may warrant.</P></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">6) </TD>
    <TD>
      <P align=justify>Maintaining &#147;standby&#148; mines in a state of readiness for
      the purpose of restarting ore production as market conditions may
      warrant.</P></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">7) </TD>
    <TD>
      <P align=justify>Continuing ongoing business development activities,
      including permitting and development of existing projects.</P></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">8) </TD>
    <TD>
      <P align=justify>Evaluating the potential to acquire additional uranium
      properties in the United States.</P></TD></TR></TABLE>
<P align=justify>In response to current market uncertainty, the Company expects
to continue cash conservation efforts until additional sustained improvement in
uranium market conditions is observed. In addition, the Company is continuing to
manage its operations and assets conservatively, maintaining its substantial
uranium resource base, and scheduling uranium production at the White Mesa Mill
as market conditions, cash needs and/or contract delivery requirements may
warrant. </P>
<P align=justify><I>Production and Operations </I></P>
<P align=justify>The White Mesa Mill has historically operated on a campaign
basis, whereby mineral processing occurs as mill feed, cash needs, contract
requirements, and/or market conditions may warrant. At March 31, 2015, the
Company had 816,408 pounds of finished goods inventory available for delivery
into its contracts or for spot sales. </P>
<P align=justify>The Company expects the current mineral processing campaign at
the White Mesa Mill to conclude in the first half of 2015, resulting in the
production of approximately 250,000 pounds of finished goods of which 140,000
pounds were produced in the three months ended March 31, 2015. Once the current
campaign concludes at the White Mesa Mill, the Company expects to continue to
receive and stockpile ore from the Pinenut mine and alternate feed materials. In
addition, the Company expects to continue making U<SUB>3</SUB>O<SUB>8</SUB> deliveries, as required by
the Company&#146;s existing long-term contracts. At this time, the Company does not
expect to schedule a mineral processing campaign during the remainder of
FY-2015, though the Company is maintaining the flexibility to resume processing
stockpiled or other materials at the White Mesa Mill should market conditions or
cash needs warrant. </P>
<P align=justify>The Company plans to continue mining at the Pinenut mine until
the economic resources are depleted, which is now estimated to occur in the
second quarter of 2015. The ore mined at the Pinenut mine is being shipped to
the White Mesa Mill and stockpiled for processing in a planned 2016 campaign.
</P>
<P align=justify>The Company has three existing long-term contracts, which
require future deliveries of 683,333 pounds during the remainder of FY-2015,
450,000 pounds in FY-2016 and 420,000 pounds in FY-2017. Of these amounts, a
total of 653,333 pounds is required to be produced by the Company, while Energy
Fuels has the option to fulfill the remaining 900,000 pounds from production
and/or purchase. For the 683,333 pounds of the remaining FY-2015 deliveries, the
Company anticipates utilizing 383,333 pounds of produced material on hand and
has contracted for the purchase of 300,000 pounds of U<SUB>3</SUB>O<SUB>8</SUB>. For the FY-2016 and
FY-2017 contractual deliveries, the Company plans to utilize 500,000 pounds of
finished goods inventory expected to be on hand at the end of FY-2015 and to
produce a minimum of 370,000 pounds of U<SUB>3</SUB>O<SUB>8</SUB> in future mill campaigns at the
White Mesa Mill, from ore mined from the Pinenut mine and the expected receipt
of alternate feed materials, both as discussed above. While the Company expects
to produce the 370,000 pounds required, the Company may elect to purchase all or
a portion of this material in the spot market. This flexibility will allow the
Company to monitor market conditions to determine the most favorable and
economic approach to fulfilling these remaining deliveries.</P>
<P align=justify>The Company also plans to continue to maintain, and update as
necessary, all permits on its other existing mines. These mines will remain on
standby until market conditions improve or the material can be sold into
long-term contracts at pricing that supports production. As previously
announced, expenditures for permitting activities for new mines have been
adjusted to coincide with expected dates of production based on price forecasts.
The Company plans to spend $1.10 million on permitting in FY-2015. The Company
is continuing to monitor corporate and field overhead to coincide with these
lower levels of activity. </P>
<P align=center>- 2 - </P>
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<P align=justify><I>Sales </I></P>
<P align=justify>The Company forecasts FY-2015 sales to total approximately
800,000 pounds of U<SUB>3</SUB>O<SUB>8</SUB>, of which 116,666 pounds were sold in the first quarter.
All 800,000 pounds have been, or will be, sold into its three existing long-term
contracts discussed above. Energy Fuels expects to receive an average realized
price of $57.45 per pound of U<SUB>3</SUB>O<SUB>8</SUB> sold during FY-2015 across all of its
contracts. The average expected realized price per pound is not subject to any
decrease resulting from declines in future U<SUB>3</SUB>O<SUB>8</SUB> spot and/or term prices due to
the minimum floor prices now in effect in each of the Company&#146;s contracts. While
the Company does not expect to make any sales into the spot market during
FY-2015, it will continue to monitor market conditions for sales opportunities
if economically justified and/or to generate cash for operations and
development. </P>
<P align=justify>Contracted deliveries under one of the Company&#146;s three existing
long-term contracts will conclude after the 2015 deliveries are completed in the
3rd quarter of 2015. The Company has the ability under the contract to negotiate
further deliveries for 2017 &#150; 2020 if suitable quantities and pricing can be
agreed. The Company also continues to pursue new sources of revenue, including
new uranium sales contracts and expansion of its alternate feed business. </P>
<P align=justify><I>Effect on production and sales if the Uranerz Acquisition is
completed </I></P>
<P align=justify>In the event the proposed acquisition of Uranerz is completed,
the Company may invest funds in well field development for Uranerz through the
end of FY-2016 depending on actual and expected market conditions. In order to
finance this investment, the Company may engage in additional mining and milling
activities to produce finished product in excess of the amounts required for its
contracts and to sell such production into the spot market and/or raise
additional equity capital. </P>
<P align=justify><B>ACQUISITION OF URANERZ</B> </P>
<P align=justify><B>Merger Agreement </B></P>
<P align=justify>On January 4, 2015, as amended on May 8, 2015, the Company
entered into an Agreement and Plan of Merger (the &#147;Merger Agreement&#148;) with
Uranerz Energy Corporation (&#147;Uranerz&#148;), a Nevada corporation, and EFR Nevada
Corp., a Nevada corporation and wholly owned subsidiary of the Company (&#147;Merger
Sub&#148;). The Merger Agreement provides for the acquisition of Uranerz by the
Company through a transaction whereby Merger Sub will merge with and into
Uranerz (the &#147;Merger&#148;), and as a result, Uranerz will continue as the surviving
operating corporation and as a wholly-owned subsidiary of the Company. </P>
<P align=justify>Pursuant to the Merger Agreement, at the effective time of the
Merger, each issued and outstanding share of common stock
of Uranzerz will be canceled, extinguished, and
automatically converted into the right to receive 0.255 common shares of the
Company (the &#147;Exchange Ratio&#148;). Based on the shares of Uranerz outstanding as of
January 4, 2015, the Company expects to issue 24,453,303 shares. At the current
time, the Company expects the acquisition of Uranerz to be completed during the
3<SUP>rd</SUP> quarter of 2015, if all conditions, including shareholder and
regulatory approvals, are satisfied.</P>
<P align=justify>The completion of the Merger will be subject to the approval of
at least a majority of the holders of the outstanding common shares of the
Company voted at a special meeting of the shareholders of the Company to be
called later this year to consider the Merger, as well as the approval of at
least a majority of the holders of the outstanding common shares of Uranerz and
at least a majority of the votes cast by Uranerz&#146;s shareholders, excluding
directors and officers of Uranerz, at a special meeting to be called later this
year to consider the Merger. </P>
<P align=justify>The Merger Agreement provides that, upon consummation of the
Merger, the Company shall cause two nominees of Uranerz to be appointed to the
board of directors of the Company. </P>
<P align=justify>In addition to the approval of the shareholders of each of the
Company and Uranerz, as described above, the completion of the Merger will be
subject to the satisfaction of other customary closing conditions, including,
among others: </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=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">The declaration by the SEC of the effectiveness
      of the Registration Statement on Form F-4 filed by the Company with the
      SEC in connection with the Merger, </TD></TR></TABLE>
<P align=center>- 3 - </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 align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>The common shares of the Company to be issued in
      connection with the Merger, and to be issued upon exercise of the assumed
      Uranerz options and Uranerz warrants, will have been approved (or
      conditionally approved, as applicable) for listing on the NYSE MKT and the
      Toronto Stock Exchange, and </P></TD></TR>
  <TR>
    <TD align=center  >&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">The receipt of all regulatory approvals
      necessary for completion of the Merger. </TD></TR></TABLE>
<P align=justify>Each of the Company and Uranerz has agreed to customary and
generally reciprocal representations, warranties and covenants in the Merger
Agreement. Among these covenants, both the Company and Uranerz have agreed to
conduct their respective businesses in the ordinary course during the period
between the execution of the Merger Agreement and the closing of the Merger.
