<SEC-DOCUMENT>0001062993-15-003067.txt : 20150526
<SEC-HEADER>0001062993-15-003067.hdr.sgml : 20150525
<ACCEPTANCE-DATETIME>20150526165420
ACCESSION NUMBER:		0001062993-15-003067
CONFORMED SUBMISSION TYPE:	F-4/A
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20150526
DATE AS OF CHANGE:		20150526

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:		F-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-203996
		FILM NUMBER:		15890000

	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>F-4/A
<SEQUENCE>1
<FILENAME>formf4a.htm
<DESCRIPTION>FORM F-4/A
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Form F-4/A - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<P align=center><B>As filed with the Securities and Exchange Commission on May
26, 2015</B></P>
<P align=right><B>Registration No. 333-203996 </B> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><FONT
      size=5><B>UNITED STATES </B></FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center><FONT size=5><B>SECURITIES AND EXCHANGE COMMISSION
      </B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Washington,
      D.C. 20549 </B></TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><FONT size=5>Form F-4/A<br>
    </FONT><FONT size=2>(Amendment No. 1)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>REGISTRATION STATEMENT </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>UNDER </I></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><I>THE
      SECURITIES ACT OF 1933 </I></B></TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><FONT size=5>ENERGY FUELS INC. </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>(Exact name of registrant as specified in its charter)
      </B></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>Ontario </B></TD>
    <TD align=center width="33%"><B>1090 </B></TD>
    <TD align=center width="33%"><B>98-1067994 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>(State or other jurisdiction of </B></TD>
    <TD align=center width="33%"><B>(Primary Standard Industrial </B></TD>
    <TD align=center width="33%"><B>(I.R.S. Employer </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>incorporation or organization) </B></TD>
    <TD align=center width="33%"><B>Classification Code Number) </B></TD>
    <TD align=center width="33%"><B>Identification Number)
</B></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=bottom>
    <TD align=center><B>225 Union Blvd., Suite 600 </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Lakewood, Colorado 80228 </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>(303) 389-4130 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>(Address, including zip code, and telephone number,
      including area code, of Registrant&#146;s principal </B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>executive
      offices) </B></TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>ENERGY FUELS RESOURCES (USA) INC. </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>225 Union Blvd., Suite 600 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Lakewood, Colorado 80228 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>(303) 389-4130 </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>(Name,
      address, including zip code, and telephone number, including area code, of
      agent for service) </B></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="33%"><B><I>With copies to: </I></B></TD>
    <TD align=left width="33%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Richard Raymer </B></TD>
    <TD align=center width="33%"><B>Mark Wheeler </B></TD>
    <TD align=center width="33%"><B>Michael H. Taylor </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Dorsey &amp; Whitney LLP </B></TD>
    <TD align=center width="33%"><B>Borden Ladner Gervais LLP </B></TD>
    <TD align=center width="33%"><B>McMillan LLP </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>161 Bay Street, Suite 4310 </B></TD>
    <TD align=center width="33%"><B>40 King Street West, 44</B><B><SUP>th
      </SUP></B><B>Floor </B></TD>
    <TD align=center width="33%"><B>1055 West Georgia Street, Suite </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Toronto, Ontario, M5J 2S1 </B></TD>
    <TD align=center width="33%"><B>Toronto, Ontario, M5H 3Y4 </B></TD>
    <TD align=center width="33%"><B>1500 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>(416) 367-7388 </B></TD>
    <TD align=center width="33%"><B>(416) 350-3501 </B></TD>
    <TD align=center width="33%"><B>Vancouver, British Columbia </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="33%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%"><B>(604) 689-9111 </B></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>Approximate date of commencement of proposed sale of the
securities to the public: As soon as practicable after the effective date of
this registration statement and all other conditions to the proposed transaction
described herein have been satisfied or waived. </P>
<P align=justify>If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering.&nbsp; [_]</P>
<P align=justify>If this Form is a post-effective amendment filed pursuant to
Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering. [_]</P>
<P align=justify>If applicable, place an X in the box to designate the
appropriate rule provision relied upon in conducting this transaction: </P>
<P align=justify>Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer)
[_]</P>
<P align=justify>Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender
Offer) [_]</P>
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<BR>
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>
      <P align=justify><B>The Registrant hereby amends this Registration
      Statement on such date or dates as may be necessary to</B> <B>delay its
      effective date until the Registrant shall file a further amendment which
      specifically states that</B> <B>this Registration Statement shall
      thereafter become effective in accordance with Section 8(a) of the</B>
      <B>Securities Act of 1933 or until the Registration Statement shall become
      effective on such date as the</B> <B>Commission, acting pursuant to said
      Section 8(a), may determine.</B> </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_4></A>
<P align=justify><B><FONT color=#ff0000>Information contained herein is subject
to completion or amendment. A registration statement relating to these
securities has been filed with the Securities and Exchange Commission. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This document shall not constitute
an offer to sell or the solicitation of any offer to buy nor shall there be any
sale of these securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. </FONT></B></P>
<P align=center><B><FONT color=#ff0000>PRELIMINARY&#151;SUBJECT TO COMPLETION&#151;DATED
May 26, 2015</FONT></B><B> </B></P>
<P align=center><img border="0" src="formf41.jpg" width="215" height="55"></P>
<P align=center><B><FONT size=5>URANERZ ENERGY CORPORATION
<BR></FONT></B><B>1701 East &#147;E&#148; Street <BR>PO Box 50850 <BR>Casper, Wyoming,
82605 <BR></B>May 26, 2015 <BR>TRANSACTION INVOLVING PROPOSED MERGER&#151;YOUR VOTE IS
VERY IMPORTANT<B> </B></P>
<P align=justify>Dear Uranerz Energy Corporation Shareholders: </P>
<P align=justify>The board of directors of Uranerz Energy Corporation
(&#147;<B>Uranerz</B>&#148;) has unanimously adopted and approved an Agreement and Plan of
Merger (the &#147;<B>Merger Agreement</B>&#148;) in which Energy Fuels Inc. (&#147;<B>Energy
Fuels</B>&#148;) will acquire all of the issued and outstanding shares of Uranerz
common stock through a transaction (the <B>&#147;Transaction&#148;</B>) pursuant to which
EFR Nevada Corp. (&#147;<B>Merger Sub</B>&#148;), an indirect, wholly-owned subsidiary of
Energy Fuels, will merge with Uranerz, with Uranerz surviving as a wholly-owned
indirect subsidiary of Energy Fuels, and Energy Fuels will issue common shares
in exchange for all of the issued and outstanding shares of Uranerz common
stock. Uranerz is sending you the accompanying proxy statement/prospectus to
notify you of a special meeting of Uranerz shareholders being held to vote on
the approval of the Transaction and related matters and to ask you to vote at
the special meeting in favor of the approval of the Transaction. </P>
<P align=justify>If the Merger Agreement is approved by Uranerz&#146; shareholders
and the Transaction is completed, you will be entitled to receive 0.255 of an
Energy Fuels common share for each share of Uranerz common stock that you hold
as of the effective time of the Transaction (the &#147;<B>Effective Time</B>&#148;). </P>
<P align=justify>Energy Fuels is a Canadian company incorporated under the
<I>Ontario Business Corporations Act </I>and its common shares trade on the
Toronto Stock Exchange (the &#147;<B>TSX</B>&#148;) under the symbol &#147;EFR&#148; and on the NYSE
MKT under the symbol &#147;UUUU&#148;. Uranerz common stock trades on the NYSE MKT and the
TSX under the symbol &#147;URZ.&#148; </P>
<P align=justify><B>For a discussion of risk factors that you should consider in
evaluating the Transaction and the other matters on which you are being asked to
vote, see &#147;Risk Factors&#148; beginning on page 34</B> <B>of the enclosed proxy
statement/prospectus</B>. The market price of Energy Fuels common shares will
continue to fluctuate following the date of the shareholder vote on the
Transaction proposal at the special meeting. Consequently, at the time of the
shareholder vote, the value of the Transaction consideration will not yet be
determined. Based on the range of closing prices of Energy Fuels common shares
on the NYSE MKT, during the period from January 2, 2015
the last trading day before public announcement of the execution of the Merger
Agreement, through May 22, 2015, the last full trading day before the date of this
proxy statement/prospectus, the Transaction consideration represented a value
ranging from a low of approximately $1.04 to a high of approximately $1.57 for
each share of Uranerz common stock. </P>
<P align=justify>Uranerz cannot complete the Transaction without (i) the
approval of holders of a majority of the outstanding shares of its common stock
entitled to vote at the special meeting, although certain Uranerz shareholders
holding approximately 3.99% of the outstanding shares of Uranerz common stock
have agreed pursuant to support agreements to vote their shares in favor of the
Transaction and (ii) the approval of the majority of shares of Uranerz common
stock cast at the special meeting, exclusive of all shares of common stock
owned, directly or indirectly by Energy Fuels and Merger Sub and the officers
and directors of Uranerz. A failure to vote on the proposal to approve the
Transaction has the same effect as a vote by you AGAINST the approval of the
Transaction under (i) above. Therefore, Uranerz urges you to take the time to
vote by following the instructions on your proxy card regardless of whether you
plan to attend the special meeting.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>You will also have an opportunity to vote to approve (i) on an
advisory (non-binding) basis, certain &#147;golden parachute&#148; compensation that may
become payable to the named executive officers of Uranerz in connection with the
Transaction as required by Item 402(t) of Regulation S-K and Section 14A(b) of
the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;); and
(ii) the adjournment of the special meeting, if necessary or appropriate, to
solicit additional proxies if there are an insufficient number of votes at the
time of such adjournment to approve the Merger Agreement, referred to as the
adjournment proposal. </P>
<P align=justify>The special meeting will be held at the Casper Petroleum Club,
1301 Wilkins Circle, Casper, Wyoming, U.S.A., 82601, on June 18, 2015 at 10:00
am
Mountain Daylight Time). Notice of the special meeting and the related proxy
statement are enclosed. </P>
<P align=justify><B>The Uranerz board of directors unanimously recommends that
you vote &#147;FOR&#148; the approval of the Transaction, &#147;FOR&#148; the proposal to approve,
on an advisory (non-binding) basis, certain &#147;golden parachute&#148; compensation
payable or that could become payable to the named executive officers of Uranerz
in connection with the Transaction pursuant to pre-existing severance
arrangements, and &#147;FOR&#148; the adjournment proposal. </B></P>
<P align=justify>Whether or not you plan to attend the special meeting, please
complete, sign, date, and return the enclosed proxy card as soon as possible to
ensure your representation at the special meeting. We have provided a
postage-paid envelope for your convenience. If you plan to attend the special
meeting and prefer to vote in person, you may still do so even if you have
already returned your proxy card. </P>
<P align=justify>If you are a shareholder of record (that is, if your stock is
registered with us in your own name), then you may vote by: (i) signing your
proxy card and mailing it in the enclosed, prepaid and addressed envelope; (ii)
signing and faxing your proxy card to Uranerz&#146; proxy solicitor, Alliance
Advisors LLC, for proxy voting, to the fax number provided on the proxy card; (iii)
voting online by following the procedures provided on the proxy card; or (iv)
attending the special meeting and voting in person. </P>
<P align=justify>If your shares are registered in the name of a broker, bank,
dealer or other nominee, then you are the beneficial owner of shares held in
street name and these proxy materials are being forwarded to you by that
organization. The organization holding your account is considered the
stockholder of record for purposes of voting at the special meeting. As a
beneficial owner, you have the right to direct your broker, bank or other
nominee on how to vote the shares in your account. You may also vote by: (i)
signing your proxy card and mailing it in the enclosed, prepaid and addressed
envelope; (ii) signing and faxing your proxy card to Uranerz&#146; proxy
solicitor, Alliance Advisors LLC, for proxy voting, to the fax number provided on the
proxy card; (iii) voting online by following the procedures provided on the
proxy card; or (iv) attending the special meeting and voting in person. You are
also invited to attend the special meeting, however since you are not the
stockholder of record, you may not vote your shares in person at the special
meeting unless you request and obtain a valid proxy from your broker, bank or
other nominee. </P>
<P align=justify>We look forward to seeing you at the special meeting. Thank you
in advance for your cooperation and continued support. </P>
<P align=justify>Sincerely, </P>
<P align=justify>Mary Anne Tooke <BR><I>CORPORATE SECRETARY</I> </P>
<P align=justify><B>NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY
STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES TO BE
ISSUED UNDER THE ACCOMPANYING PROXY STATEMENT/PROSPECTUS OR DETERMINED THAT THE
ACCOMPANYING PROXY STATEMENT/PROSPECTUS IS ACCURATE OR COMPLETE. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </B></P>
<P align=justify>The accompanying proxy statement/prospectus is dated May 26, 2015,
and is first being mailed to Uranerz shareholders on or about May 28, 2015. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" 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>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>
    <img border="0" src="formf41.jpg" width="215" height="55"></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>URANERZ ENERGY CORPORATION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center>1701 EAST &#147;E&#148; STREET &#149; P.O. BOX 50850 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>CASPER &#149; WYOMING
      &#149; USA &#149; 82605-0850 </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" align=center><B>NOTICE OF
      SPECIAL MEETING OF SHAREHOLDERS</B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
      align=center><b>May 26, 2015 </b> </TD></TR></TABLE>
<P align=justify>To the Shareholders of Uranerz: </P>
<P align=justify>A special meeting of the shareholders (the &#147;<B>Special
Meeting</B>&#148;) of Uranerz Energy Corporation (&#147;<B>Uranerz</B>&#148;), will be held at
the Casper Petroleum Club, 1301 Wilkins Circle, Casper, Wyoming, U.S.A., 82601,
at 10:00 am Mountain Daylight Time on June 18, 2015 for the following purposes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>to consider and vote upon the proposal to approve the
      plan of merger (the &#147;<B>Transaction</B>&#148;) set forth in the Agreement and
      Plan of Merger dated as of January 4, 2015 (as it may be amended from time
      to time, the &#147;<B>Merger Agreement</B>&#148;) by and among Energy Fuels Inc., a
      corporation incorporated under the laws of the Province of Ontario
      (&#147;<B>Energy Fuels</B>&#148;), EFR Nevada Corp, a Nevada corporation and
      wholly-owned indirect subsidiary of Energy Fuels (&#147;<B>Merger Sub</B>&#148;) and
      Uranerz, pursuant to which Merger Sub will merge with and into Uranerz,
      with Uranerz surviving as a wholly-owned subsidiary of Energy Fuels, and
      Energy Fuels will issue common shares to the shareholders of Uranerz in
      exchange for all issued and outstanding shares of Uranerz common stock, as
      more fully described in the attached proxy statement/prospectus. A copy of
      the Merger Agreement is attached as Annex A to the accompanying proxy
      statement/prospectus;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>to consider and vote upon an advisory (non-binding)
      basis, of the &#147;golden parachute&#148; compensation that may become payable to
      Uranerz&#146; named executive officers in connection with the Transaction as
      required by Item 402(t) of Regulation S-K and Section 14A(b) of the
      Exchange Act;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>to consider and vote upon any proposal to adjourn the
      Special Meeting to a later date or time, if necessary or appropriate, to
      solicit additional proxies if there are an insufficient number of votes at
      the time of such adjournment to approve the Transaction; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>to consider and act upon such other business as may
      properly come before the Special Meeting (and any adjournment or
      postponement thereof), including to consider any procedural matters
      incident to the conduct of the Special Meeting.</P></TD></TR></TABLE>
<P align=justify>Uranerz&#146; board of directors has fixed the close of business on
May 26, 2015, as the record date for determination of shareholders entitled to
notice of, and to vote at, the Special Meeting and any adjournments or
postponements thereof. Only shareholders of record at the close of business on
that date will be entitled to notice of, and to vote at, the Special Meeting and
any adjournments or postponements thereof. The list of shareholders entitled to
vote at the Special Meeting will be available for inspection at 1701 East &#147;E&#148;
Street, Casper, Wyoming, U.S.A., 82605, beginning on the earlier of ten days
prior to the date of the Special Meeting or two business days after the date this notice is provided to shareholders and continuing
through the Special Meeting, and any adjournments thereof. The list will also be
available for inspection at the Special Meeting. </P>
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<P align=justify><B>THE BOARD OF DIRECTORS OF URANERZ UNANIMOUSLY RECOMMENDS
THAT YOU VOTE &#147;FOR&#148; THE TRANSACTION PROPOSAL AND THE OTHER PROPOSALS. </B></P>
<P align=justify>The affirmative vote of (i) the holders of a majority of the
outstanding shares of Uranerz entitled to vote at the Special Meeting and (ii)
the holders of the majority of shares of Uranerz common stock cast at the
Special Meeting, exclusive of all shares of common stock owned, directly or
indirectly by Energy Fuels and Merger Sub and the officers and directors of
Uranerz (the &#147;<B>Unaffiliated Shareholders</B>&#148;), are required to approve the
Transaction. Accordingly, a failure to vote, or an abstention from voting, will
have the same effect as a vote AGAINST the approval of the Transaction with
respect to the approval under (i) above. </P>
<P align=justify>Shareholders who do not vote in favor of Proposal One will be
entitled to assert dissenters&#146; rights under Sections 92A.300 &#150; 92A.500,
inclusive, of the Nevada Revised Statutes, and have the right to demand payment
from the surviving corporation of the fair value of their shares of Uranerz
common stock, if the Transaction is consummated, but only if they (i) submit to
us, prior to the taking of the vote on the Transaction, a written notice of
intent to demand payment for their shares if the Transaction is consummated,
(ii) do not vote in favor of Proposal One, and (iii) comply with the other
Nevada law procedures summarized in the accompanying proxy statement/prospectus.
These dissenters&#146; rights are provided by action of the board of directors of
Uranerz and are governed by Sections 92A.300 - 92A.500, inclusive, of the Nevada
Revised Statutes. A copy of those sections of the Nevada Revised Statutes is
attached to this notice and in the accompanying proxy statement/prospectus as
Annex B. </P>
<P align=justify>All shareholders are cordially invited to attend the Special
Meeting in person. Whether or not you expect to attend the Special Meeting,
please complete, sign, date and return the enclosed proxy card as soon as
possible to ensure your representation at the Special Meeting. A postage-paid
return envelope is enclosed for your convenience. You may vote by: (i) signing
your proxy card and mailing it in the enclosed envelope; (ii) signing and faxing
your proxy card to Uranerz&#146; proxy solicitor, Alliance Advisors LLC, for proxy
voting to the fax number provided on the proxy card; (iii) voting over the
internet by following the procedures provided on the proxy card; or (iv)
attending the special meeting and voting in person. Even if you have given your
proxy, you may still vote in person if you attend the Special Meeting. Please
note, however, that if a broker, bank or other nominee holds your shares of
record and you wish to vote at the special meeting, then you must obtain from
the record holder a proxy issued in your name. See &#147;Shares Held in Street Name&#148;
in the proxy statement for further details.</P>
<P align=justify>Uranerz&#146; board of directors has fixed the close of business on
May 26, 2015, as the record date for determination of shareholders entitled to
notice of, and to vote at, the Special Meeting and any adjournments or
postponements thereof. Only shareholders of record at the close of business on
that date will be entitled to notice of, and to vote at, the Special Meeting and
any adjournments or postponements thereof. The list of shareholders entitled to
vote at the Special Meeting will be available for inspection at 1701 East &#147;E&#148;
Street, Casper, Wyoming, U.S.A., 82605, beginning on the earlier of ten days
prior to the date of the Special Meeting or two business days after the date
this notice is provided to shareholders and continuing through the Special
Meeting, and any adjournments thereof. The list will also be available for
inspection at the Special Meeting. </P>
<P align=justify>Please review the proxy statement/prospectus accompanying this
notice for more complete information regarding the Transaction, the Merger
Agreement and the other matters to be considered at the Special Meeting. Uranerz
urges you to read the accompanying proxy statement/prospectus and its annexes
carefully and in their entirety. </P>
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<TABLE
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  <TR vAlign=top>
    <TD noWrap align=left>May 26, 2015 </TD>
    <TD noWrap align=right width="50%">BY ORDER OF THE BOARD OF DIRECTORS
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: medium none #000000; " noWrap align=left>&nbsp; </TD>
    <TD noWrap align=right width="50%">Mary Anne Tooke, Corporate Secretary
  </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY
      MATERIALS FOR</B> <BR><B>URANERZ&#146; SPECIAL MEETING OF SHAREHOLDERS TO BE
      HELD ON JUNE 18, 2015.</B> </TD></TR></TABLE></DIV><BR>
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<P align=center><B>ADDITIONAL INFORMATION </B></P>
<P align=justify>The accompanying proxy statement/prospectus includes important
business and financial information about Energy Fuels and Uranerz from other
documents that are not included in or delivered with the proxy
statement/prospectus. This information is available to you without charge upon
your request. You can also obtain a copy of the registration statement of which
this proxy statement/prospectus forms a part, including the documents filed as
exhibits to such registration statement, by requesting it in writing or by
telephone from the appropriate company at the following addresses: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center>Energy Fuels Inc. </TD>
    <TD noWrap align=center width="50%">Uranerz Energy Corporation </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center>225 Union Blvd., Suite 600 </TD>
    <TD noWrap align=center width="50%">800 West Pender St., Suite 1410 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center>Lakewood, Colorado, 80228 </TD>
    <TD noWrap align=center width="50%">Vancouver, British Columbia, Canada
      V6C 2V6 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center>Attn: Investor Relations </TD>
    <TD noWrap align=center width="50%">Attn: Investor Relations </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center>Tel: (303) 974-2154 </TD>
    <TD noWrap align=center width="50%">Tel: (604) 689-1659
</TD></TR></TABLE>
<P align=justify>To obtain timely delivery of the documents in advance of the
Special Meeting of shareholders, you must request the information no later than
June 11, 2015 (which is five business days prior to the date of the Special Meeting).
</P>
<P align=justify>For more information, see &#147;Where You Can Find More Information&#148;
on page 213. </P>
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<P align=center><B>ABOUT THIS PROXY STATEMENT/PROSPECTUS </B></P>
<P align=justify>This proxy statement/prospectus, which forms part of a
registration statement on Form F-4 filed with the U.S. Securities and Exchange
Commission (the &#147;<B>SEC</B>&#148;) by Energy Fuels, constitutes a prospectus of
Energy Fuels under Section 5 of the Securities Act of 1933, as amended (the
&#147;<B>Securities Act</B>&#148;), with respect to the Energy Fuels common shares to be
issued to Uranerz shareholders pursuant to the Transaction. This proxy
statement/prospectus also constitutes a proxy statement of Uranerz under Section
14(a) of the Exchange Act. It also constitutes a notice of meeting with respect
to the Special Meeting of Uranerz shareholders. </P>
<P align=justify>You should rely only on the information contained in this proxy
statement/prospectus. No one has been authorized to provide you with information
that is different from that contained in this proxy statement/prospectus. This
proxy statement/prospectus is dated May 26, 2015. You should not assume that the
information contained in this proxy statement/prospectus is accurate as of any
date other than that date. Neither Uranerz&#146; mailing of this proxy
statement/prospectus to Uranerz shareholders nor the issuance by Energy Fuels of
common shares in connection with the Transaction will create any implication to
the contrary. </P>
<P align=justify>This proxy statement/prospectus does not constitute an offer to
sell, or a solicitation of an offer to buy, any securities, or the solicitation
of a proxy, in any jurisdiction to or from any person to whom it is unlawful to
make any such offer or solicitation. Information contained in this proxy
statement/prospectus regarding Energy Fuels has been provided by Energy Fuels
and information contained in this proxy statement/prospectus regarding Uranerz
has been provided by Uranerz. </P>
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<P align=center><B>TABLE OF CONTENTS </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 style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD align=right width="5%" style="border-style: none; border-width: medium"><B><U>Page</U></B> </TD></TR>
  <TR>
    <TD style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD noWrap width="5%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">QUESTIONS AND ANSWERS ABOUT THE TRANSACTION
      AND THE SPECIAL MEETING </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">1 </TD></TR>
  <TR>
    <TD style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="5%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">SUMMARY </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">15 </TD></TR>
  <TR>
    <TD style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="5%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information
      about the Companies </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">15 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Fuels Inc. </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">15 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFR Nevada
      Corp. </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">16 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uranerz Energy Corporation
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">16 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
      Agreement and Plan of Merger </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">16 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">
    17</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reasons for
      the Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">17 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opinion of Euro Pacific, the
      Special Committee&#146;s Financial Advisor </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">17 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uranerz&#146;
      Special Meeting of Shareholders </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">18 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quorum and Vote Required at
      the Special Meeting </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">18 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares
      Beneficially Owned as of the Record Date </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">18 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uranerz Options and Warrants
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">18 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dissenters&#146;
      Rights </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">19 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaudited Pro Forma
      Condensed Financial Information </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">22 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting
      Treatment of the Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">22 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory Approvals </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">22 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conditions
      to the Completion of the Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">23 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination and Termination
      Fees </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">24 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resale of
      Energy Fuels Common Shares </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">24 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange Agent </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">24 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation
      Related to the Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">24 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interests of Certain Persons
      in the Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">24 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material
      U.S. Federal Income Tax Considerations </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">25 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Canadian Federal
      Income Tax Considerations </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">25 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparison
      of Rights of Shareholders of Uranerz and Shareholders of Energy Fuels </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">26 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk Factors </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">26 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Enforceability of Civil Liabilities Against Foreign Persons </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">28 </TD></TR>
  <TR>
    <TD style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="5%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">SELECTED HISTORICAL AND UNAUDITED PRO FORMA
      CONDENSED FINANCIAL DATA </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">29
  </TD></TR>
  <TR>
    <TD style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="5%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selected
      Historical Financial Data of Energy Fuels </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">29</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selected Historical
      Financial Data of Uranerz </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">30</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selected
      Unaudited Pro Forma Condensed Financial Data </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">
    31</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparative Historical Per
      Share Data </TD>
    <TD vAlign=bottom noWrap align=right width="5%" style="border-style: none; border-width: medium">32</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparative
      Per Share Market Price Data </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">33</TD></TR>
  <TR>
    <TD style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="5%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">EXCHANGE RATE INFORMATION </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">33</TD></TR>
  <TR>
    <TD style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="5%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">RISK FACTORS </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">34</TD></TR>
  <TR>
    <TD style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="5%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee style="border-style: none; border-width: medium">
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risks
      Related to the Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee style="border-style: none; border-width: medium">35</TD></TR></TABLE>
<P align=center>i </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 bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk
      Relating to the Combined Company </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >39 </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risks Related to Energy
      Fuels&#146; Business </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >51</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risks
      Related to Uranerz&#146; Business </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >51</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">CAUTIONARY STATEMENT CONCERNING
      FORWARD-LOOKING INFORMATION </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >52</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">CAUTIONARY NOTES TO UNITED STATES INVESTORS
      CONCERNING MINERAL RESERVE AND RESOURCE ESTIMATES </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >54</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">THE SPECIAL MEETING OF URANERZ SHAREHOLDERS
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >55</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date, Time
      and Place </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >55</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purpose of Special Meeting
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >55</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Recommendation of the Uranerz Board of Directors </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >56</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uranerz Record Date; Shares
      Entitled to Vote </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >56
</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock
      Ownership by and Voting Rights of Uranerz&#146; Directors and Executive
      Officers </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >56</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quorum </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >57</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Required
      Vote </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >57</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voting of Proxies by Holders
      of Record </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >58</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders
      Sharing an Address </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >59</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revocability of Proxy;
      Changing Your Vote </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >59
</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjournments
      and Postponements </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >60</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Held in Street Name
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >60
</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solicitation
      of Proxies </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >61</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">PROPOSAL ONE&#151;THE TRANSACTION </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >61</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effects of
      the Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >61</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Background of the
      Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >61</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Recommendations of the Energy Fuels Board of Directors; Energy Fuels&#146;
      Reasons for the Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >78</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recommendations of the
      Uranerz Board of Directors; Uranerz&#146; Reasons for the Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >79</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opinion of
      Euro Pacific Canada Inc. as Independent Financial Advisor to the Special
      Committee </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >85</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Directors and
      Management After the Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >96</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current Directors of Energy Fuels</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
    >97</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current
      Officers of Energy Fuels </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#EEEEEE
    >101</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Fuels Directors Compensation</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >102</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Fuels Executive Compensation</TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgcolor="#EEEEEE" >107</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treatment of Uranerz Stock
      Options </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >110</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial
      Interest of Uranerz Directors and Officers in the Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#EEEEEE
    >111</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employment, Severance and
      Change in Control Agreements </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >112</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden
      Parachute Compensation </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#EEEEEE
    >119</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of the Transaction on
      Uranerz&#146; Warrants </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >121</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material
      U.S. Federal Income Tax Considerations </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#EEEEEE
    >122</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Canadian Federal
      Income Tax Considerations </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >132</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory
      Approvals Required for the Transaction and Other Regulatory Matters </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#EEEEEE
    >141</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Fuels&#146; Status as a
      Foreign Private Issuer under the United States Securities Exchange Act of
      1934 </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >145</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange of
      Shares in the Transaction </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#EEEEEE
    >146</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Listing of Energy Fuels
      Common Shares </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >146</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dissenters&#146;
      Rights </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#EEEEEE
    >147</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restrictions on Sales of
      Shares by Certain Affiliates </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >150</TD></TR></TABLE>
<P align=center>ii </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 bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation
      Related to the Transaction </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >151</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">THE AGREEMENT AND PLAN OF MERGER </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >151</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General; The
      Transaction </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >152</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When the Transaction Becomes
      Effective </TD>
    <TD vAlign=bottom align=right width="5%" >152</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Consideration to be Received Pursuant to the Transaction </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >152</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treatment of Stock Options
    </TD>
    <TD vAlign=bottom align=right width="5%" >153</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treatment of
      Warrants </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >153</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procedures for Exchange of
      Certificates; No Fractional Shares </TD>
    <TD vAlign=bottom align=right width="5%" >153</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Representations and Warranties </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >155</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreements Relating to
      Uranerz&#146; Operations Prior to Completion of the Transaction </TD>
    <TD vAlign=bottom align=right width="5%" >158</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreements
      Relating to Energy Fuels&#146; Operations Prior to Completion of the
      Transaction </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >161</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Solicitation and
      Acquisition Proposals </TD>
    <TD vAlign=bottom align=right width="5%" >164</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee
      Matters </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >169</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Agreements </TD>
    <TD vAlign=bottom align=right width="5%" >169</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Indemnification and Insurance of Uranerz&#146; Directors and Officers </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >170</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conditions to the
      Transaction </TD>
    <TD vAlign=bottom align=right width="5%" >171</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination
      of the Merger Agreement </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >173</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effects of Terminating the
      Merger Agreement </TD>
    <TD vAlign=bottom align=right width="5%" >174</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination
      Fees and Expenses </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >174</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment of the Merger
      Agreement </TD>
    <TD vAlign=bottom align=right width="5%" >176</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governing
      Law </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >177</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">AGREEMENTS ENTERED INTO IN CONNECTION WITH
      THE MERGER AGREEMENT </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >178</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Support
      Agreements </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >178</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">PROPOSAL TWO&#151;COMPENSATION OF NAMED
      EXECUTIVE OFFICERS </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >179</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Recommendation of the Uranerz Board of Directors </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >180</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">PROPOSAL THREE&#151;APPROVAL OF THE ADJOURNMENT
      OF THE SPECIAL MEETING, IF NECESSARY OR APPROPRIATE, TO SOLICIT ADDITIONAL
      PROXIES </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >180</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">INFORMATION ABOUT THE COMPANIES </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >181</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Fuels
      Inc. </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >181</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFR Nevada Corp. </TD>
    <TD vAlign=bottom align=right width="5%" >181</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uranerz
      Energy Corporation </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >181</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">MARKET PRICE AND DIVIDEND INFORMATION </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >182</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparative
      Per Share Market Information </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >182</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holders of Common
      Stock and Number of Shares Outstanding </TD>
    <TD vAlign=bottom align=right width="5%" >184</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Fuels
      Prior Sales </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >185</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">UNAUDITED PRO FORMA CONDENSED FINANCIAL
      STATEMENTS OF ENERGY FUELS INC. AND URANERZ ENERGY CORPORATION </TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee >186</TD></TR></TABLE>
<P align=center>iii </P>
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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>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">RELATED PARTY TRANSACTIONS OF DIRECTORS AND
      EXECUTIVE OFFICERS OF THE COMBINED COMPANY </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >194 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">COMPARISON OF RIGHTS OF URANERZ
      SHAREHOLDERS AND ENERGY FUELS SHAREHOLDERS </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >194 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
      OWNERS AND MANAGEMENT OF ENERGY FUELS </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >210 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
      OWNERS AND MANAGEMENT OF URANERZ </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >211 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">LEGAL MATTERS </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >212 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">EXPERTS </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >212 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">FUTURE SHAREHOLDER PROPOSALS </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >212 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Fuels
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >212 </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uranerz </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >213 </TD></TR>
  <TR>
    <TD align=left  bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">WHERE YOU CAN FIND MORE INFORMATION </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >213 </TD></TR>
  <TR>
    <TD align=left  bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">PART II INFORMATION NOT REQUIRED IN PROSPECTUS </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >II-1 </TD></TR>
  <TR>
    <TD align=left  bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">INDEMNIFICATIONS OF DIRECTORS AND OFFICERS </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >II-1 </TD></TR>
  <TR>
    <TD align=left  bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits </TD>
    <TD vAlign=bottom noWrap align=right width="5%" >II-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undertakings
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >II-4 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">SIGNATURES </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >II-7 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">POWER OF ATTORNEY </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >II-7 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">SIGNATURE OF AUTHORIZED REPRESENTATIVE IN
      THE UNITED STATES </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >II-9 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">Annex A: Agreement and Plan of Merger and
      Amendment to the Agreement and Plan of Merger </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >A-1 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">Annex B: Nevada Revised Statutes Sections
      92A.300 to 92A.500 </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >B-1 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">Annex C: Form of Support Agreement </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >C-1 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">Annex D: Euro Pacific Canada Inc. Fairness
      Opinion </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >D-1 </TD></TR>
  <TR>
    <TD align=left >
    <p style="text-indent: -20pt; margin-left: 20pt">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <p style="text-indent: -20pt; margin-left: 20pt">Annex E: Summary of Uranerz Material
      Mineral Properties </TD>
    <TD vAlign=bottom noWrap align=right width="5%" bgColor=#eeeeee
    >E-1 </TD></TR></TABLE>
<P align=center>iv </P>
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<P align=center><B>QUESTIONS AND ANSWERS ABOUT THE TRANSACTION AND THE SPECIAL
MEETING </B></P>
<P align=justify><I>In the following questions and answers, selected information
from this proxy statement/prospectus is highlighted but not all of the
information that may be important to you regarding the Transaction as
contemplated by the Merger Agreement is included below. To better understand the
Transaction as contemplated by the Merger Agreement, and for a complete
description of their legal terms, you should carefully read this entire proxy
statement/prospectus, including the annexes and the documents incorporated by
reference. See &#147;Where You Can Find More Information&#148; on page 213</I>.<I>
</I></P>
<P align=justify><I>All references in this proxy statement/prospectus to &#147;Energy
Fuels&#148; refer to Energy Fuels Inc., a corporation incorporated under the laws of
the Province of Ontario; all references in this proxy statement/prospectus to
&#147;Uranerz&#148; refer to Uranerz Energy Corporation, Inc., a Nevada corporation; all
references in this proxy statement/prospectus to &#147;Merger Sub&#148; refer to EFR
Nevada Corp., a Nevada corporation and an indirect, wholly-owned subsidiary of
Energy Fuels; all references to the &#147;Merger Agreement&#148; refer to the Agreement
and Plan of Merger, dated as of January 4, 2015, by and among Energy Fuels,
Merger Sub and Uranerz, as it may be amended from time to time; and all
references to the &#147;Transaction&#148; refer to the Transaction contemplated by the
Merger Agreement. Throughout this proxy statement/prospectus, Energy Fuels&#146;
common shares, no par value, are referred to as Energy Fuels common shares, or
Energy Fuels shares; and Uranerz common stock, par value $0.001 per share, are
referred to as shares of Uranerz common stock. Unless otherwise noted, all
references to &#147;dollars&#148; or &#147;$&#148; refer to U.S. dollars, and &#147;C$&#148; refers to
Canadian dollars. </I></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>Q:</B> </TD>
    <TD>
      <P align=justify><B>Why am I receiving this proxy
      statement/prospectus?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Energy Fuels and Uranerz have agreed to complete the
      Transaction under the terms of the Merger Agreement that is described in
      this proxy statement/prospectus. Please see &#147;The Agreement and Plan of
      Merger&#148; beginning on page 151 of this proxy statement/prospectus. A copy
      of the Merger Agreement and the Amendment to the Agreement and Plan of
      Merger is attached to this proxy statement/prospectus as Annex A. In order
      to complete the Transaction, Uranerz shareholders must approve the
      Transaction in the manner described in this proxy statement/ prospectus,
      and all other conditions to the Transaction must be satisfied or waived.
      Uranerz will hold a Special Meeting of its shareholders to obtain this
      approval.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>You are receiving this proxy statement/prospectus because
      you have been identified as a shareholder of Uranerz as of the close of
      business on the record date for the determination of shareholders entitled
      to notice of the Special Meeting. This proxy statement/prospectus contains
      important information about the Transaction and the Special Meeting of
      shareholders. You should read this proxy statement/prospectus and the
      information contained in this proxy statement/prospectus, including its
      annexes carefully.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Energy Fuels and Uranerz encourages you to vote as soon
      as possible. The enclosed voting materials allow you to vote your shares
      of Uranerz common stock without attending the Special Meeting. For more
      specific information on how to vote, please see the questions and answers
      for Uranerz shareholders below.</P></TD></TR></TABLE>
<P align=justify><B><I>The Transaction</I></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%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What is the proposed Transaction for which I am being
      asked to vote?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>You are being asked to consider and vote on a Transaction
      involving a merger of Merger Sub with and into Uranerz in order to effect
      an acquisition of Uranerz by Energy Fuels pursuant to the Merger
      Agreement.</P></TD></TR></TABLE>
<p align="center">1<BR>
</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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What will happen in the Transaction?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>If Uranerz shareholder approval as described in this
      proxy statement/prospectus is obtained and all other conditions to the
      Transaction have been satisfied (or, to the extent legally permissible,
      waived), Merger Sub will merge with and into Uranerz, upon the terms and
      subject to the conditions set forth in the Merger Agreement and Energy
      Fuels will issue common shares in exchange for all of the issued and
      outstanding shares of Uranerz common stock. Upon the completion of the
      Transaction, the shareholders of Uranerz will become shareholders of
      Energy Fuels, the separate corporate existence of Merger Sub will cease
      and Uranerz will continue as the surviving corporation in the merger,
      succeed to and assume all the rights and obligations of Merger Sub and be
      an indirect wholly owned subsidiary of Energy Fuels.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>Why are the two companies proposing to complete the
      Transaction?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Energy Fuels&#146; and Uranerz&#146; boards of directors considered
      a number of factors in approving the Merger Agreement. Among them,
      Uranerz&#146; board of directors considered the relative financial conditions,
      results of operations and prospects for growth of Uranerz and Energy Fuels
      and their respective operational and liquidity challenges and competitive
      strengths, Energy Fuels&#146; operating uranium mill, its production profile,
      which includes an operating mine, numerous mines on standby and other
      properties in various stages of exploration, permitting and development,
      its resource base, and the premium offered to shareholders. Energy Fuels&#146;
      board of directors considered that the Transaction will aid in the
      expansion and diversification of Energy Fuels&#146; portfolio of projects to
      include a producing In Situ Recovery (&#147;<B>ISR</B>&#148;) uranium property, as
      well as other prospective Uranium exploration and development properties,
      and to further enhance the liquidity of Energy Fuels&#146; shares. See
      &#147;Proposal One&#151;The Transaction&#151;Recommendations of the Uranerz Board of
      Directors; Uranerz&#146; Reasons for the Transaction&#148; on page 79 and &#147;Proposal
      One&#151;The Transaction&#151;Recommendations of the Energy Fuels Board of
      Directors; Energy Fuels&#146; Reasons for the Transaction&#148; on page
      78.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>As a Uranerz shareholder, what will I receive in the
      Transaction?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Each Uranerz shareholder will be entitled to receive
      0.255 of an Energy Fuels common share for each share of Uranerz common
      stock currently held upon completion of the Transaction. Following the
      completion of the Transaction, it is expected that the former Uranerz
      shareholders will own, by virtue of the exchange of their shares of
      Uranerz common stock for Energy Fuels shares, approximately 55% of the
      total Energy Fuels common shares (based on the number of common shares of
      each of Uranerz and Energy Fuels outstanding as of the date of this proxy
      statement/prospectus). For more information on the calculation of the
      Exchange Ratio, please see &#147;The Agreement and Plan of Merger&#151;
      Consideration to be Received Pursuant to the Transaction&#148; on page
      152.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What is the value of the Transaction
      consideration?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>The Energy Fuels common shares are traded on the TSX and
      the NYSE MKT. Because Energy Fuels will issue a fixed number of Energy
      Fuels common shares in exchange for each share of Uranerz common stock,
      the value of the Transaction consideration that Uranerz shareholders will
      receive will depend on the price per share of Energy Fuels common shares
      at the time the Transaction is completed. That price will not be known at
      the time of the Special Meeting and may be less or more than the current
      price or the price at the time of the Special Meeting. Based on the price
      of an Energy Fuels common share on the NYSE MKT of $4.89 on May 15,
      2015, which may be more or less than the price at the closing of the
      Transaction, the consideration per share of Uranerz common stock is
      $1.25.</P></TD></TR></TABLE>
<P align=center>2 </P>
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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%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What will the holders of Uranerz options receive in
      the Transaction?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>At the Effective Time, each outstanding Uranerz option
      will automatically be converted into an option to acquire common shares of
      Energy Fuels, on the same terms and conditions as were applicable to the
      stock option prior to the Transaction, except that the number of shares
      subject to the option and the exercise price of the option will be
      adjusted based on the exchange ratio of 0.255, as to preserve the economic
      value of such options.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What will the holders of Uranerz warrants receive in
      the Transaction?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>At the Effective Time, each outstanding Uranerz warrant
      shall become exercisable into common shares of Energy Fuels, on the same
      terms and conditions as were applicable to the warrant prior to the
      Transaction, except that the number of shares subject to the warrant and
      the exercise price of the warrant will be adjusted based on the exchange
      ratio of 0.255 in order to preserve the economic value of such warrants
      and, if required by the applicable indenture governing the Uranerz
      warrants, Energy Fuels shall issue a warrant certificate to each holder of
      such Uranerz warrants confirming the assumption of obligations under the
      Uranerz warrants by Energy Fuels.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>Do persons involved in the Transaction have interests
      that may conflict with mine as a Uranerz shareholder?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Yes. When considering the recommendations of Uranerz&#146;
      board of directors, you should be aware that certain Uranerz directors and
      executive officers may have interests in the Transaction that are
      different from, or are in addition to, yours. These interests
    include:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  ><li>&nbsp;</li></TD>
    <TD align=left width="90%">
      <P align=justify>the expected appointment of Mr. Goranson as Executive
      Vice President, ISR Operations of Energy Fuels upon the completion of the
      Transaction, </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  ><li>&nbsp;</li></TD>
    <TD align=left width="90%">
      <P align=justify>the potential hiring of Mr. Higgs, the current Executive
      Chairman of Uranerz, as an employee or consultant of Energy Fuels upon the
      completion of the Transaction; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  ><li>&nbsp;</li></TD>
    <TD align=left width="90%">
      <P align=justify>Uranerz&#146; nomination of two members to Energy Fuels&#146; board
      of directors, being Messrs. Higgs and Catchpole; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  ><li>&nbsp;</li></TD>
    <TD align=left width="90%">
      <P align=justify>the continuation of options and other potential benefits
      as a result of the Transaction; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  ><li>&nbsp;</li></TD>
    <TD align=left width="90%" >
      <P align=justify>Change of control payments to be made to certain
      officers, directors and employees of Uranerz; and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  ><li>&nbsp;</li></TD>
    <TD align=left width="90%">
      <P align=justify>the continued
      indemnification and directors&#146; and officers&#146; insurance coverage of current Uranerz directors and officers following the Transaction.
  </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 vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>Are there any conditions to the closing of the
      Transaction?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Energy Fuels&#146; and Uranerz&#146; obligations to complete the
      Transaction depend on a number of conditions being met. These include,
      among others:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><li>&nbsp;</li></TD>
    <TD align=left width="90%">the separate approvals of (i) the shareholders
      of Uranerz holding a majority of the outstanding shares of Uranerz, and
      (ii) the Unaffiliated Shareholders of Uranerz by a majority of the votes
      cast at the Special Meeting; </TD></TR></TABLE>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-size: 10pt" bordercolor="#111111" width="100%">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><li>&nbsp;</li></td>
    <td width="90%">the approval of the Energy Fuels shareholders at a
      special meeting of Energy Fuels shareholders (which may be combined with
      Energy Fuels&#146; annual meeting of shareholders);&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><li>&nbsp;</li></td>
    <td width="90%">receipt or filing of all consents, approvals and
      authorizations of, any governmental authority required to be made or
      obtained by Uranerz, Energy Fuels, Merger Sub or any of their subsidiaries
      to consummate the Transaction shall have been made or obtained;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="90%">the absence of any order prohibiting the
    Transaction;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><li>&nbsp;</li></td>
    <td width="90%">the absence of any judgment, order, or law which
      prohibits, materially restricts, makes illegal or enjoins the consummation
      of the Transaction;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><li>&nbsp;</li></td>
    <td width="90%">the effectiveness of the registration statement for the
      Energy Fuels common shares to be issued in the Transaction and the
      approval for listing of such shares on the TSX and NYSE MKT;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><li>&nbsp;</li></td>
    <td width="90%">subject to certain limitations and exceptions, the
      accuracy of the other party&#146;s representations and warranties and the
      performance in all material respects of its covenants in the Merger
      Agreement;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><li>&nbsp;</li></td>
    <td width="90%">the number of dissenting shares held by shareholders of
      Uranerz who have exercised dissent rights must comprise less than 5% of
      the issued and outstanding shares of common stock of Uranerz;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><li>&nbsp;</li></td>
    <td width="90%">Dennis Higgs and Glenn Catchpole shall have been
      appointed to the board of directors of Energy Fuels and such appointment
      shall be effective at the Effective Time; and</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><li>&nbsp;</li></td>
    <td width="90%">the absence of any material adverse change with respect
      to the business and affairs of either Uranerz (in the case of Energy
      Fuels) or Energy Fuels (in the case of Uranerz).</td>
  </tr>
</table>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" nowrap>&nbsp;</TD>
    <TD width="5%" valign="top" nowrap>&nbsp;</TD>
    <TD valign="top">
    <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" nowrap></TD>
    <TD colSpan=2 valign="top">
      <P align=justify>Where permitted by applicable law and the Merger
      Agreement, either of Energy Fuels or Uranerz could choose to waive a
      condition to its respective obligation to complete the Transaction even
      when that condition has not been satisfied. See &#147;The Agreement and Plan of
      Merger&#151;Conditions to the Transaction&#148; on page 171.</P></TD></TR>
  <TR>
    <TD width="5%" nowrap>&nbsp;</TD>
    <TD width="5%" valign="top" nowrap>&nbsp;</TD>
    <TD valign="top">
    <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" nowrap><B>Q:</B> </TD>
    <TD colSpan=2 valign="top">
      <P align=justify><B>Is Uranerz or Energy Fuels prohibited from soliciting
      other offers?</B></P></TD></TR>
  <TR>
    <TD width="5%" nowrap>&nbsp;</TD>
    <TD width="5%" valign="top" nowrap>&nbsp;</TD>
    <TD valign="top">
    <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" nowrap>A: </TD>
    <TD colSpan=2 valign="top">
      <P align=justify>The Merger Agreement contains detailed provisions that
      prohibit both Uranerz and Energy Fuels and their respective subsidiaries,
      officers, directors, any investment banker, financial advisor, attorney,
      accountant, agent or other representative from taking any action to
      directly or indirectly solicit or engage in discussions or negotiations
      with any person or group with respect to an alternative transaction that
      would be considered an acquisition proposal as defined in the Merger
      Agreement, including:</P></TD></TR>
  <TR>
    <TD width="5%" nowrap>&nbsp;</TD>
    <TD width="5%" valign="top" nowrap>&nbsp;</TD>
    <TD valign="top">
    <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" nowrap></TD>
    <TD vAlign=top width="5%" nowrap>
      <LI>&nbsp;</LI></TD>
    <TD valign="top">
      <P align=justify style="margin-top: 0; margin-bottom: 0">an acquisition that would result in the person or group
      acquiring more than a 20% interest in the issued and outstanding equity or
      voting securities in either Uranerz or Energy Fuels;</P></TD></TR>
  <TR>
    <TD width="5%" nowrap></TD>
    <TD vAlign=top width="5%" nowrap>
      <LI>&nbsp;</LI></TD>
    <TD valign="top">
      <P align=justify style="margin-top: 0; margin-bottom: 0">a sale of more than 20% of Uranerz&#146; or Energy Fuels&#146;
      assets;</P></TD></TR>
  <TR>
    <TD width="5%" nowrap></TD>
    <TD vAlign=top width="5%" nowrap>
      <LI>&nbsp;</LI></TD>
    <TD valign="top">
      <P align=justify style="margin-top: 0; margin-bottom: 0">any sale or issuance of shares or other equity interests
      by Uranerz or Energy Fuels representing more than 20% of the issued and
      outstanding equity or voting securities; or</P></TD></TR>
  <TR>
    <TD width="5%" nowrap></TD>
    <TD vAlign=top width="5%" nowrap>
      <LI>&nbsp;</LI></TD>
    <TD valign="top">
      <P align=justify style="margin-top: 0; margin-bottom: 0">any arrangement whereby effective operating control of
      Uranerz or Energy Fuels is granted to another party or
  person.</P></TD></TR></TABLE>
<P align=center>4 </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 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>The Merger Agreement does not, however, prohibit Uranerz
      or Energy Fuels from considering a written acquisition proposal received
      after the date of the Merger Agreement and in compliance with the terms of
      the Merger Agreement. Either Energy Fuels or Uranerz may be obligated to
      pay to the other party a termination fee of $5 million in certain
      circumstances if the Merger Agreement is terminated. See &#147;The Agreement
      and Plan of Merger&#151;Non-Solicitation and Acquisition Proposals&#148; and &#147;The
      Agreement and Plan of Merger&#151;Termination Fees and Expenses&#148; beginning on
      pages 64 and 174, respectively.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD align=left>
      <P align=justify><B>Are there any shareholders already committed to vote
      in favor of the Transaction?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD align=left>
      <P align=justify>Yes. Pursuant to support agreements, all of the directors
      and certain officers of Uranerz, including Mr. Glenn Catchpole, Mr. Dennis
      Higgs, Mr. Paul Goranson, Mr. Ben Leboe, Mr. Arnold Dyck, Mr. Peter Bell,
      Mr. Paul Saxton, Dr. Gerhard Kirchner, and Mr. Michael Thomas, and Mrs.
      Glenda Thomas, a former officer of Uranerz, have agreed to vote shares of
      Uranerz common stock held by them representing approximately 3.99% of the
      outstanding shares of Uranerz as of the record date in favor of the
      Transaction at the Special Meeting. For a more complete description of the
      support agreement, see &#147;Agreements Entered into in Connection with the
      Merger Agreement&#151;Support Agreements&#148; beginning on page 177 of this proxy
      statement/prospectus. The form of support agreement is also attached to
      this proxy statement/prospectus as Annex C.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD align=left>
      <P align=justify><B>Is the Transaction expected to be taxable to Uranerz
      shareholders?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD align=left>
      <P align=justify>The Transaction should be treated as a taxable exchange
      and not as a tax-deferred exchange under Section 368(a) of the Internal
      Revenue Code of 1986, as amended (the &#147;<B>Code</B>&#148;). Assuming that the
      Transaction is a taxable transaction, a U.S. holder of shares of Uranerz
      common stock will generally recognize gain or loss equal to the difference
      between (i) the fair market value of Energy Fuels common shares received
      by such U.S. holder in the Transaction, and (ii) the adjusted tax basis of
      such U.S. holder in such shares of Uranerz common stock exchanged pursuant
      to the Transaction. Assuming that the Transaction is a taxable
      transaction, under certain circumstances, non-U.S. holders may be subject
      to U. S. tax on any gain recognized as a result of the Transaction. In
      addition, under certain circumstances, Energy Fuels may be required to
      withhold a portion of the Transaction consideration payable to non- U. S.
      holders under applicable tax laws.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>You should consult your own tax advisor to determine the
      particular tax consequences to you of the Transaction. The foregoing
      description of U.S. federal income tax consequences of the Transaction to
      shareholders is qualified in its entirety by the longer form discussion
      under &#147;Proposal One&#151;The Transaction&#151;Material U.S. Federal Income Tax
      Considerations&#148; beginning on page 122 and &#147;&#151;The Transaction&#151;Material U.S.
      Federal Income Tax Considerations of the Transaction to Non-U.S. Holders&#148;
      beginning on page 130. Neither Uranerz nor Energy Fuels has sought or
      obtained a ruling from the IRS regarding any of the tax consequences of
      the Transaction. Accordingly, there can be no assurance that the IRS will
      not challenge such tax treatment of the Transaction or that the U.S.
      courts will uphold such tax treatment in the event of an IRS
    challenge.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>Generally, for a Resident Uranerz Holder (as defined
      under &#147;Proposal One &#150; The Transaction &#150; Material Canadian Federal Income
      Tax Considerations&#148;), the exchange of the shares of Uranerz common stock
      for Energy Fuels common shares should be treated as a taxable disposition
      of such shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>Although the matter is not free from doubt, Energy Fuels&#146;
      management believes the better view is that a Resident Uranerz Holder
      should not realize a capital gain (or capital loss) with respect to the
      treatment of the Uranerz warrants under the Transaction at the Effective
      Time. Resident Uranerz Holders holding Uranerz warrants within registered Plans should note that
      the effect of the Regulations to the Income Tax Act (Canada) appears to be
      that Uranerz warrants cease to be a &#147;qualified investment&#148;, and affected
      Resident Uranerz Holders should consult their own tax advisors with
      respect to all potential implications and any mitigating steps well in
      advance of the Effective Date.</P></TD></TR></TABLE>
<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 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Generally, a Non-Resident Uranerz Holder (as defined
      under &#147;Proposal One &#150; The Transaction &#150; Material Canadian Federal Income
      Tax Considerations&#148;) of the shares of Uranerz common stock will not be
      subject to tax under the Income Tax Act (Canada) in respect of any capital
      gain realized on a disposition of the shares of Uranerz common stock
      unless the shares constitute &#147;taxable Canadian property&#148; of the
      Non-Resident Uranerz Holder at the time of disposition and that Holder is
      not entitled to relief under an applicable income tax convention between
      Canada and the country in which the holder is resident.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>All Resident Uranerz Holders and Non-Resident Uranerz
      Holders of shares of Uranerz common stock and Uranerz warrants should in
      any event consult their own tax advisors regarding the specific Canadian
      tax consequences.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The foregoing description of Canadian federal income tax
      consequences of the Transaction to the holders of shares of Uranerz common
      stock and Uranerz warrants is qualified in its entirety by the longer form
      discussion under &#147;Proposal One &#150; The Transaction &#150; Material Canadian
      Federal Income Tax Consequences &#150; Considerations of the Transaction
      Relevant to
      Holders of Shares of Uranerz Common Stock and Uranerz Warrants&#148; beginning
      on page 134.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>When is the Transaction expected to be
      completed?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Uranerz and Energy Fuels are working towards completing
      the Transaction as quickly as possible and it is currently anticipated
      that the Transaction will be completed by the end of the third quarter of
      calendar year 2015. However, there can be no assurances that the
      Transaction will be completed at all or, if completed, that it will be
      completed by the end of the third quarter of calendar year 2015. The exact
      timing and likelihood of completion of the Transaction cannot be predicted
      because the Transaction is subject to certain conditions, including the
      receipt of regulatory approvals. Neither Uranerz nor Energy Fuels are
      obligated to complete the Transaction unless and until the closing
      conditions in the Merger Agreement have been satisfied or
waived.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>How will Energy Fuels be managed after the closing of
      the Transaction?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD align="justify" style="text-align: justify">
      <P align=justify>Upon completion of the Transaction, the Energy Fuels
      board of directors will be comprised of eight members. Energy Fuels board
      of directors currently consists of nine members, and on closing of the
      Transaction, two&nbsp; members of the board of directors of Energy Fuels are
      anticipated to resign, and Messrs. Higgs and Catchpole, will be appointed
      to the Energy Fuels board of directors. In addition, Mr. Goranson, current
      President and COO of Uranerz is expected to be appointed as the Executive
      Vice President, ISR Operations of Energy Fuels at the closing of the
      Transaction. Furthermore, Energy Fuels is currently in negotiations with
      Mr. Dennis Higgs to stay on as an employee or a consultant following the
      closing of the Transaction. The directors of Uranerz will resign as of the
      Effective Time.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What happens if the Transaction is not
      completed?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>If the Transaction is not approved by the Uranerz
      shareholders or Energy Fuels shareholders, or if the Transaction is not
      completed for any other reason, there will be no exchange of shares of
      Uranerz common stock for Energy Fuels shares and Uranerz will not become a
      wholly-owned subsidiary of Energy Fuels. Instead, Uranerz will continue to be
      independently owned by its shareholders and will remain as a public
      company and its common stock will continue to be registered under the
      Exchange Act and continue to be traded on the TSX and the NYSE MKT. If the
      Merger Agreement is terminated for certain specified reasons, either
      Energy Fuels or Uranerz may be obligated to pay to the other party a
      termination fee of $5 million. See &#147;The Agreement and Plan of
      Merger&#151;Conditions to the Transaction&#148; and &#147;The Agreement and Plan of
      Merger&#151;Termination Fees and Expenses&#148; on pages 171 and 174,
      respectively.</P></TD></TR></TABLE>
<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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>Am I entitled to exercise dissenters&#146; or similar
      rights under Nevada law as a result of the Transaction?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Nevada Revised Statutes Section 92A.380 generally
      provides shareholders of Nevada corporations with dissent rights in
      connection with merger transactions, such as the Transaction, that are
      completed under Chapter 92A &#150; &#147;Mergers, Conversions, Exchange and
      Domestications&#148;. While there is an exemption from these dissenters&#146; rights
      provisions for companies such as Uranerz whose shares are traded on a
      &#147;national securities exchange&#148; and are accordingly &#147;covered securities&#148;
      under the Securities Act of 1933, the Uranerz board of directors has
      nevertheless determined that it is appropriate to grant dissent rights to
      Uranerz shareholders in connection with the Transaction. Accordingly, a
      Uranerz shareholder may dissent from the Transaction and request that the
      surviving corporation purchase such shareholder&#146;s shares of Uranerz common
      stock for their &#147;fair value.&#148; However, to do this, such Uranerz
      shareholder must strictly comply with all applicable requirements of
      Nevada law. Under Nevada law, the &#147;fair value&#148; of a share of Uranerz
      common stock may be more than, less than or equal to the price per share
      to be paid in the Transaction and, absent an agreement as to &#147;fair value&#148;
      between the dissenting shareholder and the surviving corporation in the
      Transaction, would ultimately be determined by a court. See &#147;Proposal One
      &#150; The Transaction &#150; Dissenters&#146; Rights&#148; beginning on page
      147.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under Nevada law, if the Transaction is consummated and
      (i) you are a stockholder of record, (ii) you give written notice to
      Uranerz prior to the vote on Proposal One at the Special Meeting that you
      intend to dissent, (iii) you do not vote in favor of Proposal One, and
      (iv) you follow all of the procedures for demanding your dissenters&#146;
      rights described in the summary at &#147;Proposal One &#150; The Transaction -
      Dissenters&#146; Rights&#148; and in Annex B, you may receive a cash payment for the
      &#147;fair value&#148; of your shares of Uranerz common stock instead of the
      Transaction consideration to be received by the other stockholders
      pursuant to the Merger Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IF YOU ARE A URANERZ SHAREHOLDER AND WANT TO EXERCISE
      YOUR DISSENTERS&#146; RIGHTS, YOU ARE URGED TO CAREFULLY READ AND FOLLOW THE
      PROCEDURES AT &#147;PROPOSAL ONE &#150; THE TRANSACTION - DISSENTERS&#146; RIGHTS&#148; AND IN
      ANNEX B. FAILURE TO TAKE ANY OF THE STEPS REQUIRED UNDER NEVADA LAW WILL
      RESULT IN THE LOSS OF ANY DISSENTERS&#146; RIGHTS YOU MIGHT OTHERWISE
    HAVE.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Because of the complexity of these procedures, you are
      urged to seek the advice of legal counsel if you are considering
      exercising your dissenter&#146;s rights. Any failure to strictly follow any of
      these procedures may result in a termination or waiver of your dissenter&#146;s
      rights under Nevada law.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Holders of Energy Fuels common shares are not entitled to
      dissenters&#146; rights in connection with the issuance of Energy Fuels common
      shares in the Transaction.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>Will Uranerz shareholders be able to trade Energy
      Fuels common shares that they receive pursuant to the
    Transaction?</B></P></TD></TR></TABLE>
<P align=center>7 </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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Yes. The Energy Fuels common shares issued pursuant to
      the Transaction will be registered under the Securities Act, and will be
      listed on the TSX under the symbol &#147;EFR&#148; and on the NYSE MKT under the
      symbol &#147;UUUU.&#148; All Energy Fuels common shares that each Uranerz
      shareholder receives in the Transaction will be freely transferable unless
      a shareholder is deemed an affiliate of Uranerz prior to the Transaction
      or an affiliate of Energy Fuels following the Transaction for purposes of
      U.S. federal securities laws or a control person under applicable Canadian
      securities laws. For more information on Uranerz affiliates&#146; ability to
      trade Energy Fuels common shares received in the Transaction see &#147;Proposal
      One&#151;The Transaction&#151;Restrictions on Sales of Shares by Certain Affiliates&#148;
      on page 150.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What will happen to my stock certificates and where
      should I send my stock certificates?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>At the Effective Time, unless you properly exercise and
      perfect your dissenter&#146;s rights, your Uranerz common shares will convert
      into the right to receive Energy Fuels common shares and you will no
      longer be a shareholder of Uranerz. You will receive written instructions
      and a letter of transmittal. You will use these documents to exchange your
      Uranerz stock certificates for certificates representing your Energy Fuels
      common shares. Each person who submits the necessary documentation is
      entitled to receive the Transaction consideration of 0.255 Energy Fuels
      common shares for each share of Uranerz common stock. For more information
      see &#147;The Transaction&#151;Exchange of Shares in the Transaction&#148; on page
      146.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>Should I send in my Uranerz stock certificates
      now?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>No. You should not send in your stock certificates at
      this time. Uranerz shareholders who hold their shares in certificated form
      will need to exchange their Uranerz stock certificates for the Energy
      Fuels common shares provided for in the Merger Agreement upon completion
      of the Transaction. Energy Fuels will send Uranerz shareholders written
      instructions for exchanging Uranerz stock certificates at that time.