</P>
<P align=justify>The Merger Agreement contains customary deal support
provisions, including a reciprocal break fee of $5.00 million payable if the
Merger is not completed under certain circumstances. In addition, the Merger
Agreement includes customary and reciprocal non-solicitation covenants, as well
as a reciprocal right to match any superior proposal that may arise. </P>
<P align=justify>The foregoing description of the Merger Agreement does not
purport to be complete and is qualified in its entirety by reference to the full
text of the Merger Agreement, which has been filed with the SEC and can be found
at <U>www.sec.gov</U> and with the Canadian Securities Administrators on SEDAR
and can be found at <U>www.sedar.com</U>.</P>
<P align=justify><B>Support Agreements </B></P>
<P align=justify>Concurrent with the execution of the Merger Agreement: </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=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>The Company entered into support agreements with
      directors and certain officers of Uranerz, pursuant to which each
      securityholder agreed, upon the terms and subject to the conditions set
      forth therein, (a) to vote their Uranerz common shares in favor of the
      Merger, and (b) to not sell or otherwise transfer their shares pending
      completion of the Merger. The securityholders of Uranerz entering into the
      voting agreements collectively hold approximately 4.0% of the outstanding
      shares of Uranerz. </P></TD></TR>
  <TR>
    <TD align=center  >&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Uranerz entered into support agreements with the
      directors and certain officers of the Company, pursuant to which each
      securityholder agreed upon the terms and subject to the conditions set
      forth therein, (a) to vote their shares of the Company for the Merger, and
      (b) to not sell or otherwise transfer their shares pending completion of
      the Merger. The shareholders of the Company entering into voting
      agreements collectively hold approximately 0.4% of the outstanding shares
      of the Company. </P></TD></TR></TABLE>
<P align=justify><B>Additional Important Information for Investors and
Stockholders Related to the Merger </B></P>
<P align=justify>On January 5, 2015, the Company announced a transaction whereby
it would acquire all of the issued and outstanding shares of Uranerz. This
MD&amp;A is for informational purposes only and does not constitute an offer to
purchase, a solicitation of an offer to sell the shares of common stock of
Uranerz or a solicitation of any proxy, vote or approval. Energy Fuels has filed
with the SEC a registration statement on Form F-4 that includes a proxy
statement of Uranerz that also constitutes a prospectus of Energy Fuels. Energy
Fuels and Uranerz also have and plan to file with or furnish other documents to
securities regulatory authorities in Canada and the United States regarding the
proposed transaction. </P>
<P align=justify>INVESTORS AND STOCKHOLDERS OF URANERZ ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT HAVE BEEN OR WILL BE FILED
WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.</P>
<P align=justify>Anyone may obtain free copies of these documents when available
free of charge under Energy Fuels&#146; profile on SEDAR at
<font color="#0000FF">www.sedar.com</font> or EDGAR at
<font color="#0000FF">www.sec.gov</font>, or by accessing Energy Fuels&#146; website at
<font color="#0000FF">www.energyfuels.com</font> under
the heading &#147;Investors&#148; and from Energy Fuels directly by contacting Curtis
Moore, Investor Relations: (303) 974-2140. Documents will also be available free
of charge under Uranerz&#146; profile on EDGAR at <font color="#0000FF">www.sec.gov</font> or on SEDAR at
<font color="#0000FF">www.sedar.com</font>, or by accessing Uranerz&#146; website at
<font color="#0000FF">www.uranerz.com</font> under the
heading &#147;Investors&#148; and from Uranerz directly by contacting Derek Iwanaka,
Investor Relations: (800) 689-1659. Energy Fuels, Uranerz, their respective
directors and certain of their executive officers may be deemed to be participants in the solicitation of proxies from the
shareholders of Uranerz in connection with the proposed transaction. Information
about the directors and executive officers of Uranerz is set forth in its proxy
statement for its 2015 annual meeting of shareholders, which was filed with the
SEC on May 6, 2015 and in Uranerz Annual Report on Form 10-K which was filed
with the SEC on March 16, 2015. Information about the directors and executive
officers of the Company can be found in the Company&#146;s annual information form
dated March 18, 2015 and in the Company&#146;s 2015 management information circular
dated May 6, 2015, which is available at <font color="#0000FF">www.sedar.com</font> and
<font color="#0000FF"> <U>www.sec.gov</U></font>.
Other information regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security holdings or
otherwise, will be contained in the proxy statement/prospectus and other
relevant materials to be filed with the SEC when they become available. </P>
<P align=center>- 4 - </P>
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<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, 2015 are:</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 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Mar 31</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Dec 31</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Sept 30</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>June 30</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2015</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>2014<SUP>(2)</SUP></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>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>2014<SUP>(1)</SUP></B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>$000, except per share data </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</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%" ><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" ><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</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%" ><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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>7,600 </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>203 </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>21,164 </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>13,525 </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%">(2,361</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%">(10,017</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%">3,076 </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%">(30,328</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>Basic &amp; diluted net income (loss) per share </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>(0.12</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </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>(0.51</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </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>0.16 </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>(1.54</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </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-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Mar 31</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Dec 31</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Sept 30</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>June 30</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left 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<SUP>(3)</SUP></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=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>$000, except per share data </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" ><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</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%" ><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" ><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</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%" ><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap 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 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Basic &amp; diluted net income (loss) per share </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>(0.32</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </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>(0.18</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </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>(4.30</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </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>(0.39</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </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 vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Includes an impairment loss of $30.78 million.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Includes an impairment loss of $5.08 million.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Includes an impairment loss of $60.26
  million.</P></TD></TR></TABLE>
<P align=justify><B>RESULTS OF OPERATIONS &#150; Q1-2015 compared to Q1-2014 </B></P>
<P align=justify><B>General </B></P>
<P align=justify>For the three months ended March 31, 2015 the Company recorded
a net loss of $2.36 million or $0.12 per share compared with a net loss of $6.34
million or $0.32 per share for the three months ended March 31, 2014.</P>
<P align=justify><B>Revenues </B></P>
<P align=justify>The Company&#146;s revenues from uranium are largely based on
delivery schedules under long-term contracts, which can vary from quarter to
quarter.</P>
<P align=justify>Revenues for the three months ended March 31, 2015 totaled
$7.60 million, of which $7.00 million were sales of 116,667 pounds of uranium
concentrates, all of which were pursuant to term contracts at an average price
of $59.95 per pound. 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.</P>
<P align=center>- 5 - </P>
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<P align=justify><B>Operating Expenses </B></P>
<P align=justify><I>Production and Cost of Sales </I></P>
<P align=justify>For the three months ended March 31, 2015, the Company&#146;s
uranium production totaled 197,116 pounds of U<SUB>3</SUB>O<SUB>8</SUB>, of which 113,881 pounds were
from alternate feed materials and other processing and 25,162 pounds were from
the Company&#146;s Arizona mines. 58,073 pounds of U<SUB>3</SUB>O<SUB>8</SUB> were processed under a
tolling arrangement for the account of a third party. 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 were from alternate feed materials. </P>
<P align=justify>Cost of goods sold for the three months ended March 31, 2015
totaled $3.95 million, which consisted of $3.64 million of mining and milling
production costs and costs and $0.31 million of depreciation, depletion and
amortization. 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.
The decrease in cost of goods sold is due to a lower sales volume in Q1-2015 vs
Q1-2014. </P>
<P align=justify><I>Selling, General and Administrative </I></P>
<P align=justify>Selling, general and administrative expense includes costs
associated with marketing uranium, the corporate general and administrative
costs, and the non-cash costs of amortization of above-market sales contract
value associated with the acquisition of Denison&#146;s US Mining Division in June
2012. 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 $3.32 million for the three months ended March
31, 2015 compared to $4.94 million for the three months ended March 31, 2014.
These decreases are due to decreasing intangible asset amortization and lower
share-based compensation in Q1-2015. </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&#146;s US Mining Division totaled $0.55 million for the three months
ended March 31, 2015 compared with $1.13 million for the three months ended
March 31, 2014. The amount for each period is directly related to the revenue
from uranium concentrate volumes sold each period (discussed above), as all the
revenues earned for the periods are from the contracts acquired.</P>
<P align=justify>Selling expenses totaled $0.07 million for the three months
ended March 31, 2015 compared to $0.08 million for the three months ended March
31, 2014.</P>
<P align=justify>General and administrative expenses totaled $2.75 million for
the three months ended March 31, 2015 compared to $3.73 million for the three
months ended March 31, 2014. The decrease of $0.98 million is mainly
attributable to a reduction in share-based payment in Q1-2015 vs Q1-2014.</P>
<P align=justify><I>Care and Maintenance Expenses </I></P>
<P align=justify>The Company&#146;s Beaver, Pandora and Daneros mines were placed on
standby in the last quarter of calendar year 2012, as a result of market
conditions. In November 2013 the Company placed shaft sinking operations on its
Canyon mine on standby, and in February 2014 the Company placed its Arizona 1
mine on standby. Costs related to the care and maintenance of these and other
standby mines are generally decreasing due to the Company&#146;s increased cost
efficiencies, which are achieved once the mines are placed on standby. Care and
maintenance expenses totaled $2.86 million for the three months ended March 31,
2015. The increase in Care and maintenance expenses for Q1-2015 was due to costs
associated with maintaining operational readiness at the White Mesa Mill of
$1.06 million, a non-cash charge of $0.66 million for a change in
decommissioning liabilities at the White Mesa Mill, combined with $1.14 million
at the Company&#146;s other standby mines. Care and maintenance expenses totaled
$0.64 million for the three months ended March 31, 2014. </P>
<P align=justify><I>Other Income and Expenses </I></P>
<P align=justify>Finance income was $0.26 million for the three months ended
March 31, 2015, and consists primarily of interest expense of $0.38 million and
accretion expense related to the decommissioning liability of $0.09 million
offset by an increase in the mark-to-market values of the Company&#146;s Debentures
totaling $0.71 million.</P>
<P align=center>- 6 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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.
<B></B></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, 2015. </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 noWrap 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    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 noWrap 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 noWrap 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 noWrap 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, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>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>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;2,500</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</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></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&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%"><B>750</B> </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; </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;3,250</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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, 2015, the Company had working capital of $35.20
million including $6.54 million in cash and 816,408 pounds of finished goods
inventory. Our contractual deliveries and related sales are based on delivery
schedules which can vary from quarter to quarter. As discussed above, the
Company expects to sell an additional 683,333 pounds of finished goods during
the remainder of the year under existing contracts which will generate
significant cash for our operational needs. The Company believes it has
sufficient cash and resources to carry out its business plan beyond calendar
year 2015. </P>
<P align=justify><B>Effect on Liquidity and Capital Resources Related to the
Proposed Acquisition of Uranerz </B></P>
<P align=justify>Upon closing of the acquisition, the Company may invest up to
$15.0 million to fund the development and operations of Uranerz through the end
of FY-2016. In order to finance this investment the Company may engage in
additional mining and milling activities to produce finished product in excess
of the amounts required for its contracts and sell such production into the spot
market and/or raise additional equity capital. </P>
<P align=justify><B>Cash and Financial Condition </B></P>
<P align=justify>Cash and cash equivalents were $6.54 million at March 31, 2015,
compared to $10.41 million at December 31, 2014. The decrease of $3.87 million
was due primarily to cash used in investing activities of $1.15 and cash used in
operations of $2.60 million, financing activities of $0.02 million and loss on
foreign exchange on cash held of $0.10 million. </P>
<P align=justify>Net cash used by investing activities was $1.15 million, which
was primarily related to expenditures for property, plant and equipment of $0.39
million and exploration, evaluation, permitting and development activities of
$0.71 million. </P>
<P align=justify>Net cash used in financing activities was the repayment of
borrowings in the amount of $0.02 million.</P>
<P align=justify>Net cash used in operating activities of $2.66 million is
comprised of the net loss of $2.36 million for the period adjusted for non-cash
items and for changes in working capital items. Significant items not involving
cash were $0.88 million of depreciation and amortization of property, plant and
equipment and intangible assets and a $2.07 million adjustment to the
decommissioning liability at the Company&#146;s White Mesa Mill and other mining
properties.</P>
<P align=justify><B>Contractual Obligations</B></P>
<P align=justify>The Company enters into commitments with federal and state
agencies and private individuals to lease mineral rights. These leases are
renewable annually, and lease payments are expected to total $1.47 million for
the year ended December 31, 2015.</P>
<P align=center>- 7 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>The Company will continue to prudently evaluate its contractual
obligations with respect to mineral properties as well as other associated
commitments with an eye towards deferring those expenses which do not meet
certain criteria. In addition, since the majority of the exploration commitments
are optional, the Company could choose to mitigate or eliminate the obligation
by opting out of the lease or claim. </P>
<P align=justify><B>Contingencies </B></P>
<P align=justify><I>Legal matters</I></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 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. In January, 2013, the Company
filed a Special Appearance challenging jurisdiction and certain other procedural
matters relating to this claim. </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 the matter. 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 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 April 2014, the Grand Canyon Trust filed a citizen suit in
federal district court for alleged violations of the Clean Air Act at the White
Mesa Mill. In October 2014, the plaintiffs were granted leave by the court to
add further purported violations to their April 2014 suit. The Complaint, as
amended, alleges that radon from one of the Mill&#146;s tailings impoundments
exceeded the standard; that the mill is in violation of a requirement that only
two tailings impoundments may be in operation at any one time; and that certain
other violations related to the manner of measuring and reporting radon results
from one of the tailings impoundments occurred in 2013. 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 believes the issues raised in the Complaint are being addressed through
the proper regulatory channels and that the Company is currently in compliance
with all applicable regulatory requirements relating to those matters. The
Company intends to defend against all issues raised in the Complaint. 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 (the &#147;<B>USFS</B>&#148; and together with the Forest Supervisor the
<B>&#147;Defendants&#148;</B>) seeking an order (a) 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, (b) setting aside any approvals
regarding exploration and mining operations at the Canyon mine, and (c)
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, which was denied by the District
Court in September, 2013. In October 2013, the 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 entered into a stipulation agreement with the Plaintiffs, which was
extended in November 2014, 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 the Plaintiffs&#146; claims, or April 15,
2015, and the Plaintiffs agreed to stay their appeal and Emergency Motions. On
April 7, 2015, the District Court issued its final ruling in favor of the
Defendants and the Company and against the Plaintiffs on all counts. Thereafter,
Plaintiffs dismissed their pending appeal regarding the District Court&#146;s
Preliminary Injunction decision and their Emergency Motions. The Plaintiffs have
appealed the District Court&#146;s ruling on the merits to the Ninth Circuit Court of
Appeals, and have filed motions for an injunction pending appeal with the
District Court. The Defendants and the Company each are required to file a
consolidated response to those motions by May 11, 2015. If the Plaintiffs are
successful on their motion for injunction pending appeal or 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 future operations of the
Company.<B> </B></P>
<P align=center>- 8 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>OUTSTANDING SHARE DATA</B> </P>
<P align=justify>At May 11, 2015, there were 19,677,552 common shares issued and
outstanding, 849,069 warrants issued and outstanding to purchase a total of
849,069 common shares, and 975,862 stock options outstanding to purchase a total
of 975,862 common shares and 153,850 restricted share units for a total of
21,774,653 common shares on a fully-diluted basis. In addition, at March 31,
2015, 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>In compliance with the requirements of National Instrument
52-109, our Certifying Officers have reviewed and certified the Condensed
Consolidated Interim Financial Statements for the three months ended March 31,
2015 and March 31, 2014, together with other financial information included in