      Uranerz shareholders who hold their shares in book-entry form will also
      receive written instructions for exchanging their shares after the
      Transaction is completed.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What will happen to my Uranerz options and warrants in
      the Transaction?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Pursuant to the adjusting provision of the applicable
      warrant certificate or indenture, each outstanding Uranerz warrant will
      entitle its holder to acquire, in lieu of one Uranerz common share, 0.255
      of an Energy Fuels common share (subject to adjustment in the same manner
      as the adjustments relating to the Uranerz Common Shares) upon exercise in
      accordance with the terms of the original Uranerz warrant (with the
      exercise price to be adjusted to reflect a price per Energy Fuels common
      share).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each outstanding Uranerz option will be automatically
      converted at the Effective Time into options to acquire, in lieu of one
      Uranerz share of common stock, 0.255 of an Energy Fuels common share upon
      exercise (subject to adjustment in the same manner as the adjustments
      related to the Uranerz Common Shares) in accordance with the terms of the
      original Uranerz option (with the exercise price to be adjusted to reflect
      a price per Energy Fuels common share) as granted under Uranerz&#146; 2005
      Nonqualified Stock Option Plan. Uranerz options held by independent
      directors of Uranerz, who are not officers or directors of Energy Fuels on
      closing of the Transaction, shall expire on the earlier of (i) the
      original expiry date of such Uranerz option or (ii) six months after the
      date of closing of the Transaction. For more information on the exchange
      of the Uranerz warrants and options, please see &#147;The Agreement and Plan of
      Merger&#151;Consideration to be Received Pursuant to the Transaction&#148; on page
      152.</P></TD></TR>
</TABLE>
<P align=center>8 </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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <B>Are there risks associated with the
      Transaction?</B></TD></TR>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;
    </TD></TR>

  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Yes. You should read the section entitled &#147;Risk Factors&#148;
      beginning on page 34.</P></TD></TR></TABLE>
<P align=justify><B><I>The Special Meeting </I></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 nowrap width="5%" ><B>Q:</B> </TD>
    <TD align=left width="94%"><B>When and where is the Special
      Meeting?</B> </TD></TR>
  <TR>
    <TD nowrap width="5%" >&nbsp; </TD>
    <TD width="94%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="5%" >A: </TD>
    <TD align=left width="94%">
      <P align=justify>The Special Meeting will be held at the Casper Petroleum
      Club, 1301 Wilkins Circle, Casper, Wyoming, U.S.A., 82601 at 10:00 am
      Mountain Daylight Time, on June 18, 2015. </P></TD></TR>
  <TR>
    <TD nowrap width="5%" >&nbsp; </TD>
    <TD width="94%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="5%" ><B>Q:</B> </TD>
    <TD align=left width="94%">
      <P align=justify><B>What other proposals are being presented at the
      Special Meeting?</B> </P></TD></TR>
  <TR>
    <TD nowrap width="5%" >&nbsp; </TD>
    <TD width="94%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="5%" >A: </TD>
    <TD align=left width="94%">
      <P align=justify>In addition to the proposal to approve the Transaction
      (Proposal One), as required by Item 402(t) of Regulation S-K and Section
      14A(b) of the Exchange Act, shareholders will be asked to cast an advisory
      (non-binding) vote on the &#145;golden parachute&#146; compensation that may become
      payable to its named executive officers in connection with the completion
      of the Transaction (Proposal Two) and to vote to approve the adjournment
      of the Special Meeting, if necessary, to solicit additional proxies if
      there are insufficient votes at the time of the Special Meeting to approve
      the Transaction (Proposal Three). </P></TD></TR>
  <TR>
    <TD nowrap width="5%" >&nbsp; </TD>
    <TD width="94%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="5%" ></TD>
    <TD align=left width="94%">
      <P align=justify>Uranerz is not aware of any other business to be acted
      upon at the Special Meeting. If, however, other matters are properly
      brought before the Special Meeting, your proxies will have discretion to
      vote or act on those matters according to their best judgment and they
      intend to vote the shares as the Uranerz board of directors may recommend.
      </P></TD></TR>
  <TR>
    <TD nowrap width="5%" >&nbsp; </TD>
    <TD width="94%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="5%" ><B>Q:</B> </TD>
    <TD align=left width="94%">
      <P align=justify><B>How does the board of directors recommend that I
      vote?</B> </P></TD></TR>
  <TR>
    <TD nowrap width="5%" >&nbsp; </TD>
    <TD width="94%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="5%" >A: </TD>
    <TD align=left width="94%">
      <P align=justify>Uranerz&#146; board of directors unanimously recommends that
      you vote your shares: </P></TD></TR>
</TABLE>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-size: 10pt" bordercolor="#111111" width="100%">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><li>&nbsp;</li></td>
    <td width="90%" valign="top">&#147;<B>FOR</B>&#148; the proposal to approve the Transaction
      (Proposal One).</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><li>&nbsp;</li></td>
    <td width="90%" valign="top">&#147;<B>FOR</B>&#148; the advisory (non-binding) vote on the
      &#145;golden parachute&#146; compensation that may become payable to Uranerz&#146; named
      executive officers in connection with the completion of the Transaction
      (Proposal Two).</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><li>&nbsp;</li></td>
    <td width="90%" valign="top">&#147;<B>FOR</B>&#148; the proposal to adjourn the Special Meeting,
      if necessary, to solicit additional proxies (Proposal Three).</td>
  </tr>
</table>
<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 nowrap width="5%" >&nbsp;</TD>
    <TD align=left width="94%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="5%" ><B>Q:</B> </TD>
    <TD align=left width="94%">
      <P align=justify><B>Who is entitled to vote at the Special Meeting?</B>
      </P></TD></TR>
  <TR>
    <TD nowrap width="5%" >&nbsp; </TD>
    <TD width="94%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="5%" >A: </TD>
    <TD align=left width="94%">
      <P align=justify>All shareholders of record as of the close of business on
      May 26, 2015, the record date for the determination of shareholders
      entitled to vote at the Special Meeting, are entitled to vote at the
      Special Meeting. On that date, 95,912,806 shares of Uranerz common stock were issued and
      outstanding. </P></TD></TR>
  <TR>
    <TD nowrap width="5%" >&nbsp; </TD>
    <TD width="94%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="5%" ><B>Q.</B> </TD>
    <TD align=left width="94%">
      <P align=justify><B>Why am I being asked to cast an advisory (non-binding)
      vote to approve the &#145;golden parachute&#146;</B> <B>compensation that may become
      payable to Uranerz&#146; named executive officers in connection with</B> <B>the
      Transaction?</B> </P></TD></TR>
  <TR>
    <TD nowrap width="5%" >&nbsp; </TD>
    <TD width="94%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="5%" >A: </TD>
    <TD align=left width="94%">
      <P align=justify>The SEC, in accordance with the Dodd-Frank Wall Street
      Reform and Consumer Protection Act of 2010, adopted rules that require
      Uranerz to seek an advisory (non-binding) vote with respect to certain
      payments that may be made to Uranerz&#146; executive officers in connection
      with the Transaction. </P></TD></TR>
</TABLE>
<P align=center>9 </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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <B>What will happen if Uranerz shareholders do not
      approve the &#145;golden parachute&#146; compensation at</B> <B>the special
      meeting?</B> </TD></TR>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;
    </TD></TR>

  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Approval of the &#145;golden parachute&#146; compensation that may
      become payable to Uranerz&#146; named executive officers in connection with the
      Transaction is not a condition to completion of the Transaction. The vote
      with respect to the &#145;golden parachute&#146; compensation is an advisory vote
      and will not be binding on Uranerz regardless of whether the Merger
      Agreement is approved. Therefore, regardless of whether shareholders
      approve the &#145;golden parachute&#146; compensation, if the Transaction is
      approved by the shareholders and completed, the &#145;golden parachute&#146;
      compensation will still be paid to Uranerz&#146; named executive officers to
      the extent payable in accordance with the terms of pre-existing
      compensation arrangements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>How many votes do I have?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>You are entitled to one vote for each share of Uranerz
      common stock that you owned as of the close of business on the record
      date.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What vote is required to approve each
    proposal?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Proposal One, the approval of the Transaction, requires
      the affirmative vote of (i) the holders of a majority of the shares of
      Uranerz common stock issued and outstanding on the record date, and
      entitled to vote at the meeting (the &#147;<B>Absolute Majority Vote</B>&#148;) and
      (ii) the holders of the majority of shares of Uranerz common stock cast at
      the Special Meeting, excluding all shares of common stock owned, directly
      or indirectly by Energy Fuels, Merger Sub and the officers and directors
      of Uranerz (the &#147;<B>Disinterested Shareholder Vote</B>&#148;). If you do not
      submit a proxy or voting instructions or do not vote in person at the
      meeting, or if you &#147;<B>ABSTAIN</B>&#148; from voting on the Absolute Majority
      Vote, the effect will be the same as a vote &#147;<B>AGAINST</B>&#148; the
      Transaction. If you &#147;<B>ABSTAIN</B>&#148; from voting on Proposal One, your
      shares will not be deemed to have been cast and will not have an effect on
      the Disinterested Shareholder Vote.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Proposal Two, the advisory (non-binding) vote on the
      &#145;golden parachute&#146; compensation that may become payable to Uranerz&#146; named
      executive officers in connection with the completion of the Transaction
      required by Item 402(t) of Regulation S-K and Section 14A(b) of the
      Exchange Act is advisory and, therefore, it will not be binding on
      Uranerz, nor will it overrule any prior decision or require the board of
      directors of Uranerz (or any committee thereof) to take any action. The
      proposal will be approved if the votes cast &#147;<B>FOR</B>&#148; the proposal
      exceed the votes cast &#147;<B>AGAINST</B>&#148; the proposal.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Proposal Three, approval of the adjournment of the
      Special Meeting, if necessary, to solicit additional proxies if there are
      insufficient votes at the time of the Special Meeting to approve the
      Transaction, requires, whether a quorum is present or not, the affirmative
      vote of a majority of the shares present in person or represented by proxy
      at the Special Meeting casting votes, excluding abstentions and broker
      non-votes. The Bylaws of Uranerz also authorize the chairman of the
      meeting to adjourn the Special Meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>With respect to Proposal Three, if you do not submit a
      proxy or voting instructions or do not vote in person at the meeting, your
      shares will not be counted in determining the outcome of these proposals.
      If you &#147;<B>ABSTAIN</B>&#148; from voting on Proposal Three, your shares will
      not be deemed to have been cast and will not have an effect on the vote to
      approve Proposal Three.</P></TD></TR>
</TABLE>
<P align=center>10 </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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <B>Do the directors and officers of Uranerz intend to
      vote for the Transaction?</B></TD></TR>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;
    </TD></TR>

  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Yes. Pursuant to support agreements entered into with
      Energy Fuels, all directors, and certain officers of Uranerz beneficially
      holding an aggregate of 3,829,000 shares of Uranerz common stock, or
      approximately 3.99% of the voting power of Uranerz&#146; common stock, have
      agreed to vote their shares of Uranerz common stock at the Special Meeting
      in favor of the proposal to approve the Merger Agreement and the
      Transaction. For a more complete description of the support agreement, see
      &#147;Agreements Entered into in Connection with the Merger Agreement&#151;Support
      Agreements&#148; on page 177 of this proxy statement/prospectus. The form of
      support agreement is also attached to this proxy statement/prospectus as
      Annex C.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>Can I attend the Special Meeting? What do I need for
      admission?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>You are entitled to attend the Special Meeting if you
      were a shareholder of record or a beneficial owner as of the close of
      business on May 26, 2015 or you hold a valid legal proxy for the Special
      Meeting. <B>If you are a shareholder of record, your name will be verified
      against the list of shareholders of record prior to your being admitted to
      the Special Meeting. If you are a beneficial owner, you will need to
      provide proof of beneficial ownership on the record date in order to be
      admitted to the Special Meeting, such as a brokerage account statement
      showing that you owned common stock of Uranerz as of the record date, a
      voting instruction form provided by your bank, broker or other nominee, or
      other similar evidence of ownership as of the record date, including a
      valid legal proxy from your bank, broker or other nominee. You should also
      be prepared to present photo identification for admission</B>. If you do
      not provide photo identification or comply with the other procedures
      outlined above upon request, you may not be admitted to the Special
      Meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>How can I vote my shares in person at the Special
      Meeting?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>All shareholders, including shareholders of record and
      shareholders who hold their shares through banks, brokers or other
      nominees, are invited to attend the Special Meeting and vote their shares
      in person.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>If your shares of Uranerz common stock are registered
      directly in your name with Uranerz&#146; proxy solicitor, Alliance
      Advisors LLC, you are considered the shareholder of record with respect to
      those shares. If you are a shareholder of record as of the close of
      business on the record date for the determination of shareholders entitled
      to vote at the Special Meeting, you have the right to vote your shares in
      person at the Special Meeting. If you choose to do so, you can vote at the
      Special Meeting using the written ballot that will be provided at the
      Special Meeting or you can complete, sign and date the enclosed proxy card
      you received with this proxy statement/prospectus and submit it at the
      Special Meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>If your shares are held in a stock brokerage account or
      by a bank, broker, or other nominee (that is, in &#147;street name&#148;) rather
      than directly in your own name with Uranerz&#146; transfer agent, you are
      considered a beneficial owner of your shares and this proxy
      statement/prospectus is being forwarded to you by your bank, broker, or
      other nominee. As a beneficial owner, you have the right to direct your
      broker, bank or other nominee on how to vote the shares in your account.
      As the beneficial owner, you may attend the Special Meeting and vote your
      shares in person at the Special Meeting only if you obtain a legal proxy
      from the bank, broker, or other nominee that holds your shares giving you
      the right to vote the shares at the Special
Meeting.</P></TD></TR></TABLE>
<P align=center>11 </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 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Even if you plan to attend the Special Meeting, it is
      recommended that you submit your proxy or voting instructions in advance
      of the Special Meeting as described below so that your vote will be
      counted if you later decide not to attend the Special
  Meeting.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>How can I vote my shares without attending the Special
      Meeting?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Whether you are a shareholder of record or a beneficial
      owner, you may direct how your shares are voted without attending the
      Special Meeting. If you are a shareholder of record, you may submit a
      proxy to authorize how your shares are voted at the Special Meeting. Your
      proxy can be submitted by mail by completing, signing, and dating the
      proxy card you received with this proxy statement/prospectus and then
      mailing it in the enclosed prepaid envelope. Shareholders of record may
      also submit a proxy over the Internet or by telephone by following the instructions
      provided on the proxy card you received with this proxy
      statement/prospectus or may vote via facsimile by faxing the proxy card to
      the fax number provided on your proxy card. If you are a beneficial owner,
      you must submit voting instructions to your bank, broker or other nominee
      in order to authorize how your shares are voted at the Special Meeting.
      Please follow the instructions provided by your bank, broker or other
      nominee.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Submitting a proxy or voting instructions will not affect
      your right to vote in person should you decide to attend the Special
      Meeting, although beneficial owners must obtain a &#147;legal proxy&#148; from the
      bank, broker, or other nominee that holds their shares giving them the
      right to vote the shares at the Special Meeting in order to vote in person
      at the Special Meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What does it mean if I received more than one set of
      proxy materials?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>If you received more than one set of proxy materials, it
      means that you hold shares of Uranerz common stock in more than one
      account. For example, you may own your shares in various forms, including
      jointly with your spouse, as trustee of a trust, or as custodian for a
      minor. To ensure that all of your shares are voted, please provide a proxy
      or voting instructions for each account for which you received proxy
      materials.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>How will my shares be voted if I do not provide
      specific voting instructions in the proxy or voting instruction form I
      submit?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>If you submit a proxy or voting instructions but do not
      indicate your specific voting instructions on one or more of the proposals
      to be presented at the Special Meeting, your shares will be voted as
      recommended by Uranerz&#146; board of directors on those proposals if using the
      form of proxy included with the proxy materials and as the proxyholders
      may determine with respect to any other matter properly presented for a
      vote at the Special Meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What is the deadline for voting my
  shares?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>If you are a shareholder of record, your proxy must be
      received by 10:00 am on June 17, 2015 in order for your shares to be voted at the
      Special Meeting. However, if you are a shareholder of record, you may
      instead mark, sign, date, and return the enclosed proxy card, which must
      be received before the polls close at the Special Meeting, in order for
      your shares to be voted at the meeting. If you are a beneficial owner,
      please read the voting instructions provided by your bank, broker, or
      other nominee for information on the deadline for voting your
    shares.</P></TD></TR>
</TABLE>
<P align=center>12 </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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <B>What is a quorum?</B></TD></TR>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;
    </TD></TR>

  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>The presence at the Special Meeting, in person or by
      proxy, of the holders of one-third of the voting power of the issued and
      outstanding common stock of Uranerz at the close of business on the record
      date for the determination of shareholders entitled to vote at the Special
      Meeting constitutes a quorum for the purposes of the Special Meeting.
      Abstentions are counted as present for the purpose of determining whether
      a quorum is present.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>How will abstentions be counted?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>If you &#147;<B>ABSTAIN</B>&#148; from voting on Proposal One, the
      effect will be the same as (a) a vote &#147;<B>AGAINST</B>&#148; the Absolute
      Majority Vote and (b) your shares will not be counted in determining the
      outcome of the Disinterested Shareholder Vote. If you &#147;<B>ABSTAIN</B>&#148;
      from voting on Proposal Two or Three, your shares will not be counted in
      determining the outcome of either of these proposals.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>Why is my vote important?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>If you do not submit a proxy or voting instruction form
      or vote in person at the Special Meeting, it will be more difficult for us
      to obtain the necessary quorum to hold the Special Meeting. In addition,
      because the Transaction must be approved by the holders of a majority of
      the outstanding shares of Uranerz common stock entitled to vote on the
      Transaction <B>your failure to submit a proxy or voting instructions or to
      vote in person at the Special Meeting will have the same effect as a vote
      &#147;AGAINST&#148; the Absolute Majority Vote.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>If you do not submit a proxy or voting instructions or do
      not vote in person at the Special Meeting, your shares will not be counted
      in determining the outcome of any of the other proposals at the Special
      Meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>If my shares are held in &#147;street name&#148; by my broker,
      bank, or other nominee, will my broker, bank, or other nominee vote my
      shares for me if I do not submit voting instructions?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>No. It is not expected that your broker, bank, or other
      nominee will have discretion to vote your shares on any of the matters
      listed in the notice of Special Meeting, except in accordance with your
      specific instructions. Therefore, if you hold your shares in &#147;street name&#148;
      through a brokerage account and do not submit voting instructions to your
      broker, bank, or other nominee, your broker, bank, or other nominee should
      not vote your shares of common stock on any of the proposals at the
      Special Meeting. Please note, however, that if you properly submit voting
      instructions to your broker, bank, or other nominee but do not indicate
      how you want your shares to be voted, your shares will be voted as
      recommended by Uranerz&#146; board of directors on those proposals and as the
      proxyholders may determine with respect to any other matter properly
      presented for a vote at the Special Meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>May I change my vote after I have submitted my proxy
      or voting instructions?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Yes. If you are a shareholder of record, once you have
      submitted your proxy by mail, fax or telephone or via the Internet, you may revoke it
      at any time before it is voted at the Special Meeting. You may revoke your
      proxy in any one of three ways:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=center  ><li>
    <p align="justify">&nbsp;</li></TD>
    <TD align=center width="90%">
      <P align=justify>you may grant another proxy marked with a later date
      (which automatically revokes the earlier proxy) using any of the methods
      described above (and until the applicable deadline for each method);
    </P></TD></TR></TABLE>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  ><li>&nbsp;</li></TD>
    <TD align=left width="90%">you may notify Uranerz&#146; Corporate Secretary in
      writing that you wish to revoke your proxy before it is voted at the
      Special Meeting; or </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  ><li>&nbsp;</li></TD>
    <TD align=left width="90%">you may vote in person at the Special Meeting.
    </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%"></TD>
    <TD>
      <P align=justify>Attendance at the Special Meeting in and of itself,
      without voting in person at the meeting, will not cause your previously
      granted proxy to be revoked.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Please note that if you hold your shares in &#147;street name&#148;
      through a broker, bank, or other nominee and you have instructed your
      broker, bank, or other nominee to vote your shares, the above-described
      options for changing your vote do not apply, and instead, you must follow
      the instructions received from your broker, bank, or other nominee to
      change your vote.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What happens if I transfer my shares of Uranerz common
      stock after the record date?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>If you transfer your shares of Uranerz common stock after
      the record date but before the date of the Special Meeting, you will
      retain your right to vote at the Special Meeting (so long as such shares
      remain outstanding on the date of the Special Meeting), but you will not
      have the right to receive the Transaction consideration to be received by
      Uranerz&#146; shareholders in connection with the Transaction. In order to
      receive the Transaction consideration, you must hold your shares of
      Uranerz common stock through completion of the Transaction.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>What do I need to do now?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>You are urged to read this proxy statement/prospectus
      carefully, including its annexes and the documents referred to in this
      proxy statement/prospectus, and then mail your completed, dated, and
      signed proxy card or voting instruction form in the enclosed prepaid
      return envelope as soon as possible, or submit your proxy or voting
      instruction via the Internet, by telephone or by fax in accordance with the instructions
      included with this proxy statement/prospectus and the enclosed proxy card
      or voting instruction form, so that your shares can be voted at the
      Special Meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>Who is paying for this proxy
  solicitation?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>Uranerz will pay the costs of printing and mailing this
      proxy statement/prospectus to Uranerz shareholders and all other costs
      incurred in connection with the solicitation of proxies for the Special
      Meeting. In addition to the mailed proxy materials, Uranerz&#146; and Energy
      Fuels&#146; directors, officers, and other employees may also solicit proxies
      or votes in person, in writing, by telephone, e-mail, or other means of
      communication. Directors, officers, and other employees will not be paid
      any additional compensation for soliciting proxies. Uranerz will also
      reimburse banks, brokers, nominees, and other record holders for their
      reasonable expenses in forwarding proxy materials to beneficial owners of
      shares of Uranerz common stock. In addition, Uranerz has retained Alliance
      Advisors LLC to
      assist in its solicitation of proxies and has agreed to pay them a fee of
      approximately $50,000, plus reasonable out-of-pocket expenses, for these
      services.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>Where can I find more information about Energy Fuels
      and Uranerz?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>More information about Energy Fuels and Uranerz is
      available from various sources described under &#147;Where You Can Find More
      Information&#148; on page 213. Additional information about Energy Fuels may be
      obtained from its Internet website at www.energyfuels.com, and additional
      information about Uranerz may be obtained from its Internet website at
      www.uranerz.com. Energy Fuels and Uranerz have included their respective website addresses in this proxy
      statement/prospectus only as inactive textual references and do not intend
      them to be an active link to their respective websites. The contents of
      these websites, and information accessible through them, are not part of
      this proxy statement/prospectus.</P></TD></TR></TABLE>
<P align=center>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" 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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>Q:</B> </TD>
    <TD>
      <P align=justify><B>Who can help answer my questions?</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">A: </TD>
    <TD>
      <P align=justify>If you have any questions or need further assistance in
      voting your shares of Uranerz common stock, or if you need additional
      copies of this proxy statement/prospectus or the proxy card, please
      contact Investor Relations at Uranerz Energy Corporation 800 West Pender
      St., Suite 1410, Vancouver, BC, Canada V6C 2V6, or by calling Investor
      Relations Manager Derek Iwanaka at 800-689-1659.</P></TD></TR></TABLE>
<P align=center><B>SUMMARY </B></P>
<P align=justify>This summary highlights selected information from this proxy
statement/prospectus. It may not contain all of the information that is
important to you. You are urged to carefully read the entire proxy
statement/prospectus, including the annexes and the other documents referred to
in this proxy statement/prospectus because the information in this section does
not provide all the information that might be important to you with respect to
the Merger Agreement, the Transaction and the other matters being considered at
the Special Meeting. For additional information, see &#147;Where You Can Find More
Information&#148; on page 213. Each item in this summary refers to the page of this
proxy statement/prospectus on which that subject is discussed in more detail.
</P>
<P align=justify><B>Information about the Companies </B></P>
<P align=justify><B>Energy Fuels Inc. </B></P>
<P align=justify>Energy Fuels is a United States based uranium production
company that operates the White Mesa Mill in Utah, which is the only
conventional uranium mill currently operating in the United States. The mill is
capable of processing 2,000 tons per day of uranium ore. Energy Fuels also owns
uranium projects located in Arizona, Colorado, New Mexico, Utah and Wyoming in
the Western United States, including a currently producing mine, several mines
on standby, and mineral properties in various stages of permitting and
development. </P>
<P align=justify>Energy Fuels was incorporated on June 24, 1987 in the Province
of Alberta under the name &#147;368408 Alberta Inc.&#148; In October 1987, the name was
changed to &#147;Trevco Oil &amp; Gas Ltd.&#148; In May 1990 the name was changed to &#147;Trev
Corp.&#148; In August 1994 the name was changed to &#147;Orogrande Resources Inc.&#148; In
April 2001, the name was changed to &#147;Volcanic Metals Exploration Inc.&#148; On
September 2, 2005, Volcanic Metals Exploration Inc. was continued under the
Business Corporations Act (Ontario). On March 26, 2006, Volcanic Metals
Exploration Inc. acquired 100% of the outstanding shares of &#147;Energy Fuels
Resources Corporation.&#148; On May 26, 2006, Volcanic Metals Exploration Inc.
changed its name to &#147;Energy Fuels Inc.&#148; </P>
<P align=justify>Energy Fuels is listed on the TSX, under the trading symbol
&#147;EFR&#148; and on the NYSE MKT, under the trading symbol &#147;UUUU&#148;. The principal
executive office of Energy Fuels and its subsidiaries, through which it owns and
operates its business in the United States, is located at 225 Union Blvd., Suite
600, Lakewood, Colorado 80228, and Energy Fuels&#146; telephone number is (303)
974-2140. Energy Fuels maintains an administrative office located at 2 Toronto
Street, Suite 500, Toronto, Ontario M5C 2B6. Energy Fuels&#146; website is
www.energyfuels.com. The content of Energy Fuels&#146; website and information
accessible through the website does not form part of this proxy
statement/prospectus. </P>
<P align=justify>Energy Fuels is an &#147;emerging growth company&#148; under the
Jumpstart Our Business Startups Act 2012 (the &#147;<B>Jobs Act</B>&#148;). See &#147;Risk
factors&#151;Risks Relating to the Combined Company&#148; beginning on page 39 and
&#147;Energy Fuels&#146; Business&#148; beginning on page 51. </P>
<P align=center>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><B>EFR Nevada Corp.</B></P>
<P align=justify>Merger Sub is a Nevada corporation and an indirect wholly owned
subsidiary of Energy Fuels. Merger Sub was formed solely for the purpose of
effecting the proposed merger with Uranerz and has not carried on any activities
other than in connection with the proposed merger. The address and telephone
number for Merger Sub&#146;s principal executive office is the same as for Energy
Fuels. </P>
<P align=justify><B>Uranerz Energy Corporation</B></P>
<P align=justify>Uranerz is a United States based uranium company focused on
commercial in-situ recovery (&#147;<B>ISR</B>&#148;) uranium exploration, extraction and
sales. ISR is a uranium extraction process that uses a &#147;leaching solution&#148; to
extract uranium from underground sandstone-hosted uranium deposits and it is the
generally accepted extraction technology used in the Powder River Basin area of
Wyoming. Uranerz controls a large strategic land position in the central Powder
River Basin, where it operates the Nichols Ranch ISR Uranium Project. The
Nichols Ranch ISR Uranium Project is currently licensed to include the Nichols
Ranch Unit and the Hank Unit. Under the licensed plan, a central processing
plant has been built at Nichols Ranch. The Nichols Ranch central processing
plant is fully operational and extraction has commenced from the initial
wellfields in the Nichols Unit. In May 2014, Uranerz submitted environmental
permit and license applications to incorporate the Jane Dough Unit, which is
adjacent to the Nichols Ranch Unit, into the Nichols Ranch ISR Uranium Project.
Uranerz is seeking to amend its original environmental permit and license to
revise the original plan of operations for the Nichols Ranch ISR Uranium Project
in order to bring the Jane Dough Unit into extraction operations before the Hank
Unit. Due to the close proximity, fluids produced from the Jane Dough Unit can
be delivered directly to the Nichols Ranch processing facility by pipeline and
an additional satellite processing facility may not be required. </P>
<P align=justify>Uranerz was incorporated under the laws of the State of Nevada
on May 26, 1999. On July 5, 2005, Uranerz changed its name from Carleton
Ventures Corp. to Uranerz Energy Corporation. Uranerz&#146; principal business office
is located at 1701 East &#147;E&#148; Street, Casper, Wyoming, 82605, and Uranerz&#146; phone
number is (307) 265-8900. Uranerz also maintains an administrative office
located at Suite 1410 - 800 West Pender Street, Vancouver, British Columbia,
Canada V6C 2V6, and Uranerz&#146; telephone number there is 604-689-1659 or
1-800-689-1659 (toll free). Uranerz&#146; website is www.uranerz.com. The content of
Uranerz&#146; website and information accessible through the website does not form
part of this proxy statement/prospectus. </P>
<P align=justify>Uranerz common stock is traded on the NYSE MKT and the Toronto
Stock Exchange under the symbol &#147;URZ&#148; and on the Frankfurt Exchange under the
symbol &#147;U9E.&#148; </P>
<P align=justify>Additional information about Uranerz is included in documents
publicly filed by Uranerz. See &#147;Where You Can Find More Information&#148; beginning
on page 213. </P>
<P align=justify><B>The Agreement and Plan of Merger </B></P>
<P align=justify>Under the terms of the Merger Agreement, Merger Sub will merge
with and into Uranerz, with Uranerz continuing as the surviving corporation. The
Merger Agreement is attached to this proxy statement/prospectus as Annex A and
is incorporated into this proxy statement/prospectus by reference. Uranerz and
Energy Fuels encourage you to read the entire Merger Agreement carefully as it
is the legal document that governs the Transaction. </P>
<P align=center>16 </P>
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<P align=justify><B>General </B></P>
<P align=justify>As a result of the Transaction, the separate corporate
existence of Merger Sub will cease and Uranerz will continue as the surviving
corporation of the merger with Merger Sub and become a wholly-owned indirect
subsidiary of Energy Fuels. </P>
<P align=justify>Holders of shares of Uranerz common stock, as of the Effective
Time, (other than Uranerz shareholders who have properly and validly exercised
and perfected their right to dissent) will exchange their shares of Uranerz
common stock for Energy Fuels common shares. Each Uranerz share will be
exchanged for 0.255 of an Energy Fuels common share. No fractional shares will
be issued as the number of shares issued will be rounded to the nearest whole
number and if the fraction is 0.5, the number of common shares issued shall be
rounded up to the next whole number. Following the completion of the
Transaction, it is expected that current Uranerz shareholders will own
approximately 55% of Energy Fuels common shares.</P>
<P align=justify>Upon the closing of the Transaction, Uranerz will cease trading
on the NYSE MKT, the TSX and the Frankfurt Exchange. Energy Fuels will continue
to trade after the Transaction on the TSX under the symbol &#147;EFR&#148; and on the NYSE
MKT under the symbol &#147;UUUU.&#148; </P>
<P align=justify><B>Reasons for the Transaction </B></P>
<P align=justify>The Uranerz board of directors, based on the recommendation of
an independent special committee of the board of directors of Uranerz (the
&#147;<B>Special Committee</B>&#148;), has determined that the Transaction and the terms
of the Merger Agreement are in the best interests of Uranerz and its
shareholders and has approved the Merger Agreement. For a description of the
factors on which the Uranerz board of directors based its determination, see
&#147;Proposal One&#151;The Transaction&#151;Recommendations of the Uranerz Board of Directors;
Uranerz&#146; Reasons for the Transaction&#148; beginning on page 79. </P>
<P align=justify><B>Opinion of Euro Pacific, the Special Committee&#146;s Financial
Advisor </B></P>
<P align=justify>At a meeting of the entire board of directors of Uranerz held
on January 3, 2015, Euro Pacific Canada Inc. (&#147;<B>Euro Pacific</B>&#148;) rendered
its oral opinion, subsequently confirmed in writing, to the Special Committee of
Uranerz&#146; board of directors that, as of such date, and based upon and subject to
the various assumptions made, procedures followed, matters considered and
qualifications and limitations set forth in the opinion, the per share
consideration to be received by the shareholders of Uranerz pursuant to the
Merger Agreement was fair, from a financial point of view, to such shareholders.
</P>
<P align=justify>Euro Pacific&#146;s opinion was directed to the Special Committee
and only addressed the fairness from a financial point of view of the per share
consideration of 0.255 common shares of Energy Fuels to be received by the
shareholders of Uranerz for each share of Uranerz pursuant to the Merger
Agreement, and does not address any other aspect or implication of the
Transaction. Euro Pacific&#146;s opinion does not address the relative merits of the
Transaction as compared to any alternative business strategies that might exist
for Uranerz. The summary of Euro Pacific&#146;s opinion in this proxy
statement/prospectus is qualified in its entirety by reference to the full text
of its written opinion, which is included as Annex D to this proxy
statement/prospectus and sets forth the procedures followed, assumptions made,
qualifications and limitations on the review undertaken and other matters
considered by Euro Pacific in preparing its opinion. We encourage holders of the
shares to read carefully the full text of Euro Pacific&#146;s written opinion.
However, neither Euro Pacific&#146;s opinion nor the summary of its opinion and the
related analyses set forth in this proxy statement are intended to be, and do
not constitute advice or a recommendation to the Special Committee, the board of
directors or any holder of the shares as to how to act or vote with respect to
the Transaction. Please see &#147;Proposal One&#151;The Transaction&#151;Opinion of Euro
Pacific Canada Inc., the Special Committee&#146;s Independent Financial Advisor&#148;
beginning on page 85 for additional information. </P>
<P align=center>17 </P>
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<P align=justify><B>Uranerz&#146; Special Meeting of Shareholders </B></P>
<P align=justify>Uranerz&#146; special meeting of shareholders will be held at the
Casper Petroleum Club, 1301 Wilkins Circle, Casper, Wyoming, U.S.A. 82601 at
10:00 am Mountain Daylight Time, on June 18, 2015. At the Special Meeting, shareholders of Uranerz will consider and vote upon a proposal to approve the Merger Agreement
and the Transaction and the other proposals described in the notice for the
meeting included with this proxy statement/prospectus. Only shareholders of
record at the close of business on May 26, 2015, the record date, will be entitled
to vote at the special meeting. </P>
<P align=justify><B>Quorum and Vote Required at the Special Meeting </B></P>
<P align=justify>The quorum requirement for the special meeting is one-third of
the voting power of the issued and outstanding voting stock present in person or
by proxy. The proposal for the approval of the Merger Agreement and the
Transaction will be approved if (i) holders of a majority of the issued and
outstanding shares of Uranerz common stock as of the record date vote in favor
of the proposal and (ii) the holders of the majority of shares of Uranerz common
stock cast at the Special Meeting, exclusive of all shares of common stock
owned, directly or indirectly by Energy Fuels, Merger Sub and the officers and
directors of Uranerz who vote in favor of the proposal.</P>
<P align=justify><B>Shares Beneficially Owned as of the Record Date </B></P>
<P align=justify>Based on 95,912,806 shares of common stock, the number of shares of Uranerz common stock outstanding as of
May 26, 2015, or the record date, the
directors and executive officers of Uranerz and their affiliates, as a group,
beneficially own approximately 3,828,600 shares of Uranerz common stock, or
approximately 3.99% of the outstanding shares of Uranerz common stock entitled to
be voted at the Special Meeting. </P>
<P align=justify>In connection with the Merger Agreement, on January 4, 2015,
Energy Fuels entered into support agreements with each of the directors and
certain officers of Uranerz. Each support agreement provides that the Uranerz
shareholder party to the agreement will vote for and support the Transaction. As
a result of the support agreements and based on shares of Uranerz common stock
outstanding as of May 26, 2015, Energy Fuels has voting control with respect
to 3,829,000 shares of Uranerz common stock, or approximately 3.99% of the
outstanding shares of Uranerz common stock entitled to be voted at the Special
Meeting. </P>
<P align=justify><B>Uranerz Options and Warrants </B></P>
<P align=justify>Each outstanding Uranerz warrant will entitle its holder to
acquire, in lieu of one Uranerz share of common stock, 0.255 of an Energy Fuels
common share (subject to adjustment in the same manner as the adjustments
relating to the shares of Uranerz common stock) upon exercise in accordance with
the terms of the original Uranerz warrant (with the exercise price to be
adjusted to reflect a price per Energy Fuels common share). For more information
on the exchange of the Uranerz warrants, see &#147;The Agreement and Plan of
Merger&#151;Treatment of Warrants&#148; on page 153 of this proxy statement/prospectus. As
a result of the Transaction, certain non-U.S. holders of Uranerz warrants who
are greater than 5% holders as determined under Section 897 and 1445 of the Code
(as defined below) may become subject to U.S. tax withholding under the Foreign
Investment in Real Property Tax Act.</P>
<P align=justify>Each outstanding Uranerz option will be automatically converted
at the Effective Time into options to acquire, in lieu of one Uranerz share of
common stock, 0.255 of an Energy Fuels common share (subject to adjustment in
the same manner as the adjustments related to the shares of Uranerz common
stock) upon exercise in accordance with the terms of the original Uranerz option
(with the exercise price to be adjusted to reflect a price per Energy Fuels
common shares) as granted under Uranerz&#146; 2005 Nonqualified Stock Option Plan.
Uranerz options held by independent directors of Uranerz, who will not
continue as officers or directors of Energy Fuels on Closing, shall expire on
the earlier of (i) the original expiry date of such Uranerz option or (ii) six
months after the Closing Date. For more information on the exchange of the
Uranerz options, see &#147;The Agreement and Plan of Merger&#151;Treatment of Stock
Options&#148; on page 153 of this proxy statement/prospectus. </P>
<P align=center>18 </P>
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<P align=justify><B>Dissenters&#146; Rights </B></P>
<P align=justify>Nevada Revised Statutes Section 92A.380 generally provides
shareholders of Nevada corporations with dissent rights in connection with
merger transactions, such as included as part of the Transaction, that are
completed under Chapter 92A &#150; &#147;Mergers, Conversions, Exchange and
Domestications&#148;. While there is an exemption from these dissent requirements for
companies such as Uranerz whose shares are traded on a &#147;national securities
exchange&#148; and are accordingly &#147;covered securities&#148; under the Securities Act of
1933, the Uranerz board of directors has nevertheless determined that it is
appropriate to grant dissent rights to Uranerz shareholders in connection with
the Transaction. Accordingly, a Uranerz shareholder may dissent from the
Transaction and request that the surviving corporation purchase such
shareholder&#146;s shares of Uranerz Common Stock for their &#147;fair value.&#148; However, to
do this, such Uranerz shareholder must strictly comply with all applicable
requirements of Nevada law.</P>
<P align=justify>A copy of Nevada Revised Statutes Sections 92A.300-92A.500,
inclusive, regarding dissenters&#146; rights is attached to this proxy
statement/prospectus as Annex B. Shareholders who are considering exercising
dissenters&#146; rights should review the statutes carefully, particularly the steps
required to perfect dissenters&#146; rights. NO PROVISION UNDER NEVADA LAW PROVIDES A
SHAREHOLDER THE RIGHT TO LATER DEMAND PAYMENT, IF THE SHAREHOLDER DOES NOT FULLY
COMPLY WITH ALL OF THE STATUTORY REQUIREMENTS. Set forth below is a summary of
the steps to be taken by a Uranerz shareholder to exercise the right to dissent.
This summary should be read in conjunction with the full text of Nevada Revised
Statutes Sections 92A.300-92A.500 attached hereto as Annex B. </P>
<P align=justify>To exercise your right to dissent: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>BEFORE THE VOTE IS TAKEN ON PROPOSAL ONE, YOU MUST DELIVER WRITTEN NOTICE
  TO US STATING THAT YOU INTEND TO DEMAND PAYMENT FOR YOUR SHARES IF THE
  TRANSACTION IS CONSUMMATED; AND
  <LI>YOU MUST NOT VOTE YOUR SHARES OF URANERZ COMMON STOCK IN FAVOR OF THE
  TRANSACTION EITHER BY PROXY OR IN PERSON. </LI></UL>
<P align=justify>If you (i) send written notice of your intent to dissent before
the vote on the Transaction and (ii) do not vote in favor of the Transaction,
the surviving corporation is required to send to you a written dissenters&#146;
notice within ten days after the Transaction is consummated telling you: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>where your demand for payment for your Uranerz common stock must be sent
  and where and when your stock certificates must be deposited;
  <LI>if your Uranerz common stock holding is not represented by certificates,
  to what extent the transfer of your Uranerz common stock will be restricted
  after the demand for payment is received; and
  <LI>the date by which the surviving corporation must receive your written
  demand form, which must be between 30 and 60 days after delivery of the
  surviving corporation&#146;s notice to you, </LI></UL>
<P align=center>19 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and providing
you with: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>a form to demand payment; and
  <LI>a copy of Nevada Revised Statutes Sections 92A.300 &#150; 92A.500, inclusive.
  </LI></UL>
<P align=justify>YOUR FAILURE TO DEMAND PAYMENT IN THE PROPER FORM OR DEPOSIT
YOUR CERTIFICATES AS DESCRIBED IN THE DISSENTERS&#146; NOTICE WILL TERMINATE YOUR
RIGHT TO RECEIVE PAYMENT FOR YOUR URANERZ COMMON STOCK OTHER THAN AS PROVIDED IN
THE MERGER AGREEMENT. </P>
<P align=justify>If you properly exercise your right to dissent and acquired
your Uranerz common stock before January 5, 2015, when notice of the Transaction
was first publicly made, then within 30 days of receipt of a properly executed
demand for payment from you, the surviving corporation must pay you what it
determines to be the fair value for your Uranerz common stock, plus interest.
Payment is required to be accompanied by (i) specific financial records of
Uranerz, (ii) a statement of the surviving corporation&#146;s fair value estimate,
including how interest was calculated, (iii) information regarding your right to
challenge the fair value estimate, and (iv) copies of relevant portions of the
Nevada law. </P>
<P align=justify>If you properly exercise your right to dissent and acquired
your shares on or after January 5, 2015, you are entitled to receive payment of
the amount that the surviving corporation estimates is the fair value of your
Uranerz common stock but only if you accept that estimate. If you wish to
contest the estimate, you may do so, but then you will not receive any payment
until the contest is resolved. </P>
<P align=justify>Within 30 days of the surviving corporation&#146;s fair value
payment or notice, you have the right to notify the surviving corporation, in
writing, of your own fair value estimate and demand payment of the amount not
yet paid. Failure to do so will terminate your right to challenge the surviving
corporation&#146;s calculation of fair value. If you and the surviving corporation
cannot agree on fair value, then the surviving corporation must commence legal
action within 60 days after it receives your shareholder demand, seeking court
determination of fair value. If the surviving corporation fails to commence a
legal action within the 60-day period, it must pay each dissenter whose demand
remains unsettled the amount he, she or it demanded. Proceedings instituted by
the surviving corporation will be in Clark County, Nevada. Costs of legal action
will be assessed against the surviving corporation, unless the court finds that
the dissenters acted arbitrarily, vexatiously or not in good faith, in which
case costs will be equitably distributed. Attorneys&#146; and expert fees may be
awarded in such amount as the court deems equitable against any party that the
court determines has acted arbitrarily, vexatiously or not in good faith (in the
case of a former shareholder or the surviving corporation) or did not
substantially comply with Sections 92A.300 &#150; 92A.500 of the Nevada Revised
Statutes (in the case of the surviving corporation). </P>
<P align=justify>FAILURE TO COMPLY STRICTLY WITH THE PROCEDURES SET FORTH IN THE
NEVADA STATUTE WILL RESULT IN THE LOSS OF DISSENTERS&#146; RIGHTS. </P>
<P align=justify>A Uranerz shareholder who signs and returns the enclosed proxy
card without expressly directing that his, her or its shares of Uranerz common
stock be voted against the Merger Agreement will effectively waive his, her or
its dissenters&#146; rights because the shares represented by the proxy form will be
voted FOR the approval and adoption of the Merger Agreement. </P>
<P align=justify>Accordingly, a shareholder who desires to exercise and perfect
dissenters&#146; rights with respect to any of his, her or its shares of Uranerz
common stock must either (i) refrain from executing and returning the enclosed
proxy form and from voting in person in favor of the proposal to approve the
Merger Agreement, or (ii) check either the &#147;Against&#148; or the &#147;Abstain&#148; box next to Proposal One on such
form, or (iii) rescind any proxy and refrain from voting in favor of Proposal
One. An abstention or a vote or proxy against the Merger Agreement will not, in
and of itself, constitute a notice of intent to dissent required under Nevada
law. </P>
<P align=center>20 </P>
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<P align=justify>A notice of intent to dissent may be executed by a record
holder of Uranerz common stock, and may be either on behalf of such record
holder or the beneficial owner of the Uranerz common stock, as the case may be.
It must state that the record holder intends thereby to demand payment for his,
her or its shares of Uranerz common stock if the Transaction is consummated. It
should also state the record holder&#146;s name, as it appears on the stock
certificate. A record holder, other than a person (such as a stock broker) who
holds shares as nominee for several beneficial owners, who determines to elect
to exercise dissenters&#146; rights must dissent as to all shares of Uranerz common
stock held by such record holder, or the record holder will lose his, her or its
right to elect to exercise dissenters&#146; rights for any of the Uranerz common
stock such record holder owns. </P>
<P align=justify>A record holder serving as a nominee may exercise dissenters&#146;
rights with respect to all, but not less than all, of the shares of Uranerz
common stock held for one or more beneficial owners while not exercising such
rights with respect to the shares held for other beneficial owners. However, in
such case, the written notice of intent to dissent should set forth fully and
correctly (i) the record holder&#146;s name, as it appears on the stock certificate,
and (ii) the name(s) and address(es) of and number of shares owned beneficially
by each beneficial owner as to whom the record holder is dissenting. </P>
<P align=justify>A beneficial owner may also directly exercise the right of
dissent WITH THE WRITTEN CONSENT OF THE RECORD HOLDER, in which case the consent
of the record holder must be provided to us not later than the beneficial
owner&#146;s notice of dissent. In such a case, the beneficial owner must dissent as
to all shares of Uranerz common stock that he, she or it owns or over which he,
she or it has voting control. </P>
<P align=justify>Shareholders who hold their shares in brokerage accounts or
other nominee form and who wish to exercise dissenters&#146; rights are urged to
consult with their brokers or nominees to determine the appropriate procedures.
</P>
<P align=justify>If the shares of Uranerz common stock are owned in a fiduciary
capacity, such as by a trustee, guardian or custodian, execution of the notice
of intent to dissent should be made in that capacity, and if the shares are
owned by more than one person, as in a joint tenancy or tenancy in common, the
notice should be executed by or on behalf of all joint owners. An authorized
agent, including one for two or more joint owners, may execute the notice of
intent to dissent on behalf of an owner; however, the agent must identify the
owner or owners and expressly disclose the fact that, in executing the notice,
he, she or it is acting as agent for such owner or owners. </P>
<P align=justify>WRITTEN NOTICES OF INTENT TO DISSENT AND DEMAND PAYMENT FOR
SHARES OF URANERZ COMMON STOCK IF THE TRANSACTION IS CONSUMMATED MUST BE
DELIVERED PRIOR TO THE VOTE ON THE MERGER AGREEMENT TO EITHER: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Uranerz Energy Corporation, Attention: Corporate Secretary, 1701 East &#147;E&#148;
  St., Casper, Wyoming, U.S.A., 82601; or
  <LI>in person, to the Secretary of Uranerz at the Special Meeting. </LI></UL>
<P align=justify>Shareholders considering seeking dissenters&#146; rights should be
aware that the fair value of their shares as determined under Nevada law could
be more than, the same as or less than the consideration they are entitled to
receive pursuant to the Merger Agreement if they did not seek payment of their
shares through the exercise of their dissenters&#146; rights. </P>
<P align=center>21 </P>
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<P align=justify>If any shareholder who properly demands payment for his, her or
its shares of Uranerz common stock under Nevada law fails to perfect, or
effectively withdraws or loses, the right to payment, as provided under Nevada
law, the shares of such shareholder will be converted into the right to receive
the consideration receivable with respect to such shares in accordance with the
Merger Agreement. </P>
<P align=justify>Because of the complexity of these procedures, you are urged to
seek the advice of legal counsel if you are considering exercising your
dissenter&#146;s rights. Any failure to strictly follow any of these procedures may
result in a termination or waiver of your dissenter&#146;s rights under Nevada law.
</P>
<P align=justify>Holders of Energy Fuels common shares are not entitled to
dissenters&#146; rights in connection with the issuance of Energy Fuels common shares
in the Transaction. </P>
<P align=justify><B>Unaudited Pro Forma Condensed Financial Information </B></P>
<P align=justify>For a discussion of the unaudited pro forma condensed financial
information, see &#147;Selected Historical and Unaudited Pro Forma Condensed
Financial Data&#148; beginning on page 29. </P>
<P align=justify><B>Accounting Treatment of the Transaction </B></P>
<P align=justify>Energy Fuels will account for the Transaction using the

business combination rules in accordance with IFRS. Under this method of accounting, Energy Fuels is considered the legal and
accounting acquirer and will record the acquisition based on the fair value of
the considerations given, which include the market value of its shares issued in
connection with the Transaction (based on the closing price of Energy Fuels&#146;
common shares at the Effective Time). The assets acquired, liabilities assumed
and non-controlling interests of Uranerz will be measured at their estimated
fair value. Consequently, the assets, liabilities and non-controlling interests
in the Uranerz purchase price allocation will be based on their estimated fair
values at the date of the completion of the Transaction. Any excess of the fair
value of considerations paid over the aggregate fair value of net assets
acquired will be recorded as goodwill.<B> </B></P>
<P align=justify><B>Regulatory Approvals </B></P>
<P align=justify>Uranerz and Energy Fuels intend to make all required filings
under the Securities Act and the Exchange Act, in connection with the
Transaction. In addition to the SEC filings there are filings required with the
TSX and NYSE MKT relating to the listing of Energy Fuels common shares to be
issued in the Transaction. </P>
<P align=justify>Furthermore, the completion of the Transaction is conditional
upon the following: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>clearance of the Transaction by the Committee on Foreign Investment in the
  United States (&#147;<B>CFIUS</B>&#148;). CFIUS may take measures and impose conditions
  to protect national security, certain of which may materially and adversely
  affect Energy Fuels&#146; operating results due to increased costs of compliance or
  by limiting Energy Fuels&#146; control over certain U.S. facilities, contracts,
  personnel or operations.
  <LI>Approval by the United States Nuclear Regulatory Commission (the
  &#147;<B>NRC</B>&#148;) with the respect to the Materials License issued by the NRC for
  the Uranerz Nichols Ranch ISR uranium project;
  <LI>Approval of the Wyoming Department of Environmental Quality (the
  &#147;<B>WDEQ</B>&#148;), to the extent that approval may be required, with respect to
  certain operational permits issued by the WDEQ for the Uranerz Nichols Ranch
  ISR uranium project; </LI></UL>
<P align=center>22 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>Acceptance by the State of Wyoming and Johnson County, Wyoming as required
  under the financing agreement entered into between Uranerz and Johnson County,
  Wyoming for the $20 million Nichols Ranch ISR uranium project bond financing;
  and
  <LI>Confirmation from the Utah Department of Environmental Quality that the
  Transaction does not constitute a change of control under the White Mesa
  Mill&#146;s Radioactive Materials License, Groundwater Discharge Permit or Air
  Approval Order or approval of any such change of control. </LI></UL>
<P align=justify>Neither Uranerz nor Energy Fuels can provide assurance that any
conditions, terms, obligations or restrictions required for any of the above
approvals will not result in a delay or abandonment of the Transaction.</P>
<P align=justify>The Transaction is not subject to pre-merger notification under
any U.S. or foreign antitrust laws, but it may be reviewed by the Antitrust
Division and the Federal Trade Commission and by foreign antitrust authorities,
under U.S. or foreign antitrust laws, respectively. The Transaction may also be
reviewed by the SEC under the Securities Act and Exchange Act, and by foreign
governmental authorities, including Canadian securities regulatory authorities
and the TSX. </P>
<P align=justify><B>Conditions to the Completion of the Transaction</B></P>
<P align=justify>Energy Fuels&#146; and Uranerz&#146; obligations to complete the
Transaction depend on a number of conditions being met. These include, among
others: </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>approval of the Uranerz shareholders and Unaffiliated
      Shareholders at the Special Meeting of Uranerz shareholders;</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>approval of the Energy Fuels shareholders at a special
      meeting of Energy Fuels shareholders, which may be combined with the
      annual meeting of Energy Fuels shareholders;</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>receipt or filing of all consents, approvals and
      authorizations of, any governmental authority required to be made or
      obtained by Uranerz, Energy Fuels, Merger Sub or any of their subsidiaries
      to consummate the Transaction shall have been made or obtained;</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>the absence of any order prohibiting the
    Transaction;</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>the absence of any judgment, order, or law which
      prohibits, materially restricts, makes illegal or enjoins the consummation
      of the Transaction;</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>the effectiveness of the registration statement for the
      Energy Fuels common shares to be issued in the Transaction and the
      approval for listing of such shares on the TSX and NYSE MKT;</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>subject to certain limitations and exceptions, the
      accuracy of the other party&#146;s representations and warranties and the
      performance in all material respects of its covenants as set out in the
      Merger Agreement;</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>the number of dissenting shares held by shareholders of
      Uranerz who have exercised dissent rights must comprise less than 5% of
      the issued and outstanding shares of common stock 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%">9. </TD>
    <TD>
      <P align=justify>Dennis Higgs and Glenn Catchpole must have been appointed
      to the board of directors of Energy Fuels and the Energy Fuels board of
      directors must be comprised of eight members;</P></TD></TR></TABLE>
<P align=center>23 </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 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%">10. </TD>
    <TD>
      <P align=justify>the absence of any material adverse change with respect
      to the business and affairs of either Uranerz (in the case of Energy
      Fuels) or Energy Fuels (in the case of Uranerz); and</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">11.</TD>
    <TD>
      <P align=justify>CFIUS approval will have been
obtained.</P></TD></TR></TABLE>
<P align=justify>Where permitted by applicable law, either of Energy Fuels or
Uranerz could choose to waive a condition to its respective obligation to
complete the Transaction even when that condition has not been satisfied. Energy
Fuels and Uranerz cannot be certain when, or if, the conditions to the
Transaction will be satisfied or waived, or that the Transaction will be
completed. See &#147;The Agreement and Plan of Merger&#151;Conditions to the Transaction&#148;
on page 171. </P>
<P align=justify><B>Termination and Termination Fees</B></P>
<P align=justify>The Merger Agreement may be terminated, either before or after
Uranerz&#146; shareholders approve the Merger Agreement, under certain circumstances
described in &#147;The Agreement and Plan of Merger&#151;Termination; Termination Fees
and Expenses&#148; on
page 174. If the Merger Agreement is terminated for certain specified reasons, Uranerz or Energy Fuels, as applicable, may have to pay a termination fee of $5
million. Please see &#147;The Agreement and Plan of Merger&#151;Termination Fees and
Expenses&#148; on page 174. </P>
<P align=justify><B>Resale of Energy Fuels Common Shares </B></P>
<P align=justify>All Energy Fuels common shares that each Uranerz shareholder
receives in the Transaction will be listed on the TSX and the NYSE MKT and will
be freely transferable under U.S. and Canadian securities laws unless a
shareholder is deemed an affiliate of Uranerz immediately prior to the
Transaction or an affiliate of Energy Fuels following the Transaction for
purposes of the U.S. securities laws or a control person of Energy Fuels
following the Transaction for purposes of Canadian securities laws. For more
information, see &#147;Proposal One&#151;The Transaction&#151;Restrictions on Sales of Shares
by Certain Affiliates&#148; on page 150. </P>
<P align=justify>If the Transaction is completed, shares of Uranerz common stock
will no longer be traded on the TSX or the NYSE MKT. </P>
<P align=justify><B>Exchange Agent </B></P>
<P align=justify>Prior to the closing, Energy Fuels will appoint an exchange
agent in connection with the Transaction. </P>
<P align=justify><B>Litigation Related to the Transaction </B></P>
<P align=justify>Since the Transaction was announced on January 5, 2015 Uranerz,
all of Uranerz&#146; directors, Energy Fuels, and Merger Sub have been named as
defendants in a number of putative shareholder class action suits in the
District Court, Clark County, Nevada and one in the District Court, Washoe
County, Nevada, by purported shareholders of Uranerz challenging the proposed
Transaction. Plaintiffs allege generally that Uranerz&#146; directors breached their
fiduciary duties in connection with the Transaction, and that Energy Fuels and
Merger Sub aided and abetted the fiduciary breaches. The actions seek, among
other things, to preliminarily and permanently enjoin the Transaction, damages,
and attorney&#146;s fees. Uranerz and Energy Fuels believe the claims asserted in the
complaints have no merit, and Uranerz and Energy Fuels and all of the members of
the board of directors of Uranerz intend to defend vigorously against them.</P>
<P align=justify><B>Interests of Certain Persons in the Transaction </B></P>
<P align=justify>You should be aware that a number of directors and executive
officers of Uranerz have interests in the Transaction that are different from,
or in addition to, yours. These interests include the intended employment of Paul Goranson by Energy Fuels after the Transaction, and the
intended appointment of Messrs. Higgs and Catchpole to the board of directors of
Energy Fuels. Additionally there are change of control agreements that provide
severance payments to certain employees upon a qualifying termination of
employment in connection with the Transaction, the receipt of liability
insurance and indemnification benefits by directors and officers of Uranerz from
Energy Fuels.</P>
<P align=center>24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_39></A>
<P align=justify><B>Material U.S. Federal Income Tax Considerations</B></P>
<P align=justify>The Transaction should be treated as a taxable exchange and not
as a tax-deferred exchange under Section 368(a) of the Code. Assuming that the
Transaction is a taxable transaction, the exchange of shares of Uranerz common
stock for Energy Fuels common shares will generally result in a U.S. holder of
shares of Uranerz common stock recognizing gain or loss equal to the difference
between (i) the fair market value of Energy Fuels common shares received by such
U.S. holder in the Transaction, and (ii) the adjusted tax basis of such U.S.
holder in such shares of Uranerz common stock exchanged as a result of the
Transaction. Assuming that the Transaction is a taxable transaction, under
certain circumstances, non-U.S. holders may be subject to U.S. tax on any gain
recognized as a result of the Transaction. In addition, under certain
circumstances, Energy Fuels may be required to withhold a portion of the
Transaction consideration payable to non-U.S. holders under applicable tax laws.
</P>
<P align=justify>The discussion of U.S. federal income tax considerations set
forth herein is for general information only and does not purport to be a
complete analysis or listing of all potential tax effects that may apply to a
U.S. holder or non-U.S. holder of shares of Uranerz common stock. Shareholders
of Uranerz should consult their own tax advisors to determine the particular tax
consequences to them of the Transaction, including the application and effect of
U.S. federal, state, local, non-U.S. and other tax laws. </P>
<P align=justify>The foregoing summary of U.S. federal income tax consequences
of the Transaction is qualified in its entirety by the longer form discussion
under &#147;Proposal One &#151; The Transaction&#151;Material U.S. Federal Income Tax
Considerations&#148; beginning on page 122 and &#147;Proposal One &#151; The Transaction &#151;
Material U.S. Federal Income Tax Considerations of the Transaction to Non-U.S.
Holders&#148; beginning on page 130. Neither Uranerz nor Energy Fuels has sought or
obtained a ruling from the IRS regarding any of the tax consequences of the
Transaction. Accordingly, there can be no assurance that the IRS will not
challenge this tax treatment of the Transaction or that the U.S. courts will
uphold this tax treatment in the event of an IRS challenge. </P>
<P align=justify><B>Material Canadian Federal Income Tax Considerations </B></P>
<P align=justify>Resident Uranerz Holders (as defined under &#147;Proposal One &#151; The
Transaction &#151; Material Canadian Federal Income Tax Considerations&#148;) of shares of
Uranerz common stock and Uranerz warrants should consult their own tax advisors
to determine the particular tax consequences to them of the Transaction.
Generally, for a Resident Uranerz Holder of the shares of Uranerz common stock,
the exchange of the shares of Uranerz common stock for Energy Fuels common
shares should be treated as a taxable disposition of such shares. Although the
matter is not free from doubt, Energy Fuels&#146; management believes the better view
is that a Resident Uranerz Holder should not realize a capital gain (or capital
loss) with respect to the treatment of the Uranerz warrants under the
Transaction at the Effective Time. Resident Uranerz Holders holding Uranerz
warrants within registered Plans should note that the effect of the Regulations
to the Income Tax Act (Canada) appears to be that Uranerz warrants cease to be a
&#147;qualified investment&#148;, and affected Resident Uranerz Holders should consult
their own tax advisors with respect to all potential implications and any
mitigating steps well in advance of the Effective Date. </P>
<P align=center>25 </P>
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noShade SIZE=5>
<!--$$/page=--><A name=page_40></A>
<P align=justify>Resident Uranerz Holders and Non-Resident Uranerz Holders (as
defined under &#147;Proposal One &#151; The Transaction &#151; Material Canadian Federal Income
Tax Considerations&#148;) of Uranerz common stock and Uranerz warrants should in any
event consult their own tax advisors regarding the specific Canadian tax
consequences. The foregoing description of Canadian federal income tax
consequences of the Transaction to the Resident Uranerz Holders of shares of
Uranerz common stock and Uranerz warrants is qualified in its entirety by the
longer form discussion under &#147;Proposal One &#151; The Transaction &#151; Material Canadian
Federal Income Tax Consequences - Considerations of the Transaction to Holders
of Shares of Uranerz Common Stock and Uranerz Warrants&#148; and &#147;Eligibility for
Investment&#148;. </P>
<P align=justify><B>Comparison of Rights of Shareholders of Uranerz and
Shareholders of Energy Fuels </B></P>
<P align=justify>The rights of Uranerz shareholders are currently governed by
Uranerz&#146; articles of incorporation (the &#147;<B>Uranerz Articles</B>&#148;), Uranerz&#146;
bylaws (the &#147;<B>Uranerz Bylaws</B>&#148;) and the Nevada Revised Statutes (the
&#147;<B>NRS</B>&#148;). If the Transaction is successfully completed, holders of shares
of Uranerz common stock will become shareholders of Energy Fuels. Thereafter,
their rights will be governed by the Business Corporations Act (Ontario) (the
&#147;<B>OBCA</B>&#148;) and subject to Energy Fuels&#146; articles of incorporation, as
amended (the &#147;<B>Energy Fuels Articles</B>&#148;) and Energy Fuels&#146; bylaws (the
&#147;<B>Energy Fuels Bylaws</B>&#148;). As a result, these Uranerz shareholders will have
different rights once they become shareholders of Energy Fuels due to the
differences in the governing documents of Energy Fuels and Uranerz. The key
differences are described in the section titled &#147;Comparison of Rights of
Shareholders of Uranerz and Shareholders of Energy Fuels&#148; beginning on page
26 of this proxy
statement/prospectus. </P>
<P align=justify><B>Risk Factors </B></P>
<P align=justify>There are risks associated with the Transaction, which are
described in the section titled &#147;Risk Factors&#148; beginning on page 34. You should
carefully read and consider these risks, which include, without limitation, the
following risks: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>The Exchange Ratio will not be adjusted in the event of any change in
  either Uranerz&#146; stock price or Energy Fuels&#146; stock price;
  <LI>Because the Transaction will be completed after the date of the Special
  Meeting, at the time of Uranerz&#146; Special Meeting, the exact market value of
  the Energy Fuels common shares that Uranerz shareholders will receive upon
  completion of the Transaction could be higher or lower than the market value
  at the time of the Special Meeting;
  <LI>The Transaction is subject to a number of conditions, including the
  receipt of consents and clearances from regulatory authorities that may not be
  obtained, may not be completed on a timely basis or may impose conditions that
  could have an adverse effect on Uranerz or Energy Fuels;
  <LI>Failure to complete the Transaction could negatively impact Uranerz&#146;
  business, financial condition, results of operations or stock price;
  <LI>Lawsuits have been filed against Uranerz, Uranerz&#146; directors, Energy Fuels
  and Merger Sub relating to the Transaction and an adverse ruling in any such
  lawsuit may prevent the Transaction from being completed;
  <LI>The rights of Uranerz&#146; shareholders who become Energy Fuels shareholders
  in the Transaction will be governed by the OBCA and subject to the Energy
  Fuels Articles and the Energy Fuels Bylaws; </LI></UL>
<P align=center>26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_41></A>
<UL style="TEXT-ALIGN: justify">
  <LI>The Merger Agreement contains provisions that could discourage a potential
  competing acquiror of Uranerz;
  <LI>The fairness opinion obtained by Uranerz from its financial advisor will
  not reflect subsequent changes that may occur or that have occurred after the
  date of the opinion;
  <LI>The market price of Energy Fuels&#146; common shares has been, and may continue
  to be, volatile, and Uranerz shareholders could lose all or part of their
  investment because the market price of Energy Fuels shares could drop
  significantly before or after the Transaction closes;
  <LI>Current Uranerz shareholders will have reduced ownership and voting
  interests after the Transaction;
  <LI>The Transaction will result in changes to Energy Fuels&#146; board of directors
  and management that may affect the strategy and operations of the combined
  company as compared to that of Uranerz and Energy Fuels as they currently
  exist;
  <LI>Any delay in completing the Transaction may reduce or eliminate the
  benefits expected to be achieved thereunder;
  <LI>Uncertainties associated with the Transaction may cause a loss of
  management personnel and other key employees which could adversely affect the
  future business and operations following the Transaction;
  <LI>The expected benefits of the Transaction may not be realized;
  <LI>The obligations and liabilities of Energy Fuels, some of which may be
  unanticipated or unknown, may be greater than anticipated, which may diminish
  the value of Energy Fuels&#146; common shares;
  <LI>Energy Fuels&#146; future results following the Transaction may differ
  materially from the unaudited pro forma financial information included in this
  document;
  <LI>Additional reporting requirements may apply if Energy Fuels loses its
  status as a Foreign Private Issuer under the Exchange Act;
  <LI>Uranerz and Energy Fuels expect to incur substantial expenses related to
  the Transaction and the integration of the two companies;
  <LI>Energy Fuels and Uranerz may be unable to integrate their respective
  businesses successfully;
  <LI>Energy Fuels&#146; future results will suffer if it does not effectively manage
  its expanded operations following the Transaction;
  <LI>The Transaction may result in a loss of customers, clients and strategic
  alliances;
  <LI>The market price of Energy Fuels&#146; common shares may be affected by factors
  different from those affecting Energy Fuels&#146; common shares or Uranerz&#146; common
  stock prior to consummation of the Transaction;
  <LI>Third parties may terminate or alter existing contracts with Uranerz and
  Energy Fuels;
  <LI>Energy Fuels faces a number of additional risks related to the operation
  of its business; and </LI></UL>
<P align=center>27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<UL style="TEXT-ALIGN: justify">
  <LI>The potential financial needs of the combined entity. </LI></UL>
<P align=justify><B>Enforceability of Civil Liabilities Against Foreign Persons
</B></P>
<P align=justify>Energy Fuels is a corporation governed by the OBCA and by the
applicable federal laws of Canada. Some of Energy Fuels&#146; assets are located
outside the United States and some of Energy Fuels&#146; directors and officers and
some of the experts named in this proxy statement/prospectus reside outside the
United States. Because some of these persons are located outside the United
States, it may not be possible for you to effect service of process within the
United States on these persons. Furthermore, it may not be possible for you to
enforce against Energy Fuels or them, in the United States, judgments obtained
in United States courts, because some of Energy Fuels&#146; assets and the assets of
these persons are located outside the United States. </P>
<P align=justify>There is doubt as to the enforceability, in original actions in
Canadian courts, of liabilities based on the United States federal securities
laws or &#147;blue sky&#148; laws of any state within the United States and as to the
enforceability in Canadian courts of judgments of United States courts obtained
in actions based on the civil liability provisions of the United States federal
securities laws or any such state securities or blue sky laws. Therefore, it may
not be possible to enforce those judgments against Energy Fuels, its directors
and officers and some of the experts named in this proxy statement/prospectus,
including the annexes hereto. </P>
<P align=center>28 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_43></A>
<P align=center><B>SELECTED HISTORICAL AND UNAUDITED PRO FORMA CONDENSED
FINANCIAL DATA </B></P>
<P align=justify><B>Selected Historical Financial Data of Energy Fuels </B></P>
<P align=justify>The following tables summarize Energy Fuels&#146; financial data.
The statements of operations data for the year ended December 31, 2014, the 15
months ended December 31, 2013 and the statement of financial position as of
December 31, 2014 and December 31, 2013 which are prepared in accordance with
International Financial Reporting Standards, or IFRS, are derived from Energy
Fuels&#146; audited annual financial statements and related notes contained in its
Annual Report on Form 40-F for the year ended December 31, 2014, which is
incorporated by reference in this proxy statement/prospectus. The statements of
operations data for the fiscal years ended September 30, 2012 and 2011 and the
statement of financial position data as of September 30, 2012 and 2011 are
derived from Energy Fuels&#146; audited financial statements and related notes, which
are not included in this proxy statement/prospectus and are not incorporated by
reference in this proxy statement/prospectus. The selected financial data
of Energy Fuels as of and for the three months ended March 31, 2015 and 2014 are
derived from Energy Fuels&#146; unaudited consolidated financial statements and
related notes filed with the SEC under cover of Form 6-K, which is incorporated
by reference in this proxy statement/prospectus.</P>
<P align=justify>Historical results are not indicative of the results that
should be expected in the future. The information set forth below is only a
summary and is not necessarily indicative of the results of future operations of
Energy Fuels or the combined company, and you should read the following
information together with Energy Fuels&#146; audited consolidated financial
statements, the notes related thereto and the document entitled &#147;Management&#146;s
Discussion and Analysis&#148; contained in Energy Fuels&#146; Annual Report on Form 40-F
for the fiscal year ended December 31, 2014 and Energy Fuels&#146; unaudited
consolidated financial statements, the notes related thereto and the document
entitled &#147;Management&#146;s Discussion and Analysis&#148; contained in Energy Fuels&#146; Form
6-K filed with the SEC on May 12, 2015, which are incorporated by reference in
this proxy statement/prospectus. For more information, see the section titled
&#147;Where You Can Find More Information&#148; beginning on page 213. </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 style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" nowrap
    >
    <p align="center"><b>As of March 31</b></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="23%"
    colSpan=4><B>As of December 31</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="23%"
    colSpan=4><B>As of September 30</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=left width="10%" nowrap
    >
    <p align="center"><B>2015</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" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>2014</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>2013</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>2012</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>2011</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><b>Statement of financial position data (in</b>
      <B>thousands)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%"  bgColor=#e6efff style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Statement of financial position data </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="2%" style="border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Total assets </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%"  bgColor=#e6efff>131,933</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;134,241
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;176,133
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;223,844
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;43,492 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Total liabilities </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%" >36,070</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;37,383 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;39,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;55,185 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;1,299 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Net assets </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%"  bgColor=#e6efff>95,863</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;96,858 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;137,133
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;168,659
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;42,193 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Capital stock </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%" >232,892</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;232,835 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;232,089 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;178,745 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;60,052 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Number of shares outstanding
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>19,678</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>19,678 </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 </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>13,572 </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>2,480 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="23%" colspan="4" nowrap ><b>For the three months</b></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>For the</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>For the 15</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="23%" colSpan=4><B>For the</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="23%" colspan="4" nowrap ><b>ended</b></TD>
    <TD align=left width="2%" style="border-bottom-style: none; border-bottom-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>year ended</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>months ended</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="23%" colSpan=4><B>year ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="23%" colspan="4" nowrap
    ><b>March 31</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" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>December 31</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>December 31</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="23%"
    colSpan=4><B>September 30</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=center width="10%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >
    <b>2015</b></TD>
    <TD align=center width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=center width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=center width="10%" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >
    <b>2014</b></TD>
    <TD align=left width="2%" style="border-style: none; border-width: medium" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="1%" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD noWrap align=center width="10%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>2014</B> </TD>
    <TD noWrap align=center width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD noWrap align=center width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD noWrap align=center width="10%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>2013</B> </TD>
    <TD noWrap align=center width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD noWrap align=center width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD noWrap align=center width="10%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>2012</B> </TD>
    <TD noWrap align=center width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD noWrap align=center width="1%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD noWrap align=center width="10%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><B>2011</B> </TD>
    <TD align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Statement of operations data </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="10%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="10%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Operating revenue </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%" >7,600</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%" >11,361</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;46,253 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;73,248 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;25,028 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Gross profit </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
    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="10%"
    bgColor=#e6efff>2,790</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>15,971 </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>5,467 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,318 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Net (loss) income </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%" >(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%">(43,612</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%">(87,325</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%">1,534 </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%">(3,567</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Basic and diluted (loss)
      income per common share </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>(0.12</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>(0.32</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(2.22</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(5.61</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>0.26 </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>(1.44</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR></TABLE>
<P align=center>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_44></A>
<P align=justify><B>Selected Historical Financial Data of Uranerz </B></P>
<P align=justify>The following tables summarize Uranerz&#146; financial data which
are prepared in accordance with accounting principles generally accepted in the
United States of America, or GAAP. The statements of operations data for the
years ended December 31, 2014, December 31, 2013 and December 31, 2012 and the
balance sheets as of December 31, 2014 and December 31, 2013 are derived from
Uranerz audited annual financial statements and related notes contained in its
Annual Report on Form 10-K for the year ended December 31, 2014, which is
incorporated by reference in this proxy statement/prospectus. The selected
consolidated financial data of Uranerz as of and for the three months ended
March 31, 2015 and 2014 are derived from Uranerz&#146; unaudited consolidated
financial statements and related notes contained in its Quarterly Report on Form
10-Q for the quarterly period ended March 31, 2015, which is incorporated by
reference in this proxy statement/prospectus.</P>
<P align=justify>Historical results are not indicative of the results that
should be expected in the future. The information set forth below is only a
summary and is not necessarily indicative of the results of future operations of
Uranerz or the combined company, and you should read the following information
together with Uranerz&#146; audited consolidated financial statements, the notes
related thereto and the section entitled &#147;Management&#146;s Discussion and Analysis
of Financial Condition and Results of Operations&#148; contained in Uranerz&#146; Annual
Report on Form 10-K for the fiscal year ended December 31, 2014, and Uranerz&#146;
unaudited consolidated financial statements, the notes related thereto and the
section entitled &#147;Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations&#148; contained in Uranerz&#146; Quarterly Report on Form 10-Q
for the quarterly period ended March 31, 2015, which are incorporated by
reference in this proxy statement/prospectus. For more information, see the
section entitled &#147;Where You Can Find More Information&#148; beginning on page 213. </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 align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="10%" nowrap
    ><b>As of March 31</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" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="52%"
    colSpan=13><B>As of December 31</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Balance sheet data (in thousands)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="10%" nowrap
    ><b>2015</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" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>2010</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance sheet data </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%"  bgColor=#e6efff style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Total assets </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%" >15,211</TD>
    <TD align=left width="2%" style="border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;19,058 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;16,949 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;11,553 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;38,894 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;40,634 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Total liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%"  bgColor=#e6efff>24,331</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;24,894 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;23,497 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;3,223 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;3,145 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Net assets </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%" >(9,119</TD>
    <TD align=left width="2%" >)</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;(5,836</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;(6,548</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;8,330 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;35,749 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;39,875 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Capital stock </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%"  bgColor=#e6efff>96</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;96 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;86 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;77 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;77 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;71 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Additional paid-in capital </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%" >170,461</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;169,499 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;156,815 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;145,422 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;143,877 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;123,139 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Number of shares outstanding
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%"  bgColor=#e6efff>95,913</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>95,895 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>85,815 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>77,208 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>77,087 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>70,821 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<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 style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="23%" colspan="4" nowrap
    ><b>For the three months ended March 31</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" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="52%"
    colSpan=13><B>For the year ended December 31</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%" nowrap
    ><b>2015</b></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=center width="10%" nowrap
    ><b>2014</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" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>2010</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Statement of operations data </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%"  bgColor=#e6efff style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-style: none; border-width: medium">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Operating revenue </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%" >3,400</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%" >-</TD>
    <TD vAlign=bottom align=left width="2%" style="border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;10,007 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;- </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;- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Gross profit </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>1,489</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="8%" bgColor=#e6efff>3,793 </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>- </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>- </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>- </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>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Net loss attributable to Uranerz Stockholders
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" >(4,255</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%" >(4,909</TD>
    <TD vAlign=bottom align=left width="2%" >)</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(11,977</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(26,271</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(28,974</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(24,874</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(14,600</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Basic and diluted loss per
      common share </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>(0.04</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>(0.06</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(0.13</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(0.33</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(0.38</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(0.33</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(0.23</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR></TABLE></DIV>
<P align=center>30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B>Selected Unaudited Pro Forma Condensed Financial Data
</B></P>
<P align=justify>The unaudited pro forma condensed consolidated financial
statements of Energy Fuels for the three months ended March 31, 2015 and the
year ended December 31, 2014 included in this proxy statement/prospectus have
been prepared by Energy Fuels using the business combination rules under IFRS.
The pro forma condensed consolidated statement of financial position of Energy
Fuels as at March 31, 2015 assumes that the Transaction took place on March 31,
2015, and combines the Energy Fuels unaudited condensed consolidated balance sheet at
March 31, 2015 with Uranerz&#146; unaudited consolidated balance sheet at March 31,
2015, with adjustments. The pro forma condensed consolidated statement of
comprehensive income (loss) of Energy Fuels for the three months ended March 31,
2015 assumes that the Transaction took place as of January 1, 2014 and combines
the unaudited condensed consolidated statement of comprehensive  loss of
Energy Fuels for the three months ended March 31, 2015 and the unaudited
consolidated statement of comprehensive income (loss) of Uranerz for the three
months ended March 31, 2015, with adjustments. The pro forma condensed
consolidated statement of comprehensive income  (loss) of Energy Fuels for the
year ended December 31, 2014 assumes that the Transaction took place as of
January 1, 2014 and combines the audited consolidated statement of  loss
of Energy Fuels for the year ended December 31, 2014 and the audited
consolidated statement of income  (loss) of Uranerz for the year ended December
31, 2014, with adjustments. In preparing these unaudited pro forma condensed
financial statements, Energy Fuels has adjusted Uranerz&#146; financial statements to
conform to IFRS and to Energy Fuels&#146; accounting policies. These adjustments are
described in the notes to the unaudited pro forma condensed financial statements
of Energy Fuels for the three months ended March 31, 2015 and the year ended
December 31, 2014 which should be read in conjunction with the selected
unaudited pro forma condensed financial data presented below. </P>
<P align=justify>The unaudited pro forma condensed financial statements assume
that, at the Effective Time, each outstanding Uranerz share will be converted
into the right to receive 0.255 of an Energy Fuels common share. Pro forma book
value per share is calculated by dividing total assets (including both tangible
and intangible assets) minus total liabilities of Energy Fuels as at March 31,
2015 under IFRS by the total number of Energy Fuels common shares outstanding at
such date (including issuance of Energy Fuels shares to Uranerz shareholders as
of such date). </P>
<P align=justify>The selected unaudited pro forma condensed financial data is
based on estimates and assumptions that are preliminary, presented for
illustrative purposes only and is not necessarily indicative of the combined
financial position or results of operations of future periods or the results
that actually would have been realized had the entities been a single entity
during these periods. The assumptions underlying the selected unaudited pro
forma condensed financial data described in the notes to the unaudited pro forma
condensed financial statements of Energy Fuels for the three months ended March
31, 2015 and should be read in conjunction with the selected unaudited pro forma
condensed financial data presented below. The following information should also
be read in conjunction with (i) the unaudited condensed consolidated financial statements of
Energy Fuels for the three months ended March 31, 2015, including the notes thereto,
contained in Energy Fuels&#146; Form 6-K filed with the SEC on May 12, 2015, and (ii) the
unaudited consolidated financial statements of Uranerz, including the notes thereto, contained in Uranerz&#146;
Quarterly Report on
Form 10-Q for the quarter ended March 31, 2015, each of which are incorporated
by reference into this proxy statement/prospectus. See &#147;Unaudited Pro Forma
Condensed Financial Statements&#148; on page 186 of this proxy statement/prospectus.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Pro Forma Statement of financial position data</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="12%"><B>As of </B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " noWrap align=center
      width="12%"><B>March</B> <B>31</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>(in thousands)</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" noWrap align=center
      width="12%"><B>2015</B></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Pro Forma Statement of financial position data </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Total assets </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">282,509</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Total liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(60,960</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>)</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Net assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">221,549</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Capital stock </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>356,547</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;&nbsp; Number of shares outstanding </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#ffffff>44,965</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR></TABLE></DIV>
<P align=center>31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Pro Forma Statement of Operations data</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%" nowrap ><b>Three months ended</b></TD>
    <TD align=left width="2%" nowrap >&nbsp;</TD>
    <TD align=left width="1%" nowrap >&nbsp;</TD>
    <TD noWrap align=center width="12%"><B>Year ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>(in thousands)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%" nowrap
    ><b>March 31, 2015</b></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="12%"><B>December 31, 2014</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Pro Forma Statement of operations data </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Operating revenue </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%" >11,000</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">56,260 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Gross Profit </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>2,489</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>13,296 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Net loss </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >(5,180</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%">(56,723</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Basic and diluted loss per
      common share </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff>(0.12</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(1.26</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Shares used in computing net loss per share
</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >44,965</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%">44,949 </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B>Comparative Historical Per Share Data </B></P>
<P align=justify>The following tables contain certain historical per share data
of Energy Fuels and Uranerz and combined per share data on an unaudited pro
forma combined basis after giving effect to the Transaction using the
acquisition method of accounting. </P>
<P align=justify>The unaudited pro forma combined per share data was derived
from financial information of Energy Fuels and Uranerz included elsewhere in
this proxy statement/prospectus. The information in the table should be read in
conjunction with the historical financial statements of Energy Fuels and Uranerz
and related notes, which are incorporated by reference into this proxy
statement/prospectus. The unaudited pro forma combined data is based on
estimates and assumptions that Energy Fuels and Uranerz believe are reasonable.
It is not necessarily indicative of the consolidated financial position or
results of income in future periods or the results that actually would have been
realized had Energy Fuels and Uranerz been a combined company as of the
beginning of the periods presented.</P>
<P align=justify>Energy Fuels and Uranerz present basic loss per share for their
common shares, calculated by dividing the loss attributable to their common
shareholders by the weighted average number of common shares outstanding during
the period. Diluted loss per share does not adjust the loss attributable to
common shareholders or the weighted average number of common shares outstanding
when the effect is anti-dilutive. Historical book values for Energy Fuels and
Uranerz are calculated by dividing total assets (including both tangible and
intangible assets) minus total liabilities as at the dates indicated below by
the total number of common shares outstanding as of such dates.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Energy Fuels Inc. - Historical per share data</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Net (loss) income per basic and diluted
      share </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="12%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-left: 5%">For the three months ended March 31, 2015</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">(0.12</TD>
    <TD vAlign=bottom align=left width="2%">)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">
    <p style="margin-left: 5%">For the year ended December 31, 2014 </TD>
    <TD vAlign=bottom align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD vAlign=bottom align=right width="12%" bgcolor="#E6EFFF">(2.22</TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF"
>)</TD></TR>
  <TR vAlign=top>
    <TD align=left>Book value per share as at March 31, 2015</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">4.87</TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE></DIV><BR>

<div align="center">


<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Uranerz Energy Corporation - Historical per share data</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%"
    >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Net (loss) income per basic and diluted
      share </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left width="12%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="margin-left: 5%">For the three months ended March 31, 2015</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">(0.04</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">
    <p style="margin-left: 5%">For the year ended December 31, 2014</TD>
    <TD vAlign=bottom align=left width="1%" bgcolor="#E6EFFF">$</TD>
    <TD vAlign=bottom align=right width="12%" bgcolor="#E6EFFF">(0.13</TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF">) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Book value per share as at March 31, 2015</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">(0.10</TD>
    <TD vAlign=bottom align=left width="2%">)</TD></TR></TABLE>
  </center>
</div>
<P align=center>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_47></A><BR>

<div align="center">


<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Combined Energy Fuels and Uranerz</B> <B>- Pro forma combined</B>
</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Net (loss) income per basic and diluted share </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="12%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR>
    <TD>
    <p style="margin-left: 5%">For the three months ended March 31, 2015</TD>
    <TD width="1%">$</TD>
    <TD width="12%" align="right">&nbsp; (0.12</TD>
    <TD width="2%">)</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">
    <p style="margin-left: 5%">For the year ended December 31, 2014</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#E6EFFF">(1.26</TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >)</TD></TR>
  <TR vAlign=top>
    <TD align=left>Book value per share </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">4.91</TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE></center>
</div>
</DIV>
<P align=justify><B>Comparative Per Share Market Price Data </B></P>
<P align=justify>Energy Fuels&#146; common shares are listed on the TSX under the
symbol &#147;EFR&#148; and on the NYSE MKT under the symbol &#147;UUUU,&#148; and shares of Uranerz
common stock are listed on the NYSE MKT and the TSX under the symbol &#147;URZ.&#148; The
following table shows the closing sales prices of Energy Fuels common shares (as
reported on the NYSE MKT) and shares of Uranerz common stock (as reported on
NYSE MKT) on January 2, 2015, the last trading day before the Merger Agreement
was announced, and on May 15, 2015. </P>
<P align=justify>The table also shows the implied value of the Transaction
consideration proposed for each Uranerz common share, which was calculated by
taking the product of the closing price on the NYSE MKT of Energy Fuels common
shares as of the respective date and the Exchange Ratio, which is 0.255. For
more information on the calculation of the Exchange Ratio, please see &#147;The
Agreement and Plan of Merger&#151; Consideration to be Received Pursuant to the
Transaction&#148; on page 152. The actual market value of the Energy Fuels common
shares that a shareholder will receive on the date of the Transaction may be
higher or lower than the prices set forth below. </P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Transaction</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Uranerz</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Consideration</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Energy</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Energy</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>per share of</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Fuels</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Corporation</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Uranerz</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Common</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Common</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Common</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>Shares</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>Stock</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>Stock</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>January 2, 2015 </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>6.16 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1.15 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1.57 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>May 15, 2015 </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">4.89</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">1.17</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">1.25</TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>See &#147;Market Price and Dividend Information&#148; on page
182 for
more information.</P>
<P align=center><B>EXCHANGE RATE INFORMATION </B></P>
<P align=justify>The following table shows, for the periods indicated,
information concerning the exchange rate between the Canadian dollar and the
U.S. dollar. The data provided in the following table are expressed in U.S.
dollars per Canadian dollar and are based on the noon exchange rates published
by the Bank of Canada for the Canadian dollar. This information is provided
solely for your information, and Energy Fuels and Uranerz do not represent that
Canadian dollars could be converted into U.S. dollars at these rates or at any
other rate. These rates are not the rates used by Energy Fuels in the preparation of its consolidated financial
statements included in this proxy statement/prospectus. </P>
<P align=center>33 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_48></A>
<P align=justify>On January 2, 2015, the last trading day before the Merger
Agreement was announced, the closing exchange rate between the U.S. dollar and
the Canadian dollar expressed in U.S. dollars per Canadian dollar as reported by
the Bank of Canada was 0.8502. On May 22, 2015, the noon exchange rate as
reported by the Bank of Canada was 0.8138 of a U.S. Dollar for each one Canadian
dollar. </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="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>Period-</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>Average</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Recent Monthly Data</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>End Rate(1)</B></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>Rate(2)</B></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>High</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>Low</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>May 2015 (May 1 to 22)</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.8138</TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.8368</TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.8263</TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.8138</TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF>April 2015</TD>
    <TD align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8252</TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8110 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8365 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.7929 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">March 2015 </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.7885 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.7924 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.8060 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.7811 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF>February 2015 </TD>
    <TD align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.7995 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8000 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8063 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.7915 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">January 2015 </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.7863 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.8254 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.8527 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.7863 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF>December 2014 </TD>
    <TD align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8620 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8671 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8815 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8589 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">November 2014 </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.8751 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.8829 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.89 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.8751 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF>October 2014 </TD>
    <TD align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8869 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8919 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8980 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8858 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">September 2014 </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.8922 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9081 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9206 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.8922 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF>August 2014 </TD>
    <TD align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9210 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9151 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9211 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9106 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">July 2014 </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9183 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9312 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9404 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9167 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF>June 2014 </TD>
    <TD align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9367 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9233 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9367 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9143 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">May 2014 </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9202 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9180 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9228 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9113 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF>April 2014 </TD>
    <TD align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9127 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9098 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9172 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9056 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">March 2014 </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9047 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9003 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9119 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.8888 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF>February 2014 </TD>
    <TD align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9029 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9046 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.9130 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#FFFFFF>0.8977 </TD>
    <TD align=right width="2%" bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">January 2014 </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.8994 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9139 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.9422 </TD>
    <TD align=right width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="7%" bgcolor="#E6EFFF">0.8952 </TD>
    <TD align=right 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>

  <TR vAlign=top>
    <TD align=left><B>Annual Data (Year ended December 31)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>2015 (to May 22, 2015) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.8138 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.8099 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.8527 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.7811 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>2014 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">0.8620 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">0.9054 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">0.9422 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">0.8589 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>2013 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.9402 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.9710 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>1.0164 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.9348 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>2012 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">1.0051 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">1.0004 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">1.0299 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">0.9599 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>2011 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.9833 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>1.0111 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>1.0583 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>0.9430 </TD>
    <TD 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 width="5%">(1) </TD>
    <TD>
      <P align=justify>The period-end rate is the noon exchange rate for the
      Canadian dollar on the last business day of the applicable period, as
      published by the Bank of Canada.</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>The average rates for the monthly periods were calculated
      by taking the simple average of the daily noon exchange rates for the
      Canadian dollar, as published by the Bank of Canada. The average rates for
      the transition periods and annual periods were calculated by taking the
      simple average of the noon exchange rates on the last business day of each
      month during the relevant period, as published by the Bank of
    Canada.</P></TD></TR></TABLE>
<P align=center><B>RISK FACTORS </B></P>
<P align=justify><I>In addition to the other information included in this proxy
statement/prospectus, including the matters addressed in the section &#147;Cautionary
Statement Concerning Forward-Looking Information&#148; you should carefully consider
the following risks before deciding how to vote on the proposals presented at
the special meeting. The risk factors related to the Transaction present the material risks directly related to the
Transaction and the integration of the two companies to the extent presently
known. Also included are the material risks associated with each of the
businesses of Energy Fuels and Uranerz presently known, because these risks will
also affect Energy Fuels following the closing of the Transaction. The risks
below also include forward-looking statements, and actual results may differ
substantially from those discussed in these forward-looking statements. See
&#147;Cautionary Statement Concerning Forward-Looking Information&#148; beginning on page
52</I>. <I>In addition, you should read and consider the risks associated with
each of the businesses of Uranerz and Energy Fuels because these risks will also
affect the combined company&#151;these risks can be found in Uranerz and Energy
Fuels&#146; filings with the SEC and the applicable Canadian securities regulatory
authorities, including Uranerz&#146; Annual Report on Form 10-K for the fiscal year
ended December 31, 2014 filed on March 16, 2015 and Energy Fuels&#146; Form 40-F
Annual Report for the fiscal year ended December 31, 2014, filed on March 20,
2015. The risks and uncertainties described in this proxy statement/prospectus
are not the only ones that Energy Fuels and Uranerz face. Additional risks and
uncertainties not presently known to Uranerz or Energy Fuels or that Uranerz or
Energy Fuels currently consider immaterial may also impair Uranerz&#146; business
operations or the business operations of Energy Fuels after the Transaction. If
any of the risks actually occur, business and financial results of both
companies could be harmed or the trading price of Energy Fuels&#146; common shares
could decline. You should also read and consider the other information in this
proxy statement/prospectus, including the annexes. See &#147;Where You Can Find More
Information&#148; beginning on page 213</I>.<I> </I></P>
<P align=center>34 </P>
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<P align=justify><B>Risks Related to the Transaction </B></P>
<P align=justify><B><I>The exchange ratio will not be adjusted in the event of
any change in either Uranerz&#146; stock price or Energy Fuels&#146; share price.
</I></B></P>
<P align=justify>In the Transaction, each Uranerz common share (other than those
shares with respect to which dissent rights are properly exercised and not
withdrawn) will be converted into the right to receive 0.255 common shares of
Energy Fuels (subject to adjustment as described herein). This Exchange Ratio
will not be adjusted for changes in the market price of either shares of Uranerz
common stock or Energy Fuels common shares. Changes in the price of Energy Fuels
common shares prior to completion of the Transaction will affect the value of
the consideration that Uranerz shareholders will receive on the date of the
Transaction. Share price changes may result from a variety of factors (many of
which are beyond the control of Energy Fuels and Uranerz), including the
following: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Changes in Uranerz&#146; and Energy Fuels&#146; respective businesses, operations,
  finances and prospects, or the market assessments thereof;
  <LI>Market assessments of the likelihood that the Transaction will be
  completed, including related considerations regarding regulatory approvals of
  the Transaction; and
  <LI>General market and economic conditions, including fluctuations in the spot
  price of uranium and other factors generally affecting the price of Uranerz&#146;
  common stock and Energy Fuels&#146; common shares. </LI></UL>
<P align=justify>The price of Energy Fuels common shares at the closing of the Transaction may vary from the price on the date the Merger Agreement was executed, on the date of this proxy statement/prospectus, and on the date of the Special Meeting of Uranerz. As a result, the market value represented by the Exchange Ratio will also vary. For example, based on the range of closing prices of Energy Fuels common shares on the NYSE MKT during the period from January 2, 2015, the last trading day before public announcement of execution of the Merger Agreement, through May
22, 2015, the last trading date before the date of this proxy statement/prospectus, the Exchange Ratio represented a market value ranging from a low of $1.04 to a high of $1.57 for each Uranerz common share.</P>
<P align=center>35 </P>
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<P align=justify><B><I>Because the Transaction will be completed after the date
of the Special Meeting, at the time of Uranerz&#146; special meeting, Uranerz
shareholders will not know the exact market value of the Energy Fuels common
shares that Uranerz shareholders will receive upon completion of the
Transaction. </I></B></P>
<P align=justify>If the price of Energy Fuels common shares increases between
the time of the Special Meeting and the closing of the Transaction, Uranerz
shareholders will receive Energy Fuels common shares that have a market value
that is greater than the market value of such shares at the time of the Special
Meeting. If the price of Energy Fuels common shares decreases between the time
of the Special Meeting and the Effective Time, Uranerz shareholders will receive
Energy Fuels common shares at closing that have a market value that is less than
the market value of such shares at the time of the Special Meeting. Therefore,
because the Exchange Ratio will not be adjusted based on the market value of
shares of Uranerz common stock or Energy Fuels shares, shareholders cannot be
sure at the time of the Special Meeting of the market value of the consideration
that will be paid to Uranerz shareholders upon completion of the Transaction.
</P>
<P align=justify><B><I>The Transaction is subject to a number of conditions,
including the receipt of consents and clearances from regulatory authorities
that may not be obtained, may not be completed on a timely basis or may impose
conditions that could have an adverse effect on Uranerz or Energy Fuels.
</I></B></P>
<P align=justify>Completion of the Transaction is conditioned upon, among other
matters, the receipt of certain governmental authorizations, consents, orders,
clearances, or other approvals necessary to permit all parties to perform their
obligations under the Merger Agreement and complete the Transaction, including,
without limitation, the Nuclear Regulatory Commission and Wyoming Department of
Environmental Quality. There can be no assurance that regulators will not impose
conditions, terms, obligations, or restrictions and that such conditions, terms,
obligations, or restrictions will not have the effect of delaying or preventing
the completion of the Transaction or imposing additional material costs on, or
materially reducing the revenues of Energy Fuels following the Transaction. In
addition, such conditions, terms, obligations, or restrictions may result in the
delay or abandonment of the Transaction. </P>
<P align=justify><B><I>Failure to complete the Transaction could negatively
impact Uranerz&#146; business, financial condition, results of operations or stock
price.</I></B></P>
<P align=justify>Completion of the Transaction is conditioned upon the
satisfaction of certain closing conditions, including the approval of the
Transaction by Uranerz&#146; shareholders, as set forth in the Merger Agreement. The
required conditions to closing may not be satisfied in a timely manner, if at
all, or, if permissible, waived. If the Transaction is not consummated for these
or any other reason, Uranerz&#146; ongoing business may be adversely affected and
will be subject to a number of risks and consequences, including the following:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>Uranerz may be required, under certain circumstances, to pay Energy Fuels
  a termination fee of $5 million; </LI></UL>
<P align=center>36 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>Uranerz must pay the substantial fees and expenses that it incurred
  related to the Transaction, such as legal, accounting, printing and fees and
  expenses of other professionals retained in connection with the Transaction,
  even if the Transaction is not completed and, except in certain circumstances,
  Uranerz may not be able to recover such fees and expenses from Energy Fuels;
  <LI>under the Merger Agreement, Uranerz is subject to certain restrictions on
  the conduct of its business prior to completing the Transaction, which
  restrictions could adversely affect its ability to realize certain of its
  business strategies, including its ability to enter into additional
  acquisitions or other strategic transactions;
  <LI>matters relating to the Transaction may require substantial commitments of
  time and resources by Uranerz&#146; management, which could otherwise have been
  devoted to other opportunities that may have been beneficial to Uranerz;
  <LI>the market price of Uranerz&#146; common shares may decline to the extent that
  the current market price reflects a market assumption that the Transaction
  will be completed;
  <LI>Uranerz may experience negative reactions to the termination of the
  Transaction from customers, clients, business partners, lenders and employees;
  and
  <LI>Uranerz would not realize any of the anticipated benefits of having
  completed the Transaction. </LI></UL>
<P align=justify>In addition, any delay in the consummation of the Transaction,
or any uncertainty about the consummation of the Transaction, may adversely
affect Uranerz&#146; future business, growth, revenue, liquidity and results of
operations. </P>
<P align=justify><B><I>Lawsuits have been filed against Uranerz, Energy Fuels,
and Merger Sub relating to the Transaction, and an adverse ruling in any such
lawsuit may prevent the Transaction from being completed.</I></B></P>
<P align=justify>Since the Transaction was announced on January 5, 2015, a
number of putative shareholder class action complaints have been filed against
Uranerz, Uranerz&#146; board of directors, Energy Fuels Inc. and EFR Nevada Corp. in
the District Court, Clark County, Nevada and the District Court, Washoe County,
Nevada, by purported Uranerz shareholders challenging the Transaction and
seeking, among other things, damages, attorneys&#146; and experts&#146; fees and
injunctive relief concerning alleged breaches of fiduciary duty and to prohibit
defendants from consummating the Transaction. Uranerz and Energy Fuels believe
the claims asserted in the complaints have no merit, and Energy Fuels and
Uranerz and all of the members of the board of directors of Uranerz intend to
defend vigorously against them. See &#147;Proposal One&#151;The Transaction&#151;Litigation
Related to the Transaction&#148; on page 151 for more information about the lawsuits
related to the Transaction that have been filed. If Uranerz and Energy Fuels are
unsuccessful in defending the class action complaints, Uranerz and Energy Fuels
may not be able to proceed with the Transaction even if all required approvals,
including the approvals of the shareholders of Uranerz, are obtained. In
addition, Uranerz and Energy Fuels may become subject to awards of damages
against us. </P>
<P align=center>37 </P>
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<P align=justify><B><I>The rights of Uranerz&#146; shareholders who become Energy
Fuels shareholders in the Transaction will be governed by the OBCA and subject
to Energy Fuels&#146; Articles and Bylaws.</I></B></P>
<P align=justify>Uranerz shareholders who receive Energy Fuels common shares in
the Transaction will become Energy Fuels shareholders. Energy Fuels is a
corporation governed under the laws of the Province of Ontario, Canada. As a
result, Uranerz shareholders who become shareholders in Energy Fuels will be
governed by the OBCA and their rights will be subject to Energy Fuels Articles
and Energy Fuels Bylaws, rather than being governed by the NRS and Uranerz&#146;
Amended and Restated Articles of Incorporation, as amended, and Uranerz&#146; Amended
and Restated Bylaws. There may be material differences between the current
rights of Uranerz shareholders, as compared to the rights they will have as
Energy Fuels shareholders. </P>
<P align=justify>These material differences may include, but are not limited to,
the following: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Energy Fuels has only one class of authorized shares, common shares, and
  under the Energy Fuels Articles, Energy Fuels&#146; board of directors has the
  authority to issue an unlimited number of common shares;
  <LI>pursuant to the OBCA, at least 25% of the directors of Energy Fuels must
  be resident Canadians;
  <LI>directors of Energy Fuels may be removed only by a majority vote of the
  shareholders of Energy Fuels whereas Uranerz directors may be removed only by
  two-thirds of the voting power of the Uranerz shareholders;
  <LI>the Uranerz Articles require, generally, a majority of the voting power,
  but in certain cases, the vote of 66 2&#8260;3% of the votes cast of the
  corporation, to repeal or amend certain provisions, while the Energy Fuels
  Articles require 66 2&#8260;3% of the votes cast, in person or by proxy, of the
  shares of the corporation to amend the Energy Fuels Articles;
  <LI>the Uranerz Bylaws provide that the presence, in person or by proxy, of
  the persons entitled to vote one-third of the shares entitled to vote at any
  meeting of shareholders shall constitute a quorum for the transaction of
  business while under the Energy Fuels Bylaws, two shareholders entitled to
  vote at such meeting, whether present in person or represented by proxy
  constitute a quorum; and
  <LI>The OBCA, being the corporate statute that governs Energy Fuels, provides
  an oppression remedy that enables a court to make any order, including
  awarding money damages, appointing a receiver, dissolving the corporation,
  forcing the acquisition of securities and amending charter documents, to
  rectify matters that are oppressive or unfairly prejudicial to, or that
  unfairly disregard the interests of, any securityholder, creditor, director or
  officer of the corporation if an application is made to a court by a
  recognized complainant under the OBCA. </LI></UL>
<P align=justify>For more information, see &#147;Comparison of Rights of Uranerz
Shareholders and Energy Fuels Shareholders&#148; beginning on page 194 of this proxy
statement/prospectus. </P>
<P align=justify><B><I>The Merger Agreement contains provisions that could
discourage a potential competing acquiror of Uranerz. </I></B></P>
<P align=justify>The Merger Agreement contains provisions that, subject to
limited exceptions, restrict Uranerz&#146; ability to solicit, encourage, facilitate
or discuss competing third-party proposals to acquire shares or assets of
Uranerz. In addition, certain shareholders holding approximately 3.99% of the
issued and outstanding shares of Uranerz common stock have entered into support
agreements with Energy Fuels pursuant to which they have agreed to vote in
favor of the Transaction. These provisions and the support agreements could
discourage a potential competing acquiror that might have an interest in
acquiring all or a significant part of Uranerz from considering or proposing
that acquisition, even if it were prepared to pay consideration with a higher
per share, cash or market value than the Transaction consideration proposed to
be received or realized in the Transaction, or might result in a potential
competing acquiror proposing to pay a lower price than it might otherwise have
proposed to pay because of the added expense of the $5 million termination fee
that may become payable in certain circumstances. </P>
<P align=center>38 </P>
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<P align=justify>If the Merger Agreement is terminated by Uranerz, it may not be
able to negotiate a transaction with another party on terms comparable to, or
better than, the terms of the Transaction. </P>
<P align=justify><B><I>The fairness opinion obtained by the independent Special
Committee of the board of directors of Uranerz from its independent financial
advisor will not reflect subsequent changes.</I></B></P>
<P align=justify>In connection with the proposed Transaction, Euro Pacific, the
independent financial advisor to the Special Committee, delivered to the Special
Committee an opinion dated January 3, 2015 to the effect that as of that date,
and based upon and subject to the various considerations set forth in the
opinion, the consideration to be received by holders of shares of Uranerz common
stock pursuant to the Merger Agreement was fair, from a financial point of view,
to those holders. The opinion does not reflect changes that may occur or that
have occurred after the date of the opinion, including changes to the operations
and prospects of Energy Fuels or Uranerz, fluctuations in the spot price of
uranium, changes in the market prices of the common shares of Energy Fuels or
Uranerz, changes in general market or economic conditions or regulatory or other
factors. Any such changes, or changes of other factors on which the opinion is
based, may materially alter or affect the relative values of Uranerz and Energy
Fuels and the value of the Transaction consideration payable to Uranerz
shareholders.</P>
<P align=justify><B>Risk Relating to the Combined Company </B></P>
<P align=justify><B><I>The market price of Energy Fuels&#146; common shares has been,
and may continue to be, volatile, and Uranerz shareholders could lose all or
part of their investment. </I></B></P>
<P align=justify>The market price of Energy Fuels&#146; common shares has fluctuated
substantially, may continue to do so, and may be higher or lower than the
initial price received upon the exchange. As a result, Energy Fuels&#146; future
stock price may be volatile. Over the twelve month period ending on May 15,
2015, the market price of Energy Fuels&#146; common shares on the TSX has ranged from
a low of C$5.03 to a high of C$9.44. Over the twelve month period ending on
May 15, 2015, the market price of Energy Fuels&#146; common shares on the NYSE MKT
has ranged from a low of $4.00 to a high of $8.56. The market price of Energy
Fuels&#146; common shares following the Transaction will depend on a number of
factors many of which are beyond Energy Fuels&#146; control. These fluctuations could
cause Uranerz shareholders to lose all or part of their investment in Energy
Fuels common shares since Uranerz shareholders might be unable to sell their
shares at or above the price initially received upon the exchange of shares of
Uranerz common stock. Factors that could cause fluctuations in the market price
of Energy Fuels&#146; common shares include the following:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>price and volume fluctuations in the overall stock market from time to
  time; </LI></UL>
<P align=center>39 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>volatility in the market prices and trading volumes of uranium mining
  stocks and/or the spot price of uranium;
  <LI>changes in operating performance and stock market valuations of other
  uranium mining companies generally, or those in Energy Fuels&#146; industry in
  particular;
  <LI>future capital raising activities of Energy Fuels;
  <LI>sales of Energy Fuels common shares by holders thereof or Energy Fuels;
  <LI>failure of securities analysts to maintain coverage of Energy Fuels,
  changes in financial estimates by securities analysts who follow Energy Fuels,
  or Energy Fuels&#146; failure to meet these estimates or the expectations of
  investors;
  <LI>the financial projections Energy Fuels may provide to the public, any
  changes in those projections or Energy Fuels&#146; failure to meet those
  projections;
  <LI>the announcements by Energy Fuels or its competitors of new projects or
  acquisitions or divestitures;
  <LI>the public&#146;s reaction to Energy Fuels&#146; press releases, other public
  announcements and filings with the SEC and the applicable Canadian securities
  regulatory authorities;
  <LI>rumors and market speculation involving Energy Fuels or other companies in
  Energy Fuels&#146; industry;
  <LI>actual or anticipated changes in Energy Fuels&#146; operating results or
  fluctuations in Energy Fuels&#146; operating results;
  <LI>actual or anticipated developments in Energy Fuels&#146; business, Energy
  Fuels&#146; competitors&#146; businesses or the competitive landscape generally;
  <LI>litigation involving Energy Fuels, Energy Fuels&#146; industry or both, or
  investigations by regulators into Energy Fuels&#146; operations or those of Energy
  Fuels&#146; competitors;
  <LI>announced or completed acquisitions of businesses by Energy Fuels or
  Energy Fuels&#146; competitors;
  <LI>new laws or regulations or new interpretations of existing laws or
  regulations applicable to Energy Fuels and its business;
  <LI>changes in accounting standards, policies, guidelines, interpretations or
  principles;
  <LI>any significant change in Energy Fuels&#146; management; and
  <LI>general economic conditions and slow or negative growth of Energy Fuels&#146;
  markets. </LI></UL>
<P align=justify><B><I>Current Uranerz shareholders will have reduced ownership
and voting interests after the Transaction.</I></B></P>
<P align=justify>Based on 95,912,806 shares of common stock of Uranerz
outstanding on May 26, 2015, the record date for the Special Meeting, and the
exchange ratio, it is anticipated that Energy Fuels will issue 24,457,766 Energy
Fuels common shares to the shareholders of Uranerz on completion of the
Transaction. Based on the number of common shares of Energy Fuels outstanding on
May 26, 2015, the record date for the Special Meeting, current Uranerz
shareholders and current Energy Fuels shareholders would own approximately 55.6%
and 44.4% of Energy Fuels&#146; common shares, respectively, upon the completion of
the Transaction, assuming no additional issuances of common shares by either
Energy Fuels and Uranerz between the record date and the Effective Time.
However, Energy Fuels could issue up to 1,824,941 common shares upon the
exercise of outstanding Energy Fuels warrants and options prior to the Effective
Time and Uranerz could issue up to 18,594,180 shares of common stock (equivalent
to 4,741,516 Energy Fuels common shares) upon the exercise of outstanding
Uranerz warrants and options prior to the Effective Time. In addition, following
the effective time, Energy Fuels may issue additional common shares pursuant to
the exercise of outstanding Energy Fuels warrants and options, including
pursuant to those Uranerz warrants and options assumed by Energy Fuels in
connection with the Transaction. Further, Energy Fuels may issue additional
common shares in connection with future financings or other transactions. </P>
<P align=center>40 </P>
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<P align=justify>Uranerz shareholders currently have the right to vote for the
directors of Uranerz and on other matters affecting Uranerz. At the closing of
the Transaction, each Uranerz shareholder who receives Energy Fuels common
shares will become a shareholder of Energy Fuels. As a result, the percentage
ownership of Energy Fuels held by each current Uranerz shareholder will be
smaller than such shareholder&#146;s percentage ownership of Uranerz prior to the
Transaction. Uranerz&#146; current shareholders will, therefore, have proportionately
less ownership and voting interests in Energy Fuels following the Transaction
than they have now in Uranerz. </P>
<P align=justify><B><I>The Transaction will result in changes to Energy Fuels&#146;
board of directors and management that may affect the strategy and operations of
the combined company as compared to that of Uranerz and Energy Fuels as they
currently exist.</I></B></P>
<P align=justify>If the Transaction is completed, the composition of Energy
Fuels&#146; board of directors and management team will change. Upon completion of
the Transaction, the Energy Fuels board of directors will be comprised of eight
members. Energy Fuels&#146; board of directors currently consists of nine members, and
on closing of the Transaction, two members of the Energy Fuels board of
directors are anticipated to resign and two additional board members designated
by Uranerz will be appointed to the Energy Fuels board of directors. These
individuals are Dennis Higgs and Glenn Catchpole. </P>
<P align=justify>In addition, Mr. Paul Goranson, current President and COO of
Uranerz is expected to become the Executive Vice President, ISR Operations of
Energy Fuels. Furthermore, Energy Fuels is currently in negotiations with Mr.
Dennis Higgs to stay on as an employee or a consultant following the closing of
the Transaction. There can be no assurance that the newly constituted board of
directors and new management of Energy Fuels will function effectively as a team
and that there will not be any adverse effect on Energy Fuels&#146; business as a
result. </P>
<P align=justify><B><I>Any delay in completing the Transaction may reduce or
eliminate the benefits expected to be achieved thereunder. </I></B></P>
<P align=justify>In addition to the required regulatory approvals and
clearances, the Transaction is subject to a number of other conditions beyond
shareholders&#146; control that may prevent, delay, or otherwise materially adversely
affect its completion. It is not predicable whether and when these other
conditions will be satisfied. Furthermore, the requirements for obtaining the
required clearances and approvals could delay the completion of the Transaction
for a significant period of time or prevent it from occurring. Any delay in
completing the Transaction could cause shareholders not to realize some or all of the synergies and other benefits that
are expected to be achieved if the Transaction is successfully completed within
its expected time frame.</P>
<P align=center>41 </P>
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<P align=justify><B><I>Uncertainties associated with the Transaction may cause a
loss of management personnel and other key employees which could adversely
affect the future business and operations following the Transaction.
</I></B></P>
<P align=justify>The combined company will be dependent on the experience and
industry knowledge of Uranerz and Energy Fuels officers and other key employees
to execute its business plans. Energy Fuels&#146; success after the Transaction will
depend in part upon its ability to retain key management personnel and other key
employees. Uranerz&#146; and Energy Fuels&#146; current and prospective employees may
experience uncertainty about their roles within Energy Fuels following the
Transaction or other concerns regarding its operations following the
Transaction, any of which may have an adverse effect on Energy Fuels&#146; ability to
attract or retain key management and other key personnel. Accordingly, no
assurance can be given that Uranerz and Energy Fuels will be able to attract or
retain key management personnel and other key employees until the Transaction is
consummated or following the Transaction to the same extent that Uranerz and
Energy Fuels have previously been able to attract or retain such employees. </P>
<P align=justify><B><I>The expected benefits of the Transaction may not be
realized.</I></B></P>
<P align=justify>To be successful after the Transaction, Energy Fuels will need
to combine and integrate the operations of Uranerz and Energy Fuels. Integration
will require substantial management attention and resources and could detract
attention and resources from the day-to-day business of Energy Fuels. Energy
Fuels could encounter difficulties in the integration process, such as: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>the potential inability to extract predicted amounts of uranium from the
  Uranerz ISR operations and to achieve anticipated sales under sales
  agreements;
  <LI>the potential inability to successfully carry out the Uranerz plan of
  operations for the Nichols Ranch ISR Uranium Project, including the planned
  wellfield and operating unit expansions;
  <LI>the potential inability to successfully combine Uranerz&#146; business with
  Energy Fuels&#146; business or difficulties in connection with the in situ recovery
  mining method in a manner that permits it to achieve the operational and cost
  synergies expected to be achieved as a result of the completion of the
  Transaction and other benefits anticipated to result from the Transaction;
  <LI>complexities associated with managing the combined businesses, including
  difficulty addressing possible differences in corporate cultures and
  management philosophies and the challenge of integrating different hard-rock
  and in-situ recovery mining methods and assets of each of the companies in a
  seamless manner that minimizes any adverse impact on customers, clients,
  employees, lenders, and other constituencies;
  <LI>the loss of key employees, customers, suppliers, vendors and partners;
  <LI>insufficient capital and liquidity to achieve the business plan;
  <LI>the inability of the combined company to meet its cost and production
  expectations; </LI></UL>
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<UL style="TEXT-ALIGN: justify">
  <LI>insufficient uranium prices to allow the combined business to achieve its
  production goals; and
  <LI>potential unknown liabilities and unforeseen increased expenses or delays
  associated with the Transaction. </LI></UL>
<P align=justify>If Energy Fuels cannot integrate Uranerz&#146; business successfully
with its own, Energy Fuels may fail to realize the expected benefits of the
Transaction. In addition, there is no assurance that all of the goals and
anticipated benefits of the Transaction will be achievable, particularly as the
achievement of the benefits are in many important respects subject to factors
that neither Energy Fuels nor Uranerz controls. These factors include such
things as the reactions of third parties with whom contracts are entered into
and with which business is undertaken and the reactions of investors and
analysts. </P>
<P align=justify>In addition, Uranerz and Energy Fuels have operated and, until
the completion of the Transaction, will continue to operate independently. It is
possible that the integration process could result in diversion of the attention
of each company&#146;s management which could adversely affect each company&#146;s ability
to maintain relationships with customers, clients, employees, and other
constituencies or Energy Fuels ability to achieve the anticipated benefits of
the Transaction, or could reduce each company&#146;s operating results or otherwise
adversely affect Energy Fuels business and financial results following the
Transaction. </P>
<P align=justify><B><I>The obligations and liabilities of Energy Fuels, some of
which may be unanticipated or unknown, may be greater than anticipated, which
may diminish the value of Energy Fuels&#146; shares. </I></B></P>
<P align=justify>Energy Fuels&#146; obligations and liabilities, some of which may be
unanticipated or unknown, or may be greater than anticipated, may not be
reflected or reserved for in Energy Fuels&#146; historical financial statements. The
obligations and liabilities of Energy Fuels could have a material adverse effect
on Energy Fuels&#146; business, financial condition, or results of operations
following the Transaction. Uranerz shareholders will not be entitled to
indemnification from Energy Fuels under the Merger Agreement with respect to
obligations or liabilities of Energy Fuels, whether known or unknown. Any such
liabilities could substantially reduce Energy Fuels&#146; earnings and cash flows or
otherwise materially and adversely affect its business, financial condition, or
results of operations following the Transaction. </P>
<P align=justify><B><I>Energy Fuels has made a Determination that the
Transaction will not constitute a Change of Control Under its Convertible
Debentures, and, like any other Determination, could Potentially be Challenged.
</I></B></P>
<P align=justify>Energy Fuels currently has convertible debentures outstanding
in the aggregate principal amount of CDN$22 million. If there is a &#147;change of
control&#148; of Energy Fuels as such term is defined in the trust indenture, Energy
Fuels would be obligated to offer to redeem the convertible debentures. Energy
Fuels has determined that the completion of the Transaction will not constitute
a &#147;change of control&#148; as defined under the trust indenture and accordingly that
Energy Fuels will not be obligated to offer to redeem the convertible debentures
on completion of the Transaction. However, there can be no assurance that all
holders of debentures will agree with Energy Fuels&#146; determination on this
matter, and it is therefore possible that legal action under the Indenture could
result. If one or more holders brought such an action, it could result in costs
to Energy Fuels and a diversion of management attention. Furthermore, if a court
found, despite the language of the trust indenture, that there was a change of
control, then Energy Fuels may be required to redeem some or possibly all of the convertible
debentures. Such a redemption would adversely impact the working capital and
financial position of Energy Fuels and Energy Fuels may be required to seek
additional financing to fund the redemption. While Energy Fuels believes that it
would be able to raise such additional financing, there can be no assurance that
it would be able to do so or on commercially reasonable terms. In addition, the
completion of any additional financing may be dilutive to the shareholders of
Energy Fuels. The inability of Energy Fuels to complete any additional
financing, if required, on commercially reasonable terms or at all, could
adversely impact its stock price and, accordingly, the value of the former
Uranerz shareholders investment in Energy Fuels. </P>
<P align=center>43 </P>
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<P align=justify><B><I>Energy Fuels&#146; future results following the Transaction
may differ materially from the unaudited pro forma financial information
included in this proxy statement/prospectus. </I></B></P>
<P align=justify>The unaudited pro forma combined financial information
contained in this proxy statement/prospectus is presented for purposes of
presenting Energy Fuels&#146; historical consolidated financial statements with
Uranerz&#146; historical consolidated financial statements as adjusted to give effect
to the Transaction as though the Transaction had occurred on December 31, 2014,
and is not necessarily indicative of the financial condition or results of
operations of Energy Fuels following the Transaction. The unaudited pro forma
financial information reflects adjustments, which are based upon preliminary
estimates, to allocate the purchase price to Uranerz&#146; acquired assets and
liabilities. The purchase price allocation reflected in this proxy
statement/prospectus is preliminary, and final allocation of the purchase price
will be based upon the actual purchase price and the fair value of the assets
and liabilities of Uranerz as of the date of the completion of the Transaction.
In addition, the assumptions used in preparing the pro forma financial
information may not prove to be accurate, and other factors may affect Energy
Fuels&#146; financial condition and results of operations following the Transaction.
Any change in Energy Fuels&#146; financial condition or results of operations may
cause significant variations in the value of the Energy Fuels shares issued to
shareholders of Uranerz as part of the Transaction. See the section entitled
&#147;Unaudited Pro Forma Condensed Financial Statements&#148; beginning on page
186 for
more information. </P>
<P align=justify><B><I>Additional reporting requirements may apply if Energy
Fuels loses its status as a Foreign Private Issuer under the Exchange
Act.</I></B></P>
<P align=justify>Energy Fuels is considered a &#147;foreign private issuer&#148; under the
rules of the SEC. However, following completion of the Transaction it is likely
to lose its &#147;foreign private issuer&#148; status effective at the beginning of its
next fiscal year. As a foreign private issuer, Energy Fuels is subject to the
reporting requirements under the Exchange Act applicable to foreign private
issuers. Energy Fuels is required to file its annual report on Form 40-F with
the SEC at the time it files its annual information form with the applicable
Canadian securities regulatory authorities. In addition, Energy Fuels must
furnish reports on Form 6-K to the SEC regarding certain information required to
be publicly disclosed by Energy Fuels in Canada or filed with the TSX and which
was made public by the TSX, or regarding information distributed or required to
be distributed by Energy Fuels to its shareholders. Moreover, although Energy
Fuels is required to comply with Canadian disclosure requirements, in some
circumstances Energy Fuels is not required to file periodic reports and
financial statements with the SEC as frequently or as promptly as U.S. companies
whose securities are registered under the Exchange Act. Energy Fuels is required
to file financial statements in accordance with IFRS, and therefore does not
file financial statements prepared in accordance with U.S. generally accepted
accounting principles. Furthermore, Energy Fuels is not required to comply with
Regulation FD, which addresses certain restrictions on the selective disclosure of material
information, although it must comply with Canadian disclosure requirements. In
addition, among other matters, Energy Fuels&#146; officers, directors and principal
shareholders are exempt from the reporting and &#147;short-swing&#148; profit recovery
provisions of Section 16 of the Exchange Act and the rules under the Exchange
Act with respect to their purchases and sales of Energy Fuels common shares. If
Energy Fuels loses its status as a foreign private issuer, it will no longer be
exempt from such rules and, among other things, will be required to file
periodic reports and financial statements as if it were a company incorporated
in the United States. Energy Fuels does, however, file quarterly financial
information under Canadian periodic reporting requirements for public
corporations, which is accessible through the Internet at www.sedar.com, and
will furnish such quarterly financial information to the SEC under cover of Form
6-K, which is available at www.sec.gov. Insiders of Energy Fuels are generally
required to disclose their trading in Energy Fuels shares within 5 days of the
date of the trade and these trading activity reports can be accessed through the
Internet at www.sedi.ca. </P>
<P align=center>44 </P>
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<P align=justify><B><I>Uranerz and Energy Fuels expect to incur substantial
expenses related to the Transaction and the integration of the two companies.
</I></B></P>
<P align=justify>Energy Fuels expects to incur significant transaction costs and
significant synergy planning and integration costs in connection with the
Transaction. While Energy Fuels has assumed that this level of expense will be
incurred, there are many factors beyond its control that could affect the total
amount or the timing of the Transaction and integration expenses. Moreover, many
of the expenses that will be incurred are, by their nature, difficult to
estimate accurately. To the extent these Transaction and integration expenses
are higher than anticipated or are incurred at different times than anticipated,
Energy Fuels&#146; future operating results and financial condition may be materially
adversely affected. </P>
<P align=justify><B><I>Energy Fuels&#146; future results will suffer if it does not
effectively manage its expanded operations following the Transaction.
</I></B></P>
<P align=justify>Following the Transaction, the size of Energy Fuels&#146; business
will increase significantly. Its future success depends, in part, upon its
ability to manage this expanded business, which will pose substantial challenges
for management, including challenges related to the management and monitoring of
new operations, and associated increased costs and complexity. There can be no
assurances that Energy Fuels will be successful following the Transaction. </P>
<P align=justify><B><I>The Transaction may result in a loss of customers,
clients and strategic alliances. </I></B></P>
<P align=justify>As a result of the Transaction, some of the customers, clients,
potential customers or clients or strategic partners of Uranerz or Energy Fuels
may terminate their business relationship with Uranerz or Energy Fuels following
the Transaction. Potential clients or strategic partners may delay entering
into, or decide not to enter into, a business relationship with Uranerz or
Energy Fuels because of the Transaction. Further one of Uranerz&#146; existing
uranium supply contracts will require the purchaser&#146;s consent to the change of
control of Uranerz, and there can be no assurance that such consent will be
forthcoming. If customer or client relationships or strategic alliances are
adversely affected by the Transaction, Energy Fuels&#146; business and financial
performance following the Transaction would suffer. </P>
<P align=center>45 </P>
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<P align=justify><B><I>The market price of Energy Fuels&#146; common shares may be
affected by factors different from those affecting the Energy Fuels&#146; common
shares or Uranerz&#146; common shares prior to consummation of the Transaction.