our securities filings. Our Certifying Officers have also certified that
disclosure controls and procedures (&#147;<B>DC&amp;P</B>&#148;) have been designed to
provide reasonable assurance that material information relating to our company
is made known within our company. Further, our Certifying Officers have
certified that internal controls over financial reporting (&#147;<B>ICFR</B>&#148;) have
been designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of the Consolidated Financial
Statements. Based on the evaluation of the design and operating effectiveness of
our company's DC&amp;P and ICFR, our Certifying Officers concluded that our
company's DC&amp;P and ICFR were effective as at March 31, 2015. </P>
<P align=justify>During the three months ended March 31, 2015, there were no
changes in the Company&#146;s internal control over financial reporting that
materially affected, or are likely to materially affect, the Company&#146;s internal
control over financial reporting. </P>
<P align=justify><B>CORPORATE GOVERNANCE POLICIES </B></P>
<P align=justify>The disclosure required pursuant to National Instrument 58-101
&#150; Disclosure of Corporate Governance Practices has been made by the Company in
its Management Information Circular for its Annual General Meeting to be held in
2015, which has been made available to shareholders and filed on SEDAR and EDGAR
for internet access for public viewing. </P>
<P align=justify><B>Critical accounting estimates and judgments </B></P>
<P align=justify>The preparation of these consolidated financial statements in
accordance with IFRS requires the use of certain critical accounting estimates
and judgments that affect the amounts reported. It also requires management to
exercise judgment in applying the Company&#146;s accounting policies. These judgments
and estimates are based on management&#146;s best knowledge of the relevant facts and
circumstances taking into account previous experience. Although the Company
regularly reviews the estimates and judgments made that affect these financial
statements, actual results may be materially different. </P>
<P align=justify>Significant estimates made by management include: </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 align=center width="5%">a. </TD>
    <TD>
      <P align=justify>Reserves and resources</P></TD></TR></TABLE>
<P align=justify>Proven and probable reserves are the economically mineable
parts of the Company&#146;s measured and indicated mineral resources demonstrated by
at least a preliminary feasibility study. The Company estimates its proven and
probable reserves and measured, indicated and inferred mineral resources based
on information compiled by appropriately qualified persons. The information
relating to the geological data on the size, depth and shape of the ore body
requires complex geological judgments to interpret the data. The estimation of
future cash flows related to proven and probable reserves is based upon factors
such as estimates of foreign exchange rates, commodity prices, future capital
requirements and production costs along with geological assumptions and
judgments made in estimating the size and grade of the ore body. Changes in the
proven and probable reserves or measured, indicated and inferred mineral
resources estimates may impact the carrying value of property, plant and
equipment, goodwill, reclamation and remediation obligations, recognition of
deferred tax amounts and depreciation, depletion and amortization. </P>
<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 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%">b. </TD>
    <TD>
      <P align=justify>Depreciation, depletion and amortization of property,
      plant and equipment</P></TD></TR></TABLE>
<P align=justify>Property, plant and equipment comprise a large component of the
Company&#146;s assets and, as such, the depreciation and amortization of those assets
have a significant effect on the Company&#146;s financial statements. Depreciation
and amortization of property, plant and equipment used in production is
calculated on a straight line basis or a unit-of-production basis as
appropriate. </P>
<P align=justify>Plant and equipment assets depreciated using a straight-line
basis results in the allocation of production costs evenly over the assets
useful life defined as a period of time. Plant and equipment assets depreciated
on a units-of-production basis results in the allocation of production costs
based on current period production in proportion to total anticipated production
from the facility. </P>
<P align=justify>Mineral property assets are amortized using a
unit-of-production basis that allocates the cost of the asset to production cost
based on the current period&#146;s mined ore as a proportion of the total estimated
resources in the related ore body. The process of making these estimates
requires significant judgment in evaluating and assessing available geological,
geophysical, engineering and economic data, projected rates of production,
estimated commodity price forecasts and the timing of future expenditures, all
of which are, by their very nature, subject to interpretation and
uncertainty.</P>
<P align=justify>Changes in these estimates may materially impact the carrying
value of the Company&#146;s property, plant and equipment and the recorded amount of
amortization, depletion and depreciation. </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 align=center width="5%">c. </TD>
    <TD>
      <P align=justify>Valuation of long-lived assets</P></TD></TR></TABLE>
<P align=justify>The Company undertakes a review of the carrying values of
property, plant and equipment and intangibles whenever events or changes in
circumstances indicate that their carrying values may exceed their estimated net
recoverable amounts determined by reference to estimated future operating
results and discounted net cash flows. An impairment loss is recognized when the
carrying value of those assets is not recoverable. In undertaking this review,
the management of the Company is required to make significant estimates of,
amongst other things, future production and sale volumes, forecast commodity
prices, future operating and capital costs and reclamation costs to the end of
the mine or mill&#146;s life. These estimates are subject to various risks and
uncertainties, which may ultimately have an effect on the expected
recoverability of the carrying values of plant, property and equipment and
intangibles. </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 align=center width="5%">d. </TD>
    <TD>
      <P align=justify>Business combinations</P></TD></TR></TABLE>
<P align=justify>Management uses judgment in applying the acquisition method of
accounting for business combinations and in determining fair values of the
identifiable assets and liabilities acquired. The value placed on the acquired
assets and liabilities, including identifiable intangible assets, will have an
effect on the amount of goodwill or bargain purchase gain that the Company may
record on an acquisition. Changes in economic conditions, commodity prices and
other factors between the date that an acquisition is announced and when it
finally is consummated can have a material difference on the allocation used to
record a preliminary purchase price allocation versus the final purchase price
allocation which can take up to one year after acquisition to complete. </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 align=center width="5%">e. </TD>
    <TD>
      <P align=justify>Decommissioning liabilities</P></TD></TR></TABLE>
<P align=justify>Decommissioning liabilities are recorded as a liability when
the asset is initially constructed. The Company has accrued its best estimate of
its share of the cost to decommission its mining and milling properties in
accordance with existing laws, contracts and other policies. The estimate of
future costs involves a number of estimates relating to timing, type of costs,
mine closure plans, and review of potential methods and technical advancements.
Furthermore, due to uncertainties concerning environmental remediation, the
ultimate cost of the Company&#146;s decommissioning liability could differ from
amounts provided. The estimate of the Company&#146;s obligation is subject to change
due to amendments to applicable laws and regulations and as new information
concerning the Company&#146;s operations becomes available. The Company is not able
to determine the impact on its financial position, if any, of environmental laws
and regulations that may be enacted in the future. </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 align=center width="5%">f. </TD>
    <TD>
      <P align=justify>Determination of significant
influence</P></TD></TR></TABLE>
<P align=justify>Management determines its ability to exercise significant
influence over an investment in shares of other companies by looking at its
percentage interest and other qualitative factors including but not limited to
its voting rights, representation on the board of directors, participation in
policy-making processes material transactions between the Company and the associate, interchange of managerial personnel,
provision of essential technical information and operating involvement. </P>
<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 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%">g. </TD>
    <TD>
      <P align=justify>Determination whether an acquisition represents a
      business combination or asset purchase</P></TD></TR></TABLE>
<P align=justify>Management determines whether an acquisition represent a
business combination or asset purchase by considering the stage of exploration
and development of an acquired operation. Consideration is given to whether the
acquired properties include mineral reserves or mineral resources, in addition
to the permitting required and results of economic assessments. </P>
<P align=justify><B>Future Accounting Changes </B></P>
<P align=justify>The IASB issued the following new and revised standards and
amendments, which are not yet effective which may have future applicability to
the Company: </P>
<P align=justify><I>IFRS 15 Revenue from Contracts with Customers </I></P>
<P align=justify>On May 28, 2014 the IASB issued IFRS 15 Revenue from Contracts
with Customers. The new standard is effective for annual periods beginning on or
after January 1, 2017. Earlier application is permitted. IFRS 15 will replace
IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty
Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18
Transfer of Assets from Customers, and SIC 31 Revenue &#150; Barter Transactions
Involving Advertising Services. The Company intends to adopt IFRS 15 in its
financial statements for the annual period beginning on January 1, 2017. The
extent of the impact of adoption of the standard has not yet been determined.
</P>
<P align=justify><I>IFRS 9 Financial Instruments </I></P>
<P align=justify>On July 24, 2014 the IASB issued the complete IFRS 9 (IFRS 9
(2014)). IFRS 9 (2014) introduces new requirements for the classification and
measurement of financial assets. Under IFRS 9 (2014), financial assets are
classified and measured based on the business model in which they are held and
the characteristics of their contractual cash flows. The Company intends to
adopt IFRS 9 (2014) in its financial statements for the annual period beginning
on January 1, 2018. The extent of the impact of adoption of the standard has not
yet been determined. </P>
<P align=justify><I>Amendments to IFRS 11 </I></P>
<P align=justify>On May 6, 2014 the IASB issued Accounting for Acquisitions of
Interests in Joint Operations (Amendments to IFRS 11). The amendments require
business combination accounting to be applied to acquisitions of interests in a
joint operation that constitute a business. The amendments apply prospectively
for annual periods beginning on or after January 1, 2016. The Company intends to
adopt the amendments to IFRS 11 in its financial statements for the annual
period beginning on January 1, 2016. The extent of the impact of adoption of the
amendments has not yet been determined. </P>
<P align=justify><I>Amendments to IAS 16 and IAS 38 </I></P>
<P align=justify>On May 12, 2014 the IASB issued amendments to IAS 16 Property,
Plant and Equipment and IAS 38 Intangible Assets. The amendments made to IAS 16
explicitly state that revenue-based methods of depreciation cannot be used for
property, plant and equipment. This is because such methods reflect factors
other than the consumption of economic benefits embodied in the asset. The
amendments in IAS 38 introduce a rebuttable presumption that the use of
revenue-based amortization methods for intangible assets is inappropriate. This
presumption could be overcome only when revenue and consumption of the economic
benefits of the intangible asset are highly correlated or when the intangible
asset is expressed as a measure of revenue. The Company intends to adopt the
amendments to IAS 16 and IAS 38 in its financial statements for the annual
period beginning on January 1, 2016. The extent of the impact of adoption of the
amendments has not yet been determined. </P>
<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>
<P align=justify><I>Amendments to IFRS 10 and IAS 28 </I></P>
<P align=justify>On September 11, 2014 the IASB issued Sale or Contribution of
Assets between an Investor and its Associate or Joint Venture (Amendments to
IFRS 10 and IAS 28). The amendments address an acknowledged inconsistency
between the requirements in IFRS 10 and those in IAS 28 (2011), in dealing with
the sale or contribution of assets between an investor and its associate or
joint venture (JV). Specifically, under the existing consolidation standard the
parent recognises the full gain on the loss of control, whereas under the
existing guidance on associates and JVs the parent recognises the gain only to
the extent of unrelated investors&#146; interests in the associate or JV. The main
consequence of the amendments is that a full gain/loss is recognised when the
assets transferred meet the definition of a &#145;business&#146; under IFRS 3 Business
Combinations. A partial gain/loss is recognised when the assets transferred do
not meet the definition of a business, even if these assets are housed in a
subsidiary. The Company intends to adopt these amendments in its financial
statements for the annual period beginning on January 1, 2016. The extent of the
impact of adoption of the amendments has not yet been determined. </P>
<P align=justify><I>Amendments to IAS 1 </I></P>
<P align=justify>On December 18, 2014 the IASB issued amendments to IAS 1
Presentation of Financial Statements as part of its major initiative to improve
presentation and disclosure in financial reports (the &#147;Disclosure Initiative&#148;).
These amendments will not require any significant change to current practice,
but should facilitate improved financial statement disclosures. The Company
intends to adopt these amendments in its financial statements for the annual
period beginning on January 1, 2016. The extent of the impact of adoption of the
amendments has not yet been determined. </P>
<P align=justify><B>ADDITIONAL IFRS FINANCIAL PERFORMANCE MEASURES </B></P>
<P align=justify>The Company has included the additional IFRS measure &#147;Gross
Profit&#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>FINANCIAL INSTRUMENTS AND RISK MANAGEMENT </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%">(a) </TD>
    <TD>
      <P align=justify>Fair value hierarchy:</P></TD></TR></TABLE>
<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,
2015.</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%">(b) </TD>
    <TD>
      <P align=justify>Fair values:</P></TD></TR></TABLE>
<P align=justify>As at March 31, 2015, the fair values of cash and cash
equivalents, restricted cash, short-term deposits, receivables, accounts payable
and accrued liabilities approximate their carrying values because of the
short-term nature of these instruments. </P>
<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>
<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 noWrap align=center>&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 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 noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Marketable securities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>200 </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>200 </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>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%">(14,066</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="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%">(14,066</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(13,866</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(13,866</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </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 vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Credit risk:</P></TD></TR></TABLE>
<P align=justify>Credit risk relates to cash and cash equivalents and trade and
other receivables and arises from the possibility that any counterparty to an
instrument fails to perform. The Company only transacts with highly-rated
counterparties and a limit on contingent exposure has been established for any
counterparty based on that counterparty&#146;s credit rating. The Company&#146;s sales are
attributable mainly to three multinational utilities. As at March 31, 2015, the
Company&#146;s maximum exposure to credit risk was the carrying value of cash and
cash equivalents, trade receivables and taxes recoverable.</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%">(d) </TD>
    <TD>
      <P align=justify>Liquidity risk:</P></TD></TR></TABLE>
<P align=justify>Liquidity risk is the risk the Company will not be able to meet
the obligations associated with its financial liabilities. The Company manages
liquidity risk through the management of its capital structure. The Company has
$35..20 million of working capital as at March 31, 2015 (December 31, 2014 -
$38.60 million). Accounts payable and accrued liabilities, current portion of
notes payable and current taxes payable are due within the current operating
year. The Company&#146;s financial liabilities and other commitments are listed in
Notes 13 and 20. </P>
<P align=justify>The following are the contractual maturities of financial
liabilities (undiscounted) outstanding as at March 31, 2015: </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; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%">&lt; 1 year </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="8%">1 to 2 years </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="8%">2 to 5 years </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="8%">Thereafter </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="8%">Total </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;3,164 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;3,164 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Loans and borrowings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;1,709 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;1,655 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;14,430 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">17,794 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;4,873 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;1,655 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;14,430 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;20,958 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Foreign Currency Risk:</P></TD></TR></TABLE>
<P align=justify>The foreign exchange risk relates to the risk that the value of
financial commitments, recognized assets or liabilities will fluctuate due to
changes in foreign currency rates. The Company does not use any derivative
instruments to reduce its exposure to fluctuations in foreign currency exchange
rates. </P>
<P align=justify>The following table summarizes, in United States dollar
equivalents, the Company&#146;s major foreign currency (Cdn$) exposures as of March
31, 2015: </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
    bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=right
    width="12%" bgColor=#e6efff><B>&nbsp;736</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(885</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Loans and borrowings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(14,066</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; &nbsp;Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;(14,215</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD></TR></TABLE>
<P align=justify>The table below summarizes a sensitivity analysis for
significant unsettled currency risk exposure with respect to the Company&#146;s
financial instruments as at March 31, 2015 with all other variables held
constant. It shows how net income would have been affected by changes in the
relevant risk variable that were reasonably possible at that date. </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 noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">Change for </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%"><B>Increase (decrease) in other</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">Sensitivity Analysis </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>comprehensive income</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Strengthening net earnings
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>+1% change in
      U.S. dollar </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=center width="12%"
      bgColor=#e6efff><STRONG>($180)</STRONG> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Weakening net earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="12%">-1% change in U.S. dollar </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="12%"><B>180</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"></TD></TR></TABLE>
<P align=center>- 13 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A><BR>
<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%">f) </TD>
    <TD>
      <P align=justify>Interest rate risk:</P></TD></TR></TABLE>
<P align=justify>The Company is also exposed to an interest rate risk associated
with the convertible debentures which is based on the spot market price of U<SUB>3</SUB>O<SUB>8</SUB>.