</I></B></P>
<P align=justify>Energy Fuels&#146; mining methods and historical business differ
from that of Uranerz. Accordingly, the results of operations of the combined
company and the market price of Energy Fuels&#146; common shares may be affected by
factors different from those that previously affected the independent results of
operations and the market price of the common shares of each of Uranerz and
Energy Fuels. The ability to produce and level and timing of production at
Energy Fuels&#146; existing mines and mill, which are based on conventional hard-rock
underground mining and alternate feed material production, are different from
those of Uranerz, which are based on ISR production. These differences may lead
to different production profiles in different price scenarios from Energy fuels&#146;
conventional and ISR production facilities, which could lead to adverse impacts
on the market price for Energy Fuels&#146; shares. </P>
<P align=justify><B><I>Third parties may terminate or alter existing contracts
with Uranerz and Energy Fuels. </I></B></P>
<P align=justify>Uranerz has a customer uranium sales contract that contains a
&#147;change of control&#148; or similar clause that allows the counterparty to terminate
or change the terms of its contract upon the closing of the Transaction as
contemplated by the Merger Agreement. Energy Fuels and Uranerz have agreed to
work together to obtain the necessary consent from such third party, but if such
third party consent cannot be obtained, or is obtained on unfavorable terms,
Energy Fuels and Uranerz may lose the benefit of such contract going forward,
including benefits that may be material to Energy Fuels&#146; business following the
Transaction. Energy Fuels and Uranerz do not anticipate knowing whether any
contracts will be terminated, or whether any such contracts will be
renegotiated, until the Transaction has been completed and, accordingly, Uranerz
and Energy Fuels cannot currently quantify the financial impact, if any, of the
loss of any benefits of such contract. </P>
<P align=justify><B><I>Energy Fuels is an &#147;emerging growth company&#148; and Energy
Fuels and Uranerz cannot be certain if the reduced disclosure requirements
applicable to emerging growth companies will make Energy Fuels common shares
less attractive to investors. </I></B></P>
<P align=justify>Energy Fuels is an &#147;emerging growth company&#148; as defined in the
JOBS Act, whereas Uranerz is not an emerging growth company. Energy Fuels will
continue to qualify as an &#147;emerging growth company&#148; until the earliest to occur
of: (a) the last day of the fiscal year during which Energy Fuels has total
annual gross revenues of US$1,000,000,000 or more; (b) the last day of the
fiscal year of Energy Fuels following the fifth anniversary of the date of the
first sale of common equity securities of Energy Fuels pursuant to an effective
registration statement under the Securities Act, such as this proxy
statement/prospectus or the Form S-8 Registration Statement filed by Energy
Fuels on March 31, 2014; (c) the date on which Energy Fuels has, during the
previous 3-year period, issued more than US$1,000,000,000 in non-convertible
debt; or (d) the date on which Energy Fuels is deemed to be a &#145;large accelerated
filer&#146;</P>
<P align=justify>For so long as Energy Fuels continues to qualify as an emerging
growth company, it will be exempt from the requirement to include an auditor
attestation report relating to internal control over financial reporting
pursuant to Section 404(b) of the Sarbanes-Oxley Act (&#147;<b>SOA</b>&#148;) in its
annual reports filed under the Exchange Act, even if it does not qualify as a
&#147;smaller reporting company&#148;, as well as certain other exemptions from various
reporting requirements that are applicable to other public companies.</P>
<P align=center>46 </P>
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<P align=justify>Any U.S. domestic issuer that is an emerging growth company is
able to avail itself of the reduced disclosure obligations regarding executive
compensation in periodic reports and proxy statements, and to not present to its
shareholders a nonbinding advisory vote on executive compensation, obtain
approval of any golden parachute payments not previously approved, or present
the relationship between executive compensation actually paid and Energy Fuels&#146;
financial performance. In contrast, Uranerz is currently subject to all of these
requirements. As a foreign private issuer, Energy Fuels is not subject to such
requirements, and will not become subject to such requirements even if Energy
Fuels ceases to be an emerging growth company, unless Energy Fuels also ceases
to be a &#147;foreign private issuer&#148;. </P>
<P align=justify>Energy Fuels is and will remain through December 31, 2015, an
&#147;emerging growth company&#148; within the meaning under the JOBS Act, and until
Energy Fuels ceases to be an emerging growth company Energy Fuels may take
advantage of certain exemptions from various reporting requirements that are
applicable to other public companies, including, but not limited to, not being
required to comply with the auditor attestation requirements of Section 404 of
the SOA. Investors in Uranerz who are familiar with Uranerz&#146; reporting regime,
may find Energy Fuels&#146; common shares less attractive because Energy Fuels relies
on these exemptions. If some of Uranerz&#146; investors find Energy Fuels common
shares less attractive as a result, there may be a less active trading market
for Energy Fuels common shares and Energy Fuels share price may be more
volatile.</P>
<P align=justify><B><I>Section 7874 of the Code may limit the ability of Uranerz
, and U.S. persons related to Uranerz, to utilize certain U.S. tax attributes to
offset certain U.S. taxable income, if any, generated by the Transaction and the
transactions contemplated by this Merger Agreement, or certain specified
transactions for a period of time following the Transaction. </I></B></P>
<P align=justify>Section 7874 of the Code may limit the ability of a U.S.
corporation acquired by a foreign corporation, and U.S. persons related to the
acquired U.S. corporation, to utilize certain U.S. tax attributes (including net
operating losses and certain tax credits) to offset certain U.S. taxable income.
Specifically, if the shareholders of the acquired U.S. corporation own,
following an acquisition by a foreign corporation, at least 60%, but less than
80%, measured either by vote or by value, of the shares of the acquiring foreign
corporation, the taxable income of the acquired U.S. corporation (and any U.S.
person related to the U.S. corporation) for any given year, within a ten-year
period beginning on the date of the acquisition will be no less than that
person&#146;s &#147;inversion gain&#148; for that taxable year. A person&#146;s inversion gain
includes gain from the transfer of shares, or any other property (other than
property held for sale to customers), and income from the license of any
property that is either transferred or licensed as part of the acquisition, or
that is transferred or licensed to a non-U.S. related person after the
acquisition.</P>
<P align=justify>Pursuant to the Merger Agreement, and subject to changes in the
current share prices of Energy Fuels common shares and shares of Uranerz common
stock with respect to outstanding Uranerz and Energy Fuels options and warrants,
the Uranerz shareholders are expected to own less than 60% of the vote and value
of Energy Fuels common shares after the Transaction. As a result, under current
law, Uranerz and U.S. persons related to Uranerz, are not expected to be subject
to such limitations on the use of U.S. tax attributes. However, there can be no
assurance that there will not exist in the future a change in the facts or in
the law that might cause Uranerz to be subject to such limitations, including
with retroactive effect. Further, there can be no assurance that the IRS will
agree with the position that the 60% ownership requirement is not satisfied.</P>
<P align=center>47 </P>
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<P align=justify><B><I>Future changes to U.S. and non-U.S. tax laws could
materially affect Energy Fuels and Uranerz, including the ability of Uranerz to
utilize certain U.S. tax attributes, and adversely affect their anticipated
financial positions and results. </I></B></P>
<P align=justify>Although Uranerz is not expected to satisfy the tests with
respect to Section 7874, described above, and therefore should not be subject to
such limitations on the use of U.S. tax attributes, changes to the rules in
section 7874 of the Code or the Treasury regulations promulgated thereunder, or
other changes in law, could adversely affect the ability of Uranerz (and any
U.S. person related to Uranerz) to utilize certain U.S. tax attributes, the
effective tax rate of Uranerz or the combined company, or future planning for
the combined company that is based on current law, and any such changes could
have prospective or retroactive application to Energy Fuels, Uranerz, and their
shareholders and related persons, and/or the Transaction. For example, recent
legislative proposals have aimed to expand the scope of section 7874 of the
Code, or otherwise address certain perceived issues arising in connection with
inversion transactions. It is presently uncertain whether any of such
legislative proposals will be enacted into law and, if so, what impact such
legislation would have on Energy Fuels or Uranerz. In addition, the U.S.
Treasury has indicated that it is considering possible regulatory action in
connection with inversion transactions, including, most recently, in Notice
2014-52 (the &#147;<B>Notice</B>&#148;). The timing and substance of any such action is
presently uncertain. Any such change of law or regulatory action could adversely
impact Energy Fuels&#146; or Uranerz&#146; tax positions as well as either of their
financial positions and results in a material manner. It is not expected that
the promulgation of any of the Treasury regulations described in the Notice will
have any such material adverse impact, nor are such regulations expected to
change the U.S. federal income tax consequences of the transactions as described
herein. However, the precise scope and application of the regulatory proposals
will not be clear until proposed Treasury regulations are actually issued, and,
accordingly, until such regulations are promulgated and fully understood, it
cannot be certain that there will be no such impact. In any case, no such change
of law or regulatory action would be grounds for terminating the Transaction or
the transactions contemplated by the Merger Agreement. </P>
<P align=justify>Moreover, the U.S. Congress, the Organization for Economic
Co-operation and Development and government agencies in jurisdictions where
Energy Fuels and its affiliates do business have had an extended focus on issues
related to the taxation of multinational corporations. In particular, specific
attention has been paid to &#147;base erosion and profit shifting,&#148; where payments
are made between affiliates from a jurisdiction with high tax rates to a
jurisdiction with lower tax rates. As a result, the tax laws in the U.S. and
other countries in which Energy Fuels and its affiliates do business could
change on a prospective or retroactive basis, and any such change could
adversely affect Energy Fuels. </P>
<P align=justify><B><I>If Energy Fuels is, or becomes, a "passive foreign
investment company," adverse U.S. federal income tax consequences may result for
U.S. shareholders of Energy Fuels </I></B></P>
<P align=justify>U.S. holders of Energy Fuels common shares should be aware that
Energy Fuels believes it was not classified as a passive foreign investment
company (&#147;<B>PFIC</B>&#148;) for its tax year ended December 31, 2014, and based on
current business plans and financial expectations, Energy Fuels expects that it
will not be a PFIC for the current tax year. Energy Fuels has not made any
determination as to its PFIC status for future tax years. PFIC classification is
fundamentally factual in nature, generally cannot be determined until the close
of the tax year in question, and is determined annually. Consequently, there can
be no assurance that Energy Fuels will not become a PFIC for any tax year during
which U.S. holders own Energy Fuels shares. </P>
<P align=center>48 </P>
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<P align=justify>If Energy Fuels is a PFIC for any year during a U.S. holder&#146;s
holding period, then such U.S. holder generally will be required to treat any
gain realized upon a disposition of Energy Fuels common shares, or any &#147;excess
distribution&#148; received on its Energy Fuels common shares, as ordinary income,
and to pay an interest charge on a portion of such gain or distribution, unless
the U.S. holder makes a timely and effective &#147;qualified electing fund&#148; election
(&#147;<B>QEF Election</B>&#148;) or a "mark-to-market" election with respect to its
Energy Fuels common shares. A U.S. holder who makes a QEF Election generally
must report on a current basis its share of Energy Fuels' net capital gain and
ordinary earnings for any year in which Energy Fuels is a PFIC, whether or not
Energy Fuels distributes any amounts to its shareholders. However, U.S. holders
should be aware that there can be no assurance that Energy Fuels will satisfy
the record keeping requirements that apply to a QEF, or that Energy Fuels will
supply U.S. holders with information that such U.S. holders require to report
under the QEF Election rules, in the event that Energy Fuels is a PFIC and a
U.S. holder wishes to make a QEF Election. Thus, U.S. holders may not be able to
make a QEF Election with respect to their Energy Fuels common shares. A U.S.
holder who makes a mark-to-market election generally must include as ordinary
income each year the excess of the fair market value of the Energy Fuels common
shares over the taxpayer&#146;s basis therein. This risk factor is qualified in its
entirety by the discussion below under the heading &#147;Proposal One &#151; The
Transaction &#151; Material U.S. Federal Income Tax Considerations.&#148; Each U.S. holder
should consult its own tax advisors regarding the PFIC rules and the U.S.
federal income tax consequences of the Transaction and the acquisition,
ownership, and disposition of Energy Fuels common shares. </P>
<P align=justify><B><I>The Transaction is expected to result in an ownership
change for Energy Fuels, and may result in an ownership change for Uranerz,
under Section 382 of the Code, potentially limiting the use of Energy Fuels&#146; and
Uranerz&#146; net operating loss carryforwards and certain other tax attributes in
future years. In addition, each of Energy Fuel&#146;s and Uranerz&#146; ability to use its
net operating loss carryforwards may be further limited if taxable income does
not reach sufficient levels.</I></B></P>
<P align=justify>As of March 31, 2015, Uranerz had approximately $60 million of
net operating loss (&#147;<b>NOL</b>&#148;) carryforwards available to reduce U.S. federal
taxable income in future years. As of March 31, 2015, Energy Fuels had
approximately $132 million of NOL carryforwards available to reduce U.S. federal
taxable income in future years. Under Section 382 of the Code, if a corporation
undergoes an &quot;ownership change,&quot; the corporation's ability to use its pre-change
NOL carryforwards and other pre-change tax attributes to offset its post-change
income and taxes may be limited. In general, an &quot;ownership change&quot; occurs if
there is a cumulative change in ownership by &quot;5-percent shareholders&quot; that
exceeds 50 percentage points over a rolling three-year period.</P>
<P align=justify>The Transaction is expected to result in an ownership change
under Section 382 of the Code for Energy Fuels, potentially limiting the use of
Energy Fuel&#146;s NOL carryforwards in future taxable years for U.S. federal income
tax purposes. These limitations may affect the timing of when these NOL
carryforwards can be used which, in turn, may impact the timing of when cash is
used to pay the taxes of Energy Fuels and have a negative impact on Energy
Fuel&#146;s financial position and results of operations. In addition, Energy Fuel&#146;s
ability to use its NOL carryforwards will be dependent on its ability to
generate taxable income. Some portion of the NOL carryforwards could expire
before Energy Fuels generates sufficient taxable income. </P>
<P align=center>49 </P>
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<P align=justify>The Transaction, together with other transactions, may result
in an ownership change under Section 382 of the Code for Uranerz, potentially
limiting the use of Uranerz&#146; NOL carryforwards in future taxable years for U.S.
federal income tax purposes. These limitations may affect the timing of when
these NOL carryforwards can be used which, in turn, may impact the timing of
when cash is used to pay the taxes of Uranerz and have a negative impact on
Uranerz&#146; financial position and results of operations. In addition, Uranerz&#146;
ability to use its NOL carryforwards will be dependent on its ability to
generate taxable income. Some portion of the NOL carryforwards could expire
before Uranerz generates sufficient taxable income. </P>
<P align=justify><B><I>Uranerz warrants not held in Registered Plans may be
subject to Canadian Tax on completion of the Transaction.</I></B></P>
<P align=justify>As described in more detail under &#147;Effect of the Transaction on
Uranerz&#146; Warrants&#148;, at the Effective Time each outstanding Uranerz warrant will
entitle its holder to acquire, in lieu of one Uranerz share, a number of Energy
Fuels common shares equal to the Exchange Ratio upon exercise, in accordance
with the terms of the original Uranerz warrant. Although the matter is not free
from doubt, Energy Fuels&#146; management believes the better view is that this
treatment of the Uranerz Warrants under the Transaction should not be considered
to be a disposition of the Uranerz warrants or receipt of a &#147;new&#148; warrant at the
Effective Time, such that a Resident Uranerz Holder and Non-Resident Uranerz
Holder (each as defined under &#147;Proposal One &#151; The Transaction &#151; Material
Canadian Federal Income Tax Considerations&#148;) should not realize a capital gain
(or capital loss) with respect to the Uranerz warrants at the Effective Time.
However, no tax ruling or legal opinion has been sought or obtained in this
regard, and the Canada Revenue Agency may not agree with this interpretation.
Such holders of Uranerz warrants should review the section entitled &#147;Proposal
One &#151; The Transaction &#151; Material Canadian Federal Income Tax Considerations&#148; and
consult with their own tax advisors with respect to the tax considerations
relevant to the treatment of the Uranerz warrants under the Transaction. </P>
<P align=justify><B><I>Uranerz warrants held in Registered Plans appear to cease
to be &#147;qualified investments&#148; on completion of the Transaction.</I></B></P>
<P align=justify>The effect of the Regulations to the Tax Act (as defined under
&#147;Proposal One &#151; The Transaction &#151; Material Canadian Federal Income Tax
Considerations&#148;) appears to be that the Uranerz Warrants cease to be a
&#147;qualified investment&#148; for Plans<B> </B>(as defined under &#147;Proposal One &#151; The
Transaction &#151; Eligibility For Investment&#148;) as a result of the Transaction.
Although it is not clear that this result would have been intended by the
Department of Finance (Canada), there is insufficient guidance to form a
contrary conclusion, and no income tax ruling or legal opinion has been sought
or obtained in this regard. On the understanding that Uranerz warrants cease to
be qualified investments for Plans as a result of the Transaction, affected
Plans would be deemed to have acquired a non-qualified investment at such time,
and the holder or annuitant of an affected Plan would be liable for a special
penalty tax under the Tax Act imposed in respect of the fair market value of the
Uranerz warrants held within the affected Plan at the relevant time, and other
adverse results (not reviewed in this summary) can be expected to arise in
respect of the Plan and its holder or annuitant under the Tax Act. The precise
impact of these rules and the status of Uranerz warrants as investments other
than &#147;qualified investments&#148; for purposes of the Plans, and potential mitigating
steps for consideration by an affected holder or annuitant, are beyond the scope
of this summary, and all affected Plan holders or annuitants (as the case may be) are advised to consult with their own tax advisors in this
regard well in advance of the Effective Time.
</P>
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<P align=justify><B><I>Financing requirements of the combined
business.</I></B></P>
<P align=justify>The combined entity may need additional financing in connection
with the implementation of its business and strategic plans from time to time
after closing of the Transaction. The exploration and development of mineral
properties and the ongoing operation of mines, requires a substantial amount of
capital and may depend on the combined entity&#146;s ability to obtain financing
through joint ventures, debt financing, equity financing or other means. The
combined entity may accordingly need further capital depending on wellfield
development plans, production and operational results and market conditions,
including the prices at which the combined entity sells its production, or in
order to take advantage of further opportunities or acquisitions. The combined
entity&#146;s financial condition, general market conditions, volatile uranium and
vanadium markets, volatile interest rates, a claim against the combined entity,
a significant disruption to the combined entity&#146;s business or operations or
other factors may make it difficult to secure financing necessary for the
expansion of mining activities or to take advantage of opportunities for
acquisitions. Further, continuing volatility in the credit markets may increase
costs associated with debt instruments due to increased spreads over relevant
interest rate benchmarks, or may affect the ability of the combined entity, or
third parties it seeks to do business with, to access those markets. There is no
assurance that the combined entity will be successful in obtaining required
financing as and when needed on acceptable terms, if at all. If the combined
entity raises additional funding by issuing additional equity securities or
securities convertible, exercisable or exchangeable for equity securities, such
financing may substantially dilute the interests of the shareholders of the
combined entity and reduce the value of their investment.</P>
<P align=justify><B>Risks Related to Energy Fuels&#146; Business</B></P>
<P align=justify>You should read and consider the other risk factors specific to
Energy Fuels&#146; businesses that will also affect Energy Fuels after the
consummation of the Transaction described in Energy Fuels Form 40-F Annual
Report for the year ended December 31, 2014 filed with the SEC on March 20, 2015
and other documents that have been filed by Energy Fuels with the SEC and which
are incorporated by reference into this proxy statement/prospectus. </P>
<P align=justify><B>Risks Related to Uranerz&#146; Business</B></P>
<P align=justify>You should read and consider the other risk factors specific to
Uranerz&#146; businesses that will also affect Energy Fuels after the consummation of
the Transaction, described in Part I, Item 1A of Uranerz&#146; Annual Report on Form
10-K for the year ended December 31, 2014 filed with the SEC on March 16, 2015,
and other documents that have been filed by Uranerz with the SEC and which are
incorporated by reference into this proxy statement/prospectus. </P>
<P align=center>51 </P>
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<P align=center><B>CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION
</B></P>
<P align=justify>This proxy statement/prospectus and the documents to which
Uranerz and Energy Fuels refer herein contain forward-looking statements that
involve risks, uncertainties, and assumptions that are difficult to predict.
Words and expressions reflecting optimism, satisfaction, or disappointment with
current prospects, as well as words such as &#147;believes,&#148; &#147;hopes,&#148; &#147;intends,&#148;
&#147;estimates,&#148; &#147;expects,&#148; &#147;projects,&#148; &#147;plans,&#148; &#147;anticipates,&#148; and variations
thereof, or the use of future tense, identify forward-looking statements, but
their absence does not mean that a statement is not forward-looking. Such
forward-looking statements are not guarantees of performance and actual results
could differ materially from those contained in such statements. Such
forward-looking statements include but are not limited to statements and
information regarding:</P>
<ul>
  <li>
<P align=justify style="margin-top: 0; margin-bottom: 0">the calculations used by Euro Pacific for its fairness opinion
including the net asset value calculation (based on project-level discounted
cash flow analyses), analysts&#146; price to net asset value calculation and
analysts&#146; estimates and research; </P>
  </li>
  <li>
<P align=justify style="margin-top: 0; margin-bottom: 0">the expectation that the Transaction will be completed; </P>
  </li>
  <li>
<P align=justify style="margin-top: 0; margin-bottom: 0">the expected benefits and synergies of the Transaction;</P>
  </li>
  <li>
<P align=justify style="margin-top: 0; margin-bottom: 0">the expected financial condition, results of operations,
earnings outlook and prospects of Energy Fuels, Uranerz and the combined
company; </P>
  </li>
  <li>
<P align=justify style="margin-top: 0; margin-bottom: 0">the terms of any potential funds loaned from Energy Fuels to
Uranerz; </P>
  </li>
  <li>
<P align=justify style="margin-top: 0; margin-bottom: 0">the terms of any amendments to change of control agreements
which may be entered into among members of Uranerz management and Energy Fuels;
and</P>
  </li>
  <li>
<P align=justify style="margin-top: 0; margin-bottom: 0">the prospective information regarding the properties of Energy
Fuels and Uranerz.</P>
  </li>
</ul>
<P align=justify>Factors that could cause or contribute to differences to the
forward-looking statements include, but are not limited to: the occurrence of
any event, change or other circumstances that could give rise to the termination
of the Merger Agreement, the failure to obtain Uranerz shareholder approval or
the failure to satisfy any of the other closing conditions, the failure to
obtain the necessary regulatory approvals on conditions permissible under the
Merger Agreement; risks related to disruption of management&#146;s attention from
Uranerz&#146; or Energy Fuels&#146; ongoing business operations due to the Transaction;
the effect of the announcement of the Transaction on the ability of Uranerz and
Energy Fuels to retain customers and retain and hire key personnel and maintain
relationships with suppliers, operating results and business generally; Uranerz&#146;
and Energy Fuels&#146; ability to raise outside capital and to repay debt as it comes
due; Uranerz&#146; and Energy Fuels&#146; ability to maintain compliance with the listing
requirements of, and thereby maintain the listing of their common stock or
common shares, as applicable, on, the NYSE MKT, or the TSX; and the other
concerns identified in the Risk Factors above. </P>
<P align=justify>Although Uranerz and Energy Fuels believe the assumptions upon
which these forward-looking statements are based are reasonable, any of these
assumptions could prove to be inaccurate and the forward-looking statements
based on these assumptions could be incorrect. The underlying expected actions
or Uranerz&#146; or Energy Fuels&#146; results of operations involve risks and
uncertainties, many of which are outside of either company&#146;s control, and any
one of which, or a combination of which, could materially affect Uranerz&#146; and
Energy Fuels&#146; results of operations and whether the forward-looking statements
ultimately prove to be correct. These forward-looking statements speak only as
of the date on which the statements were made and neither Uranerz nor Energy
Fuels undertakes any obligation to update or revise any forward-looking
statements made in this proxy statement/prospectus or elsewhere as a result of
new information, future events, or otherwise, except as required by law. </P>
<P align=center>52 </P>
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<P align=justify>In addition to other factors and matters contained or
incorporated in this document, Uranerz believes the following factors could
cause actual results to differ materially from those discussed in the
forward-looking statements: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>the occurrence of any event, change, or other circumstances that could
  give rise to the termination of the Merger Agreement and the possibility that
  Uranerz could be required to pay a fee to Energy Fuels in connection
  therewith;
  <LI>risks that the regulatory approvals required to complete the Transaction
  will not be obtained in a timely manner, if at all;
  <LI>the inability to complete the Transaction due to the failure to obtain
  Uranerz shareholder approval of the Transaction or failure to satisfy any
  other conditions to the completion of the Transaction;
  <LI>business uncertainty and contractual restrictions during the pendency of
  the Transaction;
  <LI>adverse outcomes of pending or threatened litigation or governmental
  investigations;
  <LI>the failure of the Transaction to close for any other reason;
  <LI>the amount of the costs, fees, expenses and charges related to the
  Transaction;
  <LI>the outcome of shareholder class-action complaints relating to the
  Transaction;
  <LI>diversion of management&#146;s attention from ongoing business concerns;
  <LI>the effect of the announcement of the Transaction on Uranerz&#146; and Energy
  Fuels&#146; business, creditor and customer relationships, operating results, and
  business generally, including the ability to retain key employees;
  <LI>risks that the proposed Transaction disrupts current plans and operations;

  <LI>the possible adverse effect on Uranerz&#146; and Energy Fuels&#146; business and the
  prices of their respective common stock if the Transaction is not completed in
  a timely fashion or at all;
  <LI>risks that the combined company may be unable to successfully integrate
  Uranerz&#146; business and personnel with Energy Fuels&#146; business and personnel;
  <LI>risks that the expected benefits of the Transaction may not be realized;
  and
  <LI>other risk factors relating to the businesses of each of Uranerz and
  Energy Fuels, as detailed from time to time in each of Uranerz&#146; and Energy
  Fuels&#146; reports filed with the SEC and, in the case of Energy Fuels, the
  applicable Canadian securities regulatory authorities. </LI></UL>
<P align=justify>Many of the factors that will determine Uranerz&#146; and Energy
Fuels&#146; future results are beyond Uranerz&#146; and Energy Fuels&#146; ability to control
or predict. Uranerz and Energy Fuels cannot guarantee any future results, levels
of activity, performance, or achievements. In light of the significant
uncertainties inherent in the forward-looking statements, readers should not
place undue reliance on forward-looking statements. </P>
<P align=center>53 </P>
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<P align=justify>Additional information about these factors and about the
material factors or assumptions underlying such forward-looking statements may
be found in this proxy statement/prospectus, as well as in Uranerz&#146; Annual
Report on Form 10-K for the fiscal year ended December 31, 2014 and in Energy
Fuels Form 40-F Annual Report for the year ended December 31, 2014. See &#147;Where
You Can Find More Information&#148; beginning on page 213. These important factors
also include those set forth under the section entitled &#147;Risk Factors,&#148;
beginning on page 34. </P>
<P align=justify>Readers are cautioned that any forward-looking statement speaks
only as of the date of this proxy statement/prospectus, and it should not be
assumed that the statements remain accurate as of any future date. Neither
Energy Fuels nor Uranerz undertakes any obligation to update or revise any
forward-looking statement, whether as a result of new information, future events
or otherwise, except as may be required by law. Uranerz and Energy Fuels caution
further that, as it is not possible to predict or identify all relevant factors
that may impact forward-looking statements, the foregoing list should not be
considered a complete statement of all potential risks and uncertainties. </P>
<P align=justify>Readers should carefully consider the cautionary statements
contained or referred to in this section in connection with any subsequent
forward-looking statements that may be issued by Uranerz or Energy Fuels or
persons acting on behalf of either party. </P>
<P align=center><B>CAUTIONARY NOTES TO UNITED STATES INVESTORS CONCERNING
MINERAL <BR>RESERVE AND RESOURCE ESTIMATES</B></P>
<P align=justify>This proxy statement/ prospectus incorporates by reference
documents that have been prepared by Energy Fuels which have been prepared in
accordance with the requirements of Canadian provincial securities laws, which
differ from the requirements of U.S. securities laws. Unless otherwise
indicated, all reserve and resource estimates included or incorporated by
reference in this proxy statement/ prospectus have been prepared in accordance
with Canadian National Instrument 43-101&#151;Standards of Disclosure for Mineral
Projects (&#147;<B>NI 43-101</B>&#148;) and the Canadian Institute of Mining, Metallurgy
and Petroleum (the &#147;<B>CIM</B>&#148;)&#151; CIM Definition Standards on Mineral Resources
and Mineral Reserves, adopted by the CIM Council, as amended. NI 43-101 is an
instrument developed by the Canadian Securities Administrators that establishes
standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. The terms &#147;mineral reserve&#148;, &#147;proven
mineral reserve&#148; and &#147;probable mineral reserve&#148; are Canadian mining terms as
defined in accordance with NI 43-101 and CIM standards. These definitions differ
from the definitions in the SEC&#146;s Industry Guide 7 under the Securities Act.
</P>
<P align=justify>Under United States standards, mineralization may not be
classified as a &#147;reserve&#148; unless the determination has been made that the
mineralization could be economically and legally produced or extracted at the
time the reserve determination is made. Under SEC Industry Guide 7 standards, a
&#147;final&#148; or &#147;bankable&#148; feasibility study is required to report reserves, the
three-year historical average price is used in any reserve or cash flow analysis
to designate reserves and the primary environmental analysis or report must be
filed with the appropriate governmental authority. </P>
<P align=justify>In addition, the terms &#147;mineral resource&#148;, &#147;measured mineral
resource&#148;, &#147;indicated mineral resource&#148; and &#147;inferred mineral resource&#148; are
defined in and required to be disclosed by NI 43-101; however, these terms are
not defined terms under SEC Industry Guide 7 and are normally not permitted to
be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of mineral
deposits in these categories will ever be converted into reserves. &#147;Inferred
mineral resources&#148; have a great amount of uncertainty as to their existence, and
great uncertainty 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 pre-feasibility
studies, except in rare cases. Investors are cautioned not to assume that all or
any part of an inferred mineral resource exists or is economically or legally
mineable. Disclosure of &#147;contained pounds&#148; in a resource is permitted disclosure
under Canadian regulations; however, the SEC normally only permits issuers to
report mineralization that does not constitute &#147;reserves&#148; by SEC Industry Guide
7 standards as in place tonnage and grade without reference to unit measures.
</P>
<P align=center>54 </P>
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<P align=justify>Accordingly, information contained in this proxy statement/
prospectus and the documents incorporated by reference herein contain
descriptions of mineral deposits that may not be comparable to similar
information made public by United States companies subject to the reporting and
disclosure requirements under the United States federal securities laws and the
rules and regulations thereunder. </P>
<P align=center><B>THE SPECIAL MEETING OF URANERZ SHAREHOLDERS </B></P>
<P align=justify>This section contains information about the Special Meeting of
Uranerz shareholders that has been called to approve the Merger Agreement and
the Transaction, approve the adjournment of the Special Meeting for the
solicitation of additional proxies in the event there are insufficient votes
present, in person or represented by proxy, at the time of the Special Meeting
to approve the Merger Agreement, to approve, on an advisory (non-binding) basis
as required by Item 402(t) of Regulation S-K and Section 14A(b) of the Exchange
Act, certain &#147;golden parachute&#148; compensation that may become payable to Uranerz&#146;
named executive officers in connection with the Transaction, and to consider any
other business properly before the Special Meeting. This proxy
statement/prospectus is being furnished to Uranerz shareholders in connection
with the solicitation of proxies by the Uranerz board of directors to be used at
the Special Meeting. Uranerz is first mailing this proxy statement/prospectus
and enclosed proxy card on or about May 28, 2015. </P>
<P align=justify><B>Date, Time and Place </B></P>
<P align=justify>The special meeting will be held at 10:00 am Mountain Daylight Time,
on June 18, 2015 at the Casper Petroleum Club, 1301 Wilkins Circle, Casper, Wyoming,
U.S.A. 82601 (unless it is adjourned or postponed to a later date). </P>
<P align=justify><B>Purpose of Special Meeting </B></P>
<P align=justify>The purpose of the Special Meeting is for Uranerz shareholders
to: (i) consider and vote upon approval of the Merger Agreement, (ii) consider
and vote upon, on an advisory (non-binding) basis, a proposal to approve &#147;golden
parachute&#148; compensation that may become payable to the named executive officers
of Uranerz in connection with the Transaction, (iii) approve the adjournment
proposal, and (iv) to transact such other business as may properly come before
the Special Meeting (and any adjournment or postponement thereof), including
consideration of any procedural matters incident to the conduct of the Special
Meeting. </P>
<P align=center>55 </P>
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<P align=justify><B>Recommendation of the Uranerz Board of Directors </B></P>
<P align=justify>After careful consideration and upon the unanimous
recommendation from the Special Committee, the Uranerz board of directors
unanimously (1) determined that the Merger Agreement and the Transaction are
advisable and in the best interests of Uranerz and its shareholders, (2)
approved the Transaction and the Merger Agreement and (3) resolved to recommend
adoption of the Merger Agreement to Uranerz shareholders. <B>The Uranerz board
of directors recommends that the Uranerz shareholders vote &#147;FOR&#148; the adoption of
the Merger Agreement and &#147;FOR&#148; the adjournment of the Uranerz Special Meeting,
if necessary or appropriate to solicit additional proxies if there are not
sufficient votes to adopt the Merger Agreement at the time of the Uranerz
Special Meeting.</B> For a discussion of the material factors considered by the
Uranerz board of directors in reaching its conclusions, see &#147;Proposal One&#151;The
Transaction&#151;Recommendations of the Uranerz Board of Directors; Uranerz&#146; Reasons
for the Transaction&#148; beginning on page 79. </P>
<P align=justify>Uranerz shareholders should carefully read this proxy
statement/prospectus in its entirety for more detailed information concerning
the Transaction. In addition, Uranerz shareholders are directed to the Merger
Agreement, which is included as Annex A in this proxy statement/prospectus. </P>
<P align=justify><B>Uranerz Record Date; Shares Entitled to Vote </B></P>
<P align=justify>The record date for the Special Meeting is May 26, 2015. Only Uranerz shareholders of record at the close of business on
May 26, 2015 will be
entitled to receive notice of, and to vote at, the Special Meeting or any
adjournments or postponements thereof.</P>
<P align=justify>As of the close of business on the record date of May 26, 2015,
there were 95,912,806 shares of Uranerz common stock outstanding and entitled to vote
at the Special Meeting. Each holder of Uranerz common stock is entitled to one
vote for each share of Uranerz common stock owned as of the Uranerz record date.
</P>
<P align=justify>A complete list of Uranerz shareholders entitled to vote at the
Special Meeting will be available for inspection at the principal place of
business of Uranerz during regular business hours for a period of no less than
10 days before the special meeting and at the place of the Special Meeting
during the meeting. </P>
<P align=justify><B>Stock Ownership by and Voting Rights of Uranerz&#146; Directors
and Executive Officers</B></P>
<P align=justify>When considering the recommendation of Uranerz&#146; board of
directors, you should be aware that certain of Uranerz&#146; executive officers and
directors have interests in the Transaction other than their interests as
Uranerz shareholders generally, as well as pursuant to individual agreements
with certain officers and directors. These interests are different from your
interests as a Uranerz shareholder; however, the members of Uranerz&#146; board of
directors have taken these additional interests into consideration. </P>
<P align=justify>A &#147;change in control&#148; for purposes of the individual change in
control severance agreements to which certain of Uranerz&#146; directors and
executive officers are party, as discussed in greater detail below, will be
deemed to occur upon the consummation of the Transaction which will entitle such
directors and executive officers to, among other things, severance payments.
</P>
<P align=justify>Certain of Uranerz&#146; non-employee directors hold stock options
to acquire shares of common stock of Uranerz, which will become options to
acquire common stock of Energy Fuels upon completion of the Transaction. Pursuant to the Merger
Agreement, stock options held by independent directors of Uranerz, who will not
continue as officers or directors of Energy Fuels on Closing, shall expire on
the earlier of (i) the current expiry date of such Uranerz option or (ii) six
months after the Closing Date. </P>
<P align=center>56 </P>
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<P align=justify>At the close of business on the record date for the Special
Meeting, Uranerz&#146; directors and executive officers and their affiliates
beneficially owned 7,547,600 shares of Uranerz common stock (inclusive of shares
issuable upon exercise of stock options within 60 days of the record date) and
had the right to vote 3,828,600 shares of Uranerz common stock at the Special
Meeting, which represents approximately 3.99% of the Uranerz common stock
entitled to vote at the Uranerz special meeting. Pursuant to individual support
agreements entered into between Energy Fuels and the directors and executive
officers of Uranerz, the directors and executive officers of Uranerz will be
obligated to Energy Fuels to vote their shares &#147;FOR&#148; the adoption of the Merger
Agreement. It is expected that Uranerz&#146; non-director executive officers will
vote their shares &#147;FOR&#148; the adoption of the Merger Agreement and &#147;FOR&#148; the
adjournment of the Uranerz Special Meeting, if necessary or appropriate to
solicit additional proxies if there are not sufficient votes to adopt the Merger
Agreement at the time of the Uranerz Special Meeting. </P>
<P align=justify><b>Quorum</b></P>
<P align=justify>A quorum of shareholders is required to carry on the business
of the Uranerz Special Meeting. One-third of the voting power of the issued and
outstanding common stock of Uranerz as of the close of business on the record
date for the determination of shareholders entitled to vote at the Special
Meeting must be represented in person or by proxy at the meeting in order to
constitute a quorum. On the record date, there were 95,912,806 shares of Uranerz
common stock issued and outstanding. Any abstentions will be counted in
determining whether a quorum is present at the Uranerz Special Meeting. In the
event that a quorum is not represented in person or by proxy at the Uranerz
Special Meeting, the holders of Uranerz common stock present in person or
represented by proxy at the Uranerz Special Meeting and entitled to vote
thereat, or the chairman of the Special Meeting, may adjourn the meeting until a
quorum is represented in person or by proxy, without notice other than
announcement at the meeting. If the adjournment is for more than 30 days, or if
after adjournment a new record date is set, a notice of the adjourned meeting
will be given to each Uranerz shareholder of record entitled to vote at the
meeting. </P>
<P align=justify>The Uranerz proposals are not considered a routine matter with
respect to shares of Uranerz common stock that are represented at the Special
Meeting, but that are held by brokers, banks or other nominees who do not have
authority to vote such shares (i.e., broker non-votes). Therefore, your broker
will not be permitted to vote on the Uranerz proposals without instruction from
you as the beneficial owner of the shares of Uranerz common stock. Broker
non-votes (if any) will, however, be counted for purposes of determining whether
a quorum is present at the Uranerz Special Meeting. </P>
<P align=justify><B>Required Vote </B></P>
<P align=justify>The approval of the Merger Agreement requires the affirmative
vote of (i) the shares representing a majority of the outstanding shares of
Uranerz common stock entitled to vote at the Special Meeting and (ii) the
holders of the majority of shares of Uranerz common stock cast at the Special
Meeting, exclusive of all shares of common stock owned, directly or indirectly
by Energy Fuels and Merger Sub and the officers and directors of Uranerz. If you
abstain from voting, either in person or by proxy, or do not instruct your
broker or other nominee how to vote your shares, it will have the same effect as
(a) a vote &#147;AGAINST&#148; the approval of the Absolute Majority Vote and (b) your votes will not be deemed to have
been cast and will therefore not have an effect on the Disinterested Shareholder
Vote. </P>
<P align=center>57 </P>
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<P align=justify>As required by Item 402(t) of Regulation S-K and Section 14A(b)
of the Exchange Act, Uranerz is providing its shareholders with the opportunity
to cast an advisory (non-binding) vote on the &#147;golden parachute&#148; compensation
that may become payable to its named executive officers in connection with the
completion of the Transaction. The approval of the proposal to approve, on an
advisory (non-binding) basis, this &#147;golden parachute&#148; compensation requires that
the number of shares voted in favor of the proposal are greater than those voted
against. If you abstain from voting, either in person or by proxy, or do not
instruct your broker or other nominee how to vote your shares, it will not
affect the advisory vote on this &#147;golden parachute&#148; compensation. </P>
<P align=justify>The approval of the proposal to adjourn the Special Meeting (if
necessary or appropriate) to solicit additional proxies requires (i) if a quorum
exists, that the number of shares voted in favor of adjournment are greater than
those voted against, or (ii) in the absence of a quorum, the affirmative vote of
the holders of a majority of the shares of Uranerz common stock represented at
the Special Meeting or the decision of the chairman of the meeting to adjourn
the Special Meeting. If you abstain from voting, either in person or by proxy,
or do not instruct your broker or other nominee how to vote your shares, your
votes will not be deemed to have been cast and will therefore not have an effect
on adoption of Proposal Three. </P>
<P align=justify>The Transaction cannot be completed unless (i) Uranerz
shareholders holding a majority of the outstanding shares entitled to vote at
the Special Meeting approve the Merger Agreement and (ii) the holders of the
majority of shares of Uranerz common stock cast at the Special Meeting,
exclusive of all shares of common stock owned, directly or indirectly by Energy
Fuels and Merger Sub and the officers and directors of Uranerz approve the
Merger Agreement. Whether or not you plan to attend the Special Meeting in
person, please complete, sign, date and return promptly the enclosed proxy card
or follow the related Internet or telephonevoting instructions. If you hold shares through a
bank, broker or other nominee, you should follow the procedures provided by your
bank, broker or other nominee. </P>
<P align=justify><B>Voting of Proxies by Holders of Record </B></P>
<P align=justify>If you are entitled to vote at the Uranerz Special Meeting and
hold your shares in your own name, you can submit a proxy or vote in person by
completing a ballot at the Special Meeting. However, Uranerz encourages you to
submit a proxy before the Uranerz Special Meeting even if you plan to attend the
Uranerz Special Meeting in order to ensure that your shares are voted. A proxy
is a legal designation of another person to vote your shares of Uranerz common
stock on your behalf. If you hold shares in your own name, you may submit a
proxy for your shares by: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>faxing the enclosed proxy card to the number provided on the proxy card;
  <LI>accessing the Internet web site or calling the telephone number specified on the enclosed proxy card and
  follow the instructions provided to you; or
  <LI>filling out, signing and dating the enclosed proxy card and mailing it in
  the prepaid envelope included with these proxy materials. </LI></UL>
<P align=justify>When a shareholder submits a proxy by fax, by telephone or through the
Internet, his or her proxy is recorded immediately. Uranerz encourages its
shareholders to submit their proxies using these methods whenever possible. If you submit a proxy through the Internet
web site or by telephone, please do not return your proxy card by mail. </P>
<P align=center>58 </P>
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<P align=justify>All shares represented by each properly executed and valid
proxy received before the Uranerz Special Meeting will be voted in accordance
with the instructions given on the proxy. If a Uranerz shareholder executes a
proxy card without giving instructions, the shares of Uranerz common stock
represented by that proxy card will be voted in accordance with the
recommendations of the Uranerz board of directors. </P>
<P align=justify>Please submit your proxy by Internet, telephone, fax or mail, whether or
not you plan to attend the meeting in person. </P>
<P align=justify><B>Shareholders Sharing an Address </B></P>
<P align=justify>As permitted by the Exchange Act, only one copy of this proxy
statement/prospectus is being delivered to Uranerz shareholders residing at the
same address, unless Uranerz shareholders have notified Uranerz of their desire
to receive multiple copies of this proxy statement/prospectus. This is known as
householding. </P>
<P align=justify>Uranerz will promptly deliver, upon oral or written request, a
separate copy of this proxy statement/prospectus to any Uranerz shareholder
residing at an address to which only one copy was mailed. Shareholders who do
not receive a separate copy of this proxy statement/prospectus and who want to
receive a separate copy may request to receive a separate copy of this proxy
statement/prospectus by writing to Investor Relations at Uranerz Energy
Corporation 800 West Pender St., Suite 1410, Vancouver, British Columbia, Canada
V6C 2V6, or by calling (604) 689-1659. Uranerz undertakes to deliver promptly a
copy of this proxy statement/prospectus upon the receipt of such request.
Shareholders who share an address and receive multiple copies of this proxy
statement/prospectus may also request to receive a single copy by following the
instructions above. </P>
<P align=justify><B>Revocability of Proxy; Changing Your Vote </B></P>
<P align=justify>You may revoke your proxy and/or change your vote at any time
before your proxy is voted at the Uranerz Special Meeting. <I>If you are a
shareholder of record, you can do this by</I>: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>sending a written notice stating that you revoke your proxy to Uranerz at,
  Uranerz Energy Corporation, Attn: Corporate Secretary, 1701 East &#147;E&#148; Street,
  Casper, Wyoming, 82605 that bears a date later than the date of the proxy and
  is received prior to the Uranerz Special Meeting and states that you revoke
  your proxy;
  <LI>submitting a valid, later-dated proxy by mail, fax, telephone or the Internet that is
  received prior to the Special Meeting; or
  <LI>attending the Uranerz special meeting and voting by ballot in person (your
  attendance at the Uranerz Special Meeting will not, by itself, revoke any
  proxy that you have previously given). </LI></UL>
<P align=justify>If you hold your shares of Uranerz common stock in &#147;street
name&#148; through a broker, bank or other nominee, you must follow the directions
you receive from your broker, bank or other nominee in order to revoke or change
your vote. </P>
<P align=center>59 </P>
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<P align=justify><B>Adjournments and Postponements </B></P>
<P align=justify>Although it is not currently expected, the Special Meeting may
be adjourned or postponed for the purpose of soliciting additional proxies. Any
adjournment may be made without notice, other than by an announcement made at
the Special Meeting of the time, date and place of the adjourned meeting. For
the proposal to adjourn the Special Meeting, if necessary or appropriate, to
solicit additional proxies if there is an insufficient number of votes at the
time of such adjournment to approve the Merger Agreement, you may vote FOR,
AGAINST or ABSTAIN. Abstentions and broker non-votes will count for the purpose
of determining whether a quorum is present at the Special Meeting. However,
broker non-votes and abstentions will not count as shares entitled to vote on
the adjournment proposal. As a result, abstentions and broker non-votes will not
have any effect on the vote to adjourn the Special Meeting if necessary or
appropriate, to solicit additional proxies if there are an insufficient number
of votes at the time of such adjournment to approve the Merger Agreement. Any
signed proxies received by Uranerz for which no voting instructions are provided
on such matter will be voted &#147;FOR&#148; the adjournment proposal. Any adjournment of
the Special Meeting for the purpose of soliciting additional proxies will allow
Uranerz shareholders who have already sent in their proxies to revoke them at
any time prior to the Special Meeting as adjourned. </P>
<P align=justify>At any time prior to convening the Special Meeting, the Special
Meeting may be postponed for any reason without the approval of the Uranerz
shareholders. If postponed, Uranerz will publicly announce the new meeting date.
Although it is not currently expected, Uranerz may postpone the Special Meeting
for the purpose of soliciting additional proxies if Uranerz concludes that by
the date of the Special Meeting it is reasonably likely that Uranerz will not
have received sufficient proxies to constitute a quorum or sufficient votes for
approval of the Merger Agreement. Similar to adjournments, any postponement of
the Special Meeting for the purpose of soliciting additional proxies will allow
Uranerz shareholders who have already sent in their proxies to revoke them at
any time prior to the Special Meeting, as postponed. </P>
<P align=justify><B>Shares Held in Street Name </B></P>
<P align=justify>If your shares of Uranerz common stock are held in an account
at a broker, bank or through another nominee, you must instruct the broker, bank
or other nominee on how to vote your shares by following the instructions that
the broker, bank or other nominee provides to you with these proxy materials.
Most brokers offer the ability for shareholders to submit voting instructions by
mail by completing a voting instruction card, by telephone and via the Internet.
</P>
<P align=justify>If you do not provide voting instructions to your broker, bank
or other nominee your shares will not be voted on any proposal on which your
broker, bank or other nominee does not have discretionary authority to vote.
This is referred to in this proxy statement/prospectus and in general as a
broker non-vote. Under the current rules of the NYSE MKT, brokers do not have
discretionary authority to vote on the proposal (i) to adopt the Merger
Agreement, (ii) to approve the adjournment of the Uranerz Special Meeting, if
necessary or appropriate to solicit additional proxies if there are not
sufficient votes to adopt the Merger Agreement at the time of the Uranerz
Special Meeting or (iii) to vote on other business that comes before the Uranerz
Special Meeting. Any broker non-votes would have the same effect as a vote
&#147;against&#148; adoption of the Merger Agreement and would have no effect on the
proposal to approve the adjournment of the Uranerz Special Meeting. </P>
<P align=justify>If you hold shares through a broker, bank or other nominee and
wish to vote your shares in person at the Uranerz Special Meeting, you must
obtain a proxy from your broker, bank or other nominee and present it to the inspector of election with your
ballot when you vote at the Uranerz Special Meeting. </P>
<P align=center>60 </P>
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<P align=justify><B>Solicitation of Proxies </B></P>
<P align=justify>Uranerz will pay the cost of distributing and soliciting
proxies. This proxy solicitation is being made by Uranerz on behalf of its board
of directors. In addition to solicitation by use of the mail, Uranerz&#146;
directors, officers and employees may also solicit proxies in person or by
telephone, electronic mail, facsimile transmission or other means of
communication. Uranerz will also request brokers and other fiduciaries to
forward proxy solicitation material to the beneficial owners of shares of
Uranerz common stock that the brokers and fiduciaries hold of record. In
accordance with the regulations of the SEC, Uranerz will reimburse them for
expenses incurred in sending proxies and proxy materials to beneficial owners of
shares of Uranerz common stock.  </P>
<P align=justify>Shareholders should not send stock certificates
with their proxies. If approved, a letter of transmittal and instructions for
the surrender of Uranerz common stock certificates will be mailed to Uranerz
shareholders shortly after the completion of the Transaction.</P>
<P align=center><B>PROPOSAL ONE&#151;THE TRANSACTION </B></P>
<P align=justify>The following is a discussion of the proposed Transaction and
the Merger Agreement. This is a summary only and may not contain all of the
information that is important to a reader. This summary is subject to, and
qualified in its entirety by reference to the Merger Agreement a copy of which
is attached to this proxy statement/prospectus as Annex A and is incorporated by
reference herein. Uranerz shareholders are urged to read this entire proxy
statement/prospectus carefully, including the Merger Agreement, for a more
complete understanding of the Transaction.</P>
<P align=justify><B>Effects of the Transaction </B></P>
<P align=justify>In order to effect the acquisition of Uranerz by Energy Fuels,
Merger Sub will merge with and into Uranerz in accordance with the plan of
merger set forth in the Merger Agreement. Uranerz will be the surviving
corporation in the merger and will become a wholly-owned subsidiary of Energy
Fuels. </P>
<P align=justify>Pursuant to the Merger Agreement, at the Effective Time, each
issued and outstanding Uranerz common share will be canceled and extinguished
and automatically converted into the right to receive a fraction of a fully paid
and nonassessable Energy Fuels common share equal to the Exchange Ratio,
provided that holders of Uranerz common stock who have properly and validly
exercised and perfected their right to dissent shall not have their shares of
Uranerz common stock so converted. The &#147;Exchange Ratio&#148; shall be equal to 0.255
Energy Fuels common shares. </P>
<P align=justify><B>Background of the Transaction</B></P>
<P align=justify>The Uranerz board of directors, together with certain members
of Uranerz&#146; senior management, periodically reviews and considers various
strategic alternatives available to Uranerz, including, from time to time,
whether the continued execution of Uranerz&#146; strategy as a stand-alone company,
possible strategic acquisitions or the possible sale of Uranerz to, or a
combination of Uranerz with, a third party would offer the best avenue to
maximize stockholder value. In addition, the Uranerz board of directors,
together with certain members of Uranerz&#146; senior management, periodically
reviews and assesses Uranerz&#146; operations and financial performance, competitive position, industry trends and potential strategic
initiatives, including potential acquisitions, dispositions, and business
combinations. </P>
<P align=center>61 </P>
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<P align=justify>Similarly, since the Fukushima nuclear accident in March 2011,
which significantly and adversely impacted the uranium price environment as well
as the market valuations of publicly-traded uranium companies, Energy Fuels has
regularly been considering and evaluating business and strategic opportunities,
including consolidating with other industry players, as evidenced by its
acquisition of  Titan Uranium Inc. in February
2012, the US assets of Denison Mines Corp. in June 2012 and Strathmore Minerals
Corp. in August 2013.</P>
<P align=justify>Energy Fuels&#146; and Uranerz&#146; management teams have known one
another for many years. In November 2012 and November 2013, Steve Antony and
Dennis Higgs spoke briefly about the general benefits of consolidation in the
U.S. uranium sector. </P>
<P align=justify>On April 28, 2014, Cantor Fitzgerald Canada Corporation
(&#147;<B>Cantor</B>&#148;), was retained by Energy Fuels to provide financial advisory
services in connection with a variety of potential M&amp;A transactions,
including a potential transaction with Uranerz. </P>
<P align=justify>Energy Fuels&#146; President and Chief Executive Officer, Stephen
Antony, first approached Uranerz&#146; Executive Chairman, Mr. Higgs, on June 16,
2014. </P>
<P align=justify>On June 17, 2014, Mr. Antony telephoned Mr. Higgs to express
Energy Fuels&#146; interest in evaluating a business combination with Uranerz. Mr.
Higgs reported the interest of Energy Fuels to the other executive members of
the Uranerz board of directors, being Glenn Catchpole and Paul Goranson, and the
execution of a confidentiality agreement with Energy Fuels was discussed.</P>
<P align=justify>On June 19, 2014, Mr. Antony sent to Mr. Higgs an initial draft
of a confidentiality agreement proposed by Mr. Antony to be entered into between
Uranerz and Energy Fuels.<B> </B></P>
<P align=justify>On June 24, 2014, Cantor and Energy Fuels had preliminary
discussions to evaluate potential ISR uranium producers for a potential M&amp;A
transaction. Following those discussions, Cantor and Energy Fuels reviewed
publicly available information on various companies and prepared certain
analyses. From these analyses and discussions, Uranerz was identified as an
attractive counter-party, given Uranerz&#146; producing assets, existing term
contracts, portfolio of other assets with identified resources, extensive land
position with exploration potential, ISR expertise and perceived ability to
successfully integrate the management teams and boards of directors of the two
companies. </P>
<P align=justify>Energy Fuels and Uranerz entered into a confidentiality
agreement effective July 3, 2014.</P>
<P align=justify>On July 7, 2014, the executive members of the Uranerz board of
directors held a conference call and discussed, among other things, the
potential merits and risks of a potential business combination with Energy
Fuels.</P>
<P align=justify>On July 8, 2014, the executive members of the Uranerz board of
directors and executive management of Energy Fuels held a conference call to
discuss preliminary ideas and the potential for a business combination, as well
as other potential joint endeavors.<B> </B>Participants in the call included Mr.
Higgs, Mr. Catchpole and Mr. Goranson from Uranerz and Mr. Antony, and Dan Zang
from Energy Fuels and Graham Moylan of Cantor.</P>
<P align=center>62 </P>
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<P align=justify>On July 11, 2014, Mr. Antony advised Mr. Higgs that Energy
Fuels proposed to engage Cantor as its financial advisor in connection with the
evaluation of a possible business combination transaction with Uranerz.</P>
<P align=justify>On July 18, 2014, Mr. Higgs discussed a number of potential
acquisition ideas for Uranerz with Haywood Securities Inc., Uranerz&#146; financial
adviser (&#147;<B>Haywood</B>&#148;), and at that time, Mr. Higgs advised Haywood that
Energy Fuels had expressed an interest in a possible business combination
transaction with Uranerz. </P>
<P align=justify>On July 25, 2014, the executive members of the Uranerz board of
directors held a conference call and discussed various matters relating to a
potential business combination with Energy Fuels, including Energy Fuels
production levels, the potential synergies between Energy Fuels and Uranerz, and
the outcome of Mr. Goranson&#146;s meeting with Energy Fuel&#146;s then Senior
Vice-President of Corporate Marketing, Gary Steele and the current Senior
Vice-President of Marketing and Corporate Development, Curtis Moore.</P>
<P align=justify>On August 5, 2014, Energy Fuels, together with its Canadian
legal counsel, Borden Ladner Gervais LLP (&#147;<B>BLG</B>&#148;) and Cantor reviewed
certain financial and market analyses and began drafting a non-binding letter of
intent that contemplated the business combination of Uranerz and Energy Fuels by
way of an acquisition by Energy Fuels of all of the issued and outstanding
shares of Uranerz (the &#147;<B>LOI</B>&#148;). </P>
<P align=justify>On August 6, 2014, Energy Fuels provided Uranerz with the
initial draft LOI that proposed the acquisition of Uranerz by Energy Fuels on
the basis of an exchange ratio of 0.17 Energy Fuels common share for each
Uranerz common share.<I> </I></P>
<P align=justify>The executive members of the Uranerz board of directors had a
number of discussions relating to the terms of the proposed business combination
reflected in the LOI, both among themselves and with Haywood. Following these
discussions, Mr. Higgs had a telephone conference call with Mr. Antony on August
8, 2014 in which Mr. Higgs advised that the financial terms reflected in the LOI
were not acceptable to Uranerz. On August 9, 2014, Haywood likewise informed
Energy Fuels and Cantor on behalf of Uranerz that the terms of the initial LOI
were unacceptable, with the primary issue being the proposed exchange ratio.</P>
<P align=justify><B><I></I></B>On August 11, 2014, Mr. Higgs and Mr. Antony
discussed various issues relating to the proposed business combination,
including the requirement of Uranerz of a higher premium.<B><I> </I></B></P>
<P align=justify>The executive members of the Uranerz board of directors
continued to have a number of discussions relating to the terms of the proposed
business combination reflected in the Energy Fuels LOI, both among themselves
and with Haywood as Uranerz&#146; financial advisor. The executive members of the
Uranerz board of directors met in Casper, Wyoming on August 22, 2014 and
discussed the Energy Fuels proposal in detail. The executive members were joined
by Mr. Leboe on August 23, 2014 and again met to discuss the proposed business
combination transaction and the terms on which a business combination may be
acceptable to Uranerz.</P>
<P align=justify>On August 26, 2014, Haywood, acting on behalf of Uranerz, sent
Cantor a modified non-binding LOI that included a proposed exchange ratio of
0.30 share of Energy Fuels for each share of Uranerz. Haywood communicated that
the exchange ratio proposed by Energy Fuels did not recognize the decline in the
price of the Uranerz common shares following the prospectus offering of common
shares completed by Uranerz in July 2014. Uranerz proposed a higher exchange ratio that reflected a base price unaffected by the
financing plus a standard change of control premium. </P>
<P align=center>63 </P>
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<P align=justify>Also on August 26, 2014, Mr. Higgs provided an update to the
independent directors of Uranerz regarding the status of negotiations with
Energy Fuels.</P>
<P align=justify>On September 2, 2014, Energy Fuels and Cantor reviewed and
discussed additional financial information on Uranerz. On September 2, 2014,
management of Energy Fuels held a conference call with representatives of BLG
and Dorsey &amp; Whitney LLP (&#147;<B>Dorsey &amp; Whitney</B>&#148;), as external legal
counsel to Energy Fuels, and Cantor to discuss the structure of the potential
transaction.</P>
<P align=justify>On September 3, 2014, Uranerz provided additional operational
and financial information to Energy Fuels via Haywood.</P>
<P align=justify>On September 8, 2014, Mr. Higgs provided Mr. Arnold Dyck, an
independent member of the Uranerz board of directors, with an update as to the
status of the Energy Fuels proposal.<B> </B></P>
<P align=justify>On September 8, 2014, Mr. Antony sent a further revised draft
of the LOI to Mr. Higgs for review by Uranerz. The revised LOI reflected a
proposed exchange ratio of 0.24 Energy Fuels common share for each Uranerz
common share. This revised LOI was circulated to Uranerz senior management for
discussion.<B><I> </I></B></P>
<P align=justify>Following internal discussions among the executive members of
the Uranerz board of directors, on September 11, 2014, the Executive Committee
of Uranerz held a conference call with Haywood and discussed various matters
relating to the proposed transaction, including the transaction value, the
proposed exchange ratio, and other transaction terms.</P>
<P align=justify>On September 11, 2014, Mr. Higgs provided an update to Mr.
Gerhard Kirchner, an independent member of the Uranerz board of directors, on
the status of negotiations with Energy Fuels.<B> </B></P>
<P align=justify>On September 12, 2014, Uranerz, with Haywood as its financial
advisor, and Energy Fuels, with the assistance of Cantor, held a multi-hour
negotiation session over several phone calls to discuss the exchange ratio and
other transaction terms. Participants in the discussions included, at various
points, Mr. Higgs, Mr. Catchpole, Mr. Goranson and Ben Leboe from Uranerz and
Mr. Antony, Mr. Zang and David Frydenlund from Energy Fuels. Haywood and Cantor
negotiated, based on instructions from the Uranerz management participants and
the Energy Fuels&#146; management participants, respectively, several potential deal
terms back and forth. After several calls and proposals over several hours, the
general terms of a LOI were concluded. Haywood then updated the LOI to reflect
the agreed upon terms and circulated to Energy Fuels. Energy Fuels responded
with minor changes to the LOI on September 15, 2014. </P>
<P align=justify>On September 15, 2014, Energy Fuels and Uranerz executed the
non-binding LOI, which was expressly subject to finalization of a binding
definitive agreement to be entered into between the parties and the approval of
the definitive agreement by each party&#146;s respective board of directors. The
executed LOI set forth the indicative transaction business combination structure
contemplated by the parties, which included the following terms which were to be
set forth in the definitive agreement: (i) the acquisition of Uranerz by Energy
Fuels to be completed by way of the Transaction based upon an agreed exchange
ratio of 0.265 Energy Fuels&#146; common share for each Uranerz common share, (ii)
the appointment of three directors of Uranerz to the post-Transaction board of
directors of Energy Fuels, which board would be comprised of nine or more members, (iii) the execution of support agreements, and (iv)
mutual deal protection mechanisms, including a mutual break fee of $5.0 million
payable by either party to the other upon the occurrence of certain events,
non-solicitation provisions and a right to match any superior proposal. The LOI
provided for the binding agreement of the parties to negotiate exclusively with
one another (the &#147;<B>Exclusivity Provisions</B>&#148;) until October 30, 2014. The
LOI expressly provided that neither party would be under any obligation of any
kind whatsoever to complete the Transaction until such time as a definitive
transaction agreement was executed. </P>
<P align=center>64 </P>
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<P align=justify>Following execution of the LOI, Uranerz and Energy Fuels (along
with their professional advisors and technical consultants) continued with their
respective due diligence activities, which, amongst other things, included
reciprocal project site and office tours. In addition, Uranerz and Energy Fuels
and their advisors began considering, and had numerous discussions regarding how
to structure the transaction and draft the Merger Agreement. </P>
<P align=justify>On September 23, 2014, Cantor forwarded a due diligence request
list on behalf of Energy Fuels, to Haywood, on behalf of Uranerz. Also on that
same day, Uranerz engaged McMillan LLP (&#147;<B>McMillan</B>&#148;) to advise on the
potential transaction with Energy Fuels. </P>
<P align=justify>On September 24, 2014, the Uranerz board of directors met and
discussed, among other matters, management&#146;s report on the negotiations with
Energy Fuels and reviewed the proposed terms of the Transaction.</P>
<P align=justify>On September 30, 2014, Uranerz delivered its due diligence
request list to Energy Fuels. </P>
<P align=justify>Throughout September and October 2014, Cantor had numerous
telephone discussions with Energy Fuels regarding financial and operating
assumptions related to Energy Fuels&#146; various assets based on certain commodity
price assumptions. In addition, Energy Fuels and Cantor reviewed and discussed
financial and operational information on Uranerz. Energy Fuels, Uranerz, Cantor
and Haywood also participated in conference calls to discuss both companies&#146;
businesses.</P>
<P align=justify>On October 1, 2014, Uranerz executive management, including Mr.