The Company does not use derivatives to manage interest rate risk. The following
chart displays the interest rate at various U<SUB>3</SUB>O<SUB>8</SUB> price levels.</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-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center><B>UxC U<SUB>3</SUB>O<SUB>8</SUB> Weekly Indicator Price</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="50%"><B>Annual Interest Rate</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bgColor=#e6efff>Up to $54.99 </TD>
    <TD vAlign=bottom align=center width="50%" bgColor=#e6efff>8.50% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>$55.00 &#150; $59.99 </TD>
    <TD vAlign=bottom align=center width="50%">9.00% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bgColor=#e6efff>$60.00 &#150; $64.99 </TD>
    <TD vAlign=bottom align=center width="50%" bgColor=#e6efff>9.50% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>$65.00 &#150; $69.99 </TD>
    <TD vAlign=bottom align=center width="50%">10.00% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bgColor=#e6efff>$70.00 &#150; $74.99 </TD>
    <TD vAlign=bottom align=center width="50%" bgColor=#e6efff>10.50% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>$75.00 &#150; $79.99 </TD>
    <TD vAlign=bottom align=center width="50%">11.00% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bgColor=#e6efff>$80.00 &#150; $84.99 </TD>
    <TD vAlign=bottom align=center width="50%" bgColor=#e6efff>11.50% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>$85.00 &#150; $89.99 </TD>
    <TD vAlign=bottom align=center width="50%">12.00% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bgColor=#e6efff>$90.00 &#150; $94.99 </TD>
    <TD vAlign=bottom align=center width="50%" bgColor=#e6efff>12.50% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>$95.00 &#150; $99.99 </TD>
    <TD vAlign=bottom align=center width="50%">13.00% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bgColor=#e6efff>$100 and above </TD>
    <TD vAlign=bottom align=center width="50%" bgColor=#e6efff>13.50%
  </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 vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>Capital management:</P></TD></TR></TABLE>
<P align=justify>The Company&#146;s objectives, when managing capital, are to
safeguard cash as well as maintain financial liquidity and flexibility in order
to preserve its ability to meet financial obligations and deploy capital to
develop its mining properties into production and to maintain investor, creditor
and market confidence to sustain the future development of the business. The
Company considers its capital structure to include share capital and working
capital. </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 noWrap 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%"><B>December 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>2015</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>2014</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" ><B></B></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 style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Working Capital </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>35,195</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>38,604 </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>Shareholders' equity </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>95,863</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%">96,858 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>The Company&#146;s financial strategy is designed to maintain a
flexible capital structure consistent with the objectives stated above and to
respond to business growth opportunities and changes in economic conditions. In
order to maintain or adjust its capital structure, the Company may, from time to
time, issue new shares, issue new debt (secured, unsecured, convertible and/or
other types of debt instruments), acquire or dispose of assets or adjust its
capital spending to manage its ability to continue as a going concern. </P>
<P align=justify>As of March 31, 2015, the Company is not subject to any
externally imposed capital requirements. </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=center>- 14 - </P>
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<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; the
Company&#146;s expectations with regard to obtaining term sales contracts; 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. 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; risks
associated with the ability of the Company to extend or renew mineral leases on
favorable terms or at all; risks associated with the ability of the company to
negotiate access rights on certain properties on favorable terms or at all; 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; failure to complete proposed acquisitions and 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; failure to obtain suitable term contracts for
the sale of uranium; 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 risks relating to the
timing and ability to consummate the Company&#146;s pending acquisition of Uranerz
Energy Corporation. </P>
<P align=center>- 15 - </P>
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<P align=justify><B>The Company cautions that the foregoing list of assumptions,
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
Information Form dated March 18, 2015 available at
</B><B><U>http://www.sedar.com,</U></B><B> and in its Annual Report on 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 and the documents incorporated by reference herein 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>- 16 - </P>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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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, 2015 (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 (i) Registration Statement on Form F-10 (No. 333-194916), as amended,
and (ii) Registration Statement on Form F-4 (No. 333-203996), 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>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left><U>/s/ Stephen P. Antony, P.E.</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Stephen P. Antony, P.E. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: President and Chief Executive </TD></TR>
  <TR vAlign=top>
    <TD align=left>Officer, Energy Fuels Inc. </TD></TR></TABLE></DIV>
<P align=justify>Date: May 11, 2015 </P>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
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   <TITLE>Energy Fuels Inc. - Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
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<P align=center><B>FORM 52-109F2 <BR></B><B><I>CERTIFICATION OF INTERIM FILINGS
<BR>FULL CERTIFICATE </I></B></P>
<P align=justify>I, <B><I>Stephen P. Antony, Chief Executive Officer of Energy
Fuels Inc</I></B><B>., </B>certify the following: </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%">1. </TD>
    <TD>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial statements and interim MD&amp;A (together, the &#147;interim
      filings&#148;) of <B><I>Energy Fuels Inc</I></B>. (the &#147;issuer&#148;) for the
      interim period ended <B><I>March 31, 2015</I>.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial statements
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      results of operations and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer and I are responsible for establishing and maintaining
      disclosure controls and procedures (DC&amp;P) and internal control over
      financial reporting (ICFR), as those terms are defined in National
      Instrument 52-109</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Certification of Disclosure in Issuers&#146; Annual and
      Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer
      and I have, as at the end of the period covered by the interim
    filings:</P></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%">(a) </TD>
    <TD>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance
that:</P></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="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></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) </TD>
    <TD>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s
GAAP.</P></TD></TR></TABLE><BR>
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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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is the <I>&#147;Internal Control &#150; Integrated Framework (2013)&#148; </I>issued
      by the Committee for Sponsoring Organizations of the Treadway
      Commission.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify><B>N/A</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify><B>N/A</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on <B>January 1, 2015 </B>and ended
      on <B>March 31, 2015 </B>that has materially affected, or is reasonably
      likely to materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: May 11, 2015<B> </B></P>
<P align=justify><U>Signed (&#147;</U><I><U>Stephen P.
Antony</U></I><U>&#148;)<BR></U><B>Stephen P. Antony <BR>Chief Executive Officer
</B></P>
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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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   <TITLE>Energy Fuels Inc. - Exhibit 99.5 - Filed by newsfilecorp.com</TITLE>
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<P align=center><B>FORM 52-109F2 <BR></B><B><I>CERTIFICATION OF INTERIM FILINGS
<BR>FULL CERTIFICATE </I></B></P>
<P align=left>I, <B><I>Daniel G. Zang, Chief Financial Officer of Energy Fuels
Inc</I></B><B>., </B>certify the following: </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%">1. </TD>
    <TD>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial statements and interim MD&amp;A (together, the &#147;interim
      filings&#148;) of <B><I>Energy Fuels Inc</I></B>. (the &#147;issuer&#148;) for the
      interim period ended <B><I>March 31, 2015.</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial statements
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      results of operations and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer and I are responsible for establishing and maintaining
      disclosure controls and procedures (DC&amp;P) and internal control over
      financial reporting (ICFR), as those terms are defined in National
      Instrument 52-109</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Certification of Disclosure in Issuers&#146; Annual and
      Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer
      and I have, as at the end of the period covered by the interim
    filings:</P></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%">(a) </TD>
    <TD>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance
that:</P></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="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></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) </TD>
    <TD>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s
GAAP.</P></TD></TR></TABLE><BR>
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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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is the <I>&#147;Internal Control &#150; Integrated Framework (2013)&#148; </I>issued
      by the Committee for Sponsoring Organizations of the Treadway
      Commission.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify><B>N/A</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify><B>N/A</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on <B>January 1, 2015 </B>and ended
      on <B>March 31, 2015 </B>that has materially affected, or is reasonably
      likely to materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: May 11, 2015<B> </B></P>
<P align=justify><U>(Signed) </U><I><U>&#147;Daniel G. Zang&#148;) <BR></U></I><B>Daniel
G. Zang <BR>Chief Financial Officer </B></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc. - Exhibit 99.6 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
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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  rowSpan=6>
    <IMG
src="smlogo.jpg" border=0 width="180" height="118"></TD>
    <TD align=left width="30%" ><B>Suite 500 &#150; 2
      Toronto Street</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%" ><B>Toronto, Ontario
      M5C 2B6</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%" ><B>Tel: 416 214 2810</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%" ><B>Fax: 416 214
      2727</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%" >investorinfo@energyfuels.com </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%" >www.energyfuels.com
    </TD></TR></TABLE>
<P align=center><B>Energy Fuels Announces Quarterly Results for the Three Months
Ended March 31, 2015</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 align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%"><B>Strong working capital position, sales
      revenue, &amp; gross profit</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%"><B>Production at White Mesa Mill &amp; Pinenut
      Mine exceeding previous forecast</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%"><B>Progress toward completion of pending
      acquisition of Uranerz Energy Corporation</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%"><B>Uranerz acquisition to diversify production,
      add ISR capability, and enhance sales contract</B> <B>portfolio</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%"><B>Stockpiled ore &amp; alternate feed
      materials provide additional optionality for timely future cash</B>
      <B>flow generation as uranium markets recover</B> </TD></TR></TABLE>
<P align=center>Toronto, Ontario and Lakewood, Colorado &#150; <B>May 11, 2015
</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, 2015. 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
<U><font color="#0000FF">www.sedar.com</font>, </U>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 <font color="#0000FF"> <U>www.sec.gov/edgar.shtml</U></font>,
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>Stephen P. Antony, the Company&#146;s President and CEO, stated: &#147;As
our first quarter results demonstrate, Energy Fuels continues as a leader among
US uranium companies, on account of our uranium production, balance sheet,
contract portfolio, and capability to significantly ramp-up production in the
future as market conditions improve. We are quietly achieving success through
the execution of a disciplined, yet aggressive, business plan that provides
Energy Fuels with the &#145;staying power&#146; to effectively capitalize on the expected
uranium market recovery. As a result, we are generating gross profits from our
mining and milling operations and maintaining a strong balance sheet. This has
provided us with a solid growth platform, yet also allowed us to avoid the need
for an equity financing since 2013.</P>
<P align=justify>&#147;Finally, with the expected addition of Uranerz to our
corporate family later this year, we will further enhance Energy Fuels&#146; torque
to uranium price increases. Wyoming&#146;s Powder River Basin, where Uranerz&#146; Nichols
Ranch Project is located, is among the best ISR uranium production districts in
the U.S. with over two-thirds of all U.S. uranium production coming from this
district in 2014. We believe that with appropriate investment in development and
production expansion, timed to the expected market recovery, the Nichols Ranch Project can achieve its production
potential. Indeed as prices recover, we believe our acquisition of Uranerz will
give Energy Fuels the potential to produce more uranium, sooner. Despite the
continued challenge of today&#146;s uncertain uranium markets, I am more optimistic
than ever about the future of Energy Fuels.&#148; </P>
<P align=center>1 </P>
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<P align=justify><B>Financial and Operational Highlights for the Three Months
ended March 31, 2015: </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 align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>$7.60 million of total revenue was realized by the
      Company. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>Gross Profit of $3.65 million from mining and milling
      operations was realized by the Company, representing a gross profit margin
      of approximately 48%. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>A net loss of $2.36 million was realized by the Company.