Higgs, Mr. Catchpole, Mr. Leboe and Mr. Goranson, and independent director Paul
Saxton held a conference call with representatives of McMillan and a
representative of Haywood<B> </B>and discussed, among other things: (i) the
fiduciary duties of the board of directors in connection with evaluation of the
potential transaction, (ii) the advisability of forming the Special Committee of
independent directors, (iii) the proposed mandate for the Special Committee,
(iv) the arrangement for an independent fairness opinion by the Special
Committee, (v) the engagement of Haywood as an advisor to Uranerz, (vi) the
engagement of SRK for technical due diligence, (vii) the engagement of
additional tax and litigation/environmental legal counsel, (viii) the due
diligence process, and (ix) the process of negotiating the Transaction.</P>
<P align=justify>Also on October 1, 2014, Uranerz engaged SRK Consulting
(&#147;<B>SRK</B>&#148;) to complete a technical and engineering due diligence review on
the material Energy Fuels properties. </P>
<P align=justify>On October 2, 2014, Dorsey &amp; Whitney delivered to Energy
Fuels a memorandum outlining two possible structuring proposals whereby Uranerz
and Energy Fuels could effect a business combination transaction, together with
an assessment of various corporate, securities and tax issues. A copy of the
structuring memorandum was delivered to Uranerz, Haywood and McMillan on October
2, 2014. </P>
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<P align=justify>On October 6, 2014, Uranerz and its financial and legal
advisors and Uranerz tax counsel Davis Wright Tremaine LLP (&#147;<B>DWT</B>&#148;) held a
conference call to discuss the structure and tax consequences of the proposed
transaction, as outlined in the structuring memorandum.</P>
<P align=justify>On October 7<SUP> </SUP>and October 8, 2014, Uranerz and Energy
Fuels executive management conducted joint site visits of the Nichols Ranch,
Sheep Mountain, Canyon Mine, Pinenut Mine and White Mesa Mill properties. </P>
<P align=justify>On October 14, 2014, Uranerz management provided an update to
the Uranerz board of directors on the site visits. The same day, Haywood
provided an update on the Transaction to the Uranerz board of directors.
<B></B></P>
<P align=justify>On October 15, 2014, the Uranerz board of directors met and
considered, among other things, the tax advice received from DWT on U.S. tax
issues associated with the Transaction, the possible deal structures,
transaction alternatives, preliminary technical reports and the results of the
management site visits. A representative of McMillan joined the meeting for the
purpose of discussing various structuring issues. A representative of Haywood
joined the meeting for the purpose of discussing its update on the Transaction.
At that meeting, the Uranerz board of directors resolved to (i) form the Special
Committee consisting of independent directors Arnold Dyck (Chair), Paul Saxton
and Gerhard Kirchner for the purpose of advising management and the board of
directors, as requested from time to time, on specific transaction terms
relating to the proposed business combination Transaction, and (ii) authorize
management to proceed with negotiating and drafting a definitive Merger
Agreement. The Uranerz board of directors authorized management to engage Hein
&amp; Co. for the purpose of conducting financial due diligence on Energy Fuels.
Following the board of directors meeting that day, Mr. Higgs confirmed to Mr.
Antony that the board of directors of Uranerz had met that day and advised of
the Uranerz board of directors&#146; determination to proceed with drafting and
negotiating a definitive agreement.</P>
<P align=justify>On October 17, 2014, the Uranerz board of directors approved
the mandate of the newly-formed Special Committee, namely: (i) to advise
management and the board of directors on the terms of the proposed transaction;
(ii) to evaluate and advise the board of directors as to the fairness of the
Transaction and, in connection with this duty, to retain an independent
financial advisor to prepare a fairness opinion; (iii) to consider and make
recommendations to the board of directors with respect to any potential
conflicts of interest of any director or officer of Uranerz; and (iv) to make
any other recommendations to the Uranerz board of directors as requested from
time to time. In connection with the discharge of its duties, the Special
Committee was empowered to (i) engage legal counsel of its own choosing to
advise it on the discharge of its duties, (ii) engage an independent and
qualified financial advisor of its choosing to prepare the fairness opinion,
(iii) negotiate appropriate compensatory arrangements with its financial advisor
and legal counsel and (iv) take such further action as the Special Committee
considered necessary or desirable to carry out its duties. </P>
<P align=justify>On October 20, 2014, Mr. Zang, Chief Financial Officer of
Energy Fuels, visited the Uranerz Casper office in connection with Energy Fuels&#146;
financial due diligence and met with members of Uranerz management. </P>
<P align=justify>On October 21, 2014, the Uranerz Special Committee interviewed
a prospective independent financial advisor candidate for the purpose of
providing the Special Committee with a fairness opinion. In addition, on October
21, 2014, members of Uranerz management held a conference call with representatives of McMillan to discuss organization
and coordination of due diligence investigations. </P>
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<P align=justify>On October 23, 2014, the Uranerz Special Committee met with
Uranerz&#146; inside counsel and discussed matters relating to the Transaction,
including (i) the engagement of separate outside legal counsel for the Special
Committee, (ii) financial due diligence on Energy Fuels and the post-Transaction
corporation, (iii) the identity and qualifications of certain candidates to act
as independent financial advisor to the Uranerz Special Committee, and (iv) the
role of the Special Committee in the due diligence process.</P>
<P align=justify>On October 27, 2014, the Uranerz Special Committee interviewed
Euro Pacific Canada, Inc. (&#147;<B>Euro Pacific</B>&#148;) as a prospective financial
advisory firm candidate for purposes of obtaining an independent fairness
opinion. </P>
<P align=justify>On October 30, 2014, DWT confirmed its advice to the Uranerz
board of directors on the tax consequences of completing the proposed
transaction.</P>
<P align=justify>On October 30, 2014, Uranerz and Energy Fuels agreed to extend
the Exclusivity Provisions set forth in the LOI until November 21, 2014 in order
to provide for additional time to complete due diligence and negotiate the
definitive Merger Agreement contemplated under the LOI.</P>
<P align=justify>Also on October 30, 2014, Mr. Higgs had a telephone call with
Mr. Antony in which Mr. Antony stated that a lower exchange ratio may be
required by Energy Fuels and also proposed that the parties consider a potential
change to the composition of the Transaction consideration<I>. </I>Members of
Uranerz management, including Mr. Higgs, Mr. Catchpole, Mr. Goranson and Mr.
Leboe, together with a representative from Haywood, then held a conference call
that day and discussed Mr. Antony&#146;s proposals. Uranerz management identified
their concerns with Mr. Antony&#146;s proposal and decided to proceed on the basis
set forth in the previously executed LOI. Later on October 30, 2014, Mr. Higgs
provided to the Uranerz board of directors an executed copy of the extension
agreement together with an update on the status of negotiations with Energy
Fuels. </P>
<P align=justify>From October 30 to November 6, 2014, Energy Fuels, together
with Dorsey &amp; Whitney and BLG, prepared a draft of the definitive Merger
Agreement contemplated under the LOI. There were numerous internal conferences
among Energy Fuels, Dorsey &amp; Whitney and BLG to discuss the Merger Agreement
during this time period. The companies continued to exchange due diligence
information. </P>
<P align=justify>On November 3, 2014, the Uranerz Special Committee met with
Uranerz&#146; inside legal counsel and discussed, among other things: (i) the
qualifications, absence of potential conflicts and terms of engagement of Euro
Pacific as the proposed independent financial advisor to the Special Committee,
(ii) the results of the interim technical due diligence report prepared by SRK
on the Energy Fuels material properties and the need for additional technical
due diligence, (iii) issues related to the convertible debentures of Energy
Fuels and the proposed exchange ratio, and (iv) a proposed request that Energy
Fuels prepare a financial operations plan for the combined entity. </P>
<P align=justify>On November 5, 2014, the Uranerz Special Committee met with
Uranerz&#146; inside counsel and McMillan to discuss the legal due diligence
undertaken by its outside legal counsel to date. Later in that meeting, members
of Uranerz management were asked to join the conference call to provide an
update regarding the status of the Transaction. The Uranerz Special Committee
identified five priorities that it requested Uranerz management focus on in
order to enable the Uranerz Special Committee to complete its evaluation of the
Transaction. Management provided an update to the Uranerz Special Committee as
to the status of these priorities.</P>
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<P align=justify>On November 6, 2014, Energy Fuels provided the first draft of
the Merger Agreement to Uranerz and to McMillan. The initial draft of the Merger
Agreement reflected the deal protection provisions that had been contemplated in
the original LOI executed between Uranerz and Energy Fuels.</P>
<P align=justify>On November 7, 2014, the Uranerz Special Committee met with
Uranerz inside legal counsel, a representative of Euro Pacific, as prospective
independent financial advisor to the Special Committee, and legal counsel for
Euro Pacific and discussed various matters in connection with the Transaction,
including fiduciary duties. The representative of Euro Pacific and its legal
counsel then left the meeting and a representative of McMillan joined the
meeting. The Uranerz Special Committee then discussed the prospective financial
position of the combined company, the future capital requirements for Uranerz if
the proposed transaction was not undertaken and the engagement of independent
outside legal counsel to further advise the Special Committee. </P>
<P align=justify>On November 12, 2014, the Uranerz Special Committee met with
inside legal counsel in Vancouver in advance of the scheduled Uranerz board of
directors meeting and discussed the status of technical and environmental due
diligence on the Energy Fuels properties and the impact of uranium prices on the
Energy Fuels&#146; sales contracts. The Special Committee determined that SRK should
be instructed to address certain technical due diligence issues and that Uranerz
management should proceed to retain local U.S. counsel to conduct environmental
litigation due diligence on the Energy Fuels properties and provide advice to
the Uranerz board of directors.</P>
<P align=justify>Later that day on November 12, 2014, the entire Uranerz board
of directors met in Vancouver together with a representative of Haywood and a
representative of McMillan. The board of directors discussed a range of issues
relating to the proposed merger with Energy Fuels, including the status of
negotiations and certain terms of the definitive merger agreement and the due
diligence undertaken by management to date. The representative of McMillan
provided an overview of the draft definitive merger agreement that had been
received from Energy Fuels. The board also reviewed a five-year financial model
prepared by Uranerz management for Uranerz, on a &#147;stand-alone&#148; basis, that was
prepared for the dual purposes of enabling the Board to evaluate and consider
the future financial position and financing requirements of Uranerz on a
stand-alone basis, and providing to Energy Fuels for its completion of a
five-year financial operations plan for the combined entity. The five-year
financial model prepared by Uranerz management assumed operations in a low
uranium spot-price environment in which management would operate the Nichols
Ranch Project in a manner in order to preserve the available working capital of
Uranerz pending recovery of the uranium market. The representative of Haywood
provided an update as to their review of the financial models for the
transaction and the status of preparation of the five-year financial operations
plan for the combined entity. Mr. Dyck, as chairman of the Special Committee,
provided an update to the board of directors as to the status of the Special
Committee&#146;s determinations, including its determination to engage Gibson Dunn
&amp; Crutcher LLP (&#147;<B>GDC</B>&#148;) as legal counsel to the Special Committee. The
board of directors further (i) debated the advisability of gauging the interest
of other suitors, (ii) considered the financial terms of Haywood&#146;s proposed
engagement, and (iii) discussed the financial position of the combined company
following completion of the Transaction. </P>
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<P align=justify>On November 12, 2014, Mr. Antony provided an update to the
Energy Fuels Board on the status of the proposed business combination. </P>
<P align=justify>On November 14, 2014, representatives of Uranerz management had
a telephone conference call with representatives of Energy Fuels management to
discuss outstanding technical issues. On that same day, the Uranerz Special
Committee retained GDC as its external legal counsel.</P>
<P align=justify>Also on November 14, 2014, Haywood forwarded to Uranerz a draft
of its proposed engagement letter to confirm the advisory services to be
provided by Haywood in connection with the Transaction and the compensation to
be paid to Haywood as consideration for these advisory services.</P>
<P align=justify>On November 17, 2014, Uranerz engaged Wellborn, Sullivan, Meck
&amp; Tooley, PC (&#147;<B>WSMT</B>&#148;) as local U.S. counsel to review and summarize
the litigation and environmental exposure of Energy Fuels.</P>
<P align=justify>On November 18, 2014, Uranerz management conferred with the
Uranerz board of directors concerning the extension of the LOI with Energy
Fuels. </P>
<P align=justify>On November 19, 2014, Energy Fuels provided a three year
financial operations plan for the combined entity for consideration by Uranerz.
On that same day, the Uranerz Controller provided the Special Committee with a
valuation and comparison of the Uranerz and Energy Fuels uranium sales contracts
at different uranium pricing levels.</P>
<P align=justify>The Uranerz Special Committee subsequently met on November 19,
2014 with Uranerz inside legal counsel and discussed the valuation and
comparison of the Uranerz and Energy Fuels uranium sales contracts, as well as
various other legal issues relating to the Transaction.</P>
<P align=justify>On November 20, 2014, legal counsel to the Uranerz Special
Committee provided the Uranerz Special Committee with an initial mark-up of the
draft Merger Agreement. The revised draft Merger Agreement included a provision
that the Transaction be subject to approval by both a majority of the
outstanding shares of common stock of Uranerz, as well as by the disinterested
shareholders of Uranerz (exclusive of any shares owned by directors and officers
of Uranerz). The revised draft also included proposed enhancements to the deal
protection provisions of the Merger Agreement and suggested that the inclusion
of a &#147;go shop&#148; provision be considered. </P>
<P align=justify>On November 21, 2014, Uranerz and Energy Fuels agreed to
further extend the Exclusivity Provisions of the LOI until December 18, 2014 in
order to provide for additional time to complete due diligence and negotiate the
Merger Agreement. Concurrently with the execution of the extension, Mr. Higgs
and Mr. Antony spoke, and Mr. Antony indicated that Energy Fuels wanted to lower
the exchange ratio. Messrs. Higgs and Antony agreed to defer discussion of the
exchange ratio until after the Thanksgiving weekend. Mr. Antony also advised Mr.
Higgs that the inclusion of a &#147;go-shop&#148; provision in the Merger Agreement would
not be agreeable to Energy Fuels. Mr. Higgs relayed the conversation that he had
with Mr. Antony on November 21, 2014 to the entire board of directors and to
Uranerz legal counsel on November 22, 2014. </P>
<P align=justify>Also on November 21, 2014, a conference call between Uranerz&#146;
management and inside legal counsel and Energy Fuels&#146; management and inside
legal counsel was held to discuss environmental, litigation and regulatory due
diligence matters<B>.</B> </P>
<P align=justify>On November 24, 2014, the Uranerz Special Committee met with
Uranerz inside counsel and representatives of GDC and discussed the extension of
the LOI and the expressed intention of Energy Fuels to lower the exchange ratio. The Uranerz Special
Committee determined to advise Uranerz management that it required confirmation
from Energy Fuels as to the definitive exchange ratio to which Energy Fuels
would agree and the delivery of a five-year financial operations plan for the
combined company from Energy Fuels before proceeding to expend resources in
connection with the proposed Transaction.</P>
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<P align=justify>Also on November 24, 2014, McMillan provided an updated draft
of the Merger Agreement to Dorsey &amp; Whitney that reflected Uranerz&#146; comments
on the draft Merger Agreement and identified outstanding matters proposed to be
discussed, including the inclusion of a &#147;go-shop&#148; provision and other deal
protection mechanisms in the Merger Agreement. </P>
<P align=justify>Following receipt of such comments, Uranerz, Energy Fuels, and
their respective legal and financial advisors continued to negotiate the Merger
Agreement, including numerous calls to discuss key terms, such as tax structure
and deal protection provisions, and whether to include a go-shop provision in
the Merger Agreement. Concurrently, management continued to advance its due
diligence investigations.</P>
<P align=justify>On November 26, 2014, the Uranerz Special Committee requested
that Uranerz management impose a December 8, 2014 deadline for Energy Fuels to
provide the following to Uranerz as a condition of Uranerz continuing to expend
resources in connection with the proposed Transaction (i) confirmation by Energy
Fuels of the exchange ratio and other material terms on which it is prepared to
complete the Transaction, and (ii) the previously requested five year financial
operations plan in order to enable the Uranerz Special Committee to understand
the proposed long-range plan and viability of the combined company. </P>
<P align=justify>On December 4, 2014, Dorsey &amp; Whitney sent a revised draft
of the Merger Agreement to McMillan and Uranerz. </P>
<P align=justify>On December 5, 2014, WSMT provided environmental and litigation
due diligence advice to the Uranerz board of directors. </P>
<P align=justify>On December 8, 2014, members of management of Energy Fuels and
Uranerz and representatives of Dorsey &amp; Whitney, BLG, McMillan, Cantor and
Haywood held a conference call to discuss key outstanding provisions of the
Merger Agreement. Amendments to the deal protection provisions proposed by
Uranerz were discussed, including the proposals to include a separate approval
of the Transaction by disinterested shareholders of Uranerz and the inclusion of
a &#147;go shop&#148; provision. Energy Fuels again stated its opposition to inclusion of
a &#147;go shop&#148; provision. </P>
<P align=justify>On December 9, 2014, Energy Fuels received a draft engagement
letter from Roth Capital Partners LLC (&#147;<B>Roth</B>&#148;) with respect to being its
independent financial advisor in connection with the Transaction. </P>
<P align=justify>Also on December 9, 2014, the Uranerz Special Committee met in
Vancouver with Uranerz&#146; inside counsel and were later joined by representatives
from GDC via telephone conference. The Special Committee reviewed key due
diligence documents and memoranda and presentations regarding issues relating to
the potential transaction prepared by management, counsel and advisors, as well
as advice from the Special Committee&#146;s counsel with respect to legal
considerations for directors considering a possible business combination. The
Uranerz Special Committee also discussed the merits of proceeding to spend funds
on the proposed transaction in the absence of the requested commitments and the
five year financial operations plan for the combined company. In particular, the Uranerz Special Committee
discussed the need for the five-year financial operations plan prior to engaging
an independent financial advisor to render a fairness opinion. Representatives
of GDC joined the meeting and provided the Special Committee with an overview of
various possible alternative deal protection mechanisms.</P>
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<P align=justify>In addition, on December 9, 2014, Energy Fuels forwarded to
Uranerz a five-year financial operations plan, reflecting Energy Fuels
operations on a stand-alone basis, and the plan was forwarded to the Uranerz
board of directors.</P>
<P align=justify>On December 10, 2014, the entire Uranerz board of directors met
in Vancouver and discussed various operational and corporate governance matters,
including, among other things, the 2015 capital and operating budget of Uranerz,
cash flow projections and potential future capital requirements. A
representative of Haywood then joined the board of directors meeting for a
discussion as to the status of negotiations with Energy Fuels. Haywood discussed
with the Uranerz board of directors potential alternate suitors for Uranerz,
together with its analysis as to potential synergies with these alternate
suitors, the familiarity of the potential suitors with Uranerz&#146; assets, the
potential interest of any alternate suitor, and the ability of another suitor to
match or exceed the value of the Energy Fuels proposal. In response to the
potential that, depending on the final transaction structure, it may be
determined that the Transaction could trigger a redemption obligation, Haywood
discussed with the Uranerz board of directors options to address the Energy
Fuels convertible debentures should the completion of the Transaction trigger a
redemption obligation. The board of directors discussed the conference call held
on December 8, 2014 regarding the Merger Agreement, the advice of Haywood, key
provisions of the Merger Agreement (including deal protection mechanisms
suggested by Uranerz Special Committee counsel), the requirement for delivery of
the five year financial operations plan for the combined company from Energy
Fuels, Energy Fuels&#146; plans for various projects and the impact of the proposed
transaction on the existing Uranerz and Energy fuels uranium sales
contracts.</P>
<P align=justify>On December 11, 2014, Mr. Antony contacted Mr. Higgs to
initiate discussions on a revised, lower exchange ratio. Mr. Antony advised Mr.
Higgs that as a result of its due diligence since executing the LOI, Energy
Fuels continued to be interested in the transaction, but only on the basis of a
revised exchange ratio. Subsequently, Mr. Higgs and Mr. Antony continued
discussions as to a revised exchange ratio, with each party proposing revised
exchange ratios throughout the day. Mr. Antony then provided Mr. Higgs with
Energy Fuel&#146;s final proposed exchange ratio of 0.255<B> </B>and Mr. Higgs
advised Mr. Antony that he did not have approval from the Uranerz board of
directors to accept that proposed exchange ratio. At this point, counsel for
both parties stopped work on the Merger Agreement.</P>
<P align=justify>On December 12, 2014, the Uranerz board of directors met and
resolved to accept Energy Fuels&#146; proposed exchange ratio of 0.255, based on
Energy Fuels&#146; position that Uranerz&#146; wellfield development and production
forecasts were lower than the forecasts previously provided by Uranerz to Energy
Fuels in its five-year financial model for the fourth quarter of 2014, on the
condition that the following items promptly be delivered: (i) written
confirmation of the 0.255 exchange ratio; (ii) a five-year financial operations
plan for the combined companies; and (iii) a description of how the convertible
debentures could be addressed if necessary to avoid a negative impact on the
combined company. Later that same day, Mr. Higgs advised Mr. Antony as to the
determinations of the Uranerz board of directors. </P>
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<P align=justify>On December 13, 2014, Mr. Antony provided Mr. Higgs an outline
of possible strategies to manage any potential redemption of Energy Fuels&#146;
convertible debentures and Mr. Higgs subsequently provided an update to the
Uranerz board of directors as to these strategies. </P>
<P align=justify>On December 14, 2014, McMillan circulated a further revised
draft of the Merger Agreement to Dorsey &amp; Whitney, BLG and Energy Fuels. On
the same day, representatives of McMillan, BLG and Dorsey &amp; Whitney held a
conference call to discuss outstanding matters relating to the Merger Agreement.
<B></B></P>
<P align=justify>Also on December 14, 2014, Mr. Leboe, Chief Financial Officer
of Uranerz, provided certain financial due diligence information to the Special
Committee. </P>
<P align=justify>On December 15, 2014, the Uranerz Special Committee met with
Uranerz inside legal counsel and discussed various matters relating to the
Transaction, including, among other things, certain financial and other due
diligence information (both received and to be provided), the status of the
drafting of the Merger Agreement, and the practicality of certain deal
protections under the circumstances. The meeting was adjourned and reconvened
later that day, with representatives of GDC joining the meeting. The Special
Committee discussed with the representatives of GDC various legal issues
relating to the Transaction. </P>
<P align=justify>Also on December 15, 2014, McMillan provided certain legal due
diligence advice to the Uranerz board of directors.</P>
<P align=justify>On December 16, 2014, the Energy Fuels board of directors held
a meeting with Cantor to discuss the potential transaction. The board of
directors discussed suitable candidates to perform an independent analysis of
the share exchange ratio, alternate structures to address any potential change
of control concerns, potential synergies and cost savings, and whether the
transaction should be postponed to a later date. </P>
<P align=justify>Also on December 16, 2014, the Uranerz board of directors (i)
acknowledged receipt of the proposals of Energy Fuels to address the Energy
Fuels convertible debentures, if necessary, in a manner to avoid a negative
impact on the combined companies, and (ii) resolved to accept Energy Fuel&#146;s
proposed revised Exchange Ratio of 0.255 Energy Fuels share for each Uranerz
share on the condition that Energy Fuels provide, by no later than the close of
business on December 18, 2014, both the written confirmation of the 0.255
Exchange Ratio and the requested five-year financial operations plan for the
combined companies. </P>
<P align=justify>On December 18, 2014, Energy Fuels forwarded to Uranerz the
five-year financial operations plan prepared by Energy Fuels for the combined
companies. Based on the delivery of the five-year financial operations plan, the
Uranerz Special Committee determined to proceed with the engagement of Euro
Pacific to prepare a fairness opinion and executed an engagement agreement with
Euro Pacific on December 18, 2014.</P>
<P align=justify>Also on December 18, 2014, Uranerz and Energy Fuels agreed to
further extend the Exclusivity Provisions under the LOI until December 23, 2014,
in order to provide for additional time to complete due diligence and negotiate
the Merger Agreement, and to confirm the revised exchange ratio of 0.255.</P>
<P align=justify>Also on December 18, 2014, Energy Fuels engaged Roth as its
independent financial advisor in connection with the Transaction.</P>
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<P align=justify>On December 19, 2014, BLG forwarded to McMillan a draft form of
the proposed support agreement to be entered into by each of the directors and
certain officers of Uranerz and Energy Fuels. </P>
<P align=justify>On December 20, 2014, representatives of BLG, Dorsey &amp;
Whitney, McMillan and GDC held a conference call to discuss outstanding issues
including tax issues and deal protection provisions. Representatives of GDC
relayed the Uranerz Special Committee&#146;s proposals on deal protection provisions,
including the inclusion of a &#147;go shop&#148; provision, to representatives of Dorsey
&amp; Whitney and BLG. Later that evening, Dorsey &amp; Whitney circulated a
revised draft of the Merger Agreement. The revised draft of the Merger Agreement
reflected an exchange ratio of 0.255 and included a separate approval of the
disinterested shareholders of Uranerz, as requested by the Uranerz Special
Committee, but did not include a &#147;go shop&#148; provision. </P>
<P align=justify>On December 21, 2014, Mr. Antony called Mr. Higgs and proposed
a further extension to the Exclusivity Period under the LOI to January 2, 2015
in order to facilitate finalizing the Merger Agreement during the holiday period
and allow sufficient time for the respective financial advisers to complete
their financial analyses.</P>
<P align=justify>On December 22, 2014, the Uranerz Special Committee met with
representatives of GDC, Uranerz inside legal counsel, and legal counsel for Euro
Pacific and discussed, among other things, various deal protection mechanisms
and other terms of the Merger Agreement, as well as an update on negotiations
with Energy Fuels. The Uranerz Special Committee also discussed, among other
things, (i) potential alternative suitors and the reasons why it was believed
these suitors would not be viable, (ii) the merits and drawbacks of the
Transaction versus the alternative of continuing to operate as an independent
entity, and (iii) the scope of the Euro Pacific fairness opinion, including the
need for Euro Pacific to assume that Energy Fuels will not put the Canyon
project into production during the foreseeable future.</P>
<P align=justify>Also on December 22, 2014, the Uranerz Board passed a consent
resolution approving the extension of the LOI to January 2, 2015.</P>
<P align=justify>From December 22 through December 24, 2014, management of
Energy Fuels and Uranerz continued negotiations regarding the deal protection
provisions. Mr. Antony confirmed to Mr. Higgs on December 22, 2014 that Energy
Fuels would refuse to proceed with the transaction if a &#147;go-shop&#148; provision is
required by Uranerz. On December 23, 2014, the Chairman of the Uranerz Special
Committee advised Uranerz management stating that it had discussed the
importance of a &#147;go-shop&#148; provision with its advisors, and that following those
discussions, the Uranerz Special Committee was willing to proceed in the absence
of a go-shop based in part on analysis from Haywood suggesting that there did
not appear to be a viable alternative suitor. Subsequent discussions among
Uranerz legal and financial advisors ensued regarding the go-shop and related
negotiation points, including the termination fee tail and disinterested
shareholder voting requirements.</P>
<P align=justify>On December 23, 2014, the Uranerz Special Committee met with
its legal counsel and Uranerz inside legal counsel, and discussed, among other
things, (i) potential alternative suitors and the cash limitations of one
identified potential suitor, (ii) the potential future financing requirements
for Uranerz, (iii) the relative financial positions of each of Energy Fuels and
Uranerz, (iv) the scope of the fairness opinion, and (v) the forecasts included
in the financial plans of each of Uranerz and Energy Fuels, with specific
consideration of inventories and a comparison of production costs in relation to
contract prices. Euro Pacific and legal counsel for Euro Pacific then joined the meeting of the Uranerz Special Committee and
Euro Pacific provided a summary of the analysis completed by Euro Pacific to
that date. Members of the Uranerz Special Committee questioned Euro Pacific as
to its initial assessments as to fairness and the relative contributions of
Uranerz and Energy Fuels to the combined entity. </P>
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<P align=justify>Also on December 23, 2014, Uranerz and Energy Fuels agreed to
further extend the Exclusivity Provisions under the LOI until January 2, 2015 to
provide for additional time to complete finalization of the Merger
Agreement.</P>
<P align=justify>On December 24, 2014, Uranerz executed an engagement letter
dated December 19, 2014 with Haywood to act as its financial advisor with
respect to the Transaction. </P>
<P align=justify>Discussions on outstanding issues continued among McMillan, BLG
and Dorsey &amp; Whitney, with input from members of Uranerz and Energy Fuels
management, through to December 26, 2014, and included discussions on NI 43-101
technical report issues, the provision of dissent rights to Uranerz
shareholders, the support agreements and the deal protection provisions. On
December 26, 2014, McMillan circulated a revised draft of the Merger Agreement
to Dorsey &amp; Whitney and BLG. Later that same day, the draft Merger Agreement
along with a Notice of a Board Meeting was provided to the board of directors of
Energy Fuels for a meeting to be held on January 2, 2015. </P>
<P align=justify>On December 29, 2014, the Uranerz Special Committee met with
Uranerz inside legal counsel, representatives of GDC, representatives of Euro
Pacific and legal counsel for Euro Pacific and discussed the draft fairness
analysis that had previously been circulated by Euro Pacific to the Special
Committee for review. The Special Committee asked that Euro Pacific provide
additional analysis as to the options presented by Energy Fuels to address the
convertible debentures if, depending on the final transaction structure, it was
determined that repayment may be required. The Special Committee made further
inquiry of Euro Pacific as to (i) whether it had considered potential write-offs
to assets on the balance sheet of Energy Fuels due to impairments, (ii) the net
asset value of each company and the valuation of Uranerz and Energy Fuels&#146;
respective pounds of uranium, (iii) discussions between Euro Pacific and WSMT
regarding the environmental and litigation related liabilities of Energy Fuels
and the quantification of these liabilities, (iv) the valuation methodologies
being used by Euro Pacific, and (v) the financial modeling being applied by Euro
Pacific. The Special Committee further confirmed with Euro Pacific the timing of
the delivery and the form of the fairness opinion. Euro Pacific advised the
Special Committee it would be prepared to render an unqualified fairness opinion
to the Uranerz Special Committee with respect to the Transaction in the near
future.</P>
<P align=justify>Also on December 29, 2014, McMillan circulated to BLG and
Dorsey &amp; Whitney a revised draft of the form of support agreement. </P>
<P align=justify>On December 30, 2014, Dorsey &amp; Whitney circulated a revised
draft of the Merger Agreement and members of Uranerz and Energy Fuels management
and representatives of McMillan, BLG and Dorsey &amp; Whitney held a conference
call to discuss the Merger Agreement, the support agreements and the disclosure
schedules. Also on December 30, 2014, BLG circulated to McMillan a further
revised draft of the form of support agreement. </P>
<P align=justify>On the evening of December 30, 2014, Energy Fuels circulated a
draft of the Energy Fuels disclosure letter and schedule to McMillan. Later that
evening, McMillan circulated Uranerz&#146; draft disclosure schedules to Energy
Fuels, BLG and Dorsey &amp; Whitney. </P>
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<P align=justify>On December 31, 2014, the Uranerz Special Committee again met
with Uranerz inside legal counsel, representatives of GDC, representatives of
Euro Pacific and legal counsel to Euro Pacific to discuss the draft fairness
analysis prepared by Euro Pacific and to request that it be revised to reflect
stock prices through close of business at year end. The Uranerz Special
Committee discussed with GDC and Euro Pacific the potential impact of price
fluctuations in the Energy Fuels shares between the date of execution of the
Merger Agreement and the closing of the Transaction. The Special Committee
further discussed the value and risks of owning equity in the combined company,
the advantages and disadvantages of remaining an independent entity and the
fairness of the fixed-ratio offer.</P>
<P align=justify>Also on December 31, 2014, management of both Uranerz and
Energy Fuels, and representatives of McMillan, BLG and Dorsey &amp; Whitney held
conference calls in order to work towards finalization of the terms of the
Merger Agreement, the form of the support agreement and the disclosure
schedules. During the course of these discussions, the mechanism for withholding
shares of Energy Fuels from certain shareholders of Uranerz who are present or
former 5% shareholders of Uranerz and in respect of whom Energy Fuels is subject
to a withholding obligation under the FIRPTA rules was discussed and agreed to.
During the course of these negotiations, Mr. Higgs contacted Mr. Antony and
explained he was the only Uranerz shareholder that was both restricted from
selling any of his shares, as required under his support agreement, and also
subject to the FIRPTA withholding tax. Mr. Higgs proposed and Mr. Antony
indicated his agreement in principal for Energy Fuels to withhold 10% of the
Energy Fuels shares otherwise payable to Mr. Higgs in exchange for his Uranerz
shares, and that Mr. Higgs would have no obligation to Energy Fuels in the event
that such shares were sold at a lower price than the value of the FIRPTA
withholding tax, and Energy Fuels would have no obligation to Mr. Higgs if such
shares were sold at a higher price than the value of such withholding tax. It
was later agreed that this withholding process would apply to all holders of
shares of Uranerz common stock (who do not also hold Uranerz warrants) who are
subject to FIRPTA withholding, as more fully described in the section titled
&#147;The Agreement and Plan of Merger &#150; Amendment to the Merger Agreement&#148;.</P>
<P align=justify>On January 1, 2015, management of both Uranerz and Energy
Fuels, and representatives of McMillan, BLG and Dorsey &amp; Whitney held
conference calls in order to finalize the terms of the Merger Agreement and the
disclosure letters. It was discussed that the arrangement discussed between Mr.
Antony and Mr. Higgs should be memorialized by a separate agreement to be
entered into directly between Mr. Higgs and Energy Fuels. In addition, the
parties circulated drafts of the joint press release. Later that afternoon a
further revised draft of the Merger Agreement was circulated by Dorsey &amp;
Whitney and later that evening the parties agreed to the forms of support
agreements.</P>
<P align=justify>Also on January 1, 2015, Uranerz inside counsel circulated a
notice of meeting of the Uranerz board of directors to be held on January 2,
2015. </P>
<P align=justify>Also on January 1, 2015, the Special Committee requested a
summary of all agreements or arrangements, including prospective employment or
other compensation arrangements, currently in place or being discussed regarding
change of control payments or involving post-Transaction employment.</P>
<P align=justify>On January 2, 2015, revised drafts of Uranerz and Energy Fuels
disclosure letters were circulated. Later that afternoon, the Energy Fuels board
of directors met to consider the Merger Agreement. During this meeting, the
Energy Fuels board of directors had discussions with members of Energy Fuels&#146; executive management team as well as
members of Cantor and Roth. The Energy Fuels board of directors unanimously
approved Energy Fuels to enter into the Merger Agreement.</P>
<P align=center>75 </P>
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<P align=justify>Also on January 2, 2015, the Uranerz Special Committee met with
Uranerz inside counsel and representatives of GDC and McMillan and determined
that certain proposed arrangements between Energy Fuels and members of Uranerz
management should be further documented and disclosed to the Uranerz board of
directors in advance of the Uranerz Special Committee rendering a recommendation
and the Uranerz board of directors voting on the Transaction. The Uranerz
Special Committee resolved that all financial interests, including anticipated
or prospective financial interests, should be disclosed prior to the Uranerz
board of directors vote on the Transaction as provided under the Nevada Revised
Statutes. </P>
<P align=justify>On January 3, 2015, the Uranerz board of directors held a
meeting, which included representatives from McMillan, GDC, Euro Pacific,
Haywood and Uranerz management. The board of directors received and reviewed the
fairness opinion from Euro Pacific and discussed the opinion with Euro Pacific.
Haywood and the board of directors then discussed the main reasons for
supporting the Transaction, potential questions that may be raised with respect
to the Transaction and the various alternatives to the Transaction, including
acquisitions by other parties and maintaining the status quo, and the
comparative ability of the combined entity to realize new equity financing and
to complete strategic acquisitions versus Uranerz on a stand-alone basis. These
reasons for supporting the Transaction included (i) the premium to the current
Uranerz common stock price represented by the Transaction consideration; (ii)
peer orientation in the uranium sector of the public company market and
associative benefits; (iii) the prospect of access to additional uranium
resources and growth in a higher uranium price environment; (iv) better
near-term financial stability; and (v) various accretive valuation metrics to
Uranerz and its stockholders.<B><I> </I></B>The board of directors next
considered financial, legal and technical due diligence information. At the
request of the Chairman of the Special Committee, each Uranerz Director and the
CFO disclosed his financial interest, if any, in the proposed Transaction. The
Uranerz Special Committee then summarized its conclusions, including a
discussion of which Uranerz Officers and Directors were expected to be retained
by the combined company and other matters related to prospective employment
agreements, change in control payments or other possible conflicts of interest.
The Uranerz Special Committee stated the steps taken to maximize shareholder
value by the Uranerz Special Committee and confirmed the results of the fairness
opinion it received from Euro Pacific, and thereafter recommended that the
Uranerz board of directors approve the Transaction with Energy Fuels, including
the exchange ratio of 0.255. The Uranerz board of directors discussed the
reasons supporting the Transaction, including the significance of the premium,
the potential increase for liquidity for shareholders, analyst coverage and
market profile, the financial ability on a combined versus stand-alone basis,
the relative resource positions of each company, the ability to grow through
acquisitions on a combined versus a stand-alone basis, management and
operational synergies, the increased scale of the business of the combined
entity and the ability to leverage future uranium prices. The Uranerz board of
directors also discussed comparative balance sheets and pro formas, as well as
net asset values. The Uranerz board of directors further considered challenges
that would be faced by the combined entity following completion of the
Transaction. The reasons for remaining a stand-alone company and the associated
risks were discussed. Following this discussion, the Uranerz board of directors
unanimously approved execution of the Merger Agreement with Energy Fuels. </P>
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<P align=justify>On January 3, 2015, the parties executed an extension letter
agreement to extend the Exclusivity Provisions until January 5, 2015 to enable
the parties to finalize the Merger Agreement and related documents.</P>
<P align=justify>On the evening of January 4, 2015, Energy Fuels and Uranerz
executed the Merger Agreement. </P>
<P align=justify>On January 5, 2015, Energy Fuels and Uranerz issued a joint
press release before the market opened announcing the Transaction. </P>
<P align=justify>On March 31, 2015, Euro Pacific discovered that it had used an
incorrect figure for the number of issued and outstanding shares of Uranerz
stock in connection with the calculation of certain valuation metrics calculated
on a &#147;per share&#148; basis of Uranerz common stock in connection with the
preparation of its fairness opinion. The valuation metrics affected, as well as
the original and corrected calculations, are presented below under &#147;Opinion of
Euro Pacific Canada Inc. as Independent Financial Advisor to the Special
Committee&#148;. Promptly after discovery, Euro Pacific informed the Chairman of the
Uranerz Special Committee by letter dated April 2, 2015 of the computational
error and the corrected analysis and confirmed that the correction did not
result in any change to the fairness opinion that was delivered by Euro Pacific
on January 3, 2015. On April 7, 2015, Euro Pacific orally confirmed to the
Uranerz board of directors that the correction did not result in any change to
the fairness opinion that was delivered by Euro Pacific on January 3, 2015. </P>
<P align=justify>On April 27, 2015, management of Uranerz, including Mr. Higgs,
Mr. Catchpole, Mr. Goranson and Uranerz inside legal counsel, met with
management of Energy Fuels, including Mr. Antony, Mr. Zang and Mr. Frydenlund,
in Denver to discuss operational plans. At that meeting, it was discussed that
Energy Fuels may advance to Uranerz a bridge loan in an amount up to $3,000,000
for the purpose of funding wellfield development by Uranerz. The terms of the
bridge loan, including any security to be granted, applicable repayment
obligations and conversion terms have not been concluded as of the date hereof
and there is no assurance that the bridge loan will be advanced. Management of
Energy Fuels also advised that it proposed to discuss with the members of
Uranerz management who would not continue as employees or officers of Energy
Fuels following completion of the Transaction an arrangement whereby the
management members would agree that the severance payments payable by Energy
Fuels as a result of the completion of the Transaction would be paid over a
deferred period. The terms of such arrangements, were subsequently agreed to by
Messrs. Higgs, Catchpole and Leboe whereby half of such severance payments will
be paid through the issuance of Energy Fuels common shares calculated based on
the five day volume weighted average closing price of the Energy Fuels common
shares on the NYSE MKT on the date of closing of the Transaction with the
remaining amounts to be paid in cash on closing of the Transaction. The parties
also discussed a further amendment to the Merger Agreement to provide for a
uniform withholding process of amounts required to be withheld under applicable
tax laws (including FIRPTA withholding amounts) with respect to shares of
Uranerz common stock. Following that meeting on April 29, 2015, Mr. Antony
proposed to Mr. Higgs that an extension to the termination date of the
Transaction under the Merger Agreement be considered by the respective boards of
Uranerz and Energy Fuels. </P>
<P align=justify>On May 8, 2015, Uranerz and Energy Fuels entered into an
agreement to amend the Merger Agreement in order to (i) provide that the board
of directors of Energy Fuels following the Merger would be comprised of eight
directors, of whom two would be members of the existing Uranerz board of
directors, (ii) provide for withholding on account of amounts required to be
withheld under applicable tax laws with respect to the Uranerz warrants, and (iii)
provide for a uniform withholding process of amounts required to be withheld
under applicable tax laws with respect to shares of Uranerz common stock.</P>
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<P align=justify><B>Recommendations of the Energy Fuels Board of Directors;
Energy Fuels&#146; Reasons for the Transaction </B></P>
<P align=justify>Energy Fuels&#146; board of directors has unanimously determined
that the Merger Agreement and the transactions contemplated thereby are
advisable and in the best interests of Energy Fuels and its shareholders. </P>
<P align=justify><I>Factors Considered by the Energy Fuels Board of Directors
</I></P>
<P align=justify>In the course of their due diligence and evaluation of the
Merger Agreement and Transaction, the Energy Fuels board of directors consulted
with Energy Fuels executive management team and legal counsel as well as with
members of Cantor and Roth. The Energy Fuels board of directors also reviewed a
significant amount of information and considered a number of factors related to
the Transaction, and believes that the Transaction will provide Energy Fuels and
its shareholders with a number of benefits, including but not limited to:
<B></B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>providing Energy Fuels with ISR uranium production, which the Energy Fuels
  board of directors believes is a particularly important benefit given the
  current uranium price environment;
  <LI>providing Energy Fuels with additional long-term uranium supply contracts
  extending to 2020 at substantially higher selling prices than the current
  uranium spot price, which the Energy Fuels board of directors believes is a
  particularly important benefit given the current uranium price environment;
  <LI>positioning Energy Fuels as the only integrated conventional and in-situ
  uranium mining company focused on the United States, which is expected to
  improve Energy Fuels&#146; competitive positioning with United States-based
  utilities;
  <LI>diversifying Energy Fuels&#146; production centers by adding the Nichols Ranch
  in- situ uranium mine and plant in Wyoming to its existing production center
  at the White Mesa uranium mill in Utah,;
  <LI>providing Energy Fuels with additional in-situ recovery uranium resources
  on Uranerz&#146; land holdings which may be developed into additional future
  sources of ISR uranium production;
  <LI>positioning Energy Fuels to continue to be an attractive platform for
  further consolidation, including adding the expertise to evaluate and
  integrate in-situ recovery opportunities, within the United States uranium
  sector; and
  <LI>providing Energy Fuels with the potential for cost savings and synergies
  with additional potential for other operating efficiencies. </LI></UL>
<P align=justify>In the course of its due diligence and evaluation of the
Transaction and the Merger Agreement, the Energy Fuels board of directors also
identified and considered a variety of risks, including those described in
greater detail under &#147;Risk Factors&#148;, Risks Related to the Transaction, Risks Relating to the Combined Company, Risks Related to Uranerz&#146;
Business and Risks Related to Energy Fuels&#146; Business.
</P>
<P align=center>78 </P>
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<P align=justify>Based on the foregoing analysis, Energy Fuels&#146; board of
directors has unanimously determined that the Merger Agreement and the
transactions contemplated thereby are advisable and in the best interests of
Energy Fuels and its shareholders. </P>
<P align=justify><B>Recommendations of the Uranerz Board of Directors; Uranerz&#146;
Reasons for the Transaction </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On January 3,
2015, at a special meeting of the Uranerz board of directors, by unanimous vote
after receiving the unanimous recommendation of the Uranerz Special Committee
consisting of independent directors Messrs. Dyck, Saxton and Kirchner, the
Uranerz board of directors determined that the Merger Agreement and the
transactions contemplated by the Merger Agreement, including the Transaction,
are advisable and in the best interests of Uranerz and its shareholders. <B>The
Uranerz board of directors recommends that Uranerz shareholders vote &#147;FOR&#148; the
adoption of the Merger Agreement and &#147;FOR&#148; the adjournment of the Uranerz
special meeting if necessary or appropriate to solicit additional proxies in
favor of such adoption.</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In considering
the proposed business combination with Energy Fuels and in making its
determination that the Transaction is advisable and in the best interests of
Uranerz and its shareholders, the Uranerz board of directors consulted with its
management and financial, legal and other advisors, and considered a variety of
factors weighing in favor of or relevant to the Transaction, including the
factors discussed below.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <EM>Strategic
Benefits of the Transaction. </EM>The Uranerz board of directors believes that
the combination of Uranerz and Energy Fuels should result in significant
strategic benefits to the combined company, which would benefit Uranerz and its
shareholders as shareholders of the combined company. These strategic benefits
include the following:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>The creation of a larger, more diversified uranium extraction company than
  Uranerz currently is alone, with diversified uranium extraction from both ISR
  and conventional hard-rock mining operations, as well as production from
  processing material at the White Mesa Mill processing facility;
  <LI>A combined Energy Fuels and Uranerz will offer the shareholders of Uranerz
  exposure to the benefit of a combined NI 43-101 resource base that is more
  than 500% greater than the current NI 43-101 mineral resources of Uranerz on a
  stand- alone basis, resulting in the ability of the Uranerz shareholders to
  participate in a combined company with a significantly larger NI 43-101
  resource base of uranium properties;
  <LI>The advantages presented by the larger scale and expanded scope of the
  combined company in meeting the challenges facing the uranium industry,
  including current low spot prices for uranium;
  <LI>A combined Energy Fuels and Uranerz will offer the shareholders of Uranerz
  exposure to Energy Fuels strong balance sheet, including its finished goods
  inventory of uranium product; </LI></UL>
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<UL style="TEXT-ALIGN: justify">
  <LI>A combined Energy Fuels and Uranerz will have a strong portfolio of
  several uranium sales contracts extending to 2020, at sales prices
  significantly higher than the current spot uranium price;
  <LI>The fact that all uranium projects of Uranerz and Energy Fuels are located
  in the Western United States, which offers the opportunity to operate the
  combined company more effectively and efficiently;
  <LI>The expected market capitalization, balance sheet and capital structure of
  the combined company relative to Uranerz on a stand-alone basis will place the
  combined company in a position to have potentially better access to capital
  and better ability to complete strategically accretive acquisitions that
  otherwise might not be available to Uranerz on a stand-alone basis;
  <LI>The aggregate value of the Transaction consideration to be received by
  Uranerz shareholders in the Transaction;
  <LI>The opportunity for the combined company to achieve significant operating
  synergies, including the potential to secure greater access to long-term
  contracts with uranium energy producers as a result of the expanded uranium
  extraction capabilities and scale of the combined company&#146;s operations; and
  <LI>The opportunity for Uranerz shareholders to participate in a combined
  company with an experienced management team with expertise in both
  conventional hard- rock and ISR uranium mining in the United States. </LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <EM>Financial
Benefits of the Transaction. </EM>The Uranerz board of directors believes that
the combination of Uranerz and Energy Fuels should result in significant
financial benefits to the shareholders of Uranerz and the combined company.
These financial benefits include the following:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>The fact that the Exchange Ratio of Energy Fuels common shares for each
  Uranerz share represented a substantial premium to the market price of the
  Uranerz common stock based on the trading price, with specific consideration
  to the following factors: </LI></UL>
<blockquote>
<UL style="TEXT-ALIGN: justify" type="circle">
  <LI>
  <p style="margin-top:0; margin-bottom:0">the Exchange Ratio represents a 37% premium for Uranerz shareholders based
  on the January 2, 2015 closing prices of Uranerz and Energy Fuels on the NYSE
  MKT,
  <LI>
  <p style="margin-top:0; margin-bottom:0">the Exchange Ratio represents a 46% premium for Uranerz shareholders based
  on the 20-day volume-weighted average prices of Uranerz and Energy Fuels on
  the NYSE MKT through to January 2, 2015,
  <LI>
  <p style="margin-top:0; margin-bottom:0">the Exchange Ratio is fixed and will not fluctuate based upon changes in
  the market price of Uranerz or Energy Fuels common shares between the date of
  the Merger Agreement and the date of the consummation of the Transaction, and
  accordingly Uranerz shareholders are protected from any decline in the Uranerz
  share price as compared to the Energy Fuels share price, </LI></UL>
</blockquote>
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<UL style="TEXT-ALIGN: justify">
  <LI>A combined Energy Fuels and Uranerz will allow shareholders of Uranerz to
  own shares in a combined entity that will have significantly larger market
  capitalization, with the following associated benefits, each of which offer
  the opportunity of increased demand and liquidity for the common shares of the
  combined company: </LI></UL>
<blockquote>
<UL style="TEXT-ALIGN: justify" type="circle">
  <LI>
  <p style="margin-top:0; margin-bottom:0">the common shares of Energy Fuels post-Transaction have the potential for
  increased trading liquidity on the basis of the larger market capitalization
  of the combined company,
  <LI>
  <p style="margin-top:0; margin-bottom:0">a combined Energy Fuels and Uranerz has the potential for increased
  analyst coverage based on its larger capitalization,
  <LI>
  <p style="margin-top:0; margin-bottom:0">a combined Energy Fuels and Uranerz has the potential for better stock
  exchange index weighting,
  <LI>
  <p style="margin-top:0; margin-bottom:0">a combined Energy Fuels and Uranerz, with operations in the top two
  uranium districts in the United States and a significant increase in combined
  uranium extraction, NI 43-101 mineral resources and market capitalization, has
  the potential to have a heightened trading profile in U.S. capital markets,
  </LI></UL>
</blockquote>
<UL style="TEXT-ALIGN: justify">
  <LI>The approximate 55% ownership position of the Uranerz shareholders in the
  combined company;
  <LI>A combined Energy Fuels and Uranerz will offer the shareholders of Uranerz
  greater exposure to the benefits of potential future increases in uranium
  prices as Energy Fuels has significant projects that may be capable of being
  brought into extraction operations if uranium prices increase significantly;
  <LI>A combined Energy Fuels and Uranerz will have a stronger balance sheet
  compared to Uranerz on a stand-alone basis, and specifically the combined
  entity will have a stronger working capital position following the Transaction
  than Uranerz on a stand-alone basis, giving it potentially greater access to
  capital markets and better flexibility in financing;
  <LI>The belief that, upon closing of the Transaction, the combined company
  will have a stronger financial profile relative to Uranerz on a stand-alone
  basis; and
  <LI>The significant value to Uranerz shareholders represented by the potential
  earnings improvement of the combined company and the views of Uranerz&#146;
  management as to the expected realization of synergies by the combined
  company. </LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <EM>Corporate
Governance Benefits of the Transaction. </EM>During the course of its
deliberations relating to the Transaction, the Uranerz board of directors also
considered factors related to the corporate governance of the combined company,
including the following benefits:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>The initial composition of Energy Fuels&#146; board of directors comprised of
  at least 9 members, which would include 3 representatives of Uranerz (the
  Merger Agreement was later amended to provide that 2 Uranerz representatives
  would be appointed to the board of directors of Energy Fuels which would be
  comprised of eight directors); </LI></UL>
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<UL style="TEXT-ALIGN: justify">
  <LI>The fact that three Uranerz directors, each of whom has an in-depth
  knowledge of Uranerz and its business, would have meaningful continued
  participation on the board of directors of Energy Fuels following the
  Transaction (the Merger Agreement as amended provides for two Uranerz
  directors being appointed to the Energy Fuels board of directors as further
  described in the section titled &#147;The Agreement and Plan of Merger &#150; Amendment
  to the Merger Agreement&#148;); and
  <LI>The fact that Paul Goranson, the President and Chief Operating Officer of
  Uranerz, who has an in-depth knowledge of the in situ recovery mining method,
  Uranerz and its business and Nichols Ranch ISR operations, would continue as
  part of the executive management team of Energy Fuels following the
  Transaction. </LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <EM>Other
Factors Considered.</EM> During the course of its deliberations relating to the
Transaction, the Uranerz board of directors considered the following factors in
addition to the benefits described above:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>The financial analysis reviewed and discussed with the Uranerz board of
  directors by representatives of Euro Pacific as well as the fairness opinion
  rendered by Euro Pacific to the Uranerz Special Committee, to the effect that,
  as of January 3, 2015 and based upon and subject to the various considerations
  and limitations set forth in Euro Pacific&#146;s opinion, the consideration to be
  received by shareholders of Uranerz in their capacity as such pursuant to the
  proposed Merger Agreement was fair, from a financial point of view, to such
  holders;
  <LI>The Uranerz board of directors&#146; and management&#146;s analysis and
  understanding of the business, operations, financial performance, financial
  condition, liquidity earnings, strategy and future prospects of Uranerz on a
  stand-alone basis, including the ability of Uranerz to complete future
  financings, and the assessment, based on such analysis and understanding, that
  the Transaction would be more favorable to Uranerz and its shareholders in the
  long-term in light of the potential risks and uncertainties associated with
  Uranerz continuing to operate as a stand-alone entity;
  <LI>The fact that both majority and disinterested approval of the shareholders
  of Uranerz would be required for Uranerz to proceed with the Transaction,
  specifically (i) the approval of the Transaction and the adoption of the
  Merger Agreement at the Special Meeting by shareholders of Uranerz holding a
  majority of the shares of Uranerz common stock outstanding and entitled to
  vote, and (ii) approval of the disinterested shareholders of Uranerz (which
  vote will exclude the votes of shares held by the officers and directors of
  Uranerz) holding a majority of the votes cast at the Special Meeting;
  <LI>The results of the due diligence investigations of Energy Fuels by
  management of Uranerz in consultation with its engineering, financial and
  legal advisors, which included technical engineering, financial and legal due
  diligence;
  <LI>The fact that the Merger Agreement does not preclude a third party from
  making a proposal for an acquisition of or business combination with Uranerz
  and that, under certain circumstances more fully described in the section &#147;The
  Agreement and Plan of Merger&#151;Non-Solicitation and Acquisition Proposals&#148; beginning on page
  <font face="Times New Roman">164</font> of this proxy statement/prospectus, Uranerz
  may provide information to and negotiate with such a third party and the
  Uranerz board may change its recommendation to Uranerz shareholders regarding
  the Transaction with Energy Fuels; and </LI></UL>
<P align=center>82 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>The availability of dissenters&#146; rights provided by action of the board of
  directors of Uranerz for those Uranerz shareholders who do not vote in favor
  of Transaction, such shareholders will be entitled to receive payment from the
  surviving corporation of the fair value of their shares of Uranerz common
  stock instead of receiving the Transaction consideration. </LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Uranerz
board of directors weighed these factors against a number of uncertainties,
risks and potentially negative factors relevant to the Transaction,
including:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>The fact that completion of the Transaction would preclude Uranerz from
  completing an alternate transaction, such as (i) an acquisition transaction in
  which Uranerz would be acquired by another company, (ii) a lateral business
  combination or merger with a like-sized industry peer, and/or (iii) completion
  of acquisitions by Uranerz in order to grow in size. The board considered the
  likelihood of completion by Uranerz of such alternate transactions and the
  probability as to whether any of these transactions would result in an
  accretion in value to the shareholders of Uranerz that would be greater than
  the premium offered in the Transaction;
  <LI>The fact that the completion of the Transaction would preclude Uranerz
  from continuing its operations on a &#147;status quo&#148; basis was considered by the
  board, together with the ability of Uranerz to meet its financing requirements
  on a stand- alone basis;
  <LI>The fact that if the Transaction were determined to result in a &#147;change of
  control&#148; of Energy Fuels under the trust indenture that governs the CDN$22
  million convertible debentures issued by Energy Fuels in 2012, Energy Fuels
  could be required to make an offer to the holders of the convertible
  debentures to repurchase their convertible debentures at a price equal to 100%
  of the principal amount of the convertible debentures. The Uranerz Board
  considered a number of possible funding alternatives should Energy Fuels be
  required to purchase the convertible debentures;
  <LI>The operating and capital costs associated with the conventional hard-rock
  mining assets of Energy Fuels in contrast to the operating and capital costs
  associated with Uranerz&#146; ISR mining assets;
  <LI>The risk that anticipated operating synergies and cost savings may not be
  achieved or may take longer to achieve than anticipated;
  <LI>The fact that a number of the Energy Fuels mines, including the Henry
  Mountains Complex, the La Sal Complex, the Daneros Mine and the Whirlwind
  Mine, have been placed on &#147;stand-by&#148; operations and accordingly are currently
  not in production and are subject to ongoing standby-costs; </LI></UL>
<P align=center>83 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>The risk that the existing operations of Energy Fuels, including the White
  Mesa Mill, and certain proposed development projects of Energy Fuels,
  including the Canyon Mine, may be impacted by environmental litigation or
  other legal hurdles related to the operation of uranium projects in
  environmentally sensitive areas and the advice of legal counsel as to the
  merits and costs of this litigation;
  <LI>The fact that key prospective Energy Fuels development projects (which are
  associated with significant NI 43-101 resources), including the Roca Honda
  mine and the Sheep Mountain mine, will require substantial capital investment
  and higher uranium prices, in order to be financed, constructed and placed
  into production;
  <LI>The fact that key prospective Energy Fuels development projects will be
  subject to permitting and licensing of operations and the track record of
  management of Energy Fuels in permitting and licensing uranium projects in the
  United States;
  <LI>The potential impact of the litigation related to Energy Fuel&#146;s Canyon
  Mine, including the possibility of delay and increased expense resulting from
  this litigation, coupled with the fact that the cash flow forecasts of Energy
  Fuels provided to the board of directors did not assume development of the
  Canyon Mine;
  <LI>The fact that because the Transaction consideration is a fixed Exchange
  Ratio of Energy Fuels shares to shares of Uranerz common stock, Uranerz
  shareholders could be adversely affected by a decrease in the trading price of
  Energy Fuels shares, relative to the trading price of Uranerz shares, during
  the period leading up to the completion of the Transaction and the fact that
  the Merger Agreement does not provide Uranerz with a price-based termination
  right or similar protection;
  <LI>The fact that the support agreements and certain provisions of the Merger
  Agreement may have the effect of discouraging alternative acquisition
  transactions involving Uranerz, including: (1) the restrictions on Uranerz&#146;
  ability to solicit proposals for alternative transactions; (2) the requirement
  that the Uranerz board of directors submit the Merger Agreement to the Uranerz
  shareholders for adoption in certain circumstances, even if it withdraws its
  recommendation for the Transaction; and (3) the requirement that Uranerz pay a
  termination fee of $5.0 million to Energy Fuels in certain circumstances
  following the termination of the Merger Agreement;
  <LI>The fact that the Transaction will not qualify as a reorganization for
  U.S. federal income tax purposes and, as a result that shareholders taxable in
  the United States will be deemed to have disposed of their shares in Uranerz
  upon completion of the Transaction, without relief from any taxable capital
  gain, if applicable;
  <LI>The fact that shareholders in Canada will not be able to exchange their
  shares of Uranerz for common shares of Energy Fuels on a tax-deferred or
  &#147;rollover&#148; basis, with the result that they may be subject to capital gains
  tax as a result of completion of the Transaction;
  <LI>The restrictions on the conduct of the business of Uranerz during the
  period between execution of the Merger Agreement and the completion of the
  Transaction; </LI></UL>
<P align=center>84 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>The risk that the Transaction may not be completed despite the parties&#146;
  efforts or that completion may be unduly delayed, even if the requisite
  approval is obtained from Uranerz&#146; shareholders, and the risk that one or more
  of such shareholders might seek to enjoin the Transaction;
  <LI>The risk that changes in the regulatory, commodity pricing, competitive or
  environmental landscape may adversely affect the business benefits anticipated
  to result from the proposed transaction; and
  <LI>The other risks described in the sections entitled &#147;Risk Factors&#148;
  beginning on page <font face="Times New Roman">34</font> and &#147;Cautionary Statement Concerning Forward-Looking
  Information&#148; beginning on page <font face="Times New Roman">52</font>. </LI></UL>
<P align=justify>The Uranerz board of directors concluded, on balance, that the
uncertainties, risks and potentially negative factors relevant to the
Transaction were outweighed by the potential benefits that it expected Uranerz
and the Uranerz shareholders would achieve as a result of the Transaction.</P>
<P align=justify>The Uranerz board of directors and the Uranerz Special
Committee also took into account the fact that Euro Pacific&#146;s opinion addressed
only the fairness, from a financial point of view, of the value of the
consideration to be paid to the Uranerz shareholders and did not address the
value of the Energy Fuels&#146; common shares or strategic considerations or the
other factors considered by the Uranerz Board, as discussed above.</P>
<P align=justify>This discussion of the information and factors considered by
the Uranerz board of directors includes the principal positive and negative
factors considered by the board of directors, but is not intended to be
exhaustive and may not include all of the factors considered. The Uranerz board
of directors did not quantify or assign any relative or specific weights to the
various factors that it considered in reaching its determination that the Merger
Agreement and the Transaction are advisable and in the best interests of Uranerz
and its shareholders. </P>
<P align=justify>The Uranerz board of directors viewed its position and
recommendation as being based on the totality of the information presented to it
and the factors it considered. In addition, individual members of the Uranerz
board of directors may have given differing weights to different factors. It
should be noted that this explanation of the reasoning of the board of directors
of Uranerz and certain information presented in this section is forward-looking
in nature and, therefore, that information should be read in light of the
factors discussed in the section entitled &#147;Cautionary Statement Concerning
Forward-Looking Information&#148; in this proxy statement/prospectus, beginning on
page 52.</P>
<P align=justify><B>Opinion of Euro Pacific Canada Inc. as Independent Financial
Advisor to the Special Committee </B></P>
<P align=justify>Pursuant to an engagement letter dated December 18, 2014, the
Uranerz Special Committee retained Euro Pacific to provide an opinion to the
Uranerz Special Committee as to whether, as of the date of the opinion, the per
share consideration to be received by shareholders of Uranerz in their capacity
as such pursuant to the Merger Agreement was fair, from a financial point of
view, to such holders. </P>
<P align=justify>Euro Pacific is a Canadian registered investment dealer and
investment banking firm headquartered in Toronto, Ontario, with offices in
Montreal, Quebec, Vancouver, British Columbia, and Tokyo, Japan. Euro Pacific is
a member or participating organization of the TSX and TSX Venture Exchange, and is a dealer member of the
Investment Industry Regulatory Organization of Canada (IIROC). Euro Pacific
offers an integrated platform of equity research, institutional sales and
trading, investment banking services in the areas of business and securities
valuations, fairness opinions, corporate finance transactions, and strategic
advice regarding acquisitions, divestitures and mergers of middle-market
companies in a variety of sectors, including metals and mining. Euro Pacific has
experience in transactions involving valuations and fairness opinions of stock
exchange listed companies. </P>
<P align=center>85 </P>
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<P align=justify>On January 3, 2015, Euro Pacific rendered its oral opinion,
subsequently confirmed in writing, to the Uranerz Special Committee and the full
board of directors that, as of such date, and based upon and subject to the
various assumptions made, matters considered and qualifications and limitations
set forth in the opinion, the per share consideration to be received by the
shareholders of Uranerz in their capacity as such pursuant to the Merger
Agreement was fair, from a financial point of view, to such shareholders. The
fairness opinion represents the opinion of Euro Pacific and its form and content
were approved by senior investment banking professionals of Euro Pacific, each
of whom is experienced in merger, acquisition, divestiture, valuation and
fairness opinion matters. </P>
<P align=justify>The full text of Euro Pacific&#146;s written opinion, dated January
3, 2015, which sets forth, among other things, the assumptions made, matters
considered and qualifications and limitations on the review undertaken by Euro
Pacific in rendering its opinion, is attached to this proxy statement/prospectus
as Annex D and is incorporated by reference herein. The summary of the Euro
Pacific opinion provided in this proxy statement/prospectus is qualified in its
entirety by reference to the full text of the opinion. Shareholders of Uranerz
are urged to read the opinion carefully and in its entirety.</P>
<P align=justify>Subsequent to the rendering of its fairness opinion, Euro
Pacific determined that certain of the information presented to the Uranerz
Special Committee and the Uranerz board of directors at the January 3, 2015
Uranerz board of directors meeting was incorrect due to a computational error.
The error related to the number of issued and outstanding shares of Uranerz
common stock used to derive certain &#147;per share&#148; valuation metrics presented to
the Special Committee and Uranerz board of directors. Euro Pacific delivered its
letter to the Special Committee on April 2, 2015 in which it (i) advised as to
the nature of the error, (ii) confirmed the corrected &#147;per share&#148; valuation
metrics, (iii) advised that the errors did not have an impact on the &#147;en bloc&#148;
(in the whole) valuation of Uranerz presented to the Special Committee and
Uranerz board of directors, and (iv) confirmed that the errors did not impact
the conclusion or opinion of Euro Pacific as to the fairness of the Transaction
to the stockholders of Uranerz, from a financial point of view.</P>
<P align=justify>The corrected valuation metrics are presented in the discussion
of Euro Pacific&#146;s financial analysis in the discussion entitled &#147;Summary of
Material Financial Analysis&#148; below. A reconciliation of the corrected valuation
metrics to the original valuation metrics is provided below under &#147;Summary of
Material Financial Analysis - Corrected Valuation Metrics&#148;. </P>
<P align=justify>Euro Pacific was not involved in determining the amount of the
per share consideration to the shareholders of Uranerz, nor in making any
recommendations to Uranerz or Energy Fuels in that regard. Euro Pacific&#146;s
opinion addresses only the fairness of the per share consideration, from a
financial point of view, to the shareholders of Uranerz in their capacity as
such pursuant to the Merger Agreement, as of the date of the opinion, and does
not address the relative merits of the Transaction as compared to any
alternative business strategies or transactions that might exist for Uranerz, Uranerz&#146; underlying business decision to proceed with
the Transaction or the effects of any other transaction in which Uranerz will or
might engage. Euro Pacific&#146;s opinion was directed to the Uranerz Special
Committee in connection with its consideration of the Transaction and was not
intended to be, and does not constitute, an opinion or recommendation to any
shareholder as to how such shareholder should vote with respect to the
Transaction, any related matter or any other transactions. </P>
<P align=center>86 </P>
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<P align=justify>In arriving at its opinion, Euro Pacific reviewed and relied
upon, among other things, the following: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>the draft Merger Agreement provided to Euro Pacific on December 31, 2014
  (the &#147;<B>Latest Draft Agreement</B>&#148;);
  <LI>audited financial statements and management&#146;s discussion and analysis of
  Uranerz for the 12 months ended December 31 for each of 2009, 2010, 2011, 2012
  and 2013;
  <LI>quarterly interim reports of Uranerz, including the unaudited financial
  statements and management&#146;s discussion and analysis for the three month
  periods ended March 31, 2010 through to September 30, 2014;
  <LI>audited financial statements and management&#146;s discussion and analysis of
  Energy Fuels for the 15 months ended December 31, 2013, the 12 months ended
  September 30, 2012, and the interim quarterly periods between September 30,
  2012 and September 30, 2014;
  <LI>Uranerz&#146; NI 43-101 technical reports on the Reno Creek Property, North
  Rolling Pin Property, South Doughstick Property, Doughstick Property, Nichols
  Ranch Property, West North Butte Satellite Properties, Hank Unit Property,
  Arkose Mining Venture Project, and the combined Preliminary Economic
  Assessment of Nichols Ranch and Hank Unit Properties;
  <LI>Energy Fuels&#146; Preliminary Feasibility Study on the Sheep Mountain Project,
  NI 43- 101 technical reports on the Arizona Strip Uranium Project, Daneros
  Mine Project, Roca Honda Project, Gas Hills Project, La Sal Complex, Juniper
  Ridge Project, Sage Plain Project, Henry Mountains Complex, Whirlwind, EZ 1
  Complex, EZ 2 Complex, Marquez Uranium Property, Torbyn Property and Nose Rock
  Uranium Property;
  <LI>press releases, material change reports, information circulars and other
  material documents issued or filed on SEDAR by Uranerz and Energy Fuels since
  January 1, 2013;
  <LI>a pro-forma 5-year consolidated financial operations plan prepared by
  senior management of Energy Fuels;
  <LI>certain internal financial, operational, corporate, budget and other
  information concerning Uranerz prepared or provided by the management of
  Uranerz;
  <LI>various due diligence reports prepared for Uranerz by its advisors;
  <LI>various equity research analysts&#146; reports on Uranerz and Energy Fuels;
  </LI></UL>
<P align=center>87 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>selected other corporate, uranium sector and mining industry research
  publications published by equity research analysts or commentators that Euro
  Pacific considered to be relevant;
  <LI>Uranerz&#146; corporate investor relations presentation dated December 2, 2014
  and Energy Fuels&#146; corporate investor relations presentation dated November
  2014;
  <LI>certain other financial, legal and operating information prepared by or
  for senior management of Uranerz;
  <LI>discussions with members of the Uranerz Special Committee regarding the
  current operations and financial condition and the prospects of Uranerz and
  Energy Fuels, including information relating to certain strategic, financial
  and operational benefits and risks anticipated to result or arise from the
  Transaction;
  <LI>discussions with members of Uranerz management with respect to the
  information and issues Euro Pacific considered to be relevant;
  <LI>public information relating to the business, operations, financial
  performance and stock trading history of Uranerz, Energy Fuels and other
  selected public companies that Euro Pacific considered to be relevant;
  <LI>public information with respect to certain other transactions of a
  comparable nature that Euro Pacific considered to be relevant; and
  <LI>such other information, analysis and inquiries as Euro Pacific considered
  appropriate. </LI></UL>
<P align=justify>For its opinion, Euro Pacific accepted the foregoing financial
statements and other information, without further verification, as correctly
reflecting the business conditions and operating results for Uranerz and Energy
Fuels, as applicable, for the respective periods, except as noted in its
opinion. Euro Pacific&#146;s fairness opinion is based on the assumption that no
material changes have taken place in the business, operations, asset positions
or prospects of either Uranerz or Energy Fuels, other than to the extent brought
to Euro Pacific&#146;s attention since the date of the financial information utilized
by Euro Pacific. Euro Pacific relied upon and assumed, without assuming any
responsibility for independent verification, the accuracy and completeness of
all of the information, data, opinions and other materials provided to,
discussed with or reviewed by Euro Pacific, and Euro Pacific did not assume any
responsibility for such information.</P>
<P align=justify>In preparing the fairness opinion, Euro Pacific assumed that
(i) the Transaction will be consummated in accordance with the terms set forth
in the Latest Draft Agreement and any related transaction documents, (ii) that
the Latest Draft Agreement and related transaction documents will not differ in
any material respect from the drafts provided to Euro Pacific, (iii) that all of
the conditions required to complete the Transaction will be met, (iv) that the
procedures being followed to implement the Transaction are valid and effective,
(v) that all required documents will be distributed to the shareholders of
Uranerz and Energy Fuels in accordance with applicable laws, and (vi) all forms
of consideration, both direct and indirect, to be received, or that have already
been received by the shareholders of Uranerz in connection with the Transaction
have been disclosed to Euro Pacific.</P>
<P align=center>88 </P>
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<P align=justify>Euro Pacific did not comment on the trading prices or
marketability of Uranerz&#146; or Energy Fuels&#146; common shares on the public markets
(as at the date of its opinion or following the consummation of the Transaction
or at any time) and Euro Pacific did not express any opinion or recommendation
to any security holders of Uranerz or Energy Fuels as to how to vote at any
shareholders meetings to be held in connection with the Transaction. Euro
Pacific&#146;s opinion did not address the relative merits of the Transaction as
compared to alternative transactions or strategies that might be available to
Uranerz, nor should Euro Pacific&#146;s opinion be interpreted as an endorsement of
the merits of the Transaction. Euro Pacific rendered its opinion as of January
3, 2015 on the basis of securities markets, economic and general business and
financial conditions prevailing and the condition and prospects, financial and
otherwise, of Uranerz as they were reflected in the information and documents
reviewed by Euro Pacific and as they were represented to Euro Pacific in
discussions with management of Uranerz. Euro Pacific relied upon the
completeness, accuracy and fair presentation of all such information without
further verification. </P>
<P align=justify>Euro Pacific&#146;s opinion addresses only the fairness, from a
financial point of view, to the shareholders of Uranerz of the per share
consideration to be received by such holders in their capacity as such pursuant
to the Merger Agreement, and no opinion or view was expressed by Euro Pacific
with respect to any other consideration paid or received in connection with the
Transaction or any other transaction by the holders of any class of securities,
creditors or other constituencies of any party. Euro Pacific did not express any
opinion with respect to the fairness of the amount or nature of the compensation
of any of the officers, directors or employees of Uranerz, or any class of such
persons, relative to the consideration to be received by the holders of Uranerz
common stock pursuant to the Transaction. </P>
<P align=justify>Euro Pacific&#146;s opinion does not in any manner address any term,
condition, aspect or implication of the Transaction or the Merger Agreement
(other than the consideration to be received by the shareholders of Uranerz in
their capacity as such pursuant to the Merger Agreement to the extent expressly
specified herein), including, without limitation, the form or structure of the
Transaction, the timing or other terms or conditions related to the Transaction,
any distributions to the shareholders or other security holders of Uranerz, or
any other transaction, agreement, arrangement or understanding referenced in the
Merger Agreement or related to the Transaction, the Merger Agreement or
otherwise, including, without limitation, the fairness of the amount or nature
of, or any other aspect relating to any compensation to any officers, directors
or employees of any party to the Transaction or any related transaction, or any
class of such persons. Euro Pacific was not requested to, and did not,
participate in the negotiation of the terms of the Transaction. In addition,
Euro Pacific was not requested to, and did not, solicit indications of interest
or proposals from third parties.</P>
<P align=justify><I>Summary of Material Financial Analysis <BR></I>The following
is a summary of the material financial analyses performed by Euro Pacific and
reviewed by the Uranerz Special Committee in connection with Euro Pacific&#146;s
opinion relating to the Transaction and does not purport to be a complete
description of the financial analyses performed by Euro Pacific. The rendering
of an opinion is a complex analytic process involving various determinations as
to the most appropriate and relevant methods of financial analysis and the
application of those methods to the particular circumstances. Therefore, this
summary does not purport to be a complete description of the analyses performed
by Euro Pacific or of its presentation to the Uranerz Special Committee and the
full Uranerz board of directors on January 3, 2015.</P>
<P align=center>89 </P>
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<P align=justify>Euro Pacific based its opinion on methods and techniques that
it considered appropriate in the circumstances and considered a number of
factors in its review of the Transaction, including: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>a net asset value analysis (based on project-level discounted cash flow
  analyses);
  <LI>a price to net asset value multiple analysis;
  <LI>a comparable companies analysis;
  <LI>a comparable transactions analysis;
  <LI>a survey of investment research analysts&#146; estimates and targets; </LI></UL>
<P align=justify>and sensitivities related to a range of possible future uranium
prices. </P>
<P align=justify><U>Net Asset Value Analysis (based on project level discounted
cash flow analyses)</U> </P>
<P align=justify>Pursuant to this and other approaches and under the various
assumptions and limitations described, Euro Pacific estimated Uranerz&#146; net asset
value per share of Uranerz common stock in three cases: a Management Base Case
that assumed a U3O8 spot price of $55/lb and a term price of $60/lb; a
Management Upside Case that assumed a U3O8 spot price of $70/lb and a term price
of $75/lb; and a Management Downside Case that assumed a U3O8 spot price of
$40/lb and a term price of $45/lb. In each case, these estimates were derived
based on project level discounted cash flows and assumptions and calculations
determined by Euro Pacific to be relevant to its fairness opinion. Readers
should be aware that the net asset value estimates described herein were
prepared by Euro Pacific for the limited purpose of developing a net asset
valuation range for Uranerz based on a project level discounted cash flow
analysis for consideration in developing Euro Pacific&#146;s fairness opinion and
should not be construed as a formal valuation. Such net asset valuation range
was intended to include certain assumptions the purpose of which was to consider
the fairness of the Transaction in light of highly favorable stand-alone models
for Uranerz that assumed an accelerated development of Uranerz&#146; projects without
capital constraints and made certain assumptions regarding costs and expenses.
Such assumptions are not based on a feasibility study under the requirements of
the SEC for the establishment of reserves or a feasibility study,
pre-feasibility study or preliminary economic assessment for the purposes of
Canadian securities laws, and do not represent Uranerz&#146; expectations as to
future production, cash flows or profitability in any of the three cases
analyzed. As a result, such net asset value per share estimates considered by
Euro Pacific in forming its fairness opinion should not be relied on by
investors for any purpose other than the fairness opinion and should not be
considered to be predictive of the current or future value of Uranerz.</P>
<P align=justify>Euro Pacific&#146;s net asset value analysis concluded that the
Transaction consideration constituted a premium to Uranerz&#146; net asset value at
each of the uranium price cases evaluated. Specifically, based on the
assumptions discussed above, Euro Pacific estimated for purposes of forming its
fairness opinion the net asset value per Uranerz share (CDN) to be CDN$1.07 in
the Management Base Case, CDN$0.39 in the Management Downside Case and CDN$1.72
in the Management Upside case. These net asset values on a U.S. dollar basis,
based on the Bank of Canada noon exchange rate on January 2, 2015 of $0.8527 per
CDN$1.00, were $0.91 in the Management Base Case, $0.33 in the Management
Downside Case and $1.47 in the Management Upside.</P>
<P align=center>90 </P>
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<P align=justify><U>Target Price-to-Net Asset Value Multiple Analysis</U> </P>
<P align=justify>This approach was based on the average equity analyst Target
Price-to-Net Asset Value multiples applied to the valuation of Uranerz and Euro
Pacific&#146;s calculated Net Asset Value at a project level of Uranerz, based on the
assumptions discussed above. Euro Pacific&#146;s method included a control premium of
30%. As in all other methods utilized by Euro Pacific, the downside, base and
upside scenarios were considered, and ranges of implied share prices were
calculated and considered for the purposes of the opinion rendered by Euro
Pacific.</P>
<P align=justify><U>Comparable Companies Analysis</U> </P>
<P align=justify>In order to assess how the public market values shares of
publicly traded companies similar to Uranerz, Euro Pacific reviewed and compared
certain financial information relating to Uranerz with selected companies,
which, in the exercise of its professional judgment and based on its knowledge
of the industry, Euro Pacific deemed relevant to Uranerz. Although none of the
selected companies is identical to Uranerz, Euro Pacific selected these
companies because they had publicly traded equity securities and were deemed to
be similar to Uranerz in one or more respects including the nature of their
business, size, financial performance, geographic concentration or listing
jurisdiction. The selected comparable companies included: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Uranium Energy Corp.
  <LI>Ur-Energy Inc.
  <LI>Uranium Resources, Inc.
  <LI>Peninsula Energy Limited </LI></UL>
<P align=justify>For each of the selected companies, Euro Pacific reviewed
publicly available information in order to analyze the trading performance and
analyst net asset value calculations of the comparable companies, applying a
control premium of 30%. Various metrics were considered for each company where
possible, including the market capitalizations, enterprise values, analyst
price-to-NAV multiples and enterprise values per pound of uranium. A table
summarizing some of the information considered by Euro Pacific is reproduced
below.</P>
<P align=center><U>Public Comparables</U> </P>
<P align=center><I>In millions of CDN except per share data </I></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center bgColor=#c0c0c0 rowSpan=2><BR><B>Company Name</B>
    </TD>
    <TD noWrap align=center width="11%" bgColor=#c0c0c0
      rowSpan=2><B>Market</B> <BR><B>Cap</B> </TD>
    <TD noWrap align=center width="11%" bgColor=#c0c0c0
      rowSpan=2><B>Enterprise</B> <BR><B>Value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="22%"
    bgColor=#c0c0c0 colSpan=2>&nbsp; &nbsp;<B>Analyst P/NAV</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="11%"
    bgColor=#c0c0c0 rowSpan=2><B>EV/lb</B> <BR></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="11%"
    bgColor=#c0c0c0><B>Avg.</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="11%"
    bgColor=#c0c0c0><B>Med</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Uranium Energy </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">$185.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">$202.8 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">1.04x </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">1.03x </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">2.89x </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>UR-Energy </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">$128.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">$171.6 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">1.07x </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">1.05x </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.74x </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Uranium Resources
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">$54.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">$49.7 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">NA
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">NA
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">1.19x </TD></TR></TABLE></DIV>
<P align=center>91 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left>Peninsula Energy Limited </TD>
    <TD align=center width="11%">$81.1 </TD>
    <TD align=center width="11%">$89.0 </TD>
    <TD align=center width="11%">0.76x </TD>
    <TD align=center width="11%">0.88x </TD>
    <TD align=center width="11%">1.66x </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#c0c0c0><B>Mean</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0><B>112.34</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0><B>128.28</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0><B>0.96x</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0><B>0.98x</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0><B>2.62x</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#c0c0c0><B>Median</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0><B>104.55</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0><B>130.29</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0><B>1.04x</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0><B>1.03x</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0><B>2.27x</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#c0c0c0>Max </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0>185.93 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0>202.83 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0>1.07x </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0>1.05x </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0>4.74x </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#c0c0c0>Min </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0>54.32 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0>49.70 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0>0.76x </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0>0.88x </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#c0c0c0>1.19x </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Uranerz
      Energy</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>$120.8</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>$133.0</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>1.08x</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>1.03x</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>6.97x</B> </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify><I>*For the purposes of the above
table, Analyst P/NAV means the average 12-month share price targets of
investment research analysts covering the comparable companies divided by the
net asset value per share of such comparable companies as determined and
published by the same investment research analysts, as at the date of the
fairness opinion. <BR></I><I>** For the purposes of the above table, &#147;EV/lb&#148;
means Enterprise Value of the comparable companies as at December 31, 2014
divided by the total pounds of uranium reserves and resources (inclusive of
inferred resources) disclosed in the comparable companies&#146; respective NI 43-101
technical reports (except in the case of Peninsula Energy Limited, where such
information was disclosed in.a public report prepared pursuant to the
Australasian Joint Ore Reserves Committee (JORC).Code).<BR></I><I>Source:
Company reports, Bloomberg, Capital IQ, 31 December 2014 </I></P>
<P align=justify>No company utilized in the peer group comparison is identical
to Uranerz. In evaluating the comparable companies, Euro Pacific made judgments
and assumptions with regard to general business, economic, market and financial
conditions and other matters, which are beyond the control of Uranerz, such as
the impact of competition on the business of Uranerz or the industry generally,
industry growth and the absence of any adverse material change in the financial
condition of Uranerz or the industry or in the financial markets in general,
which could affect the public trading value of the company. Mathematical
analysis is not in itself a meaningful method of using comparable company data.
</P>
<P align=justify>The comparable public companies analysis described above
produced reference ranges of multiples that informed Euro Pacific in rendering
its fairness opinion relating to the Transaction. Euro Pacific&#146;s enterprise
values per pound of uranium comparable company analysis estimated Uranerz price
per share (CDN) to be CDN$0.51 in the Management Base Case, CDN$0.48 in the
Management Downside Case and CDN$1.14 in the Management Upside Case. These
enterprise values on a U.S. dollar basis, based on the Bank of Canada noon
exchange rate on January 2, 2015 of $0.8527 per CDN$1.00, were $0.44 in the
Management Base Case, $0.41 in the Management Downside Case and $0.97 in the
Management Upside Case. </P>
<P align=justify><U>Comparable Transactions Analysis</U> </P>
<P align=justify>Euro Pacific reviewed the acquisition premiums paid for
selected transactions using publicly available information. The following
transactions were reviewed in connection with this analysis: </P>
<P align=center>92 </P>
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noShade SIZE=5>
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<UL style="TEXT-ALIGN: justify">
  <LI>Strathmore Minerals/Energy Fuels (30.7%)
  <LI>Calypso Uranium/U3O8 Corp. (12.0%)
  <LI>Uranium One/ARMZ Uranium Holding (18.7%)
  <LI>JNR Resources/Denison Mines Corp. (55.3%)
  <LI>Pitchstone Exploration/Fission Energy Corp. (35.5%)
  <LI>Curnamona Energy/Havilah Resources (25.7%)
  <LI>Extract Resources/China General Nuclear Power (6.9%)
  <LI>Southern Andes Energy/Macusani Yellowcake (29.3%)
  <LI>Cue Resources/Uranium Energy Corp. (52.2%)
  <LI>Titan Uranium/Energy Fuels (33.7%)
  <LI>Rio Tinto Canada Uranium/Rio Tinto, Fer et Titane (16.6%)
  <LI>White Canyon Uranium/Denison Mines Corp. (20.0%)
  <LI>Brinkley Mining/Eurogold Ltd. (61.5%) </LI></UL>
<P align=justify>Some of these transactions were not considered to be strategic
or synergistic, but were still deemed to be pertinent to Euro Pacific&#146;s analyses
based on the industry knowledge and professional judgment of Euro Pacific. Based
on these analyses, Euro Pacific noted that the mean Volume Weighted Average
Price (&#147;<B>VWAP</B>&#148;) premium paid relative to the closing stock price one day
prior to transaction announcement was 30.6% for all of the offers noted.
Individual one-day VWAP premiums for these precedent transactions are listed
above in parentheses next to each transaction. VWAP premiums were also
calculated for one-week, one-month and three-month periods, and these ranges
were 6.6% to 75.9% (one week), 10.5% to 108.6% (one month) and 9.1% to 123.6%
(three months), respectively. This exercise was done to confirm that the premium
being paid was in line with precedent transactions of a comparable nature.
Precedent VWAP premiums were further broken down by stock (mean of 37.3%) and
cash (mean of 15.6%) offers.</P>
<P align=justify>No company or transaction utilized in the above premium
analyses is identical to Uranerz, Energy Fuels, or the Transaction. In
evaluating the precedent transactions, Euro Pacific made judgments and
assumptions with regard to general business, market and financial conditions and
other matters, which are beyond the control of Uranerz and Energy Fuels, such as
the impact of competition on the business of Uranerz, Energy Fuels or the
industry generally, industry growth and the absence of any adverse material
change in the financial condition of Uranerz, Energy Fuels or the industry or in
the financial markets in general, which could affect the public trading value of
the companies and the aggregate value of the transactions to which they are
being compared. </P>
<P align=center>93 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><U>Survey of Investment Research Analysts&#146; Estimates and
Targets</U> </P>
<P align=justify>Euro Pacific reviewed and analyzed the public market trading
price targets for Uranerz&#146; common shares prepared and published by equity
research analysts during the period from September 3, 2014 through November 11,
2014. These targets reflected each analyst&#146;s publicly available estimate of the
future public market trading price of Uranerz&#146; common shares at the end of the
particular time period considered for each estimate. Euro Pacific noted that
such analyst price targets for Uranerz&#146; common shares ranged from CDN$1.50 to
CDN$2.00 per Uranerz common share, and that each analyst considered had
published a buy recommendation. Using a control premium of 30%, Euro Pacific
arrived at a range of present values of the equity analyst price targets for
Uranerz&#146; common shares of CDN$1.95 to CDN$2.60 per share (equivalent to $1.66 to
$2.22 per share on a U.S. dollar basis, based on the Bank of Canada noon
exchange rate on January 2, 2015 of $0.8527 per CDN$1.00) . </P>
<P align=justify>The public market trading price targets published by equity
research analysts did not necessarily reflect actual market trading prices for
Uranerz common shares or Energy Fuels common stock and these estimates were
subject to uncertainties, including the future financial performance of Uranerz
and Energy Fuels and future financial market conditions. </P>
<P align=justify><I>Fairness Opinion Conclusion </I></P>
<P align=justify>Euro Pacific determined an average en bloc fair market value of
CDN$1.56 per share for the Management Base Case, inclusive of a control premium
of 30% (where appropriate), compared to the transaction consideration of
CDN$1.82 per share. Euro Pacific also determined an en bloc fair market value of
CDN$0.93 for the Management Downside Case and an en bloc fair market value of
CDN$2.21 for the Management Upside Case. These en bloc fair market value
estimates on a U.S. dollar basis, based on the Bank of Canada noon exchange rate
on January 2, 2015 of $0.8527 per CDN$1.00, were $1.55 in the Management Base
Case, $0.79 in the Management Downside Case and $1.88 in the Management Upside
Case. The en bloc fair market value was derived using a weighted average of the
methodologies used in the fairness analysis. The following weightings were
applied: (i) 35% to the net asset value methodology, (ii) 20% to the investment
research analysts&#146; estimates analysis, (iii) 20% to the target P/NAV multiples
approach, (iv) 20% to the 12 month trading data, and (v) 5% to the comparable
companies approach. Based on its analysis, Euro Pacific concluded the
transaction was fair from a financial point of view to the holders of Uranerz
common shares.</P>
<P align=justify><I>Revised Metrics </I></P>
<P align=justify>The corrected &#147;per share&#148; amounts for the Uranerz common stock
presented in the discussion above and set forth in Euro Pacific&#146;s letter
delivered to the Special Committee on April 2, 2015 are provided below, with
reference to the original &#147;per share&#148; amounts presented to the Special Committee
and Uranerz board of directors: </P>
<DIV>
<TABLE
style="FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; border-left-color:black; border-right-color:black; border-top-color:black; border-bottom-color:black; border-bottom-width:0"
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center><BR><B>Metric</B> </TD>
    <TD align=center width="22%" colSpan=2><B>Management Base</B>
      <BR><B>Case</B> </TD>
    <TD align=center width="22%" colSpan=2><B>Management</B> <BR><B>Downside
      Case</B> </TD>
    <TD align=center width="22%" colSpan=2><B>Management Upside</B>
      <BR><B>Case</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center style="border-bottom-style: none; border-bottom-width: medium"><B>CDN$</B> </TD>
    <TD align=center width="11%" style="border-bottom-style: none; border-bottom-width: medium"><B>Revised</B> </TD>
    <TD align=center width="11%" style="border-bottom-style: none; border-bottom-width: medium"><B>Original</B> </TD>
    <TD align=center width="11%" style="border-bottom-style: none; border-bottom-width: medium"><B>Revised</B> </TD>
    <TD align=center width="11%" style="border-bottom-style: none; border-bottom-width: medium"><B>Original</B> </TD>
    <TD align=center width="11%" style="border-bottom-style: none; border-bottom-width: medium"><B>Revised</B> </TD>
    <TD align=center width="11%" style="border-bottom-style: none; border-bottom-width: medium"><B>Original</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Net Asset Value per Share (based on project level
      discounted cash flow) </TD>
    <TD align=center width="11%">1.07 </TD>
    <TD align=center width="11%">1.19 </TD>
    <TD align=center width="11%">0.39 </TD>
    <TD align=center width="11%">0.44 </TD>
    <TD align=center width="11%">1.72 </TD>
    <TD align=center width="11%">1.92 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target Price-to-Net Asset Value (based on project level
      discounted cash flow) per Share </TD>
    <TD align=center width="11%">1.47 </TD>
    <TD align=center width="11%">1.64 </TD>
    <TD align=center width="11%">0.54 </TD>
    <TD align=center width="11%">0.60 </TD>
    <TD align=center width="11%">2.36 </TD>
    <TD align=center width="11%">2.64 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Comparable Company Analysis </TD>
    <TD align=center width="11%">0.51 </TD>
    <TD align=center width="11%">0.57 </TD>
    <TD align=center width="11%">0.48 </TD>
    <TD align=center width="11%">0.54 </TD>
    <TD align=center width="11%">1.14 </TD>
    <TD align=center width="11%">1.27 </TD></TR></TABLE>
<P align=center>94 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=-->
<p align="justify"><A name=page_109></A>These changes result in the following changes to Euro Pacific&#146;s
summary en bloc fair market value conclusions: </p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left><U>Summary</U> </TD>
    <TD align=left width="25%" ><U>Revised</U> </TD>
    <TD align=left width="25%" ><U>Original</U> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Management Base Case </TD>
    <TD align=left width="25%" >CDN$1.54 </TD>
    <TD align=left width="25%" >CDN$1.62 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Management Downside Case </TD>
    <TD align=left width="25%" >CDN$0.93 </TD>
    <TD align=left width="25%" >CDN$0.96 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Management Upside Case </TD>
    <TD align=left width="25%" >CDN$2.21 </TD>
    <TD align=left width="25%" >CDN$2.34 </TD></TR></TABLE>
<P align=justify>The average fair market value of Uranerz common stock per share
based upon Euro Pacific&#146;s weightings was CDN$1.56 (revised ) as opposed to
CDN$1.64 (original). The consideration being offered by Energy Fuels was
determined to be equivalent to CDN$1.82 at the relevant time.</P>
<P align=justify><I>General </I></P>
<P align=justify>Euro Pacific noted that the preparation of a fairness opinion
is a complex process and is not necessarily amenable to partial analysis or
summary description. Euro Pacific believes that its analyses must be considered
as a whole and that selecting portions of the analyses or the factors considered
by it, without considering all factors and analyses together, could create an
incomplete view of the process underlying the fairness opinion. Accordingly,
Euro Pacific noted the fairness opinion should be read in its entirety. </P>
<P align=justify>Euro Pacific&#146;s opinion is based on economic, monetary, market
and other conditions and circumstances in effect on, and the information made
available to it as of, the date of the opinion. Although subsequent developments
may affect the opinion, Euro Pacific does not have any obligation to update,
revise, reaffirm or withdraw the opinion, or otherwise comment on or consider
circumstances, developments or events occurring after the date thereof, and Euro
Pacific expressly disclaims any responsibility to do so. </P>
<P align=justify>As described above, Euro Pacific&#146;s opinion was only one of many
factors considered by the Uranerz Special Committee and the board of directors
in making its determination to approve the Transaction. Euro Pacific was not
requested to, and did not solicit any expressions of interest from any other
parties with respect to any business combination with Uranerz. </P>
<P align=center>95 </P>
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<A name=page_110></A>
<P align=justify>Euro Pacific is a full service securities dealer engaged in
securities trading and brokerage activities, as well as providing investment
banking and other financial services. Euro Pacific, as part of its investment
banking business, is continually engaged in the valuation of businesses and
their securities in connection with mergers and acquisitions, negotiated
underwritings, secondary distributions of listed and unlisted securities,
private placements and valuations for investment research, corporate and other
purposes. Euro Pacific and its affiliates have not in the past provided any
investment banking services to Uranerz or Energy Fuels (other than in regard to
the fairness opinion described herein and related advice to the Uranerz Special
Committee); however, Euro Pacific may in the future provide investment banking
and other financial services to Uranerz, entities that are affiliated with
Uranerz, or other parties to the Merger Agreement, for which Euro Pacific would
expect to receive compensation. In the ordinary course of business, Euro Pacific
and its affiliates may acquire, hold or sell, for itself and its affiliates&#146; own
accounts and for the accounts of customers, equity, debt and other securities
and financial instruments of Uranerz and the other parties to the Merger
Agreement, and, accordingly, may at any time hold a long or a short position in
such securities. </P>
<P align=justify>Euro Pacific acted as financial advisor to the Uranerz Special
Committee solely to render the opinion and was paid a fixed rate fee of
CDN$85,000 for Euro Pacific&#146;s services in connection with the rendering of the
opinion, all of which was payable without regard to whether the Transaction is
approved and consummated. In addition, Uranerz has agreed to indemnify Euro
Pacific for certain liabilities and other items arising out of Euro Pacific&#146;s
engagement and to reimburse Euro Pacific for certain expenses in connection with
its services. </P>
<P align=justify><B>Board of Directors and Management After the Transaction
</B></P>
<P align=justify>Upon completion of the Transaction, the Energy Fuels board of
directors will be comprised of eight members. Energy Fuels currently has nine
directors and on closing of the Transaction, two members of the Energy Fuels
board of directors are anticipated to resign and two additional board members to
be designated by Uranerz, Dennis Higgs and Glenn Catchpole, will be appointed to
the Energy Fuels board of directors. In accordance with the provisions of the
OBCA and the Energy Fuels Bylaws, the directors may appoint one or more
directors, to fill vacancies created by the resignation of existing
directors.</P>
<P align=justify>In addition, Paul Goranson, current President and COO of
Uranerz is expected to become the Executive Vice President, ISR Operations of
Energy Fuels. Furthermore, Energy Fuels is currently in negotiations with Dennis
Higgs to stay on as an employee or a consultant following the closing of the
Transaction. </P>
<P align=justify>The directors of Uranerz will resign as of the Effective Time.
Information about Messrs. Dennis Higgs and Glenn Catchpole and the current
Energy Fuels directors and executive officers can be found in the documents
listed under the heading &#147;Where You Can Find More Information&#148; beginning on page
213. </P>
<P align="center">96 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<p align="justify"><B>Current Directors of Energy Fuels</B></p>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=middle align=left width="35%"><B>Name and State of Residence </B></TD>
    <TD vAlign=middle align=center width="15%" ><STRONG>Office
      Held </STRONG></TD>
    <TD vAlign=middle align=center width="15%" ><STRONG>Director
      <br>
    Since <SUP>(1) </SUP> </STRONG></TD>
    <TD vAlign=middle align=center width="35%"><B>Principal Occupation, if different than Office Held
      </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird<SUP>(2) </SUP><BR>Ontario, Canada </TD>
    <TD align=left width="15%" >Chair and Director </TD>
    <TD align=left width="15%" >2006 </TD>
    <TD align=left width="34%">Consultant, providing advisory services to
      natural resource companies </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stephen P. Antony<SUP>(3) </SUP><BR>Colorado, USA </TD>
    <TD align=left width="15%" >President, CEO and Director </TD>
    <TD align=left width="15%" >2009 </TD>
    <TD align=left width="34%">Same </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul A. Carroll <SUP>(5) </SUP><BR>Ontario, Canada </TD>
    <TD align=left width="15%" >Director </TD>
    <TD align=left width="15%" >2010 </TD>
    <TD align=left width="34%">President of Carnarvon Capital Corporation;
      President &amp; CEO of World Wide Minerals Ltd. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Larry Goldberg<SUP>(5) </SUP><BR>Ontario, Canada </TD>
    <TD align=left width="15%" >Director </TD>
    <TD align=left width="15%" >2012 </TD>
    <TD align=left width="34%">Chief Financial Officer of JSN Jewelry Inc.
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark E. Goodman<SUP>(3) </SUP><SUP>(4) </SUP><BR>Ontario,
      Canada </TD>
    <TD align=left width="15%" >Director </TD>
    <TD align=left width="15%" >2010 </TD>
    <TD align=left width="34%">Vice President of Dundee Corporation </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce D. Hansen<SUP>(2)(5) <BR></SUP>Colorado, USA </TD>
    <TD align=left width="15%" >Director </TD>
    <TD align=left width="15%" >2007 </TD>
    <TD align=left width="34%">CEO of General Moly Inc. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ron F. Hochstein<SUP>(3)(4) <BR></SUP>British Columbia,
      Canada </TD>
    <TD align=left width="15%" >Director </TD>
    <TD align=left width="15%" >2012 </TD>
    <TD align=left width="34%">President and CEO of Lundin Gold, Inc. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Joo Soo Park <BR>Seoul, Korea </TD>
    <TD align=left width="15%" >Director </TD>
    <TD align=left width="15%" >2015<SUP>(6) </SUP></TD>
    <TD align=left width="34%">General Manager, Overseas Resources Project
      Department, Korea Electric Power Corporation </TD></TR>
  <TR vAlign=top>
    <TD align=left>Richard Patricio<SUP>(2)(4) <BR></SUP>Ontario, Canada </TD>
    <TD align=left width="15%" >Director </TD>
    <TD align=left width="15%" >2012 </TD>
    <TD align=left width="34%">CEO of Pinetree Capital Ltd.
</TD></TR></TABLE></DIV>
<P align=justify>Notes:</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>Directors are elected annually and hold office until a
      successor is elected at a subsequent annual meeting of Energy Fuels,
      unless a director&#146;s office is earlier vacated in accordance with the
      by-laws of Energy Fuels.</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>Member of the Governance and Nominating
  Committee.</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>Member of the Compensation Committee.</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>Member of the Environment, Health and Safety
      Committee.</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>Member of the Audit Committee.</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>Mr. Park was appointed a director by the Board on January
      28, 2015, to fill the vacancy created by the resignation of Mr. Tae Hwan
      Kim who had been appointed a director by the board on January 23, 2014, as
      the designated nominee of KEPCO at that time.</P></TD></TR></TABLE>
<P align=center>97 </P>
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<P style="MARGIN-LEFT: 5%" align=justify><I>Stephen P. Antony &#150; President, Chief
Executive Officer and Director</I> </P>
<P align=justify>Mr. Antony is a registered professional engineer in a number of
states in which Energy Fuels holds properties. He is a graduate of the Colorado
School of Mines, and holds a Masters of Business Administration from the
University of Denver. Over the last 38 years, Mr. Antony has held increasingly
senior positions in both the technical and managerial sectors of the mining
business. He first entered the uranium business with Mobil Oil&#146;s Mining and
Mineral group in the mid 1980s, during which time he developed the reclamation
plan for Mobil&#146;s El Mesquite ISL operation in south Texas. He joined Energy
Fuels Nuclear, Inc. ("<B>EFN</B>") in 1986 as the company was growing to become
the largest U3O8 producer in the US, peaking at more than five million pounds
annually. Mr. Antony served as director of Technical Services for the company
where he authored many of the feasibility studies which provided justification
for the expansion of EFN&#146;s highly successful Breccia Pipe Mine projects in the
Arizona Strip. Subsequent to his employment with EFN, Mr. Antony held a brief
position with Power Resources, Inc. as Vice President of Business Development.
He then consulted to Cameco Corp. on due diligence prior to their acquisition of
PRI, which Cameco undertook as part of their strategy to become a significant
uranium producer in the US. Mr. Antony was most recently Chief Operating Officer
of Energy Fuels, responsible for the daily operations of Energy Fuels, including
all aspects of uranium property exploration, ore production and mill processing.
He was appointed President and Chief Executive Officer of Energy Fuels on April
1, 2010.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>J. Birks Bovaird </I></P>
<P align=justify>For a majority of his career, Mr. Bovaird&#146;s focus has been the
provision and implementation of corporate financial consulting and strategic
planning services. He was previously the Vice President of Corporate Finance for
one of Canada&#146;s major accounting firms. He currently is the Chair of
NunaMinerals A/S, a public mining exploration and development company listed on
the Copenhagen Exchange (NUNA.CO). He is a director of Noble Minerals
Exploration (TSX.V:NOB) where he is Chair of the Nominating, Compensation and
Governance Committee as well as a member of the Audit Committee. He is also the
Chair of the board of directors of GTA Resources and Mining Inc., as well as a
member of the Audit Committee. He has previously been involved with numerous
public resource companies, both as a member of management and as a director. He
is a graduate of the Canadian Director Education Program and holds an ICD.D
designation.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Paul A. Carroll </I></P>
<P align=justify>Mr. Carroll has had a lengthy business career in the mining
industry, both as a lawyer and as a director and/or officer of many mining
companies. He has been engaged in the mineral exploration and mining industry in
Canada, the U.S., Mexico, Central and South America, Africa, China, Russia and
Kazakhstan. Mr. Carroll is President of Carnarvon Capital Corporation, a
corporate management and advisory company based in Toronto, Canada. Companies
with which he has been extensively involved include Dundee Corporation, a
full-service investment bank, Corona Corporation, where he was a member of the
Executive Committee, Zemex Corporation, Royex Gold Mining Corporation, Campbell
Resources Inc., Cobra Emerald Mines Ltd., Lacana Mining Corporation where he was
Chair, Arcon International Resources plc where he was Chair, Tahera Corporation,
World Wide Minerals Ltd. where he is President and Chief Executive Officer, Poco
Petroleums Ltd., Mascot Gold Mines Ltd., United Keno Hill Mines Ltd., Repadre
Capital Corporation (now IAMgold Corporation), Crowflight Minerals Inc., War Eagle Mining Company Inc. and Mammoth
Resources Corporation. From 2004 to 2005, as one of the committee of
&#147;independent directors&#148; thereof, Mr. Carroll was a director of Argus Corporation
Limited and Hollinger Inc. and in 2005 he was Chief Executive Officer. He was a
director of The Uranium Institute (now the World Nuclear Association) in 1998.
In addition to Energy Fuels, Mr. Carroll is currently a director of the
following companies: World Wide Minerals Ltd. (TSX, CDN, OTC); War Eagle Mining
Company Inc. (TSX Venture Exchange (&#147;<B>TSX-V</B>&#148;)) and Mammoth Resources Corp.
(TSX-V). Mr. Carroll serves on the Audit Committee of War Eagle Mining Company
Inc. </P>
<P align=center>98 </P>
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<!--$$/page=--><A name=page_113></A>
<P style="MARGIN-LEFT: 5%" align=justify><I>Lawrence A. Goldberg </I></P>
<P align=justify>Mr. Goldberg is a Chartered Professional Accountant (CPA, CA).
He is currently Chief Financial Officer of JSN Jewellery Inc. From May 2013 to
May 2014 he was Chief Financial Officer of Blue Goose Capital Corp., a private
organic food company. From May 2012 to May 2013 he was Chief Financial Officer
and Chief Operating Officer of Arcestra Inc., a private software company. From
August 2010 to September 2011, Mr. Goldberg was the Chief Financial Officer of
ZENN Motor Company Inc., a TSX-V listed energy storage technology company. From
February 2000 to August 2010, Mr. Goldberg was the Chief Financial Officer of
Mega Uranium Ltd., a uranium exploration company listed on the TSX, and of
Pinetree Capital Ltd., a TSX-listed investment company. From May 2004 to
December 2009, Mr. Goldberg was the CFO of Brownstone Ventures Inc. (now called
Brownstone Energy Inc.), an energy company listed on the TSX-V. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Mark E. Goodman </I></P>
<P align=justify>Mr. Goodman has worked in the financial services and mining
industry since 1992. He began his career working for Dundee Corporation and has
held numerous positions within that organization. In 2005 he founded Cogitore
Resources Inc., a base metal exploration company active in Northern Quebec. He
has also served as President and Chief Executive Officer of both Valdez Gold and
Cogitore Resources. Mr. Goodman is currently a Vice President of Dundee
Corporation. He sits on the board of directors of the following publicly and
privately held companies: Cogitore Resources Inc. (TSX-V); Corona Gold Corp.
(TSX); Dundee Energy (TSX); Focused Capital Corp. (TSX-V); Focused Capital II
(TSX-V); Ryan Gold Corp (TSX-V); Odyssey Resources Inc. (TSX-V); Nighthawk Gold
Corp. (TSX-V) and Dynamic Venture Opportunities Fund (Ontario Labour Sponsored
Fund).</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Bruce D. Hansen </I></P>
<P align=justify>Mr. Hansen is currently Chief Executive Officer and a director
of General Moly Inc., a position he has held since 2007. Prior to that, Mr.
Hansen was Senior Vice-President, Operations Services and Development with
Newmont Mining Corporation. He worked with Newmont for ten years holding
increasingly senior roles, including CFO from 1999 to 2005. Prior to joining
Newmont, Mr. Hansen spent 12 years with Santa Fe Pacific Gold, where he held
increasingly senior management roles including Senior Vice President of
Corporate Development and Vice President Finance and Development. Mr. Hansen
holds a Masters of Business Administration from the University of New Mexico and
a Bachelor&#146;s of Science Degree in Mining Engineering from the Colorado School of
Mines. Mr. Hansen is also a director and serves on the Audit Committee of ASA
Gold and Precious Metals Ltd. (NYSE).</P>
<P align=center>99 </P>
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<P style="MARGIN-LEFT: 5%" align=justify><I>Ron F. Hochstein </I></P>
<P align=justify>Mr. Hochstein is currently President and Chief Executive
Officer of Lundin Gold Inc., a position he has held since December 2014. Mr.
Hochstein is also currently Executive Chairman of Denison Mines Corp., and
previously served as its President and Chief Executive Officer since 2009. Prior
to this Mr. Hochstein served as President and Chief Operating Officer of Denison
Mines Corp. since 2006, when International Uranium Corporation ("<B>IUC</B>")
and Denison Mines Inc. combined to form Denison Mines Corp. Mr. Hochstein served
as President and Chief Executive Officer of IUC from 2000 to 2006 after serving
as Vice President Corporate Development and Vice President and Chief Operating
Officer. Prior to joining IUC Mr. Hochstein was a Project Manager with Simons
Mining Group and was with Noranda Minerals as a metallurgical engineer. Mr.
Hochstein is a Professional Engineer and holds a Masters of Business
Administration from the University of British Columbia and a Bachelor of Science
in Mineral Processing from the University of Alberta. Mr. Hochstein is a
Director of Denison Mines Corp. (TSX, NYSE MKT) and Lundin Gold Inc. (TSX, OMX).
He is also a Director and serves on the Audit Committee of Sprott Resource Corp.
(TSX). </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Joo Soo Park </I></P>
<P align=justify>Since 2012, Mr. Park has been Team Leader and General Manager,
Overseas Resources Development Department for KEPCO, an international electric
power company headquartered in Korea. From 2007 to 2012, Mr. Park was Senior
Manager, Korea Electric Power Research Institute for KEPCO, and from 2002 to
2007, Mr. Park was Senior Manager, Kum-ho Nuclear Power Plant Construction
Division for KEPCO. Mr. Park has been with KEPCO for nearly twenty five years,
and has been involved in many domestic and overseas projects for KEPCO. Mr. Park
has a business degree from Chungnam National University, Korea, and a Masters of
Business Administration from Helsinki School of Economics, Finland. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Richard J. Patricio </I></P>
<P align=justify>Since March 2015, Mr. Patricio has been the Chief Executive
Officer and President of Mega Uranium Ltd., where he previously was, since 2005,
the Executive Vice President, Corporate Affairs. In addition, since February
2015, Mr. Patricio is the Chief Executive Officer of Pinetree Capital Ltd.,
where he previously was the Vice President of Corporate and Legal Affairs since
2005. Prior to joining Pinetree, Mr. Patricio worked as in-house General Counsel
for a senior TSX listed manufacturing company. Prior to that, Mr. Patricio
practiced law at Osler Hoskin &amp; Harcourt LLP in Toronto where he focused on
mergers and acquisitions, securities law and general corporate transactions. In
addition to his legal and corporate experience, Mr. Patricio has built a number
of mining companies with global operations. He holds senior officer and director
positions in several junior mining companies that are listed on the TSX, TSX-Venture,
AIM, ASX and New York exchanges. Mr. Patricio is a lawyer qualified to practice
in the Province of Ontario. Prior to Energy Fuels&#146; acquisition of Titan Uranium
Inc., Mr. Patricio was a director of Titan. Mr. Patricio is also a director of
NexGen Energy Ltd. (TSX-V), Plateau Uranium Ltd. (formerly Macusani Yellowcake
Inc.) (TSX-V) and Toro Energy Ltd. (ASX). He formerly served as a Director for
Caledonia Mining Corp. (TSX, AIM, NASDAQ-OTCQX), Santa Maria Petroleum Inc.
(formerly Quetzal Energy Ltd.), U3O8 Corp. (TSX, OTCQX), X-Terra Resources
Corporation, Dejour Enterprises Ltd., Titan Uranium Inc., Mooncor Oil &amp; Gas
Corp., Vesta Capital Corp. and Macarthur Minerals Ltd. (TSX). He has also agreed
to resign as a director of Terreno Resources Corp. (TSX-V) and Mega Precious
Metals Inc. (TSX-V), pending completion of certain acquisition transactions
anticipated to be completed by the second quarter of fiscal 2015.</P>
<P align=center>100 </P>
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<P align=justify><B>Current Officers of Energy Fuels </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left bgColor=#c0c0c0><B>Name and</B> <BR><B>State of
      Residence</B> </TD>
    <TD align=left width="33%" bgColor=#c0c0c0><BR><B>Office Held</B> </TD>
    <TD align=left width="33%" bgColor=#c0c0c0><BR><B>Held Position Since</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stephen P. Antony <BR>Colorado, USA </TD>
    <TD align=left width="33%">President, CEO and Director <BR></TD>
    <TD align=left width="33%">2009 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Daniel G. Zang <BR>Colorado, USA </TD>
    <TD align=left width="33%">Chief Financial Officer and Controller </TD>
    <TD align=left width="33%">2014 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Harold R. Roberts <BR>Colorado, USA </TD>
    <TD align=left width="33%">Executive Vice President and Chief Operating
      Officer </TD>
    <TD align=left width="33%">2012 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>David C. Frydenlund <BR>Colorado, USA </TD>
    <TD align=left width="33%">Senior Vice President, General <BR>Counsel and
      Corporate Secretary </TD>
    <TD align=left width="33%">2012 <BR></TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify><I>Daniel G. Zang &#150; Chief Financial
Officer </I></P>
<P align=justify>Mr. Zang is Chief Financial Officer for Energy Fuels. He has
many years of experience as Chief Financial Officer, Controller, Chief
Accounting Officer and other positions with a number of public and private
companies, including Controller and Treasurer of General Moly, Inc. and Vice
President and Controller of Cyprus Copper Company, an operating division of
Cyprus Minerals Company that earned annual revenues in excess of $1 billion.
Prior to his coming to Energy Fuels, Mr. Zang served as Deputy Chief Financial
Officer of Umami Sustainable Seafood Inc. in San Diego, California from 2012 to
2013, and Chief Financial Officer of Umami from 2010 to 2012. Prior to Umami,
Mr. Zang was a Senior Finance and Accounting Professional based in Littleton,
Colorado from 2009 to 2010. From 2007 to 2009, Mr. Zang was Controller and
Treasurer for General Moly Inc.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Harold R. Roberts &#150; Executive Vice
President and Chief Operating Officer </I></P>
<P align=justify>Mr. Roberts is Executive Vice President and Chief Operating
Officer for Energy Fuels. He was previously the Executive Vice President &#150; U.S.
Operations for Denison Mines Corp. from 2006 to 2012. Prior to his employment
with Denison, Mr. Roberts was the President of Energy Fuels Nuclear, Inc.
Throughout his career Mr. Roberts has held various positions related to
operations oversight, project development, and permitting of mining operations.
Mr. Roberts obtained his Bachelor of Science degree in Civil Engineering from
Montana State University in 1975, and is a Registered Professional Engineer in
several western states.<I> </I>Mr. Roberts is a director and serves on the audit
committee of Virginia Energy Resources Inc. (TSX.V: VUI). </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>David C. Frydenlund &#150; Senior Vice
President, General Counsel and Corporate Secretary </I></P>
<P align=justify>Mr. Frydenlund is Senior Vice President, General Counsel and
Corporate Secretary of Energy Fuels. Mr. Frydenlund&#146;s responsibilities include
all legal matters relating to Energy Fuels&#146; activities. His expertise extends to
NRC, EPA, State and Federal regulatory and environmental laws and regulations.
From 1997 to July 2012, Mr. Frydenlund was Vice President Regulatory Affairs,
Counsel and Corporate Secretary of Denison Mines Corp., and its predecessor International Uranium Corporation (IUC), and was also a
director of IUC from 1997 to 2006 and Chief Financial Officer of IUC from 2000
to 2005. From 1996 to 1997, Mr. Frydenlund was a Vice President of the Lundin
Group of international public mining and oil and gas companies, and prior
thereto was a partner with the Vancouver law firm of Ladner Downs (now Borden
Ladner Gervais) where his practice focused on corporate, securities and
international mining transactions law. Mr. Frydenlund holds a bachelor&#146;s degree
from Simon Fraser University, a master&#146;s degree from the University of Chicago
and a law degree from the University of Toronto.</P>
<P align=center>101 </P>
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<P align=justify><B>Energy Fuels Director Compensation </B></P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Director Compensation Table </I></P>
<P align=justify>Energy Fuels&#146; policy with respect to directors&#146; compensation
was developed by its board, on recommendation of its Compensation Committee. The
following table sets forth the compensation awarded, paid to or earned by the
directors of Energy Fuels during the most recently completed financial year.
Directors of Energy Fuels who are also officers or employees of Energy Fuels are
not compensated for service on the board; therefore no fees are payable to
Stephen P. Antony for his service as a director of Energy Fuels.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#c0c0c0><B>Name</B> </TD>
    <TD vAlign=bottom align=center width="11%" bgColor=#c0c0c0><B>Fees</B>
      <B>Earne</B><B>d</B> <BR><B>($)</B><B><SUP>(1)</SUP></B> </TD>
    <TD vAlign=bottom align=center width="11%" bgColor=#c0c0c0><B>Share-</B>
      <B>Based</B> <B>Awards</B> <BR><B>($)</B> </TD>
    <TD vAlign=bottom align=center width="11%"
      bgColor=#c0c0c0><B>Optio</B><B>n-</B> <B>Based</B> <B>Awar</B><B>ds</B>
      <BR><B>($)</B><B><SUP>(2)</SUP></B> </TD>
    <TD vAlign=bottom align=center width="11%" bgColor=#c0c0c0><B>Non-</B>
      <B>Equity</B> <B>Incentive</B> <B>Plan</B> <B>Compensa</B><B>tion</B>
      <BR><B>($)</B> </TD>
    <TD vAlign=bottom align=center width="11%"
      bgColor=#c0c0c0><B>Pensi</B><B>on</B> <B>Valu</B><B>e</B> <BR><B>($)</B>
    </TD>
    <TD vAlign=bottom align=center width="11%" bgColor=#c0c0c0><B>All
      Other</B> <B>Compensa</B><B>tion</B> <BR><B>($)</B> </TD>
    <TD vAlign=bottom align=center width="11%" bgColor=#c0c0c0><B>Total</B>
      <BR><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird </TD>
    <TD align=right width="11%">45,156 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">53,154 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">98,310 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul A. Carroll </TD>
    <TD align=right width="11%">27,841 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">53,154 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">80,995 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Eun Ho Cheong<SUP>(3)</SUP> </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>W. Robert Dengler<SUP>(4)</SUP> </TD>
    <TD align=right width="11%">11,148 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">53,154 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">64,302 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lawrence A. Goldberg </TD>
    <TD align=right width="11%">38,366 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">53,154 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">91,520 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark E. Goodman </TD>
    <TD align=right width="11%">21,729</TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">53,154 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">74,883 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce D. Hansen </TD>
    <TD align=right width="11%">28,859 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">53,154 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">82,013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ron F. Hochstein </TD>
    <TD align=right width="11%">31,918 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">53,154 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">85,072</TD></TR>
  <TR vAlign=top>
    <TD align=left>Stephen N. Khan<SUP>(5)</SUP> </TD>
    <TD align=right width="11%">5,452</TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">53,154 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">58,606</TD></TR>
  <TR vAlign=top>
    <TD align=left>Tae Hwan Kim<SUP>(6)</SUP> </TD>
    <TD align=right width="11%">20,541 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">53,154 </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">73,695 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Richard Patricio </TD>
    <TD align=right width="11%">31,238</TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">53,154</TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">Nil </TD>
    <TD align=right width="11%">84,392</TD></TR></TABLE></DIV>
<P align=justify>Notes: </P>
<P align=center>102 </P>
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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%">(1) </TD>
    <TD>
      <P align=justify>Except for Mr. Hansen (a US director), directors&#146;
      compensation was paid in Canadian dollars. The amounts relating to such
      directors&#146; compensation have been converted into US dollars using an
      average annual exchange rate of C$1 to US$0.9054 for the financial period
      ended December 31, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The fair value of each option award granted at the time
      of the grant was calculated using the Black-Scholes option-pricing model.
      For the assumptions made in calculating the fair value of options, see
      &#147;Note 18 &#150; Share-Based Payments&#148; to Energy Fuels&#146; financial statements for
      the 12-month period ended December 31, 2014. Option fair values were
      calculated in Canadian dollars and converted into US dollars using an
      average annual exchange rate of C$1 to US$0.9054 for the financial period
      ended December 31, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Mr. Cheong resigned as a director effective January 13,
      2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Mr. Dengler did not stand for re-election and was no
      longer a director of Energy Fuels as of May 21, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Mr. Khan resigned as a director, effective March 31,
      2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Mr. Kim was appointed as a director by the Energy Fuels board
      of directors effective
      January 23, 2014.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><I>Retainer and Meeting Fees</I></P>
<P align=justify>Energy Fuels&#146; director compensation program is designed to
enable Energy Fuels to attract and retain highly qualified individuals to serve
as directors. Effective October 1, 2013, the directors&#146; compensation, which is
paid only to non-employee directors, consisted of: </P>
<P align=justify>For the period January 1, 2014 through December 31, 2014: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>annual retainer for each board member of C$15,000;
  <LI>annual retainer for committee chairs (other than audit committee chairman)
  of C$18,750;
  <LI>annual retainer for audit committee chairman of C$30,000;
  <LI>annual retainer for chairman of the board of directors of C$37,500;
  <LI>meeting fee of C$1,125 per meeting for any and all board and committee
  meetings if attended in person or telephonically; and
  <LI>reimbursement of related travel and out-of-pocket expenses. </LI></UL>
<P align=justify>Effective January 1, 2015, the directors&#146; compensation, which
is paid only to non-employee directors, consists of: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>annual retainer for each board member of C$45,000;
  <LI>annual retainer for committee chairs (other than audit committee chairman)
  of C$50,000;
  <LI>annual retainer for audit committee chairman of C$55,000;
  <LI>annual retainer for chairman of the board of C$60,000; and
  <LI>reimbursement of related travel and out-of-pocket expenses. </LI></UL>
<P align=center>103 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P style="MARGIN-LEFT: 5%" align=justify><I>Incentive Plan Awards </I></P>
<P align=justify>The table below shows the number of stock options outstanding
for each director and their value as at December 31, 2014 based on the last
trade of Energy Fuels common shares on the TSX prior to the close of business on
December 31, 2014 of C$7.14. </P>
<P align=center><I>Outstanding Share-Based Awards and Option-Based Awards as at
December 31, 2014 </I></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#c0c0c0 rowSpan=2
      ><B>Name</B> </TD>
    <TD vAlign=bottom align=center width="48%" bgColor=#c0c0c0
      colSpan=4><B>Option-Based Awards</B> </TD>
    <TD vAlign=bottom align=center width="24%" bgColor=#c0c0c0
      colSpan=2><B>Share-Based Awards</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Number
      of</B> <B>Securities</B> <B>Underlyin</B><B>g</B>
      <B>Unexercise</B><B>d</B> <B>Options</B><B><SUP>(1)</SUP></B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Option</B>
      <B>Exercise</B> <B>Price</B> <BR><B>(C$)</B><B><SUP>(1)(2)</SUP></B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Option</B>
      <B>Expiratio</B><B>n Date</B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Value of</B>
      <B>Unexercised</B> <B>In-the-</B> <B>Money</B> <B>Options</B>
      <BR><B>($)</B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Number
      of</B> <B>Shares or</B> <B>Units of</B> <B>Shares that</B> <B>Have Not</B>
      <B>Vested</B> <BR><B>($)</B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Market
      or</B> <B>Payout</B> <B>Value of</B> <B>Share-Based</B> <B>Awards that</B>
      <B>Have Not</B> <B>Vested</B> <BR><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >J. Birks Bovaird <BR>(Chair)
    <BR><BR><BR><BR></TD>
    <TD align=center width="12%">3,000 <BR>2,000 <BR>7,200 <BR>20,000
      <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="12%">15.00 <BR>25.50 <BR>15.50 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="12%">8/5/2015 <BR>4/13/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >Paul A. Carroll <BR><BR><BR><BR><BR></TD>
    <TD align=center width="12%">3,000 <BR>4,000 <BR>7,200 <BR>20,000
      <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="12%">15.00 <BR>25.50 <BR>15.50 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="12%">8/5/2015 <BR>4/13/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >Eun Ho Cheong<SUP>(3)</SUP> </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">NA </TD>
    <TD align=center width="12%">NA </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >W. Robert Dengler<SUP>(4)</SUP> </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Lawrence A. <BR>Goldberg <BR><BR></TD>
    <TD align=center width="12%">7,200 <BR>20,000 <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="12%">15.50 <BR>11.50 <BR>8.75 <BR>9.05 </TD>
    <TD align=center width="12%">3/7/2017 <BR>8/27/2017 <BR>7/16/2018
      <BR>1/23/2019 </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Mark E. Goodman <BR><BR><BR><BR><BR></TD>
    <TD align=center width="12%">3,000 <BR>2,000 <BR>7,200 <BR>20,000
      <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="12%">15.00 <BR>25.50 <BR>15.50 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="12%">8/5/2015 <BR>4/13/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >Bruce D. Hansen <BR><BR><BR><BR><BR><BR></TD>
    <TD align=center width="12%">3,000 <BR>2,000 <BR>7,200
      <BR>20,000 <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="12%">15.00 <BR>25.50 <BR>15.50 <BR>11.50
      <BR>8.75 <BR>9.05 </TD>
    <TD align=center width="12%">8/5/2015 <BR>4/13/2016
      <BR>3/7/2017 <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Ron F. Hochstein <BR><BR></TD>
    <TD align=center width="12%">20,000 <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="12%">11.50 <BR>8.75 <BR>9.05 </TD>
    <TD align=center width="12%">8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Steven N. Khan<SUP>(5)</SUP> </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Tae Hwan Kim<SUP>(6)</SUP> </TD>
    <TD align=center width="12%">10,000 </TD>
    <TD align=center width="12%">9.05 </TD>
    <TD align=center width="12%">1/23/2019 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD></TR></TABLE></DIV>
<P align=center>104 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#c0c0c0 rowSpan=2><B>Name</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="48%" bgColor=#c0c0c0 colSpan=4><B>Option-Based Awards</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="24%" bgColor=#c0c0c0 colSpan=2><B>Share-Based Awards</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Number
      of</B> <B>Securities</B> <B>Underlyin</B><B>g</B>
      <B>Unexercise</B><B>d</B> <B>Options</B><B><SUP>(1)</SUP></B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Option</B>
      <B>Exercise</B> <B>Price</B> <BR><B>(C$)</B><B><SUP>(1)(2)</SUP></B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Option</B>
      <B>Expiratio</B><B>n Date</B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Value of</B>
      <B>Unexercised</B> <B>In-the-</B> <B>Money</B> <B>Options</B>
      <BR><B>($)</B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Number
      of</B> <B>Shares or</B> <B>Units of</B> <B>Shares that</B> <B>Have Not</B>
      <B>Vested</B> <BR><B>($)</B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Market
      or</B> <B>Payout</B> <B>Value of</B> <B>Share-Based</B> <B>Awards that</B>
      <B>Have Not</B> <B>Vested</B> <BR><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Richard Patricio <BR><BR><BR><BR><BR></TD>
    <TD align=center width="12%">7,200 <BR>2,720 <BR>3,400 <BR>20,000
      <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="12%">15.50 <BR>19.50 <BR>43.00 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="12%">3/7/2017 <BR>3/7/2015 <BR>3/7/2016
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD></TR></TABLE></DIV>
<P align=justify>Notes: <BR>(1) The number of options and the exercise price of
the options has been adjusted to take into account the 50 for 1 share
consolidation that occurred on November 5, 2013 (the &#147;<B>Consolidation</B>&#148;).