      </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>116,667 pounds of U<SUB>3</SUB>O<SUB>8 </SUB>sales were
      completed by the Company at an average realized price of $59.95 per pound,
      pursuant to an existing term contract. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>197,116 pounds of U<SUB>3</SUB>O<SUB>8 </SUB>were
      produced from the Company&#146;s White Mesa Mill of which 113,881 pounds were
      from alternate feed materials and other processing, and 25,162 pounds were
      from the Company&#146;s Arizona mines. 58,073 pounds were produced under a
      processing arrangement for the account of a 3<SUP>rd </SUP>party.
  </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>At March 31, 2015, the Company had $35.20 million of
      working capital, including cash and cash equivalents of $6.54 million and
      816,408 pounds of uranium concentrate inventory. The Company&#146;s contractual
      deliveries and related sales are based on delivery schedules which can
      vary from quarter to quarter. As discussed below, the Company expects to
      sell an additional 683,333 pounds of U<SUB>3</SUB>O<SUB>8</SUB> during the
      remainder of the year under existing contracts which will generate
      significant cash for the Company&#146;s operational needs. The Company believes
      it has sufficient cash and resources to carry out its business plan beyond
      calendar year 2015. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>On January 5, 2015, Energy Fuels announced the execution
      of a definitive agreement (&#147;DA&#148;) pursuant to which, upon receipt of
      shareholder and regulatory approvals, the Company would acquire all of the
      issued and outstanding shares of common stock of Uranerz Energy
      Corporation. Under the terms of the DA, shareholders of Uranerz would
      receive 0.255 common shares of Energy Fuels for each share of Uranerz
      common stock held. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>On February 6, 2015, the Company announced that it is
      preparing to resume development at its high-grade Canyon mine in Arizona.
      The Company expects to transition mining personnel from the
      currently-producing Pinenut mine to the Canyon mine during Q2-2015, at
      which point the Company expects the economic resources at the Pinenut mine
      to be depleted. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>On February 17, 2015, the Company announced that it had
      acquired a 50% interest in the high- grade Wate uranium deposit (the &#147;Wate
      Project&#148;) from VANE Minerals (US) LLC (&#147;VANE&#148;). The Wate Project is held
      in the Wate Mining Company, LLC joint venture (&#147;LLC&#148;). The other 50% of
      the LLC is held by Uranium One Americas, Inc. The Wate Project is a
      high-grade uranium deposit located in Arizona that is estimated to host
      approximately 1.12 million pounds of uranium contained in approximately
      0.07 million tons of Inferred Mineral Resources with an average grade of
      0.79% eU<SUB>3</SUB>O<SUB>8</SUB>. </P></TD></TR></TABLE>
<P align=center>2 </P>
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<P align=justify><B>Selected Summary Financial Information: </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 noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">ended March 31, </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 March 31, </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left>$000, except per share data </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Results of Operations:</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Total revenues </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;7,600 </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;11,361 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Gross profit </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,649 </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>2,790 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Net income (loss) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(2,361</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(6,342</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>&nbsp;Basic and diluted earnings (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="12%" bgColor=#e6efff>(0.12</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="12%" bgColor=#e6efff>(0.32</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </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-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap 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 style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left>$000's </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Financial Position:</B>
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Working capital </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;35,195 </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;40,121 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&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>67,206 </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>65,873 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Total assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">131,933 </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%">134,241 </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>&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>31,110 </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>27,563 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Outlook for FY-2015 </B></P>
<P align=justify>Energy Fuels intends to continue to strengthen its position as
the leading uranium mining company focused on the United States. The Company
expects to accomplish this through: </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 align=center width="5%">1) </TD>
    <TD>
      <P align=justify>Pursuing the completion of the Company&#146;s acquisition of
      Uranerz.</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">2) </TD>
    <TD>
      <P align=justify>Continuing the current Mill campaign to process alternate
      feed materials into mid-2015.</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">3) </TD>
    <TD>
      <P align=justify>Continuing mining at the Pinenut Mine until the economic
      resources are depleted, which is expected to occur in mid-2015. Pinenut
      ore is being shipped to the White Mesa Mill and is expected to be
      processed in 2016.</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">4) </TD>
    <TD>
      <P align=justify>Continuing development of the Canyon Mine.</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">5) </TD>
    <TD>
      <P align=justify>After mid-2015, continuing activities at the White Mesa
      Mill (except for mineral processing), and maintaining the facility in a
      state of readiness for the purpose of restarting mineral processing
      operations in 2016, or earlier as market conditions, cash needs and/or
      contract delivery requirements may warrant.</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">6) </TD>
    <TD>
      <P align=justify>Maintaining &#147;standby&#148; mines in a state of readiness for
      the purpose of restarting ore production as market conditions may
      warrant.</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">7) </TD>
    <TD>
      <P align=justify>Continuing ongoing business development activities,
      including permitting and development of existing projects.</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">8) </TD>
    <TD>
      <P align=justify>Evaluating the potential to acquire additional uranium
      properties in the United States.</P></TD></TR></TABLE>
<P align=justify>In response to current market uncertainty, the Company expects
to continue cash conservation efforts until additional sustained improvement in
uranium market conditions is observed. In addition, the Company is continuing to
manage its operations and assets conservatively, maintaining its substantial
uranium resource base, and scheduling uranium production at the White Mesa Mill
as market conditions, cash needs and/or contract delivery requirements may
warrant. </P>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_4></A>
<P align=justify><I>Production and Operations </I></P>
<P align=justify>The Company expects the current mineral processing campaign at
the White Mesa Mill to conclude in the first half of 2015, resulting in the
production of approximately 250,000 pounds of finished goods, of which 140,000
pounds were produced in the three months ended March 31, 2015.</P>
<P align=justify>The Company plans to continue mining at the Pinenut mine until
the economic resources are depleted, which is now estimated to occur in the
second quarter of 2015. The ore mined at the Pinenut mine is being shipped to
the White Mesa Mill and stockpiled for processing in a planned 2016 campaign.