<BR>(2) The options were granted and are reported in Canadian dollars. <BR>(3)
Mr. Cheong resigned as a director effective January 13, 2014. <BR>(4) Mr.
Dengler did not stand for re-election and was no longer a director as of May,
21, 2014. <BR>(5) Mr. Khan resigned as a director effective March 31, 2014.
<BR>
(6) Mr. Kim was appointed as a director by the Energy Fuels board of
directors effective January 23,
2014. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Incentive Plan Awards &#150; Value Vested
or Earned During the 12-Month Period Ended December 31, 2014 </I></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left bgColor=#c0c0c0><BR><BR><BR><BR><BR><B>Name</B> </TD>
    <TD align=center width="25%" bgColor=#c0c0c0><BR><B>Option-Based</B>
      <BR><B>Awards &#150; Value</B> <BR><B>Vested During the</B> <BR><B>Year</B>
      <BR><B>($)</B> </TD>
    <TD align=center width="25%" bgColor=#c0c0c0><BR><BR><B>Share-Based
      Awards</B> <BR><B>&#150; Value Vested</B> <BR><B>During the
      Year</B><B><SUP>(1)</SUP></B> <BR><B>($)</B> </TD>
    <TD align=center width="25%" bgColor=#c0c0c0><B>Non-Equity</B>
      <BR><B>Incentive Plan</B> <BR><B>Compensation &#150;</B> <BR><B>Value
      Earned</B> <BR><B>During the Year</B><B><SUP>(1)</SUP></B> <BR><B>($)</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>J. Birks Bovaird
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Paul A. Carroll
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Eun Ho Cheong </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>W. Robert Dengler
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lawrence A. Goldberg </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mark E. Goodman
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Bruce D. Hansen
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Ron F. Hochstein
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Sheldon Inwentash
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Steven N. Khan </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Richard Patricio
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD></TR></TABLE></DIV>
<P align=center>105 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P style="MARGIN-LEFT: 5%" align=justify><I>Share Ownership Requirement </I></P>
<P align=justify>At its meeting held on January 23, 2014, the board of Energy
Fuels adopted a share ownership requirement for its board members. It provides
that all non-employee directors must own a requisite number of Energy Fuels
common shares by the later of five years from the commencement of their
directorship or the date on which the Energy Fuels common share ownership
requirement was adopted. Under this requirement, non-employee directors are
required to own Energy Fuels common shares with a value equal to twice the value
of their annual director retainers. Energy Fuels common shares are valued at the
higher of the price they were acquired or the year-end closing price of Energy
Fuels shares on the TSX for the previous year. Further, until such time as a
non-employee director reaches his or her share ownership requirement, the
non-employee director is required to hold 50% of all Energy Fuels common shares
received upon exercise of stock options (net of any Energy Fuels common shares
utilized to pay for the exercise price of the option and tax withholding), and
shall not otherwise sell or transfer any Energy Fuels common shares. This
requirement does not apply to a nominee of a shareholder of Energy Fuels
pursuant to a contractual right of the shareholder to nominate one or more
directors to the Board. As a result, these requirements do not apply to Mr.
Park, as the nominee of KEPCO, which has a contractual right to designate a
nominee for election as a director. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Securities Authorized For Issuance
under Equity Compensation Plans </I></P>
<P align=justify>The following table provides information as of December 31,
2014, concerning options outstanding pursuant to Energy Fuels&#146; 2013 amended and
restated stock option plan (the &#147;<B>Energy Fuels Stock Option Plan</B>&#148;), which
has been approved by shareholders: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=left bgColor=#c0c0c0><BR><BR><BR><BR><BR><B>Plan
      Category</B> </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><B>Number of
      Common</B> <BR><B>Shares</B> <BR><B>to be issued upon</B>
      <BR><B>exercise</B> <BR><B>of outstanding</B>
      <BR><B>options</B><B><SUP>(1)</SUP></B> </TD>
    <TD noWrap align=center width="25%"
      bgColor=#c0c0c0><BR><BR><B>Weighted-average</B> <BR><B>exercise price
      of</B> <BR><B>outstanding</B> <BR><B>options (C$)</B><B><SUP>(1)</SUP></B>
    </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><BR><B>Number of
      Common Shares</B> <BR><B>remaining available for</B> <BR><B>future</B>
      <BR><B>issuance under the Energy</B> <BR><B>Fuels Stock Option Plan</B>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Energy Fuels Stock Option Plan </TD>
    <TD align=center width="25%">902,620 </TD>
    <TD align=center width="25%">$11.59 </TD>
    <TD align=center width="25%">1,065,135 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Strathmore Replacement Options </TD>
    <TD align=center width="25%">2,793 </TD>
    <TD align=center width="25%">32.35 </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">905,413 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">11.66 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">1,065,135 </TD></TR></TABLE></DIV>
<P align=justify>(1) The number of Energy Fuels common shares and the exercise
price have been adjusted to take into account the Consolidation. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Energy Fuels Stock Option Plan
</I></P>
<P align=justify>Energy Fuels stock option plan was established by the directors
on February 24, 2003 and first approved by shareholders on July 8, 2003. The
stock option plan was re-approved by shareholders on June 13, 2005, and again on
May 26, 2006. At an annual and special meeting of shareholders held on May 16, 2007, the 2007 Amended and
Restated Stock Option Plan was approved, which reflected certain amendments to
the stock option plan of Energy Fuels so as to remove provisions that were
required when Energy Fuels was listed on the TSX-V, but were no longer required
after Energy Fuels became listed on the TSX in March 2007. The 2007 Amended and
Restated Stock Option Plan was again ratified by shareholders at the annual and
special meeting of shareholders on March 10, 2010. On January 25, 2013, the
board of Energy Fuels approved the Energy Fuels Stock Option Plan, which
incorporates amendments and updates to the 2007 Amended and Restated Stock
Option Plan, to update the plan to meet current industry practices. The Energy
Fuels Stock Option Plan was ratified by shareholders at the annual and special
meeting of shareholders held on March 6, 2013. The board of directors of Energy
Fuels adopted the Energy Fuels 2015 Equity Omnibus Compensation Plan on January
28, 2015 (the &#147;<B>Omnibus Plan</B>&#148;). The Omnibus Plan is subject to TSX
approval and will be brought before the shareholders of Energy Fuels to be
ratified at Energy Fuels&#146; next annual or special meeting. Although not
required to demonstrate compliance with this policy until the later of five
years from the commencement of their directorships or January 23, 2014, a
majority of the directors of the Company are currently in compliance with this
policy.</P>
<P align=center>106 </P>
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noShade SIZE=5>
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<P style="MARGIN-LEFT: 5%" align=justify><I>Strathmore Replacement Options
</I></P>
<P align=justify>Energy Fuels issued 292,971 stock options of Energy Fuels
(adjusted for the Consolidation) to the holders of options granted pursuant to
the Strathmore Minerals Corp&#146;s Stock Option Plan in connection with the
acquisition of Strathmore Minerals Corp. (&#147;<B>Strathmore</B>&#148;) on August 31,
2013. These options are exercisable for Energy Fuels common shares. No further
stock options will be granted pursuant to the Strathmore&#146;s Stock Option Plan.
The options have varying expiry dates with the last options expiring in October
2022. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Energy Fuels</B> <B>Executive
Compensation </B></P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Summary Compensation Table </I></P>
<P align=justify>With the exception of Mr. Moylan whose compensation was paid in
Canadian dollars, the compensation of the NEOs is paid and reported in United
States dollars.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#c0c0c0 rowSpan=2><B>Name and</B>
      <B>Principal Position</B> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><B>Year</B> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><B>Salary</B> <BR><B>(US$)</B> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><B>Share-</B> <B>Based</B> <B>Awards</B> <BR><B>(US$)</B> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><B>Option-</B> <B>Based</B> <B>Awards</B>
      <BR><B>(US$)</B><B><SUP>(1)</SUP></B> </TD>
    <TD vAlign=bottom align=center width="18%" bgColor=#c0c0c0
      colSpan=2><B>Non-Equity</B> <B>Incentive Plan</B> <B>Compensation</B>
      <BR><B>($)</B> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><B>Pensio</B><B>n</B> <B>Value</B> <BR><B>(US$)</B> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0 rowSpan=2><B>All
      Other</B> <B>Compensa</B><B>tion</B> <BR><B>(US$)</B> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><B>Total</B> <STRONG>Compensa</STRONG><B>tion</B>
      <BR><B>(US$)</B> </TD></TR>
  <TR>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0><B>Annual</B>
      <B>Incenti</B><B>ve</B> <B>Plans</B> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0><B>Long-</B>
      <B>Term</B> <B>Incentiv</B><B>e Plans</B> </TD></TR>
  <TR>
    <TD>Stephen P. Antony <BR>President &amp; CEO </TD>
    <TD vAlign=top align=right width="9%">2014 </TD>
    <TD vAlign=top align=right width="9%">360,000 </TD>
    <TD vAlign=top align=right width="9%">Nil </TD>
    <TD vAlign=top align=right width="9%">212,616 </TD>
    <TD vAlign=top align=right width="9%">75,000 </TD>
    <TD vAlign=top align=right width="9%">Nil </TD>
    <TD vAlign=top align=right width="9%">Nil </TD>
    <TD vAlign=top align=right width="9%">10,400 </TD>
    <TD vAlign=top align=right width="9%">658,016 </TD></TR></TABLE></DIV>
<P align=center>107 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#c0c0c0 rowSpan=2
      ><B>Name and</B> <B>Principal Position </B></TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><STRONG>Year</STRONG> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><B>Salary</B> <BR><B>(US$)</B> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><B>Share-</B> <B>Based</B> <B>Awards<BR></B><B>(US$)</B> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><B>Option-</B> <B>Based</B>
      <B>Awards<BR></B><B>(US$)</B><B><SUP>(1)</SUP></B> </TD>
    <TD vAlign=bottom align=center width="18%" bgColor=#c0c0c0
      colSpan=2><B>Non-Equity</B> <B>Incentive Plan</B> <B>Compensation</B>
      <BR><B>($)</B> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><B>Pensio</B><B>n</B> <STRONG>Value</STRONG> <BR><B>(US$)</B>
</TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><STRONG>All Other</STRONG> <B>Compensa</B><B>tion</B>
      <BR><B>(US$)</B> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0
      rowSpan=2><B>Total</B> <STRONG>Compensa</STRONG><B>tion</B>
      <BR><B>(US$)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center width="9%" bgColor=#c0c0c0><B>Annual
      </B><B>Incenti</B><B>ve</B> <B>Plans</B> </TD>
    <TD vAlign=bottom align=center width="9%"
      bgColor=#c0c0c0><STRONG>Long-</STRONG> <B>Term</B> <B>Incentiv</B><B>e
      Plans</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Graham G. Moylan<SUP>(2)(3)</SUP> <BR>CFO </TD>
    <TD align=center width="9%">2014 </TD>
    <TD align=center width="9%">36,204 </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">62,593 </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">8,357 </TD>
    <TD align=center width="9%">107,154 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Daniel G. Zang<SUP>(4)</SUP> </TD>
    <TD align=center width="9%">2014 </TD>
    <TD align=center width="9%">196,250 </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">106,308 </TD>
    <TD align=center width="9%">20,500 </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">8,670 </TD>
    <TD align=center width="9%">331,728 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Harold R. Roberts <BR>Executive VP &amp; COO
    </TD>
    <TD align=center width="9%">2014 </TD>
    <TD align=center width="9%">235,000 </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">106,308 </TD>
    <TD align=center width="9%">7,500 </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">6,567 </TD>
    <TD align=center width="9%">355,375 </TD></TR>
  <TR vAlign=top>
    <TD align=left >David C. Frydenlund <BR>Sr. VP, General
      Counsel and Corporate Secretary </TD>
    <TD align=center width="9%">2014 </TD>
    <TD align=center width="9%">230,000 </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">106,308 </TD>
    <TD align=center width="9%">25,000 </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">361,308 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gary R. Steele<SUP>(5)</SUP> <BR>Sr. VP
      Marketing and Sales </TD>
    <TD align=center width="9%">2014 </TD>
    <TD align=center width="9%">118,500 </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">53,154 </TD>
    <TD align=center width="9%">7,500 </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">Nil </TD>
    <TD align=center width="9%">27,800 </TD>
    <TD align=center width="9%">206,955 </TD></TR></TABLE></DIV>
<P align=justify>Notes: </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>The fair value of each option award granted at the time
      of the grant was calculated using the Black-Scholes option-pricing model.
      For the assumptions made in calculating the fair value of these options,
      see &#147;Note 20 &#150; Share-Based Payments&#148; to Energy Fuels&#146; financial statements
      for the 12-month period ended December 31, 2014. Option fair values were
      calculated in Canadian dollars and converted into US dollars using an
      average annual exchange rate of: (i) US$1 to C$1.1045 for the financial
      period ended December 31, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>As Mr. Moylan is a resident of Canada, his compensation
      was paid in Canadian dollars. The amounts relating to his compensation
      have been converted into US dollars using an average annual exchange rate
      of US$1 to C$1.1045 for the financial period ended December 31,
    2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Mr. Moylan resigned as CFO of Energy Fuels effective
      February 15, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Mr. Zang was appointed as CFO of Energy Fuels effective
      February 15, 2014</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Mr. Steele resigned as Sr. VP Marketing and Sales of
      Energy Fuels effective September 30, 2014. Consulting fees paid to Mr.
      Steele after his retirement totaled $12,384, which are not included in the
      table</P></TD></TR></TABLE>
<P align=center>108 </P>
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noShade SIZE=5>
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<P style="MARGIN-LEFT: 5%" align=justify><I>Incentive Plan Awards </I></P>
<P align=justify>The table below shows the number of Energy Fuels options
outstanding for each named executive officer and their value as at December 31,
2014 based on the last trade of Energy Fuels common shares on the TSX prior to
the close of business on December 31, 2014 of $C7.14. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Outstanding Share-Based Awards and
Option-Based Awards </I></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#c0c0c0 rowSpan=2
      ><B>Name</B> </TD>
    <TD vAlign=bottom align=center width="48%" bgColor=#c0c0c0
      colSpan=4><B>Option-Based Awards</B> </TD>
    <TD vAlign=bottom align=center width="24%" bgColor=#c0c0c0
      colSpan=2><B>Share-Based Awards</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Number
      of</B> <B>Securities</B> <B>Underlyin</B><B>g</B>
      <B>Unexercise</B><B>d</B> <B>Options</B><B><SUP>(1)</SUP></B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Option</B>
      <B>Exercis</B><B>e Price</B> <BR><B>(C$)</B><B><SUP>(1)(2)</SUP></B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Option</B>
      <B>Expiration</B> <B>Date</B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Value of</B>
      <B>Unexercised</B> <B>In-the-Money</B> <B>Options</B> <BR><B>(C$)</B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Number
      of</B> <B>Shares or</B> <B>Units of</B> <B>Shares that</B> <B>Have Not</B>
      <B>Vested</B> <BR><B>(#)</B> </TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#c0c0c0><B>Market
      or</B> <B>Payout</B> <B>Value of</B> <B>Share-</B> <B>Based</B> <B>Awards
      that</B> <B>Have Not</B> <B>Vested</B> <BR><B>(C$)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Stephen P. Antony <BR><BR><BR><BR></TD>
    <TD align=center width="12%">6,000 <BR>6,000 <BR>19,200 <BR>20,000
      <BR>16,000 <BR>40,000 </TD>
    <TD align=center width="12%">10.00 <BR>25.50 <BR>15.50 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="12%">7/13/2015 <BR>4/13/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >Graham G. Moylan </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">-- </TD>
    <TD align=center width="12%">-- </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Daniel G. Zang <BR></TD>
    <TD align=center width="12%">6,000 <BR>6,000 <BR>20,000 </TD>
    <TD align=center width="12%">8.00 <BR>8.75 <BR>9.05 </TD>
    <TD align=center width="12%">5/10/2018 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Harold R. Roberts <BR></TD>
    <TD align=center width="12%">12,000 <BR>10,000 <BR>20,000 </TD>
    <TD align=center width="12%">11.50 <BR>8.75 <BR>9.05 </TD>
    <TD align=center width="12%">8/13/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >David C. Frydenlund <BR></TD>
    <TD align=center width="12%">7,000 <BR>8,000 <BR>20,000 </TD>
    <TD align=center width="12%">11.50 <BR>8.75 <BR>9.05 </TD>
    <TD align=center width="12%">8/13/2017 <BR>7/16/2018 <BR>1/13/2019 </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gary R. Steele<B><SUP>(5)</SUP></B>
      <BR><BR><BR><BR></TD>
    <TD align=center width="12%">2,000 <BR>2,400 <BR>6,000 <BR>12,000
      <BR>4,000 <BR>10,000 </TD>
    <TD align=center width="12%">10.00 <BR>25.50 <BR>15.50 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="12%">7/13/2015 <BR>4/13/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD align=center width="12%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD></TR></TABLE></DIV>
<P align=justify>Notes: </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 >(1) </TD>
    <TD align=left width="95%">&nbsp;The number of Energy Fuels stock options
      and the exercise price of Energy Fuels stock options have been adjusted to
      take into account the Consolidation. </TD></TR>
  <TR vAlign=top>
    <TD align=left >(2) </TD>
    <TD align=left width="95%">&nbsp;Energy Fuels stock options were granted
      and are reported in Canadian dollars. </TD></TR>
  <TR vAlign=top>
    <TD align=left >(3) </TD>
    <TD align=left width="95%">Mr. Moylan resigned as CFO of Energy Fuels
      effective February 15, 2014. </TD></TR>
  <TR vAlign=top>
    <TD align=left >(4) </TD>
    <TD align=left width="95%">Mr. Zang was appointed as CFO of Energy Fuels
      effective February 15, 2014.</TD></TR>
  <TR vAlign=top>
    <TD align=left >(5) </TD>
    <TD align=left width="95%">Mr. Steele resigned as Sr. VP Marketing and
      Sales of Energy Fuels effective September 30, 2014. </TD></TR></TABLE>
<P align=center>109 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_124></A><BR>
<P style="MARGIN-LEFT: 5%" align=justify><I>Incentive Plan Awards &#150; Value Vested
or Earned </I></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left bgColor=#c0c0c0><BR><BR><BR><BR><B>Name</B> </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><B>Option-Based</B>
      <BR><B>Awards &#150; Value</B> <BR><B>Vested During the</B> <BR><B>Year</B>
      <BR><B>($)</B> </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><BR><B>Share-Based
      Awards</B> <BR><B>&#150; Value Vested</B> <BR><B>During the
      Year</B><SUP>(1)</SUP> <BR><B>($)</B> </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><B>Non-Equity
      Incentive</B> <BR><B>Plan Compensation &#150;</B> <BR><B>Value Earned
      During</B> <BR><B>the Year</B> <BR><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stephen P. Antony </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">75,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Graham G. Moylan<SUP>(1)</SUP> </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">62,593 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Daniel G.
      Zang<SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">20,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Harold R. Roberts </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">7,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>David C. Frydenlund </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">25,000 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gary R. Steele </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">7,500 </TD></TR></TABLE></DIV>
<P align=justify>Notes: </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>Mr. Moylan resigned as CFO of Energy Fuels effective
      February 15, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Mr. Zang was appointed as CFO of Energy Fuels effective
      February 15, 2014.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><I>Pension Plan Benefits and Deferred
Compensation Plans </I></P>
<P align=justify>Energy Fuels does not provide defined pension plan benefits or
any other pension plans that provide for payments or benefits at, following or
in connection with retirement to its directors or officers. </P>
<P align=justify>Energy Fuels does not have any deferred compensation plans
relating to its named executive officers. <B></B></P>
<P align=justify><B>Treatment of Uranerz Stock Options </B></P>
<P align=justify><I>Stock Options </I></P>
<P align=justify>Each outstanding Uranerz option will be automatically converted
at the Effective Time into options to acquire, in lieu of one Uranerz share of
common stock, 0.255 (subject to adjustment in the same manner as the exchange
ratio related to the shares of Uranerz common stock) of an Energy Fuels common
share upon exercise in accordance with the terms of the original Uranerz option (with the exercise price to be adjusted) as granted
under Uranerz&#146; 2005 Nonqualified Stock Option Plan. Uranerz options held by
independent directors of Uranerz, who will not continue as officers or directors
of Energy Fuels on Closing, shall expire on the earlier of (i) the current
expiry date of such Uranerz option or (ii) six months after the Closing Date. </P>
<P align=center>110 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_125></A>
<P align=justify><B>Financial Interest of Uranerz Directors and Officers in the
Transaction</B></P>
<P align=justify>When considering the recommendation of Uranerz&#146; board of
directors, you should be aware that certain of Uranerz&#146; executive officers and
directors have interests in the Transaction other than their interests as
Uranerz shareholders generally, pursuant to individual agreements with certain
officers and directors. These interests are different from your interests as a
Uranerz shareholder, however, the members of Uranerz&#146; board of directors have
taken these additional interests into consideration. In addition, certain
members of Uranerz&#146; board will serve on the board of Energy Fuels following the
Transaction, including Messrs. Higgs and Catchpole. Furthermore, Paul Goranson,
President and COO of Uranerz is expected to serve as Executive Vice President,
ISR Operations of Energy Fuels, following the Transaction. Furthermore, Energy
Fuels is currently in negotiations with Mr. Dennis Higgs to continue as an
employee or a consultant of Energy Fuels following the closing of the
Transaction. </P>
<P align=justify>The table below shows, for each of Uranerz&#146; directors and
executive officers who beneficially own Uranerz stock, the number of shares of
stock held by such person: </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="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Number of Shares of</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Uranerz</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Common Stock</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Percent of</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Value of Such</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Beneficially</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Uranerz</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Stock in</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Name</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>Owned(3)</B></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>Class(1)</B></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>Transaction(2)(3)</B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Dennis Higgs, <BR>Director and Executive
      Chairman </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>2,378,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>2.48% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>2,965,247</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Glenn Catchpole, <BR>Director, CEO/Principal Executive
      Officer </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">2,395,100 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">2.5% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">2,986,570</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Paul Goranson <BR>Director, President and
      COO </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>248,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>**% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>309,244</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Dr. Gerhard Kirchner, <BR>Director </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">699,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">**% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">871,618</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Paul Saxton, <BR>Director </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>325,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>**% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>405,882</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Peter Bell, <BR>Director </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">364,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">**% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">453,890</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<P align=center>111 </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 bgColor=#e6efff>Arnold J. Dyck, <BR>Director </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>321,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>**% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>400,271</TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Benjamin Leboe, <BR>Senior Vice President, Finance and
      CFO/Principal Financial Officer </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">817,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">**% </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="10%">1,018,758</TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>**less than 1% </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>As of May 22, 2015.</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>Based on the Transaction consideration to be issued in
      the Transaction and the closing sale price of $4.89 for Energy Fuels
      common shares on the NYSE MKT on May 15, 2015.</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>The share totals and the calculation of value of such
      shares include shares of common stock currently
      owned and shares acquirable within 60 days of May 22, 2015.</P></TD></TR></TABLE>
<P align=justify>In addition, completion of the Transaction will be considered a
&#147;change in control&#148; under certain change in control severance agreements entered
into between Uranerz and certain of its executive officers, as described below
under &#147;Employment, Severance and Change in Control Agreements&#148; which will
entitle such executive officers, in certain circumstances, to payment of the
amounts detailed below under &#147;Golden Parachute Payments&#148;. A &#147;change in control&#148;
for purposes of the change in control agreements discussed below is deemed to
occur if, among other things, Uranerz consummates a merger in which Uranerz is
not the surviving corporation or pursuant to which shares of Uranerz&#146; common
stock would be converted into securities, other than a merger in which
substantially all of the holders of Uranerz common stock immediately prior to
the Transaction own more than 65% of the common stock of the surviving
corporation in the same relative proportions as they did immediately prior
thereto. The closing of the Transaction with Merger Sub will trigger a change in
control for purposes of these agreements. </P>
<P align=justify><B>Employment, Severance and Change in Control Agreements</B>
</P>
<P align=justify>The following discussion describes the different contractual
arrangements and other rights of Uranerz&#146; executive officers that could be
triggered in connection with a change in control of Uranerz and, with respect to
double trigger arrangements, in the event that a termination of the executive&#146;s
employment were to occur in connection with a change of control. </P>
<P align=justify><B><I>Glenn Catchpole, Chief Executive Officer </I></B></P>
<P align=justify>Uranerz entered into a new change in control severance
agreement with Mr. Glenn Catchpole, Uranerz&#146; Chief Executive Officer, on May 1,
2014 (the &#147;<B>Catchpole Agreement</B>&#148;), replacing a 2007 arrangement, and into
a consulting agreement with Catchpole Enterprises, Inc., an entity which is 50%
owned by Glenn Catchpole and 50% owned by his wife Judy Catchpole, on March 1,
2005, which was amended on January 1, 2007, January 1, 2008 and October 29, 2014
(as amended, the &#147;<B>Catchpole Enterprises Agreement</B>&#148;). Following annual
reviews by Uranerz&#146; Compensation Committee, Catchpole Enterprises, Inc. is
currently paid a base compensation of $250,000 per year and is eligible to
receive an annual bonus upon the achievement of performance and management
objectives reasonably established by Uranerz&#146; Compensation Committee. Mr. Catchpole&#146;s target bonus is currently set at 60%
of his annual base salary, or $150,000 for 2015.</P>
<P align=center>112 </P>
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<P align=justify>Pursuant to the Catchpole Agreement, if Mr. Catchpole&#146;s
employment is terminated without cause or he resigns for good reason (as those
terms are defined in the Catchpole Agreement) from and after the date of a
change in control during the term of the Catchpole Agreement, then Mr. Catchpole
would receive:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>all earned but unpaid base salary;
  <LI>any earned but unpaid bonus from the preceding fiscal year;
  <LI>a credit for any accrued vacation not taken;
  <LI>an amount equal to his target bonus for that year multiplied by a
  fraction, the numerator being the number of full months worked in the fiscal
  year, and the denominator being twelve;
  <LI>a severance payment equal to twenty four times the sum of his monthly base
  salary in effect in the month preceding the change in control and 1/12 of his
  target bonus;
  <LI>continued medical and dental insurance coverage for Mr. Catchpole and his
  dependents on the same basis in effect prior to the change in control for
  twenty four months following the change in control (i.e. $4,000 per annum in
  lieu of coverage);
  <LI>and any legal fees or expenses incurred as a result of such termination of
  employment. </LI></UL>
<P align=justify>In addition, if Mr. Catchpole&#146;s employment is terminated
following a change in control, all stock options or restricted stock owned or
promised to be payable to him that were not yet vested will continue to vest per
the original schedule for twenty four months following termination and shall be
exercisable (together with all options or restricted stock owned by him and
vested at the termination date) at the earlier of their original expiry date or
twenty four months from termination.</P>
<P align=justify>The Catchpole Agreement also provides that, regardless of
whether Mr. Catchpole continues to be employed following a change in control,
for the twenty four month period following a change in control any incentive
plan or arrangement (including any compensation plan, long-term incentive plan,
bonus or contingent bonus arrangements or credits, performance awards or similar
benefits) available to him at the time of the change in control shall continue
in effect, and any benefit or compensation plan, stock ownership plan, stock
purchase plan, bonus plan, life insurance plan, health-and-accident plan or
disability plan in which he is eligible to participate at the time of the change
in control shall continue in effect. The severance benefits described above are
contingent upon Mr. Catchpole providing Uranerz with a general release of all
claims, including agreements related to confidentiality, non-competition,
non-solicitation, non-disparagement and arbitration. The Catchpole Agreement has
an initial eight month term and automatically renews for additional one-year
terms on January 1<SUP>st</SUP> of each year, provided that the Catchpole
Agreement will continue in effect for a period of 24 months beyond the term
provided therein if a change in control has occurred during such term.</P>
<P align=center>113 </P>
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<P align=justify>On April 27, 2015, management of Energy Fuels advised that it
proposed to discuss with the members of Uranerz management who would not
continue as employees or officers of Energy Fuels following completion of the
Transaction an arrangement whereby the management members would agree that the
severance payments payable by Energy Fuels as a result of the completion of the
Transaction would be paid over a deferred period. Mr. Catchpole is one of the
members of Uranerz management to whom Energy Fuels made such a proposal. Energy
Fuels and Mr. Catchpole have since agreed that half of such severance payments
will be paid through the issuance of Energy Fuels common shares calculated based
on the five day volume weighted average closing price of the Energy Fuels common
shares on the NYSE MKT on the date of closing of the Transaction with the
remaining amount being paid in cash at the closing of the Transaction. Mr.
Catchpole will agree to a contractual restriction on resale with respect to the
Energy Fuels common shares issued on closing of the Transaction with respect to
the severance payment such that (i) no sales will be made during the initial six
months from closing of the Transaction, and (ii) not more than 50% of the shares
issued may be sold during the period from six months to one year following
closing of the Transaction.</P>
<P align=justify>In addition to the foregoing, it is anticipated that Mr.
Catchpole will serve as a Director on the Energy Fuels Board of Directors
following the Transaction and be entitled to receive director&#146;s fees as an
Energy Fuels director, including reimbursement of customary and reasonable
out-of-pocket and travel expenses. </P>
<P align=justify><B><I>Dennis Higgs, Executive Chairman </I></B></P>
<P align=justify>Uranerz entered into a new change in control severance
agreement with Mr. Dennis Higgs, Uranerz&#146; Executive Chairman, on May 1, 2014
(the &#147;<B>Higgs Agreement</B>&#148;), replacing a 2007 arrangement, and into a
consulting agreement with Ubex Capital Inc., an entity which is wholly owned by
Mr. Higgs, on July 1, 2005, which was amended on January 1, 2007, January 1,
2008 and October 29, 2014 (as amended, the &#147;<B>Ubex Agreement</B>&#148;). Following
annual reviews by Uranerz&#146; Compensation Committee, Ubex Capital, Inc. is paid a
base compensation of $250,000 per year and is eligible to receive an annual
bonus upon the achievement of performance and management objectives reasonably
established by Uranerz&#146; Compensation Committee. Mr. Higgs&#146; target bonus is
currently set at 60% of his annual base salary, or $150,000 for 2015. </P>
<P align=justify>Pursuant to the Higgs Agreement, if Mr. Higgs&#146; employment is
terminated without cause or he resigns for good reason (as those terms are
defined in the Higgs Agreement) from and after the date of a change in control
during the term of the Higgs Agreement, then Mr. Higgs would receive:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>all earned but unpaid base salary;
  <LI>any earned but unpaid bonus from the preceding fiscal year;
  <LI>a credit for any accrued vacation not taken;
  <LI>an amount equal to his target bonus for that year multiplied by a
  fraction, the numerator being the number of full months worked in the fiscal
  year, and the denominator being twelve;
  <LI>a severance payment equal to twenty four times the sum of his monthly base
  salary in effect in the month preceding the change in control and 1/12 of his
  target bonus;
  <LI>continued medical and dental insurance coverage for Mr. Higgs and his
  dependents on the same basis in effect prior to the change in control for
  twenty four months following the change in control (i.e. $4,000 per annum in
  lieu of coverage); and </LI></UL>
<P align=center>114 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>any legal fees or expenses incurred as a result of such termination of
  employment. </LI></UL>
<P align=justify>In addition, if Mr. Higgs&#146; employment is terminated following a
change in control, all stock options or restricted stock owned or promised to be
payable to him that were not yet vested will continue to vest per the original
schedule for twenty four months following termination and shall be exercisable
(together with all options or restricted stock owned by him and vested at the
termination date) at the earlier of their original expiry date or twenty four
months from termination.</P>
<P align=justify>The Higgs Agreement also provides that, regardless of whether
Mr. Higgs continues to be employed following a change in control, for the twenty
four month period following a change in control any incentive plan or
arrangement (including any compensation plan, long-term incentive plan, bonus or
contingent bonus arrangements or credits, performance awards or similar
benefits) available to him at the time of the change in control shall continue
in effect, and any benefit or compensation plan, stock ownership plan, stock
purchase plan, bonus plan, life insurance plan, health-and-accident plan or
disability plan in which he is eligible to participate at the time of the change
in control shall continue in effect. The severance benefits described above are
contingent upon Mr. Higgs providing Uranerz with a general release of all
claims, including agreements related to confidentiality, non-competition,
non-solicitation, non-disparagement and arbitration. The Higgs Agreement has an
initial eight month term and automatically renews for additional one-year terms
on January 1<SUP>st</SUP> of each year, provided that the Higgs Agreement will
continue in effect for a period of 24 months beyond the term provided therein if
a change in control has occurred during such term.</P>
<P align=justify>Mr. Higgs will serve as a Director on the Energy Fuels Board of
Directors following the Transaction. In addition, Energy Fuels is currently in
negotiations with Mr. Dennis Higgs to stay on as an employee or a consultant of
Energy Fuels following the closing of the Transaction. If an arrangement is
concluded between Energy Fuels and Mr. Higgs, it is anticipated that Energy
Fuels would agree to pay to Mr. Higgs aggregate compensation that would be not
less than the amount payable to Mr. Higgs under the Higgs Agreement and, in
exchange, Mr. Higgs would forgo any payment under the Higgs Agreement to which
Mr. Higgs would be otherwise entitled as a result of the &#147;change in control&#148; of
Uranerz resulting from completion of the Transaction. In addition, Mr. Higgs may
be entitled to the payment of additional consideration and/or benefits under any
such arrangement. The terms of any employment or consulting agreement between
Energy Fuels and Mr. Higgs have not been concluded and there is no assurance
that any such agreement will be concluded. If an agreement is not concluded,
then it is anticipated that Mr. Higgs will be entitled to payment under the
Higgs Agreement as a result of the &#147;change in control&#148; of Uranerz resulting from
completion of the Transaction, as described in the discussion above and as in
the table below under &#147;Golden Parachute Compensation&#148;. If Mr. Higgs is retained
as a consultant or employee of Energy Fuels, he will not be entitled to receive
any fees for serving as a director.</P>
<P align=justify>On April 27, 2015, management of Energy Fuels advised that it
proposed to discuss with the members of Uranerz management who would not
continue as employees or officers of Energy Fuels following completion of the
Transaction an arrangement whereby the management members would agree that the
severance payments payable by Energy Fuels as a result of the completion of the
Transaction would be paid over a deferred period. Mr. Higgs is one of the
members of Uranerz management to whom Energy Fuels made such a proposal. Energy
Fuels and Mr. Higgs have since agreed that half of such severance payments will
be paid through the issuance of Energy Fuels common shares calculated based on
the five day volume weighted average closing price on the NYSE MKT of the Energy
Fuels common shares on the date of closing of the Transaction with the remaining
amount to be paid in cash at closing of the Transaction. Mr. Higgs will agree to
a contractual restriction on resale with respect to the Energy Fuels common
shares issued on closing of the Transaction with respect to the severance
payment such that (i) no sales will be made during the initial six months from
closing of the Transaction, and (ii) not more than 50% of the shares issued may
be sold during the period from six months to one year following closing of the
Transaction. </P>
<P align=center>115 </P>
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<P align=justify><B><I>Paul Goranson, Chief Operating Officer </I></B></P>
<P align=justify>Uranerz entered into a change in control severance agreement
with Mr. William Paul Goranson, Uranerz&#146; President and Chief Operating Officer,
on May 1, 2014 (the &#147;<B>Goranson Agreement</B>&#148;) and into an employment
agreement with Mr. Goranson on November 25, 2013 (the &#147;<B>Goranson Employment
Agreement</B>&#148;). The Goranson Employment Agreement establishes an annual base
salary of $230,000 per year and a potential cash bonus award of 60% of Mr.
Goranson&#146;s annual base salary, or $138,000 for 2015.</P>
<P align=justify>Pursuant to the Goranson Agreement, if Mr. Goranson&#146;s
employment is terminated without cause or he resigns for good reason (as those
terms are defined in the Goranson Agreement) from and after the date of a change
in control during the term of the Goranson Agreement, then Mr. Goranson would
receive:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>all earned but unpaid base salary;
  <LI>any earned but unpaid bonus from the preceding fiscal year;
  <LI>a credit for any accrued vacation not taken; an amount equal to his target
  bonus for that year multiplied by a fraction, the numerator being the number
  of full months worked in the fiscal year, and the denominator being twelve;
  <LI>a severance payment equal to twenty four times the sum of his monthly base
  salary in effect in the month preceding the change in control and 1/12 of his
  target bonus;
  <LI>continued medical and dental insurance coverage for Mr. Goranson and his
  dependents on the same basis in effect prior to the change in control for
  twenty four months following the change in control; and
  <LI>any legal fees or expenses incurred as a result of such termination of
  employment. </LI></UL>
<P align=justify>In addition, if Mr. Goranson&#146;s employment is terminated
following a change in control, all stock options or restricted stock owned or
promised to be payable to him that were not yet vested will continue to vest per
the original schedule for twenty four months following termination and shall be
exercisable (together with all options or restricted stock owned by him and
vested at the termination date) at the earlier of their original expiry date or
twenty four months from termination.</P>
<P align=justify>The Goranson Agreement also provides that, regardless of
whether Mr. Goranson continues to be employed following a change in control, for
the twenty four month period following a change in control any incentive plan or
arrangement (including any compensation plan, long-term incentive plan, bonus or
contingent bonus arrangements or credits, performance awards or similar
benefits) available to him at the time of the change in control shall continue
in effect, and any benefit or compensation plan, stock ownership plan, stock purchase plan,
bonus plan, life insurance plan, health-and-accident plan or disability plan in
which he is eligible to participate at the time of the change in control shall
continue in effect. The severance benefits described above are contingent upon
Mr. Goranson providing Uranerz with a general release of all claims, including
agreements related to confidentiality, non-competition, non-solicitation,
non-disparagement and arbitration. The Goranson Agreement has an initial eight
month term and automatically renews for additional one-year terms on January
1<SUP>st</SUP> of each year, provided that the Goranson Agreement will continue
in effect for a period of 24 months beyond the term provided therein if a change
in control has occurred during such term.</P>
<P align=center>116 </P>
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<P align=justify>On March 9, 2015, Mr. Goranson accepted an offer of employment
from Energy Fuels and entered into a letter agreement with Energy Fuel&#146;s setting
out the terms of Mr. Goranson&#146;s employment with Energy Fuels following the
closing of the Transaction. The letter agreement will supersede all terms and
conditions of Mr. Goranson&#146;s employment with Uranerz at closing. Following the
closing of the Transaction, Mr. Goranson will be employed by Energy Fuels as
Executive Vice President, ISR Operations and will be responsible for all aspects
of all ISR operations in Wyoming. It is anticipated that Mr. Goranson will be
paid a base salary of $240,000 per annum with a discretionary bonus as
determined by Energy Fuel&#146;s board of directors and will be eligible for Energy
Fuel&#146;s benefits and savings plans. Upon a change of control or termination
without cause, it is anticipated that Mr. Goranson will receive a multiple of
his base salary at a rate that is yet to be determined but is currently
anticipated to be not less than 100% of annual base salary. Energy Fuels will
provide Mr. Goranson with a standard indemnification agreement given to all
Energy Fuels officers and Mr. Goranson will receive both restricted stock units
and stock options in Energy Fuels at the discretion of Energy Fuels&#146; board of
directors. The restricted stock unit grant for 2015 is estimated to be a pro-rata amount, based on the period of employment with Energy Fuels during 2015, representing
such pro-rata amount of additional annual compensation of $84,000,
or the pro-rata amount of approximately 35% of base salary, for 2015. </P>
<P align=justify><B><I>Benjamin Leboe, Chief Financial Officer </I></B></P>
<P align=justify>Uranerz entered into a new change in control severance
agreement with Mr. Benjamin Leboe, Uranerz&#146; Chief Financial Officer, on May 1,
2014 (the &#147;<B>Leboe Agreement</B>&#148;), replacing a 2007 arrangement, and into a
consulting agreement with Independent Management Consultants of B.C., an entity
which is wholly owned by Mr. Leboe, on May 23, 2006, which was amended on
January 1, 2008 and October 29, 2014 (as amended, the &#147;<B>IMC Agreement</B>&#148;).
Following annual reviews by Uranerz&#146; Compensation Committee Independent
Management Consultants of B.C. is currently paid a base compensation of $200,000
per year and is eligible to receive an annual bonus upon the achievement of
performance and management objectives reasonably established by Uranerz&#146; board
of directors or Compensation Committee. Mr. Leboe&#146;s target bonus is currently
set at 60% of his annual base salary, or $120,000 for 2015.</P>
<P align=justify>Pursuant to the Leboe Agreement, if Mr. Leboe&#146;s employment is
terminated without cause or he resigns for good reason (as those terms are
defined in the Leboe Agreement) from and after the date of a change in control
during the term of the Leboe Agreement, then Mr. Leboe would receive:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>all earned but unpaid base salary;
  <LI>any earned by unpaid bonus from the preceding fiscal year; </LI></UL>
<P align=center>117 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<UL style="TEXT-ALIGN: justify">
  <LI>a credit for any accrued vacation not taken;
  <LI>an amount equal to his target bonus for that year multiplied by a
  fraction, the numerator being the number of full months worked in the fiscal
  year, and the denominator being twelve;
  <LI>a severance payment equal to twenty four times the sum of his monthly base
  salary in effect in the month preceding the change in control and 1/12 of his
  target bonus;
  <LI>continued medical and dental insurance coverage for Mr. Leboe and his
  dependents on the same basis in effect prior to the change in control for
  twenty four months following the change in control (i.e. $4,000 per annum in
  lieu of coverage); and
  <LI>any legal fees or expenses incurred as a result of such termination of
  employment. </LI></UL>
<P align=justify>In addition, if Mr. Leboe&#146;s employment is terminated following
a change in control, all stock options or restricted stock owned or promised to
be payable to him that were not yet vested will continue to vest per the
original schedule for twenty four months following termination and shall be
exercisable (together with all options or restricted stock owned by him and
vested at the termination date) at the earlier of their original expiry date or
twenty four months from termination. </P>
<P align=justify>The Leboe Agreement also provides that, regardless of whether
Mr. Leboe continues to be employed following a change in control, for the twenty
four month period following a change in control any incentive plan or
arrangement (including any compensation plan, long-term incentive plan, bonus or
contingent bonus arrangements or credits, performance awards or similar
benefits) available to him at the time of the change in control shall continue
in effect, and any benefit or compensation plan, stock ownership plan, stock
purchase plan, bonus plan, life insurance plan, health-and-accident plan or
disability plan in which he is eligible to participate at the time of the change
in control shall continue in effect. The severance benefits described above are
contingent upon Mr. Leboe providing Uranerz with a general release of all
claims, including agreements related to confidentiality, non-competition,
non-solicitation, non-disparagement and arbitration. The Leboe Agreement has an
initial eight month term and automatically renews for additional one-year terms
on January 1st of each year, provided that the Leboe Agreement will continue in
effect for a period of 24 months beyond the term provided therein if a change in
control has occurred during such term. </P>
<P align=justify>On April 27, 2015, management of Energy Fuels advised that it
proposed to discuss with the members of Uranerz management who would not
continue as employees or officers of Energy Fuels following completion of the
Transaction an arrangement whereby the management members would agree that the
severance payments payable by Energy Fuels as a result of the completion of the
Transaction would be paid over a deferred period. Mr. Leboe is one of the
members of Uranerz management to whom Energy Fuels made such a proposal. Energy
Fuels and Mr. Leboe have since agreed that half of such severance payments will
be paid through the issuance of Energy Fuels common shares calculated based on
the five day volume weighted average closing price on the NYSE MKT of the Energy
Fuels common shares on the date of closing of the Transaction with the remaining
amount to be paid in cash on closing of the Transaction. Mr. Leboe will agree to
a contractual restriction on resale with respect to the Energy Fuels common
shares issued on closing of the Transaction with respect to the severance
payment such that (i) no sales will be made during the initial six months from
closing of the Transaction, and (ii) not more than 50% of the shares issued may
be sold during the period from six months to one year following closing of the
Transaction.</P>
<P align=center>118 </P>
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noShade SIZE=5>
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<P align=justify><B>Golden Parachute Compensation </B></P>
<P align=justify>The following table sets forth the estimated amounts of &#147;golden
parachute&#148; compensation (for purposes of Item 402(t) of Regulation S-K) that
each of Uranerz&#146; named executive officers could receive in connection with the
Transaction pursuant to their respective change in control severance agreements
and employment/ consultant agreements, and their subsequent agreements with
Energy Fuels, each as described above under &#147;Employment, Severance and Change in
Control Agreements&#148;. The completion of the Transaction will constitute a &#147;change
of control&#148; under each executive officer&#146;s change in control severance agreement
and they will be entitled to receive the compensation summarized below in the
event that either (i) the executive officer&#146;s employment is terminated by
Uranerz without cause, or (ii) the executive terminates their employment for
good reason subsequent to the completion of the Transaction. We anticipate that
the employment of Mr. Catchpole and Mr. Leboe will each be terminated by Uranerz
following the completion of the Transaction, with the result that the
compensation summarized below will be payable. However, we anticipate that Mr.
Goranson will continue as an employee of Uranerz or Energy Fuels following the
completion of the Transaction, with the result that we anticipate the
compensation summarized below will not be paid to Mr. Goranson. Further, we
anticipate that the employment agreement to be negotiated and executed by Mr.
Goranson with Energy Fuels will provide a waiver to the right to receive any of
such compensation as a result of the completion of the Transaction. If the
current negotiations between Energy Fuels and Mr. Higgs, results in Mr. Higgs
continuing as an employee or consultant of Uranerz or Energy Fuels following the
completion of the Transaction, it is anticipated that the compensation
summarized below will not be paid to Mr. Higgs. In that case, any employment or
consulting agreement to be negotiated and executed by Mr. Higgs with Energy
Fuels would be expected to provide a waiver to the right to receive any of such
compensation as a result of the completion of the Transaction. With respect to
stock options, all options held by the executive officers will continue to be
exercisable for a period of 24 months following the closing date of the
Transaction and any unvested options held will continue to vest on the original
vesting schedule.
</P>
<P align=justify>While Energy Fuels and Uranerz do not expect that Mr.
Goranson&#146;s employment will terminate in connection with the Transaction and
Energy Fuels is currently in negotiations with Mr. Higgs to stay on as an
employee or a consultant for a transition period at the closing of the
Transaction, in which case the amounts below may not apply to Mr. Higgs, the
amounts in the table assume, where applicable (and except as expressly noted),
that each named executive officer&#146;s employment is terminated in circumstances
that would trigger the right to receive severance benefits and accelerated
vesting in connection with a change in control of Uranerz under the agreements
described above (a &#147;<B>qualifying termination</B>&#148;), and that such a qualifying
termination of the executive&#146;s employment occurred on May 15, 2015. The actual
amounts that would be paid upon a named executive officer&#146;s termination of
employment can be determined only at the time of such executive&#146;s separation
from Uranerz. As a result, the actual amounts received by a named executive
officer may differ in material respects from the amounts set forth below (see
&#147;Proposal One &#150; The Transaction &#150; Employment, Severance and Change of Control
Agreements&#148; above for additional information).
</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 align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Cash</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Perquisites/</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Severance</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Equity</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Benefits</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Other</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="8%"><B>Total</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Name</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>($)(1)</B></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>($)(2)</B></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>($)(3)</B></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>($)(4)</B></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="8%"><B>($)</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Glenn Catchpole </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>428,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>Nil </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>8,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>428,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>864,000 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF>Paul Goranson</TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#FFFFFF>782,000</TD>
    <TD align=left width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#FFFFFF>Nil </TD>
    <TD align=left width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#FFFFFF>38,000 </TD>
    <TD align=left width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#FFFFFF>Nil </TD>
    <TD align=left width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#FFFFFF>820,000 </TD>
    <TD align=left width="2%"
  bgColor=#FFFFFF>&nbsp;</TD></TR></TABLE></DIV>
<P align=center>119 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<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="#E6EFFF">Dennis Higgs </TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="8%" bgcolor="#E6EFFF">428,000 </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="8%" bgcolor="#E6EFFF">Nil </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="8%" bgcolor="#E6EFFF">8,000 </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="8%" bgcolor="#E6EFFF">428,000</TD>
    <TD align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=right width="8%" bgcolor="#E6EFFF">864,000</TD>
    <TD align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Benjamin Leboe </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">342,500</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">Nil </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">8,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">342,500</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">693,000</TD>
    <TD align=left width="2%">&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%">(1) </TD>
    <TD>
      <P align=justify>The amounts reported in this column represent the
      potential cash severance payments that would be made to the named
      executive officer assuming a qualifying termination of the executive&#146;s
      employment on May 15, 2015 in connection with the Transaction. Energy
      Fuels and Uranerz do not, however, expect that the employment of each of
      the named executive officers&#146; employment will be terminated in connection
      with the Transaction, as discussed above.</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>The individuals named above will not be entitled to
      receive any payment on account of: (A) stock awards for which vesting
      would be accelerated; (B) in-the-money option awards for which vesting
      would be accelerated; and (C) payments in cancellation of stock and option
      awards. The individuals named above hold the following options to purchase
      shares of Uranerz common stock which will be converted into options to
      purchase Energy Fuels common shares upon completion of the Transaction, as
      set forth below:</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0
    rowSpan=2><BR><BR><BR><BR><B>Name</B> <BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="66%"
    bgColor=#c0c0c0 colSpan=6><B>Option Awards</B> </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center width="11%" bgColor=#c0c0c0><B>Number of</B>
      <BR><B>Shares of</B> <BR><B>Uranerz</B> <BR><B>Underlying</B>
      <BR><B>Uranerz</B> <BR><B>Options</B> </TD>
    <TD noWrap align=center width="11%"
      bgColor=#c0c0c0><BR><BR><BR><B>Exercise Price</B> <BR><B>of Uranerz</B>
      <BR><B>Options ($)</B> </TD>
    <TD noWrap align=center width="11%"
      bgColor=#c0c0c0><BR><BR><BR><B>Uranerz</B> <BR><B>Option Expiry</B>
      <BR><B>Date</B> </TD>
    <TD noWrap align=center width="11%" bgColor=#c0c0c0><B>Number of</B>
      <BR><B>Shares of</B> <BR><B>Energy Fuels</B> <BR><B>Underlying</B>
      <BR><B>Energy Fuels</B> <BR><B>Options</B> </TD>
    <TD noWrap align=center width="11%" bgColor=#c0c0c0><BR><BR><B>Exercise
      Price</B> <BR><B>of Energy</B> <BR><B>Fuels Options</B> <BR><B>($)</B> </TD>
    <TD noWrap align=center width="11%" bgColor=#c0c0c0><BR><BR><BR><B>Energy
      Fuels</B> <BR><B>Option Expiry</B> <BR><B>Date</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dennis <BR>Higgs <BR><BR><BR><BR><BR><BR></TD>
    <TD align=center width="11%">75,000 <BR>62,500 <BR>20,000 <BR>35,000
      <BR>67,500 <BR>67,500 <BR>107,500 <BR>73,000 </TD>
    <TD align=center width="11%">0.75 <BR>2.64 <BR>0.65 <BR>1.33 <BR>1.89
      <BR>1.32 <BR>1.22 <BR>1.14 </TD>
    <TD align=center width="11%">Jan 6, 2016 <BR>Jan 7, 2018 <BR>Jan 5, 2019
      <BR>Jan 4, 2020 <BR>Dec 12, 2021 <BR>Dec 16, 2022 <BR>Jul 11, 2023 <BR>Jan
      16, 2025 </TD>
    <TD align=center width="11%">19,125 <BR>15,937 <BR>5,100 <BR>8,925
      <BR>17,212 <BR>17,212 <BR>27,413 <BR>18,615 </TD>
    <TD align=center width="11%">2.94 <BR>10.35 <BR>2.55 <BR>5.22 <BR>7.41
      <BR>5.18 <BR>4.78 <BR>4.47 </TD>
    <TD align=left width="11%">Two years <BR>from date of <BR>completion of
      <BR>the Transaction <BR><BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Glenn <BR>Catchpole <BR><BR><BR><BR><BR></TD>
    <TD align=center width="11%">190,000 <BR>125,000 <BR>70,000 <BR>135,000
      <BR>135,000 <BR>150,500 <BR>73,000 </TD>
    <TD align=center width="11%">0.75 <BR>2.64 <BR>1.33 <BR>1.89 <BR>1.32
      <BR>1.22 <BR>1.14 </TD>
    <TD align=center width="11%">Jan 6, 2016 <BR>Jan 7, 2018 <BR>Jan 4, 2020
      <BR>Dec 12, 2021 <BR>Dec 16, 2022 <BR>Jul 11, 2023 <BR>Jan 16, 2025 </TD>
    <TD align=center width="11%">48,450 <BR>31,875 <BR>17,850 <BR>34,425
      <BR>34,425 <BR>38,377 <BR>18,615 </TD>
    <TD align=center width="11%">2.94 <BR>10.35 <BR>5.22 <BR>7.41 <BR>5.18
      <BR>4.78 <BR>4.47 </TD>
    <TD align=left width="11%">Two years <BR>from date of <BR>completion of
      <BR>the Transaction <BR><BR></TD></TR></TABLE></DIV>
<P align=center>120 </P>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left>Paul <BR>Goranson <BR><BR><BR></TD>
    <TD align=center width="11%">175,000 <BR>73,000 <BR><BR><BR></TD>
    <TD align=center width="11%">1.06 <BR>1.14 <BR><BR><BR></TD>
    <TD align=center width="11%">Dec 1, 2023 <BR>Jan 16, 2025 <BR><BR><BR></TD>
    <TD align=center width="11%">44,625 <BR>18,615 <BR><BR><BR></TD>
    <TD align=center width="11%">4.16 <BR>4.47 <BR><BR><BR></TD>
    <TD align=left width="11%">Two years <BR>from date of <BR>completion of
      <BR>the Transaction </TD></TR>
  <TR vAlign=top>
    <TD align=left>Benjamin <BR>Leboe <BR><BR><BR><BR><BR></TD>
    <TD align=center width="11%">100,000 <BR>125,000 <BR>70,000 <BR>135,000
      <BR>135,000 <BR>114,100 <BR>73,000 </TD>
    <TD align=center width="11%">1.96 <BR>2.64 <BR>1.33 <BR>1.89 <BR>1.32
      <BR>1.22 <BR>1.14 </TD>
    <TD align=center width="11%">May 23, 2016 <BR>Jan 7, 2018 <BR>Jan 4, 2020
      <BR>Dec 12, 2021 <BR>Dec 16, 2022 <BR>Jul 11, 2023 <BR>Jan 16, 2025 </TD>
    <TD align=center width="11%">25,500 <BR>31,875 <BR>17,850 <BR>34,425
      <BR>34,425 <BR>29,095 <BR>18,615 </TD>
    <TD align=center width="11%">7.69 <BR>10.35 <BR>5.22 <BR>7.41 <BR>5.18
      <BR>4.78 <BR>4.47 </TD>
    <TD align=left width="11%">Two years <BR>from date of <BR>completion of
      <BR>the Transaction <BR><BR></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%">(3) </TD>
    <TD>
      <P align=justify>For Mr. Goranson, the amount reported in this column
      represents the estimated cost to provide the health and welfare benefits
      described above (including reimbursement of COBRA premiums for the
      applicable period) to the executive following a qualifying termination in
      connection with the Transaction. In the case of Messrs. Higgs, Catchpole
      and Leboe, the amounts reflect $4,000 per annum in lieu of
  coverage.</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>The amounts reported in this column represent an amount
      of the cash severance payment otherwise payable that the named executive
      officer has agreed to accept payment of by the issuance of Energy Fuels
      common shares calculated based on the five day volume weighted average
      closing price of the Energy Fuels common shares on the NYSE MKT on the
      closing of the Transaction.</P></TD></TR></TABLE><BR>
<B>Effect of the Transaction on Uranerz&#146; Warrants </B>
<P align=justify>At the Effective Time, each outstanding Uranerz warrant will
entitle its holder to acquire, in lieu of one Uranerz share, a number of Energy
Fuels common shares equal to the number of Uranerz warrants held multiplied by
the Exchange Ratio, upon exercise in accordance with the terms of the original
Uranerz warrant. The per share exercise price for the Energy Fuels shares
issuable upon exercise of an assumed Uranerz warrant shall be equal (rounded up
to the nearest whole cent) to the per-share exercise price of the Uranerz
warrant immediately prior to the Effective Time divided by the Exchange Ratio.
In the event a holder of the warrants exercises its warrants and receives shares
of Uranerz common stock pursuant to the terms of the warrant prior to the
Effective Time, those shares will be treated in the Transaction like all other
shares of Uranerz common stock. As a result of the Transaction, certain non-U.S.
holders of Uranerz warrants who are greater than 5% holders as determined under
Sections 897 and 1445 of the Code may become subject to U.S. tax withholding
under the Foreign Investment in Real Property Tax Act. </P>
<P align=center>121 </P>
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<P align=justify><B>Material U.S. Federal Income Tax Considerations</B></P>
<P align=justify><I>General </I></P>
<P align=justify>The following general discussion sets forth the anticipated
material U.S. federal income tax consequences applicable to U.S. holders (as
defined below) and non-U.S. holders (as defined below) with respect to the
receipt of Energy Fuels common shares pursuant to the Transaction and U.S.
holders with respect to the ownership and disposition of such Energy Fuels
common shares. This discussion addresses only holders who hold their shares of
Uranerz common stock, and, after the Effective Time, U.S. holders who hold their
Energy Fuels common shares, as a capital asset within the meaning of Section
1221 of the Code (as defined below). </P>
<P align=justify>This discussion is for general information purposes only and
does not purport to be a complete analysis or listing of all potential U.S.
federal income tax considerations that may apply to a U.S. holder or non-U.S.
holder as a result of the Transaction or may apply to a U.S. holder as a result
of the ownership and disposition of Energy Fuels common shares. This discussion
does not take into account the individual facts and circumstances of any
particular U.S. holder or non-U.S. holder that may affect the U.S. federal
income tax consequences to the holder, including specific tax consequences to a
holder under an applicable tax treaty. Except as specifically set forth below,
this summary does not discuss applicable tax reporting requirements.
Accordingly, this discussion is not intended to be, and should not be construed
as, legal or U.S. federal income tax advice with respect to any holder. In
addition, this discussion does not address the U.S. federal alternative minimum,
U.S. federal estate and gift, Medicare contribution, U.S. state and local or
non-U.S. tax consequences of the Transaction or the ownership and disposition of
Energy Fuels common shares. </P>
<P align=justify>No opinion from U.S. legal counsel or ruling from the Internal
Revenue Service (the &#147;<B>IRS</B>&#148;) has been requested, or will be obtained,
regarding the U.S. federal income tax consequences of the Transaction or the
ownership and disposition of Energy Fuels common shares received pursuant to the
Transaction. This summary is not binding on the IRS, and the IRS is not
precluded from taking a position that is different from, and contrary to, the
positions taken in this summary. In addition, because the authorities on which
this summary is based are subject to various interpretations, the IRS and the
U.S. courts could disagree with one or more of the positions taken in this
summary. </P>
<P align=justify>This summary is based on the Internal Revenue Code of 1986, as
amended (&#147;<B>Code</B>&#148;), U.S. Treasury regulations (whether final, temporary, or
proposed), published rulings of the IRS, published administrative positions of
the IRS, the Convention Between Canada and the United States of America with
Respect to Taxes on Income and Capital, signed September 26, 1980, as amended
(the &#147;<B>Canada-U.S. Tax Convention</B>&#148;), and U.S. court decisions that are
applicable and, in each case, as in effect and available as of the date of this
Registration Statement. Any of the authorities on which this summary is based
could be changed in a material and adverse manner at any time, and any such
change could be applied on a retroactive or prospective basis which could affect
the U.S. federal income tax considerations described in this summary. This
summary does not discuss the potential effects, whether adverse or beneficial,
of any proposed legislation that, if enacted, could be applied on a retroactive
or prospective basis. </P>
<P align=justify>This summary does not address holders subject to special tax
rules, including without limitation, the following: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>banks, financial institutions, underwriters, or insurance companies;
</LI></UL>
<P align=center>122 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>real estate investment trusts and regulated investment companies;
  <LI>tax-exempt organizations, qualified retirement plans, individual
  retirement accounts, or other tax-deferred accounts;
  <LI>U.S. expatriates or former long-term residents of the United States;
  <LI>entities or arrangements that are treated as partnerships for U.S. federal
  income tax purposes and investors in such partnerships;
  <LI>dealers or traders in securities, commodities or currencies;
  <LI>grantor trusts;
  <LI>S corporations;
  <LI>passive foreign investment companies;
  <LI>controlled foreign corporations;
  <LI>holders subject to the alternative minimum tax;
  <LI>holders whose &#147;functional currency&#148; is not the U.S. dollar;
  <LI>holders who received their shares of Uranerz common stock, or, after the
  Transaction, U.S. holders who received their Energy Fuels common shares,
  through the exercise of options or otherwise as compensation or through a
  tax-qualified retirement plan;
  <LI>holders who own (directly, indirectly or through attribution) 5% or more
  by vote or value of the outstanding Uranerz common stock, or, after the
  Transaction, U.S. holders who own (directly, indirectly or through
  attribution) 5% or more by vote or value of the outstanding Energy Fuels
  common shares; or
  <LI>holders holding shares of Uranerz common stock, or, after the Transaction,
  U.S. holders holding Energy Fuels common shares, as part of a straddle,
  synthetic security, hedge, constructive sale, conversion transaction or other
  integrated investment. </LI></UL>
<P align=justify>Holders that are subject to special provisions under the Code,
including U.S. holders described immediately above, should consult their tax
advisors regarding all U.S. federal, U.S. state and local, and non-U.S. tax
consequences of the Transaction and the ownership and disposition of Energy
Fuels common shares. </P>
<P align=justify>If an entity or arrangement that is classified as a partnership
(including any other &#147;pass-through&#148; entity) for U.S. federal income tax purposes
holds shares of Uranerz common stock (or after the Transaction, Energy Fuels
common shares), the U.S. federal income tax consequences to such partnership and
the partners (or owners) of such partnership of participating in the Transaction
and the ownership and disposition of Energy Fuels common shares received
pursuant to the Transaction generally will depend on the activities of the
partnership and the status of such partners (or owners). This summary does not
address the tax consequences to any such partnership or partner (or owner).