</P>
<P align=justify>The Company has three existing long-term contracts, which
require future deliveries of 683,333 pounds during the remainder of FY-2015,
450,000 pounds in FY-2016 and 420,000 pounds in FY-2017. Of these amounts, a
total of 653,333 pounds is required to be produced by the Company, while Energy
Fuels has the option to fulfill the remaining 900,000 pounds from production
and/or purchase. For the 683,333 pounds of the remaining FY-2015 deliveries, the
Company anticipates utilizing 383,333 pounds of produced material on hand
and has contracted for the purchase of 300,000 pounds of
U<SUB>3</SUB>O<SUB>8</SUB>. For the FY- 2016 and FY-2017 contractual
deliveries, the Company plans to utilize 500,000 pounds of finished goods
inventory expected to be on hand at the end of FY-2015 and to produce a minimum
of 370,000 pounds of U<SUB>3</SUB>O<SUB>8</SUB> in future mill campaigns at
the White Mesa Mill. While the Company expects to produce the 370,000
pounds required, the Company may elect to purchase all or a portion of this
material in the spot market. This flexibility will allow the Company to monitor
market conditions to determine the most favorable and economic approach to
fulfilling these remaining deliveries.</P>
<P align=justify><I>Sales </I></P>
<P align=justify>The Company forecasts FY-2015 sales to total approximately
800,000 pounds of U<SUB>3</SUB>O<SUB>8</SUB>, of which 116,666 pounds were
sold in the first quarter. All 800,000 pounds have been, or will be, sold into
its three existing long-term contracts discussed above. Energy Fuels expects to
receive an average realized price of $57.45 per pound of
U<SUB>3</SUB>O<SUB>8</SUB> sold during FY-2015 across all of its contracts.
While the Company does not expect to make any sales into the spot market
during FY-2015, it will continue to monitor market conditions for sales
opportunities if economically justified and/or to generate cash for operations
and development. </P>
<P align=justify><I>Effect on production and sales if the Uranerz Acquisition is
completed </I></P>
<P align=justify>In the event the proposed acquisition of Uranerz is completed,
the Company may invest funds in well field development for Uranerz through the
end of FY-2016, depending on actual and expected market conditions. In order to
finance this investment, the Company may engage in additional mining and milling
activities to produce finished product in excess of the amounts required for its
contracts and to sell such production into the spot market and/or raise
additional equity capital. </P>
<P align=justify><B><I>Stephen P. Antony, P.E., President &amp; CEO of Energy
Fuels</I></B><I>, is a Qualified Person as defined by National Instrument 43-101
and has reviewed and approved the technical disclosure contained in this news
release.</I> </P>
<P align=center>4 </P>
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noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=justify><B><I>About Energy Fuels</I></B><I>: Energy Fuels is currently
America&#146;s largest conventional uranium producer. 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 </I><I>of over 8 million lbs. of
</I><I><SUP>U</SUP></I><I>3</I><I><SUP>O</SUP></I><I>8</I><I><SUP>. Energy Fuels
has projects located in a number of Western U.S. states, </SUP></I><I>including
a producing mine, mines on standby, and mineral properties in various stages of
permitting and development. The Company&#146;s common shares are listed on the NYSE
MKT under the trading symbol &#147;UUUU&#148;, and on the Toronto Stock Exchange under the
trading symbol &#147;EFR&#148;. </I></P>
<P align=justify><B>ADDITIONAL IFRS FINANCIAL PERFORMANCE MEASURES </B></P>
<P align=justify><I>The Company has included the additional IFRS measure of
&#147;Gross Profit&#148; in the financial statements and in this news release. 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.
</I></P>
<P align=justify><B>IMPORTANT INFORMATION FOR INVESTORS AND STOCKHOLDERS OF
URANERZ ENERGY CORP. AND ENERGY FUELS INC. </B></P>
<P align=justify><I>On January 5, 2015, the Company announced a transaction
whereby it would acquire all of the issued and outstanding shares of Uranerz
Energy Corp. (&#147;Uranerz&#148;). This press release is for informational purposes only
and does not constitute an offer to purchase, a solicitation of an offer to sell
the shares of common stock of Uranerz or a solicitation of any proxy, vote or
approval. Energy Fuels has filed with the United States Securities and Exchange
Commission (&#147;SEC&#148;) a registration statement on Form F-4 that includes a proxy
statement of Uranerz that also constitutes a prospectus of Energy Fuels. Energy
Fuels and Uranerz also have or plan to file with or furnish other documents to
securities regulatory authorities in Canada and the United States regarding the
proposed acquisition of Uranerz by Energy Fuels.</I></P>
<P align=justify><I>INVESTORS AND STOCKHOLDERS OF URANERZ ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND
IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED ACQUISITION OF URANERZ BY ENERGY FUELS. </I></P>
<P align=justify><I>Anyone may obtain copies of these documents as they become
available free of charge under Energy Fuels&#146; profile on SEDAR at www.sedar.com
or EDGAR at </I><I><U>www.sec.gov</U></I><I>, as applicable, or by accessing
Energy Fuels&#146; website at www.energyfuels.com under the heading &#147;Investors&#148; and
from Energy Fuels directly by contacting Curtis Moore, Investor Relations: (303)
974-2140. Documents will also be available free of charge under Uranerz&#146; profile
on EDGAR at www.sec.gov or on SEDAR at </I><I><U>www.sedar.com</U></I><I>, or by
accessing Uranerz&#146; website at www.uranerz.com under the heading &#147;Investors&#148; and
from Uranerz directly by contacting Derek Iwanaka, Investor Relations: (800)
689-1659. Energy Fuels, Uranerz, their respective directors and certain of their
executive officers may be deemed to be participants in the solicitation of
proxies from the shareholders of Uranerz in connection with the proposed
acquisition of Uranerz by Energy Fuels. Information about the directors and
executive officers of Uranerz is set forth in its annual report on Form 10-K for
the year-ended December 31, 2014, which was filed with the SEC on March 16,
2015. Information about the directors and executive officers of Energy Fuels can
be found in its annual information form dated March 18, 2015, which is available
at </I><I><U>www.sedar.com</U></I><I> and </I><I><U>www.sec.gov</U></I><I>.
Other information regarding the participants in the proxy solicitation and a
description of </I><i>their direct and indirect interests, by security holdings or
otherwise, will be contained in the proxy statement/prospectus and other
relevant materials to be filed with the SEC when they become available. </i></P>
<P align=center>5 </P>
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<!--$$/page=--><A name=page_6></A>
<P align=justify><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
</B></P>
<P align=justify><I>This news release contains certain &#147;Forward Looking
  Information&#148; and &#147;Forward Looking Statements&#148; within the meaning of applicable
  Canadian and United States securities legislation, which may include, but is not
  limited to, statements with respect to the future financial or operating
  performance of the Company and its projects and with respect to the market
  outlook, including: production and sales forecasts; the Company&#146;s expectations
  as to longer term fundamentals in the market and price projections; the
  Company&#146;s expectations as to expenditures and cost reductions; the Company&#146;s
  ability to preserve its cash resources, maintain its resource base and be able
  to restart production as market conditions warrant; the successful closing of
  the Uranerz acquisition and the ability of the Company to realize the expected
  benefits of the acquisition and to become the dominant uranium company focusing
  on the United States. 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; risks associated with the acquisition and integration
  of Uranerz; and the other factors described under the caption &#147;Risk Factors&#148; in
  the Company&#146;s Annual Information Form dated March 18, 2015, which is available
  for review on SEDAR at </I><font color="#0000FF"><I><U>www.sedar.com</U></I></font><I>, and in its Form 40-F,
    which is available for review on EDGAR at www.sec.gov/edgar.shtml.
    Forward-looking statements contained herein are made as of the date of this news
    release, and the Company disclaims, other than as required by law, any
    obligation to update any forward-looking statements whether as a result of new
    information, results, future events, circumstances, or if management&#146;s estimates
    or opinions should change, or otherwise. There can be no assurance that
    forward-looking statements will prove to be accurate, as actual results and
    future events could differ materially from those anticipated in such statements.
    Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements. </I></P>
<P align=justify><I>The Company assumes no obligation to update the information
in this communication, except as otherwise required by law. Additional
information identifying risks and uncertainties is contained in Energy Fuels&#146;
filings with the various securities commissions which are available online at
</I>www.sec.gov<I> and www.sedar.com. Forward-looking statements are provided
for the purpose of providing information about the current expectations, beliefs
and plans of the management of Energy Fuels relating to the future. Readers are
cautioned that such statements may not be appropriate for other purposes.
Readers are also cautioned not to place undue reliance on these forward-looking
statements, that speak only as of the date hereof.</I> </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 align=left><B><I>Investor Relations Inquiries:</I></B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>Curtis Moore, VP - Marketing &amp; Corporate
      Development</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(303) 974-2140 or (888) 864-2125</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>investorinfo@energyfuels.com</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I><U>www.energyfuels.com</U></I> </TD></TR></TABLE>
<P align=center>7 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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