Partners (or owners) of entities and arrangements that are classified as
partnerships for U.S. federal income tax purposes should consult their own tax
advisors regarding the U.S. federal income tax consequences of the Transaction
and the ownership and disposition of Energy Fuels common shares received
pursuant to the Transaction. </P>
<P align=center>123 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><I>Transactions Not Addressed </I></P>
<P align=justify>This summary does not address the U.S. federal income tax
consequences of transactions effected prior or subsequent to, or concurrently
with, the Transaction (whether or not any such transactions are undertaken in
connection with the Transaction), including, without limitation, the following:
</P>
<P align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any conversion into
shares of Uranerz common stock or Energy Fuels common shares of any notes,
debentures or other debt instruments; </P>
<P align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;any vesting,
conversion, assumption, disposition, exercise, exchange, or other transaction
involving any rights to acquire shares of Uranerz common stock or Energy Fuels
common shares, including the Uranerz options and the Uranerz warrants; and </P>
<P align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any transaction, other
than the Transaction, in which shares of Uranerz common stock or Energy Fuels
common shares are acquired. </P>
<P align=justify>As used in this discussion, a &#147;U.S. holder&#148; means a beneficial
owner of shares of Uranerz common stock or, after the Transaction, Energy Fuels
common shares who is, for U.S. federal income tax purposes, (i) a citizen or
resident of the United States, (ii) a corporation or other entity taxable as a
corporation created or organized in or under the laws of the United States or
any state or political subdivision thereof, (iii) a trust that (A) is subject to
the primary jurisdiction of a court within the United States and the control of
one or more U.S. persons with respect to all of its substantial decisions, or
(B) has a valid election in effect under applicable Treasury regulations to be
treated as a U.S. person, or (iv) an estate that is subject to U.S. federal
income tax on its income, regardless of source. </P>
<P align=justify>As used in this discussion, a &#147;non-U.S. holder&#148; is a beneficial
owner of shares of Uranerz common stock or, after the Transaction, Energy Fuels
common shares, participating in the Transaction or exercising dissenters&#146; rights
that is not a U.S. holder and is not an entity classified as a partnership for
U.S. federal income tax purposes.</P>
<P align=justify><B>Please consult your own tax advisor as to the specific tax
consequences of the Transaction and the ownership and disposition of Energy
Fuels common shares, including the applicable U.S. federal, state, local and
non-U.S. tax consequences to you of the Transaction and the ownership and
disposition of Energy Fuels common shares. </B></P>
<P align=justify><B><I>Material U.S. Federal Income Tax Considerations of the
Transaction to U.S. Holders </I></B></P>
<P align=justify><I>Exchange of Shares of Uranerz Common Stock for Energy Fuels
Common Shares under the Transaction</I></P>
<P align=justify>The Transaction should be treated as a taxable exchange and not
as a tax-deferred exchange under Section 368(a) of the Code. Assuming that the
Transaction is a taxable transaction, the exchange of shares of Uranerz common
stock for Energy Fuels common shares will generally result in the following U.S.
federal income tax consequences: </P>
<P align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a U.S. holder of shares
of Uranerz common stock will recognize gain or loss equal to the difference
between (i) the fair market value of Energy Fuels common shares received by such
U.S. holder in the Transaction, and (ii) the adjusted tax basis of such U.S.
holder in such shares of Uranerz common stock exchanged pursuant to the
Transaction; </P>
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<P align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the aggregate tax basis
of Energy Fuels common shares received by a U.S. holder of shares of Uranerz
common stock in the Transaction will be equal to the aggregate fair market value
of Energy Fuels common shares on the date of receipt; and </P>
<P align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the holding period of
Energy Fuels common shares received by a U.S. holder in the Transaction will
begin on the day after such shares are received. </P>
<P align=justify>Any gain or loss described in clause (a) immediately above
would be capital gain or loss, which would be long-term capital gain or loss if
the holding period with respect to such shares of Uranerz common stock is more
than one year as of the Effective Time. Preferential tax rates apply to
long-term capital gains of a U.S. holder that is an individual, estate, or
trust. There are currently no preferential tax rates for long-term capital gains
of a U.S. holder that is a corporation. Deductions for capital losses are
subject to complex limitations under the Code. </P>
<P align=justify><I>U.S. Holders Exercising Dissenters&#146; Rights</I></P>
<P align=justify>A U.S. holder that exercises dissenters&#146; rights in the
Transaction and is paid cash in exchange for all of such U.S. holder&#146;s shares of
Uranerz common stock generally will recognize gain or loss in an amount equal to
the difference, if any, between (a) the amount of cash received by such U.S.
holder in exchange for shares of Uranerz common stock (other than amounts, if
any, that are or are deemed to be interest for U.S. federal income tax purposes,
which amounts will be taxed as ordinary income) and (b) the adjusted tax basis
of such U.S. holder in such shares of Uranerz common stock surrendered. Such
gain or loss generally will be capital gain or loss, which will be long-term
capital gain or loss if such shares of Uranerz common stock have been held for
more than one year. Preferential tax rates apply to long-term capital gains of a
U.S. holder that is an individual, estate, or trust. There are currently no
preferential tax rates for long-term capital gains of a U.S. holder that is a
corporation. Deductions for capital losses are subject to complex limitations
under the Code.</P>
<P align=justify><B><I>Material U.S. Federal Income Tax Considerations to U.S.
Holders of Owning Energy Fuels Common Shares </I></B></P>
<P align=justify>The following discussion is subject, in its entirety, to the
rules described below under the heading &#147;Passive Foreign Investment Company
Rules.&#148; </P>
<P align=justify><I>Taxation of Distributions </I></P>
<P align=justify>A U.S. holder that receives a distribution, including a
constructive distribution, with respect to Energy Fuels common shares will be
required to include the amount of the distribution in gross income as a dividend
(without reduction for any foreign income tax withheld from the distribution) to
the extent of the current or accumulated &#147;earnings and profits&#148; of Energy Fuels,
as computed for U.S. federal income tax purposes. To the extent that a
distribution exceeds the current and accumulated &#147;earnings and profits&#148; of
Energy Fuels, the distribution will be treated first as a tax-free return of
capital to the extent of a U.S. holder&#146;s tax basis in the Energy Fuels common
shares and thereafter as a gain from the sale or exchange of the Energy Fuels
common shares (see &#147;Sale or Other Taxable Disposition of Energy Fuels Common
Shares&#148; below). However, Energy Fuels may not maintain the calculations of its
earnings and profits in accordance with U.S. federal income tax principles, and
each U.S. holder may have to assume that any distribution by Energy Fuels with
respect to its common shares will constitute ordinary dividend income. Dividends
received on Energy Fuels common shares by corporate U.S. holders generally will
not be eligible for the &#147;dividends received deduction.&#148; Subject to applicable limitations and provided Energy Fuels is eligible for the
benefits of the Canada-U.S. Tax Convention, dividends paid by Energy Fuels to
non-corporate U.S. holders generally will be eligible for the preferential tax
rates applicable to &#147;qualified dividends&#148;, provided certain holding period and
other conditions are satisfied, including that Energy Fuels is not a &#147;passive
foreign investment company&#148; or &#147;PFIC&#148; (as defined below in the section entitled
&#147;Passive Foreign Investment Company Rules&#148;) in the tax year of distribution or
in the preceding tax year. The dividend rules are complex, and each U.S. holder
should consult its own tax advisor regarding the application of such rules.
</P>
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<P align=justify><I>Sale or Other Taxable Disposition of Energy Fuels Common
Shares </I></P>
<P align=justify>A U.S. holder will recognize gain or loss on the sale or other
taxable disposition of Energy Fuels common shares in an amount equal to the
difference, if any, between (a) the amount of cash plus the fair market value of
any property received (other than amounts, if any, that are, or are deemed to
be, interest for U.S. federal income tax purposes, which amounts will be taxed
as ordinary income), and (b) the U.S. holder&#146;s tax basis in the Energy Fuels
common shares sold or otherwise disposed of. Any such gain or loss generally
will be capital gain or loss, which will be long-term capital gain or loss if,
at the time of the sale or other disposition, the Energy Fuels common shares
have been held for more than one year. </P>
<P align=justify>Preferential tax rates apply to long-term capital gains of a
U.S. holder that is an individual, estate, or trust. There are currently no
preferential tax rates for long-term capital gains of a U.S. holder that is a
corporation. Deductions for capital losses are subject to significant
limitations under the Code. </P>
<P align=justify><B><I>Passive Foreign Investment Company Rules</I></B> </P>
<P align=justify>If Energy Fuels were to constitute a PFIC for any year during a
U.S. holder&#146;s holding period, then certain potentially adverse rules would
affect the U.S. federal income tax consequences to a U.S. holder resulting from
the acquisition, ownership and disposition of Energy Fuels common shares. Energy
Fuels believes that it was not a PFIC for the tax year ended December 31, 2014.
Based on current business plans and financial expectations, Energy Fuels expects
that it will not be a PFIC for the current tax year ending December 31, 2015.
Energy Fuels has made no determination regarding its PFIC status for future tax
years. However, PFIC classification is fundamentally factual in nature,
generally cannot be determined until the close of the tax year in question, and
is determined annually. Additionally, the analysis depends, in part, on the
application of complex U.S. federal income tax rules, which are subject to
differing interpretations. Consequently, there can be no assurance that Energy
Fuels has never been, and will not become, a PFIC for any tax year during which
U.S. holders hold Energy Fuels common shares. No opinion of legal counsel or
ruling from the IRS concerning the status of Energy Fuels as a PFIC has been
obtained or is currently planned to be requested. </P>
<P align=justify>In any year in which Energy Fuels is classified as a PFIC, a
U.S. holder will be required to file an annual report with the IRS containing
such information as Treasury regulations and/or other IRS guidance may require.
In addition to penalties, a failure to satisfy such reporting requirements may
result in an extension of the time period during which the IRS can assess a tax.
U.S. holders should consult their own tax advisors regarding the requirements of
filing such information returns under these rules, including the requirement to
file an IRS Form 8621. </P>
<P align=justify>Energy Fuels generally will be a PFIC if, after the application
of certain &#147;look-through&#148; rules with respect to subsidiaries in which Energy
Fuels holds at least 25% of the value of such subsidiary, for a tax year, (a) 75% or more of the gross income
of Energy Fuels for such tax year is passive income (the &#147;<B>income test</B>&#148;)
or (b) 50% or more of the value of Energy Fuels&#146; assets either produce passive
income or are held for the production of passive income (the &#147;asset test&#148;),
based on the quarterly average of the fair market value of such assets. &#147;Gross
income&#148; generally includes all sales revenues less the cost of goods sold, plus
income from investments and from incidental or outside operations or sources,
and &#147;passive income&#148; generally includes, for example, dividends, interest,
certain rents and royalties, certain gains from the sale of stock and
securities, and certain gains from commodities transactions. Active business
gains arising from the sale of commodities generally are excluded from passive
income if substantially all (85% or more) of a foreign corporation&#146;s commodities
are stock in trade or inventory, depreciable property used in a trade or
business or supplies regularly used or consumed in the ordinary course of its
trade or business, and certain other requirements are satisfied.</P>
<P align=center>126 </P>
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<P align=justify>If Energy Fuels were a PFIC in any tax year during which a U.S.
holder held Energy Fuels common shares, such holder generally would be subject
to special rules with respect to &#147;excess distributions&#148; made by Energy Fuels on
the Energy Fuels common shares and with respect to gain from the disposition of
Energy Fuels common shares. An &#147;excess distribution&#148; generally is defined as the
excess of distributions with respect to the Energy Fuels common shares received
by a U.S Holder in any tax year over 125% of the average annual distributions
such U.S. holder has received from Energy Fuels during the shorter of the three
preceding tax years, or such U.S. holder&#146;s holding period for the Energy Fuels
common shares. Generally, a U.S. holder would be required to allocate any excess
distribution or gain from the disposition of the Energy Fuels common shares
ratably over its holding period for the Energy Fuels common shares. Such amounts
allocated to the year of the disposition or excess distribution would be taxed
as ordinary income, and amounts allocated to prior tax years would be taxed as
ordinary income at the highest tax rate in effect for each such year and an
interest charge at the rate applicable to underpayments of tax would apply. Any
distribution made by Energy Fuels that does not constitute an &#147;excess
distribution&#148; generally will be treated in the manner described above under
&#147;Material U.S. Federal Income Tax Consequences to U.S. Holders of Owning Energy
Fuels Common Shares-Taxation of Distributions,&#148; except that the preferential tax
rate applicable to &#147;qualified dividends&#148; would not apply with respect to the
Energy Fuels shares. </P>
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<P align=justify>While there are U.S. federal income tax elections that can be
made to mitigate the above-described adverse tax consequences (including the
&#147;QEF Election&#148; under Section 1295 of the Code and the &#147;Mark-to-Market Election&#148;
under Section 1296 of the Code), such elections are available in limited
circumstances and must be made in a timely manner. A U.S. holder who makes a QEF
Election generally must report on a current basis its share of Energy Fuels' net
capital gain and ordinary earnings for any year in which Energy Fuels is a PFIC,
whether or not Energy Fuels distributes any amounts to its shareholders.
However, U.S. holders should be aware that there can be no assurance that Energy
Fuels will satisfy the record keeping requirements that apply to a QEF, or that
Energy Fuels will supply U.S. holders with information that such U.S. holders
require to report under the QEF Election rules, in the event that Energy Fuels
is a PFIC and a U.S. holder wishes to make a QEF Election. Thus, U.S. holders
may not be able to make a QEF Election with respect to their Energy Fuels common
shares. A U.S. holder who makes a mark-to-market election generally must include
as ordinary income each year the excess of the fair market value of the Energy
Fuels common shares over the taxpayer&#146;s basis therein. </P>
<P align=justify>U.S. holders should be aware that, for each tax year, if any,
that Energy Fuels is a PFIC, Energy Fuels can provide no assurances that it will
satisfy the record keeping requirements or make available to U.S. holders the
information such U.S. holders require to make a QEF Election with respect to
Energy Fuels or any subsidiary that also is classified as a PFIC. U.S. holders
should consult their own tax advisors regarding the potential application of the
PFIC rules to the ownership and disposition of Energy Fuels common shares, and
the availability of certain U.S. tax elections under the PFIC rules. </P>
<P align=justify><B><I>Additional Considerations </I></B></P>
<P align=justify><I>Foreign Tax Credit </I></P>
<P align=justify>A U.S. holder that pays (whether directly or through
withholding) Canadian income tax in connection with the Transaction or in
connection with the ownership or disposition of Energy Fuels common shares may
be entitled, at the election of the U.S. holder, to receive either a deduction
or a credit for the Canadian income tax paid. Generally, a credit will reduce a
U.S. holder&#146;s U.S. federal income tax liability on a dollar-for-dollar basis,
whereas a deduction will reduce a U.S. holder&#146;s income subject to U.S. federal
income tax. This election is made on a year-by-year basis and applies to all
foreign taxes paid (whether directly, or through withholding) by a U.S. holder
during a year. </P>
<P align=justify>Complex limitations apply to the foreign tax credit, including
the general limitation that the credit cannot exceed the proportionate share of
a U.S. holder&#146;s U.S. federal income tax liability that the U.S. holder&#146;s
&#147;foreign source&#148; taxable income bears to the U.S. holder&#146;s worldwide taxable
income. In applying this limitation, a U.S. holder&#146;s various items of income and
deduction must be classified, under complex rules, as either &#147;foreign source&#148; or
&#147;U.S. source.&#148; Generally, dividends paid by a foreign corporation should be
treated as &#147;foreign source&#148; for this purpose, and gains recognized on the sale
of stock of a foreign corporation by a U.S. holder should be treated as &#147;U.S.
source&#148; for this purpose, except as otherwise provided in an applicable income
tax treaty, and if an election is properly made under the Code. However, the
amount of a distribution with respect to the Energy Fuels common shares that is
treated as a &#147;dividend&#148; may be lower for U.S. federal income tax purposes than
it is for Canadian federal income tax purposes, which would result in a reduced
foreign tax credit allowance to a U.S. holder. In addition, this limitation is
calculated separately with respect to specific categories of income. Special
foreign tax credit rules apply for foreign income taxes paid with respect to any distribution on shares of a PFIC. The foreign tax credit rules
are complex, and each U.S. holder should consult its own U.S. tax advisor
regarding the foreign tax credit rules.
</P>
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<P align=justify><I>Foreign Currency </I></P>
<P align=justify>The amount of any distribution or proceeds paid in Canadian
dollars to a U.S. holder in connection with the ownership of Energy Fuels common
shares, or on the sale, exchange or other taxable disposition of Energy Fuels
common shares, or any Canadian dollars received in connection with the
Transaction (including, but not limited to, U.S. holders exercising dissenters&#146;
rights under the Transaction), will generally be included in the gross income of
a U.S. holder as translated into U.S. dollars calculated by reference to the
exchange rate prevailing on the date of actual or constructive receipt of such
amount, regardless of whether the Canadian dollars are converted into U.S.
dollars at that time. If the Canadian dollars received are not converted into
U.S. dollars on the date of receipt, a U.S. holder will have a basis in the
Canadian dollars equal to its U.S. dollar value on the date of receipt. Any U.S.
holder who receives payment in Canadian dollars and engages in a subsequent
conversion or other disposition of the Canadian dollars may have a foreign
currency exchange gain or loss that would be treated as ordinary income or loss,
and generally would be &#147;U.S. source&#148; income or loss for foreign tax credit
purposes. Different rules apply to U.S. holders who use the accrual method with
respect to foreign currency received upon the sale, exchange or other taxable
disposition of the shares of Uranerz common stock or Energy Fuels common shares.
Each U.S. holder should consult its own U.S. tax advisor regarding the U.S.
federal income tax consequences of receiving, owning, and disposing of Canadian
dollars. </P>
<P align=justify><I>Information Reporting and Backup Withholding Tax </I></P>
<P align=justify>Under U.S. federal income tax law, certain categories of U.S.
holders must file information returns with respect to their investment in, or
involvement in, a foreign corporation. For example, U.S. return disclosure
obligations (and related penalties) are imposed on individuals who are U.S.
holders that hold certain specified foreign financial assets in excess of
certain thresholds. The definition of specified foreign financial assets
includes not only financial accounts maintained in foreign financial
institutions, but also, unless held in accounts maintained by a financial
institution, any stock or security issued by a non-U.S. person, any financial
instrument or contract held for investment that has an issuer or counterparty
other than a U.S. person and any interest in a foreign entity. U.S. holders may
be subject to these reporting requirements unless their shares are held in an
account at certain financial institutions. Penalties for failure to file certain
of these information returns are substantial. U.S. holders should consult with
their own tax advisors regarding the requirements of filing information returns,
including the requirement to file an IRS Form 8938. </P>
<P align=justify>Payments made within the United States or by a U.S. payor or
U.S. middleman of (a) distributions on Energy Fuels common shares, (b) proceeds
arising from the sale or other taxable disposition of Energy Fuels common
shares, or (c) cash payments received in connection with the Transaction
(including, but not limited to, U.S. holders exercising dissenters&#146; rights) may
be subject to information reporting and backup withholding tax, currently at the
rate of 28%. A U.S. holder generally will not be subject to backup withholding,
however, if the U.S. holder (a) furnishes a correct taxpayer identification
number, certifies, under penalties of perjury, that the U.S. holder is not
subject to backup withholding on a Form W-9, and otherwise complies with
applicable requirements of the backup withholding rules or, (b) provides proof
that it is otherwise exempt from backup withholding. Backup withholding is not
an additional U.S. federal tax. Any amounts withheld under the backup withholding
tax rules generally will be allowed as a refund or credit against a U.S.
holder&#146;s U.S. federal income tax liability, if any, provided the U.S. holder
furnishes required information to the IRS in a timely manner. </P>
<P align=center>129 </P>
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<P align=justify>The discussion of reporting requirements set forth above is not
intended to constitute an exhaustive description of all reporting requirements
that may apply to a U.S. holder. A failure to satisfy certain reporting
requirements may result in an extension of the time period during which the IRS
can assess a tax, and under certain circumstances, such an extension may apply
to assessments of amounts unrelated to any unsatisfied reporting requirement.
Each U.S. holder should consult its own tax advisors regarding the information
reporting and backup withholding rules. </P>
<P align=justify><B><I>Material U.S. Federal Income Tax Considerations of the
Transaction to Non-U.S. Holders </I></B></P>
<P align=justify><I>Exchange of Shares of Uranerz Common Stock for Energy Fuels
Common Shares</I></P>
<P align=justify>A non-U.S. holder who exchanges its shares of Uranerz common
stock for Energy Fuels common shares pursuant to the Transaction will generally
not be subject to U.S. federal income tax on any gain with respect to the
Transaction unless: </P>
<P align=justify>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the gain is effectively
connected with the conduct of a trade or business in the United States and, if
an income tax treaty applies, is attributable to a U.S. permanent establishment
maintained by the non-U.S. holder; <br>
&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the non-U.S. holder is an
individual who is present in the United States for 183 days or more in the
taxable year of the Transaction, and certain other conditions are met; or<br>
&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uranerz is, or has been,
a &#147;United States real property holding corporation,&#148; as discussed below under
&#147;Classification of Uranerz as a United States Real Property Holding
Corporation,&#148; for U.S. federal income tax purposes at any time during the
shorter of (a) the five-year period ending at the Effective Time or (b) the
period during which the non-U.S. holder has owned Uranerz common shares, and the
non-U.S. holder has directly, indirectly, or constructively owned 5% or more of
the issued and outstanding Uranerz common shares at any time during the same
period. </P>
<P align=justify>If a non-U.S. holder&#146;s gain is described in the first bullet
point above, such non-U.S. holder will generally be treated for U.S. federal
income tax purposes in the same manner as a U.S. holder as described above under
&#147;Material U.S. Federal Income Tax Consequences of the Transaction to U.S.
Holders,&#148; and generally will be subject to U.S. federal income tax on any gain
realized, net of certain deductions, at the rates applicable to U.S. holders.
Corporate non-U.S. holders whose gain is described in the first bullet point
(and not the third bullet point) above may also be subject to the branch profits
tax at a 30% rate (or such lower rate as may be specified by an applicable
income tax treaty) on such effectively connected income (or, if an income tax
treaty applies, on such income attributable to a U.S. permanent establishment).
Individual non-U.S. holders described in the second bullet point above will
generally be subject to U.S. federal income tax at a flat rate of 30% (or such
lower rate as may be specified by an applicable income tax treaty) on any gain
realized, which may be offset by &#147;U.S. source&#148; capital losses, even though such
non-U.S. holders are not considered to be residents of the U.S. </P>
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<P align=justify>Non-U.S. holders are urged to consult their own tax advisors
regarding the tax consequences of the exchange of shares of Uranerz common stock
for Energy Fuels common shares pursuant to the Transaction and the potential
applicability of any income tax treaty. </P>
<P align=justify><I>Classification of Uranerz as a United States Real Property
Holding Corporation</I></P>
<P align=justify>Uranerz believes that it likely is, or has been, a United
States real property holding corporation, or &#147;USRPHC,&#148; as defined for U.S.
federal income tax purposes. Generally, a U.S. corporation is a USRPHC if, at
any time during the prior five-year period, at least 50% of the value of its
real property and certain other assets consist of United States real property
interests (&#147;<B>USRPIs</B>&#148;). For purposes of these rules, a USRPI includes land,
growing crops and timber, and mines, wells and other natural deposits (including
oil and gas properties and deposits) located in the United States, as well as
equity interests in a USRPHC.</P>
<P align=justify>An exchange of shares of a USRPHC by a non-U.S. holder
generally is subject to U.S. federal income tax as if the gain or loss from such
exchange were effectively connected with the conduct of a U.S. trade or business
(or, if a tax treaty applies, attributable to a U.S. permanent establishment).
However, if shares of Uranerz common stock are considered regularly traded on an
established securities market (including an over-the-counter market) within the
meaning of Section 897 of the Code and the Treasury regulations issued
thereunder, gain realized by a non-U.S. holder on the exchange of shares of
Uranerz common stock for Energy Fuels common shares pursuant to the Transaction
should not be subject to U.S. federal income tax unless such holder has
directly, indirectly, or constructively owned more than 5-percent of the Uranerz
common stock at any time during the shorter of (a) the five-year period ending
on the Effective Date or (b) the period during which the non-U.S. holder has
owned Uranerz common stock (a &#147;5% non-U.S. holder&#148;). For this purpose,
constructive ownership generally includes ownership through corporations and
other entities and options, warrants or other securities convertible into or
exercisable for Uranerz common stock. 5% non-U.S. holders will be subject to
U.S. federal income tax on any gain realized pursuant to the Transaction.
Non-U.S. holders should consult their own tax advisors regarding whether they
are 5% non-U.S. holders under the applicable U.S. federal income tax rules.</P>
<P align=justify>Uranerz expects that its shares of Uranerz common stock, which
are traded on the NYSE MKT, should be treated as regularly traded on an
established securities market for purposes of the applicable U.S. Treasury
regulations. It is a condition to closing the Transaction, that legal counsel to
Uranerz deliver an opinion to Energy Fuels which concludes that the shares of
Uranerz common stock shall be regularly traded on an established securities
exchange within the meaning of U.S. Treasury regulation Section 1.897 -9T(d) as
of the Effective Time. However, such opinion will not be binding upon the IRS
and no assurances can be given that the IRS will agree that Uranerz will satisfy
the regularly traded exception at the Effective Time. If shares of Uranerz
common stock are considered regularly traded on an established securities
market, a non-U.S. holder generally will not recognize any realized gain for
U.S. federal income tax purposes with respect to the exchange of shares pursuant
to the Transaction, unless the U.S. Holder is a 5% non-U.S. holder. Energy Fuels
will be required to withhold 10% of the gross fair market value of its common
shares issued in exchange for a 5% non-U.S. holder&#146;s shares of Uranerz common
stock pursuant to Section 1445 of the Code.</P>
<P align=justify>If shares of Uranerz common stock are not considered to be
regularly traded on an established securities market, all non-U.S. holders
generally will recognize any realized gain for U.S. federal income tax purposes
with respect to the exchange of shares pursuant to the Transaction. Energy Fuels will be required to withhold 10% of the gross fair market
value of its shares being issued in exchange for all non-U.S. holders&#146; shares of
Uranerz common stock pursuant to Section 1445 of the Code.</P>
<P align=center>131 </P>
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<P align=justify>Any tax withheld on the exchange of shares in the Transaction
can be credited against a non-U.S. holder&#146;s U.S. federal income tax liability.
Exceptions that reduce or eliminate the withholding tax may apply if certain
requirements are met. </P>
<P align=justify>Non-U.S. holders should consult their own tax advisors
concerning the federal income tax related to USRPIs. </P>
<P align=justify><I>Non-U.S. Holders Exercising Dissenters&#146; Rights</I></P>
<P align=justify>A non-U.S. holder who exercises dissenters&#146; rights in the
Transaction generally should not be taxed on the receipt of cash in exchange for
all of such non-U.S. holder&#146;s shares of Uranerz common stock except in the
circumstances described above under the &#147;Material U.S. Federal Income Tax
Consequences of the Transaction to Non-U.S. Holders-Exchange of Uranerz Common
Shares for Energy Fuels Common Shares.&#148; Amounts that are, or are deemed to be,
interest for U.S. federal income tax purposes will be subject to a 30%
withholding tax, unless an exemption applies or the rate is reduced or
eliminated under an applicable income tax treaty.</P>
<P align=justify><B>Material Canadian Federal Income Tax Considerations </B></P>
<P align=justify>The following is, as of the date hereof, a general summary of
the principal Canadian federal income tax considerations generally applicable
under the Income Tax Act (Canada) (the &#147;<B>Tax Act</B>&#148;) and the regulations
enacted thereunder (the &#147;<B>Regulations</B>&#148;) to a beneficial owner of Energy
Fuels common shares, shares of Uranerz common stock and Uranerz warrants who for
the purposes of the Tax Act and at all relevant time: (i) deals at arm&#146;s length
with Energy Fuels and Uranerz; (ii) is not affiliated with Energy Fuels or
Uranerz; and (iii) holds Energy Fuels common shares, shares of Uranerz common
stock and Uranerz warrants (as the case may be) as capital property (each a
&#147;<B>Holder</B>&#148;). Generally, the Energy Fuels common shares, shares of Uranerz
common stock and Uranerz warrants will be considered to be capital property to a
holder provided the holder does not hold them in the course of carrying on a
business of trading or dealing in securities and has not acquired them in one or
more transactions considered to be an adventure or concern in the nature of
trade. </P>
<P align=justify>This summary is not applicable to a Holder: (i) that is a
&#147;financial institution&#148; (as defined in the Tax Act for the purposes of the
mark-to-market rules), (ii) an interest in which would be a &#145;&#145;tax shelter
investment&#146;&#146; (as defined in the Tax Act), (iii) that is a &#145;&#145;specified financial
institution&#146;&#146; (as defined in the Tax Act), (iv) that has elected to report its
&#145;&#145;Canadian tax results&#146;&#146; (as defined in the Tax Act) in a currency other than
Canadian currency, (v) who enters into or has entered into a &#145;&#145;synthetic
disposition arrangement&#146;&#146; or a &#145;&#145;derivative forward agreement&#146;&#146; (as defined in
the Tax Act) with respect to the Energy Fuels common shares, shares of Uranerz
common stock or Uranerz warrants, or (vi) in respect of which Uranerz
constitutes a &#147;foreign affiliate&#148; (as defined in the Tax Act). Additional
considerations, not discussed herein, may be applicable to a Holder that is a
corporation resident in Canada, and that is, or becomes as part of a transaction
or event or series of transactions or events that includes the acquisition of
Energy Fuels shares, controlled by a non-resident corporation, for purposes of
the foreign affiliate dumping rules in section 212.3 of the Tax Act. Any such
Holder should consult its own tax advisor. </P>
<P align=center>132 </P>
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<P align=justify>This summary is not applicable to a Holder who has acquired or
will acquire shares of Uranerz common stock or Energy Fuels common shares on the
exercise of an employee stock option received in respect of, in the course of,
or by virtue of, employment. In addition, this summary does not address tax
considerations relevant to the treatment of Uranerz options under the
Transaction. All affected Holders should consult their own tax advisors in this
regard. </P>
<P align=justify>This summary is based upon the provisions of the Tax Act and
the Regulations in force as of the date hereof, and management&#146;s understanding
of the current published administrative policies and assessing practices of the
Canada Revenue Agency (the &#147;<B>CRA</B>&#148;). This summary takes into account all
specific proposals to amend the Tax Act or the Regulations that have been
publicly announced by or on behalf of the Minister of Finance (Canada) prior to
the date hereof (the &#147;<B>Proposed Amendments</B>&#148;) and assumes that the Proposed
Amendments will be enacted in the form proposed, although no assurance can be
given that the Proposed Amendments will be enacted or otherwise implemented in
their current form, if at all. If the Proposed Amendments are not enacted or
otherwise implemented as proposed, the Canadian federal income tax consequences
may not be as described below. </P>
<P align=justify>This summary is not exhaustive of all possible Canadian federal
income tax considerations applicable in the respect of the Transaction and,
except for the Proposed Amendments, does not take into account or anticipate any
changes in the law, whether by legislative, regulatory or judicial action, or
changes in the administrative policies or assessing practices of the CRA. This
summary does not take into account any provincial, territorial or foreign tax
considerations, which may differ significantly from the Canadian federal income
tax consequences discussed herein. </P>
<P align=justify><B>This summary is of a general nature only and is not intended
to be, and should not construed to be, legal, business or tax advice to any
particular Holder of Energy Fuels common shares, </B><B>shares of Uranerz common
stock</B><B> and Uranerz warrants. Accordingly, such Holders should consult
their own tax advisors with respect to their particular circumstances. </B></P>
<P align=justify><B><I><U><FONT color=#141413>Considerations of the Transaction
Relevant to Energy Fuels Shareholders</FONT></U></I></B></P>
<P align=justify><I>Energy Fuels Shareholders Resident in Canada </I></P>
<P align=justify>The following portion of this summary is generally applicable
to a Holder of Energy Fuels common shares who, for purposes of the Tax Act and
at all relevant times is or is deemed to be resident in Canada and is not exempt
from tax under Part I of the Tax Act (referred to as a &#147;<B>Resident Energy Fuels
Shareholder</B>&#148;).</P>
<P align=justify>A Resident Energy Fuels Shareholder will not dispose of the
Energy Fuels common shares or receive any consideration by virtue of the
Transaction. Accordingly, each Resident Energy Fuels Shareholder will not
realize a capital gain (or incur a capital loss). </P>
<P align=justify><I>Energy Fuels Shareholders Not Resident in Canada </I></P>
<P align=justify>The following portion of this summary is generally applicable
to a Holder of Energy Fuels common shares and Energy Fuels warrants who, for
purposes of the Tax Act and at all relevant times: (i) is not resident, nor
deemed to be resident, in Canada for purposes of the Tax Act, and (ii) does not and will not use or holds or be deemed to use or
hold Energy Fuels common shares or Energy Fuels warrants in the course of
carrying on business in Canada (referred to as a <B>&#147;Non-Resident Energy Fuels
Shareholder&#148;</B>). Special rules, which are not discussed below, may apply to a
non-resident of Canada that is an insurer which carries on business in Canada
and elsewhere. Non-Resident Energy Fuels Shareholders should obtain tax advice
of any foreign tax consequences of the Transaction based upon their particular
circumstances. </P>
<P align=center>133 </P>
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<P align=justify>A Non-Resident Energy Fuels Shareholder will not dispose of the
Energy Fuels common shares or receive any consideration by virtue of the
Transaction. Accordingly, each Non-Resident Energy Fuels Shareholder will not
realize a capital gain (or incur a capital loss). </P>
<P align=justify><B><I><U><FONT color=#141413>Considerations of the Transaction
Relevant to Holders of </FONT></U></I></B><B><I><U>shares of Uranerz common
stock</U></I></B><B><I> </I></B><B><I><U><FONT color=#141413>and Uranerz
Warrants</FONT></U></I></B><B><I> </I></B></P>
<P align=justify><I>Uranerz Holders Resident in Canada </I></P>
<P align=justify>This portion of the summary is generally applicable to a Holder
who, at all relevant times, for purposes of the Tax Act and any applicable
income tax convention, is, or is deemed to be, resident in Canada and is not
exempt from tax under Part I of the Tax Act, and who holds shares of Uranerz
common stock or Uranerz warrants (referred to in this portion of the summary as
a &#147;<B>Resident Uranerz Holder</B>&#148;). </P>
<P style="MARGIN-LEFT: 5%" align=justify>Exchange of shares of Uranerz common
stock </P>
<P align=justify>Generally, a Resident Uranerz Holder whose shares of Uranerz
common stock are exchanged as a result of the Transaction for Energy Fuels
common shares will realize a capital gain (or capital loss) equal to the amount,
if any, by which the proceeds of disposition, net of any reasonable costs of
disposition, exceed (or are less than) the adjusted cost base to the Resident
Uranerz Holder of the shares of Uranerz common stock immediately prior to the
Transaction. The proceeds of disposition to the Resident Uranerz Holder in
respect of the Holder&#146;s shares of Uranerz common stock will be equal to the
aggregate of the fair market value at that time of the Energy Fuels common
shares received in exchange for such shares of Uranerz common stock. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Treatment of Uranerz Warrants </P>
<P align=justify>As described in more detail under &#147;Effect of the Transaction on
Uranerz&#146; Warrants&#148;, at the Effective Time each outstanding Uranerz warrant will
entitle its holder to acquire, in lieu of one Uranerz share, a number of Energy
Fuels common shares equal to the Exchange Ratio upon exercise, in accordance
with the terms of the original Uranerz warrant. Although the matter is not free
from doubt, Energy Fuels&#146; management believes the better view is that this
treatment of the Uranerz Warrants under the Transaction should not be considered
to be a disposition of the Uranerz warrants or receipt of a &#147;new&#148; warrant at the
Effective Time, such that Resident Uranerz Holders should not realize a capital
gain (or capital loss) with respect to the Uranerz warrants at the Effective
Time. However, no tax ruling or legal opinion has been sought or obtained in
this regard, and Resident Uranerz Holders should consult with their own tax
advisors with respect to the tax considerations relevant to the treatment of the
Uranerz warrants under the Transaction.</P>
<P align=center>134 </P>
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<P style="MARGIN-LEFT: 5%" align=justify>Exercise of Dissent Rights </P>
<P align=justify>The exercise of the dissent rights will be taxed as a
disposition of the shares of Uranerz common stock. Such person who dissents will
realize a capital gain (or capital loss) equal to the amount, if any, by which
the proceeds of disposition, net of any reasonable costs of disposition, exceed
(or are less than) the adjusted cost base to the Resident Uranerz Holder of the
shares of Uranerz common stock immediately prior to the Transaction. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Taxation of Capital Gains and Losses
</P>
<P align=justify>One-half of any capital gain realized by a Resident Uranerz
Shareholder will be included in the Resident Uranerz Shareholder&#146;s income as a
taxable capital gain and one-half of any capital loss realized by a Resident
Uranerz Shareholder may generally be deducted only from taxable capital gains in
accordance with the provisions of the Tax Act. Allowable capital losses for a
taxation year in excess of taxable capital gains for that year generally may be
carried back and deducted in any of the three preceding taxation years or
carried forward and deducted in any subsequent taxation year against net taxable
capital gains realized in such years, to the extent and under the circumstances
described in the Tax Act. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Alternative Minimum Tax </P>
<P align=justify>Capital gains realized or dividends received, or deemed to be
received, by a Resident Uranerz Holder that is an individual or a trust, other
than certain specified trusts, may give rise to alternative minimum tax under
the Tax Act.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Additional Refundable Tax </P>
<P align=justify>A Resident Uranerz Holder that is throughout the relevant
taxation year a &#147;Canadian-controlled private corporation&#148; (as defined in the Tax
Act) may be liable to pay a refundable tax of 6 2/3% on its &#147;aggregate
investment income&#148;, which is defined in the Tax Act to include taxable capital
gains. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Foreign Tax Credit or Deduction </P>
<P align=justify>U.S. taxes payable by a Resident Uranerz Holder in connection
with the disposition of the shares of Uranerz common stock in the Transaction
may be eligible for a foreign tax credit or deduction to the extent and subject
to the limitations provided in the Tax Act. Affected Resident Uranerz Holders
should consult their own tax advisors. </P>
<P align=justify><I>Uranerz Holders Not Resident in Canada </I></P>
<P align=justify>This portion of the summary is generally applicable to a Holder
who, at all relevant times, for purposes of the Tax Act, is not, and is not
deemed to be, resident in Canada and does not use or hold, and is not deemed to
use or hold, the shares of Uranerz common stock or Uranerz warrants in a
business carried on in Canada (referred to in this portion of the summary as a
&#147;<B>Non-Resident Uranerz Holder</B>&#148;). Special rules, which are not discussed in
this summary, may apply to certain Holders that are insurers carrying on an
insurance business in Canada and elsewhere. </P>
<P align=justify>A Non-Resident Uranerz Holder will not be subject to tax under
the Tax Act in respect of any capital gain realized by such Non-Resident Uranerz
Holder on a disposition of the shares of Uranerz common stock unless the shares
of Uranerz common stock constitute &#145;&#145;taxable Canadian property&#146;&#146; (as defined in the Tax Act) of the Non-Resident
Uranerz Holder at the time of disposition and the Non-Resident Uranerz Holder is
not entitled to relief under an applicable income tax convention between Canada
and the country in which the Non-Resident Uranerz Holder is resident.</P>
<P align=center>135 </P>
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<P align=justify>Provided the shares of Uranerz common stock are then listed on
a designated stock exchange (which currently includes the NYSE MKT and the TSX),
the shares of Uranerz common stock will generally not constitute taxable
Canadian property of a Non-Resident Uranerz Shareholder at that time, unless at
any time during the 60 month period immediately preceding the disposition of the
shares of Uranerz common stock the following two conditions are satisfied
concurrently: (i)(a) the Non-Resident Uranerz Holder, (b) persons with whom the
Non-Resident Uranerz Holder did not deal at arm&#146;s length, (c) partnerships in
which the Non-Resident Uranerz Holder or a person described in (b) holds a
membership interest directly or indirectly through one or more partnerships, or
(d) any combination of the persons and partnerships described in (a) through
(c), owned 25% or more of the issued shares of any class or series of the shares
of Uranerz; and (ii) more than 50% of the fair market value of the shares of
Uranerz common stock was derived directly or indirectly from one or any
combination of: real or immovable property situated in Canada, &#147;Canadian
resource properties&#148;, &#147;timber resource properties&#148; (each as defined in the Tax
Act), and options in respect of, or interests in or for civil law rights in,
such properties. A Non-Resident Uranerz Holder holding shares of Uranerz common
stock that may constitute taxable Canadian property should consult a tax advisor
prior to such disposition. </P>
<P align=justify>The exercise of the dissent rights will be treated as a
disposition of the shares of Uranerz common stock, and for purposes of the
following discussion, such disposition is assumed to occur at a time when the
Uranerz common stock is no longer listed on a designated stock exchange. The
Uranerz common stock will generally not constitute taxable Canadian property to
a dissenting Non-Resident Uranerz Holder at that time, unless at any time during
the 60-month period immediately preceding the disposition more than 50% of the
fair market value of the Uranerz common stock was derived directly or indirectly
(otherwise than through a corporation, partnership or trust the shares or
interests in which were not themselves taxable Canadian property at the
particular time) from one or any combination of: real or immovable property
situated in Canada, &#147;Canadian resource properties&#148;, &#147;timber resource properties&#148;
(each as defined in the Tax Act), and options in respect of, or interests in or
for civil law rights in, such properties. A dissenting Non-Resident Uranerz
Holder should consult a tax advisor to confirm the specific tax consequences
that would be applicable. </P>
<P align=justify>As described in more detail under &#147;Effect of the Transaction on
Uranerz&#146; Warrants&#148;, at the Effective Time each outstanding Uranerz warrant will
entitle its holder to acquire, in lieu of one Uranerz share, a number of Energy
Fuels common shares equal to the Exchange Ratio upon exercise, in accordance
with the terms of the original Uranerz warrant. Although the matter is not free
from doubt, Energy Fuels&#146; management believes the better view is that this
treatment of the Uranerz Warrants under the Transaction should not be considered
to be a disposition of the Uranerz warrants or receipt of a &#147;new&#148; warrant at the
Effective Time, such that Non-Resident Uranerz Holders should not realize a
capital gain (or capital loss) with respect to the Uranerz warrants at the
Effective Time. However, no tax ruling or legal opinion has been sought or
obtained in this regard, and Non-Resident Uranerz Holders should consult with
their own tax advisors with respect to the tax considerations relevant to the
treatment of the Uranerz warrants under the Transaction.</P>
<P align=center>136 </P>
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<P align=justify><B><I><U><FONT color=#141413>Material Canadian Federal Tax
Consequences of Holding Energy Fuels Shares, Uranerz</FONT></U></I></B><B><I>
</I></B><B><I><U><FONT color=#141413>Warrants and Energy Fuels
Warrants</FONT></U></I></B><B><I> </I></B></P>
<P align=justify><I>Residents of Canada </I></P>
<P align=justify>The following portion of this summary is generally applicable,
subsequent to the completion of the Transaction, to a Holder of Energy Fuels
common shares, Uranerz warrants or Energy Fuels warrants who, for purposes of
the Tax Act and at all relevant times is or is deemed to be resident in Canada
and is not exempt from tax under Part I of the Tax Act (referred to as a
&#147;<B>Resident Energy Fuels Holder</B>&#148;). In this portion of the summary,
references to Uranerz warrants are references to warrants of Uranerz that
effectively become exercisable into Energy Fuels common shares in the manner
described in more detail under &#147;Effect of the Transaction on Uranerz&#146; Warrants&#148;.
<B></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Dispositions of Energy Fuels Shares,
Uranerz Warrants and Energy Fuels Warrants </P>
<P align=justify>On the disposition or deemed disposition of an Energy Fuels
share, Uranerz Warrant or Energy Fuels Warrant (other than a disposition arising
on the exercise or expiry of a Uranerz Warrant or an Energy Fuels Warrant), the
Resident Energy Fuels Holder will realize a capital gain (or capital loss) equal
to the amount by which the Resident Energy Fuels Holder&#146;s proceeds of
disposition exceed (or are less than) the aggregate of the adjusted cost base of
the Energy Fuels share, Uranerz Warrant or Energy Fuels Warrant, respectively,
and any reasonable costs of disposition. For a description of the treatment of
capital gains and capital losses, see &#147;Material Canadian Federal Income Tax
Considerations - Material Canadian Tax Consequences of Holding Energy Fuels
Shares, Uranerz Warrants and Energy Fuels Warrants - Residents of Canada -
Capital Gain and Capital Losses&#148; below. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Exercise of Warrants </P>
<P align=justify>The exercise of a Uranerz Warrant or an Energy Fuels warrant
will not constitute a disposition of property for purposes of the Tax Act and,
consequently, no gain or loss will be realized by a Resident Energy Fuels Holder
upon the exercise of a Uranerz Warrant or an Energy Fuels warrant to acquire an
Energy Fuels common share. When a Uranerz Warrant or an Energy Fuels warrant is
exercised, the Resident Energy Fuels Holder&#146;s cost of the Energy Fuels common
share acquired thereby will be the aggregate of the Resident Energy Fuels
Holder&#146;s adjusted cost base of such Uranerz Warrant or Energy Fuels warrant
exercised and the exercise price paid to thereby acquire the Energy Fuels common
share. The cost to a Resident Energy Fuels Holder of an Energy Fuels common
share so acquired must be averaged with the adjusted cost base (determined
immediately before the exercise of a Uranerz Warrant or an Energy Fuels warrant)
of all other Energy Fuels common shares held by the Resident Energy Fuels Holder
as capital property at the time of the exercise of a Uranerz Warrant or an
Energy Fuels warrant to determine the Resident Energy Fuels Holder&#146;s adjusted
cost base of all such Energy Fuels common shares held. </P>
<P align=center>137 </P>
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<P style="MARGIN-LEFT: 5%" align=justify>Expiry of Warrants </P>
<P align=justify>The expiry of an unexercised Uranerz Warrant or Energy Fuels
warrant will generally result in a capital loss to the Resident Energy Fuels
Holder equal to the Resident Energy Fuels Holder&#146;s adjusted cost base of such
Uranerz Warrant or Energy Fuels warrant immediately before its expiry. For a
description of the treatment of capital gains and capital losses, see &#147;Material
Canadian Federal Income Tax Considerations - Material Canadian Tax Consequences
of Holding Energy Fuels Shares, Uranerz Warrants and Energy Fuels Warrants -
Residents of Canada - Capital Gain and Capital Losses&#148; below. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Capital Gains and Capital Losses</P>
<P align=justify>One-half of any capital gain realized by a Resident Energy
Fuels Holder will be included in the Resident Energy Fuels Holder&#146;s income as a
taxable capital gain and one-half of any capital loss realized by a Resident
Energy Fuels Holder may generally be deducted only from taxable capital gains in
accordance with the provisions of the Tax Act. Allowable capital losses for a
taxation year in excess of taxable capital gains for that year generally may be
carried back and deducted in any of the three preceding taxation years or
carried forward and deducted in any subsequent taxation year against net taxable
capital gains realized in such years, to the extent and under the circumstances
described in the Tax Act. </P>
<P align=justify>Where a Resident Energy Fuels Holder that is a corporation or
trust (other than a mutual fund trust) disposes of an Energy Fuels share, the
Resident Energy Fuels Holder&#146;s capital loss from the disposition will generally
be reduced by the amount of dividends previously designated by Energy Fuels to
have been received by the Resident Energy Fuels Holder except to the extent that
a loss on a previous disposition of an Energy Fuels share has been reduced by
those dividends. Analogous rules apply where a corporation or trust (other than
a mutual fund trust) is a member of a partnership that disposes of Energy Fuels
shares. Affected Resident Energy Fuels Holders should consult their own tax
advisors. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Dividends on Energy Fuels Common Shares
</P>
<P align=justify>A Resident Energy Fuels Holder that is an individual (other
than certain trusts), will be required to include in income the dividends
received or deemed to be received on the Energy Fuels common shares, which will
be subject to the normal gross-up and dividend tax credit rules applicable to
dividends paid by taxable Canadian corporations under the Tax Act, including the
enhanced gross-up and dividend tax credit applicable to any dividend designated
by Energy Fuels as an &#147;eligible dividend&#148; in accordance with the provisions of
the Tax Act. There may be limitations on Energy Fuel&#146;s ability to designate
dividends as &#147;eligible dividends,&#148; and Energy Fuels has made no commitments in
this regard.</P>
<P align=justify>A Resident Energy Fuels Holder that is a corporation will be
required to include in income any dividend received or deemed to be received on
the Energy Fuels common shares and generally will be entitled to deduct an
equivalent amount in computing its taxable income, subject to all restrictions
under the Tax Act. </P>
<P align=justify>Private corporations (as defined in the Tax Act) and or certain
other corporations controlled by or for the benefit of an individual (other than
a trust) or related group of individuals (other than trusts) generally will be
liable to pay a 33 1/3% refundable tax under Part IV of the Tax Act on dividends
received or deemed to be received on the Energy Fuels common shares to the
extent such dividends are deductible in computing taxable income. </P>
<P align=center>138 </P>
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<P style="MARGIN-LEFT: 5%" align=justify>Alternative Minimum Tax </P>
<P align=justify>Capital gains realized or dividends received, or deemed to be
received, by a Resident Energy Fuels Holder that is an individual or a trust,
other than certain specified trusts, may give rise to alternative minimum tax
under the Tax Act. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Additional Refundable Tax </P>
<P align=justify>A Resident Energy Fuels Holder that is throughout the relevant
taxation year a &#147;Canadian-controlled private corporation&#148; (as defined in the Tax
Act) may be liable to pay a refundable tax of 6 2/3% on its &#147;aggregate
investment income&#148;, which is defined in the Tax Act to include taxable capital
gains. </P>
<P align=justify><I>Non-Residents of Canada </I></P>
<P align=justify>The following portion of this summary is generally applicable,
subsequent to the completion of the Transaction, to a Holder of Energy Fuels
common shares, Uranerz warrants or Energy Fuels warrants who, for purposes of
the Tax Act and at all relevant times: (i) is not resident, nor deemed to be
resident, in Canada for purposes of the Tax Act, and (ii) does not and will not
use or holds or be deemed to use or hold Energy Fuels common shares, Uranerz
warrants, or Energy Fuels warrants in the course of carrying on business in
Canada (referred to as a &#147;<B>Non-Resident Energy Fuels Holder</B>&#148;). Special
rules, which are not discussed below, may apply to a nonresident of Canada that
is an insurer which carries on business in Canada and elsewhere.<B> </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Disposition of Energy Fuels Shares,
Uranerz Warrants and Energy Fuels Warrants<B> </B></P>
<P align=justify>A Non-Resident Energy Fuels Holder will not generally be
subject to tax under the Tax Act on a disposition of an Energy Fuels common
share, a Uranerz Warrant or an Energy Fuels warrant, unless the Energy Fuels
common share, Uranerz Warrant or Energy Fuels warrant constitutes &#147;taxable
Canadian property&#148; (as defined in the Tax Act) of the Non-Resident Energy Fuels
Holder at the time of disposition and the Non-Resident Energy Fuels Holder is
not entitled to relief under an applicable income tax treaty or convention.</P>
<P align=justify>Provided the Energy Fuels common shares are listed on a
&#147;designated stock exchange&#148;, as defined in the Tax Act (which currently includes
the NYSE MKT and the TSX) at the time of disposition, the Energy Fuels common
shares, the Uranerz Warrants and the Energy Fuels warrants will generally not
constitute taxable Canadian property of a Non-Resident Energy Fuels Holder at
that time, unless at any time during the 60-month period immediately preceding
the disposition the following two conditions are satisfied concurrently: (i) (a)
the Non-Resident Energy Fuels Holder; (b) persons with whom the Non-Resident
Energy Fuels Holder did not deal at arm&#146;s length; (c) partnerships in which the
Non-Resident Energy Fuels Holder or a person described in (b) holds a membership
interest directly or indirectly through one or more partnerships; or (d) any
combination of the persons and partnerships described in (a) through (c), owned
25% or more of the issued shares of any class or series of the shares of Energy
Fuels; and (ii) more than 50% of the fair market value of the Energy Fuels
common shares was derived directly or indirectly from one or any combination of:
real or immovable property situated in Canada, &#147;Canadian resource properties&#148;,
&#147;timber resource properties&#148; (each as defined in the Tax Act), and options in
respect of, or interests in or for civil law rights in, such properties. A
Non-Resident Energy Fuels Holder contemplating a disposition of Energy Fuels
shares, Uranerz Warrants and Energy Fuels Warrants that may constitute taxable
Canadian property should consult a tax advisor prior to such disposition. </P>
<P align=center>139 </P>
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<P align=justify>Even if the Energy Fuels common shares, the Uranerz Warrants or
Energy Fuels warrants are "taxable Canadian property" to a Non-Resident Energy
Fuels Holder, such Non-Resident Energy Fuels Holder may be exempt from tax under
the Tax Act on the disposition of such Energy Fuels common shares, Uranerz
Warrants or Energy Fuels warrants by virtue of an applicable income tax treaty
or convention. Non-Resident Energy Fuels Holders of common shares, Uranerz
Warrants or Energy Fuels warrants that may constitute "taxable Canadian
property" should consult their own tax advisors in this regard. If the Energy
Fuels common shares, Uranerz Warrants or Energy Fuels warrants are "taxable
Canadian property" to a Non-Resident Energy Fuels Holder and such Non-Resident
Energy Fuels Holder is not exempt from tax under the Tax Act in respect of the
disposition of such Energy Fuels common shares, Uranerz Warrants or Energy Fuels
warrants pursuant to an applicable income tax treaty or convention, the tax
consequences as described above under the headings " Material Canadian Tax
Consequences of Holding Energy Fuels Shares, Uranerz Warrants and Energy Fuels
Warrants - Residents of Canada - Capital Gains and Capital Losses " will
generally apply. If the capital gains (or capital losses) are derived from the
disposition of &#147;taxable Canadian property&#148; by a Non-Resident Energy Fuels
Holder, the Non-Resident Energy Fuels Holder may in certain circumstances be
required to file a Canadian tax return reporting the disposition even if no gain
is realized by the Non-Resident Energy Fuels Holder on the disposition or the
gain is otherwise exempt from Canadian tax under the provisions of an applicable
income tax treaty or convention. </P>
<P align=justify><I>Receipt of Dividends on Energy Fuels Shares</I> </P>
<P align=justify>Dividends received or deemed to be received by a Non-Resident
Energy Fuels Holder on the Energy Fuels common shares will be subject to
Canadian withholding tax under the Tax Act. The general rate of withholding tax
is 25%, although such rate may be reduced under the provisions of an applicable
income tax convention between Canada and the Non-Resident Energy Fuels Holder&#146;s
country of residence, for example, under the <I>Canada-United States Income Tax
Convention (1980)</I> as amended, the rate is generally reduced to 15%. </P>
<P align=justify><B>ELIGIBILITY FOR INVESTMENT </B></P>
<P align=justify>The Energy Fuels common shares and Energy Fuels warrants would
be qualified investments for trusts governed by registered retirement savings
plans (&#147;<B>RRSPs</B>&#148;), registered retirement income funds (&#147;<B>RRIFs</B>&#148;),
registered disability savings plans, deferred profit savings plans, tax-free
savings accounts (&#147;<B>TFSAs</B>&#148;), and registered education savings plans,
collectively, the &#147;<B>Plans</B>&#148;, provided that</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>with respect to the Energy Fuels common shares, that the
      Energy Fuels common shares are listed on a &#147;designated stock exchange&#148;
      (which currently includes the NYSE MKT and TSX) at the relevant time;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>with respect to the Energy Fuels warrants, that either
      (i) the warrants are listed on a "designated stock exchange" (as defined
      in the Tax Act) at the relevant time, or (ii) the Energy Fuels common
      Shares are listed on a "designated stock exchange" as defined in the Tax
      Act and neither Energy Fuels nor any person with whom Energy Fuels does
      not deal at arm's length is an annuitant, a beneficiary, an employer or a
      subscriber under, or a holder of, the Plan.</P></TD></TR></TABLE>
<P align=justify>Notwithstanding that the Energy Fuels common shares and Energy
Fuels warrants may be a &#147;qualified investment&#148; for a trust governed by a TFSA,
RRSP or RRIF, the holder of a TFSA or the annuitant under a RRSP or RRIF, as the case may be, who
holds the Energy Fuels common shares or Energy Fuels warrants will be subject to
a penalty tax if such Energy Fuels common shares or Energy Fuels warrants are a
&#147;prohibited investment&#148; for purposes of the Tax Act. The Energy Fuels common
shares or Energy Fuels warrants will generally be a &#147;prohibited investment&#148; if
the holder or annuitant, as the case may be: (i) does not deal at arm&#146;s length
with Energy Fuels for the purposes of the Tax Act; or (ii) has a &#147;significant
interest&#148; in Energy Fuels, within the meaning of the Tax Act. In addition, the
Energy Fuels common shares or Energy Fuels warrants will not be a prohibited
investment if they are &#147;excluded property&#148; as defined in the Tax Act for trusts
governed by a TFSA, RRSP or RRIF. <B>Holders and annuitants should consult their
own tax advisors to ensure that the Energy Fuels common shares or Energy Fuels
warrants would not be a prohibited investment for a trust governed by a TFSA,
RRSP or RRIF in their particular circumstances. </B> </P>
<P align=center>140 </P>
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<P align=justify>As described in more detail under &#147;Effect of the Transaction on
Uranerz&#146; Warrants&#148;, at the Effective Time each outstanding Uranerz warrant will
entitle its holder to acquire, in lieu of one Uranerz share, a number of Energy
Fuels common shares equal to the Exchange Ratio upon exercise, in accordance
with the terms of the original Uranerz warrant. <B>The effect of the Regulations
to the Tax Act appears to be that the Uranerz Warrants cease to be a &#147;qualified
investment&#148; for Plans as a result of the Transaction. </B>Although it is not
clear that this result would have been intended by the Department of Finance
(Canada), there is insufficient guidance to form a contrary conclusion, and no
income tax ruling or legal opinion has been sought or obtained in this regard.
On the understanding that Uranerz warrants cease to be qualified investments for
Plans as a result of the Transaction, affected Plans would be deemed to have
acquired a non-qualified investment at such time, and the holder or annuitant of
an affected Plan would be liable for a special penalty tax under the Tax Act
imposed in respect of the fair market value of the Uranerz warrants held within
the affected Plan at the relevant time, and other adverse results (not reviewed
in this summary) can be expected to arise in respect of the Plan and its holder
or annuitant under the Tax Act. <B>The precise impact of these rules and the
status of Uranerz warrants as investments other than &#147;qualified investments&#148; for
purposes of the Plans, and potential mitigating steps for consideration by an
affected holder or annuitant, are beyond the scope of this summary, and all
affected Plan holders or annuitants (as the case may be) are advised to consult
with their own tax advisors in this regard well in advance of the Effective
Time</B><B>. </B></P>
<P align=justify><B>Regulatory Approvals Required for the Transaction and Other
Regulatory Matters</B></P>
<P align=justify>Energy Fuels and Uranerz have agreed to use their commercially
reasonable efforts to obtain all governmental and regulatory approvals required
to complete the Transaction as contemplated by the Merger Agreement. </P>
<P align=justify><B><I>US Nuclear Regulatory Commission </I></B><I></I></P>
<P align=justify>The uranium recovery operations of Uranerz are regulated by the
United States Nuclear Regulatory Commission (the &#147;<B>NRC</B>&#148;) pursuant to the
Atomic Energy Act of 1954, as amended. The NRC&#146;s primary function is to ensure
the protection of employees, the public and the environment from radioactive
materials as well as to regulate most aspects of the uranium recovery process.
The NRC regulations pertaining to uranium recovery facilities are codified in
Title 10 of the Code of Federal Regulations (&#147;<B>10 CFR</B>&#148;). Uranerz currently
holds a Materials License issued by the NRC for the Nichols Ranch ISR Project in
Johnson and Campbell Counties, Wyoming. Under 10 CFR, the transfer of the
Materials License is not permitted unless the NRC, after securing full information, finds that the
transfer is in accordance with the provisions of the Atomic Energy Act and has
given its consent in writing. The completion of the Transaction will result in a
&#147;change of control&#148; with respect to Uranerz that triggers the requirement that
the consent of the NRC be obtained in advance of completion of the Transaction.
In order to obtain this consent, Uranerz must file a Notice of Change of Control
and Ownership Information to the NRC (&#147;<B>Notice</B>&#148;). The Notice provides the
NRC with a complete description of the proposed Transaction including, but not
limited to, any transfer of stocks or assets or merger, any name change, any
changes in personnel or duties that relate to the licensed program, and any
changes in the organization, location, or procedures that relate to the licensed
program. Uranerz must also confirm that all records concerning the safe and
effective decommissioning of the facility will be transferred to the transferee
and confirm that the transferee will abide by all constraints, conditions,
requirements and commitments of the transferor under the Materials License.
Under the Atomic Energy Act, the NRC will be required to make a determination
that the completion of the Transaction will not be &#147;inimical to the common
defense and security, and would not constitute unreasonable risk to the health
and safety of the public.&#148; As part of this determination, the NRC will consider
certain foreign ownership, control and domination factors. In addition, the NRC
may require Energy Fuels to agree to certain commitments designed to ensure
ongoing compliance with the terms of the Materials License. </P>
<P align=center>141 </P>
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<P align=justify>Uranerz and Energy Fuels have submitted the Notice to the NRC
in connection with the completion of the Transaction. Uranerz and Energy Fuels
anticipate that the NRC may make a determination to grant its consent within 90
days of the submission; however the time frame for obtaining the consent may be
longer than anticipated. </P>
<P align=justify><B><I>Wyoming Department of Environmental Quality </I></B></P>
<P align=justify>The uranium operations of Uranerz in Wyoming are also regulated
by the Wyoming Department of Environmental Quality (the &#147;<B>WDEQ</B>&#148;). The WDEQ
exercises delegated jurisdiction from the United States Environmental Protection
Agency to administer the Clean Water Act and the Clean Air Act, and directly
administers Wyoming statutes on mined land reclamation. Uranerz has been issued
a number of permits for its operations at the Nichols Ranch ISR project,
including permits relating to wellfield operations, deep disposal wells and air
quality. Uranerz has discussed the change of control of Uranerz that will result
from the completion of the Transaction with the WDEQ and is of the understanding
that no approval of the WDEQ is required in connection with the Transaction as
Uranerz will be the surviving corporation in the Transaction. </P>
<P align=justify><B><I>Wyoming Bond Financing Agreement </I></B></P>
<P align=justify>Uranerz entered into a Financing Agreement dated November 26,
2013 (the &#147;<B>Financing Agreement</B>&#148;) with Johnson County, Wyoming (the
&#147;<B>County</B>&#148;) pursuant to which the County agreed to loan to Uranerz (the
&#147;<B>Wyoming Loan</B>&#148;) the proceeds from the sale of its $20,000,000 Taxable
Industrial Development Revenue Bond (Uranerz Energy Corporation Project), Series
2013, (the &#147;<B>Bond</B>&#148;) upon the terms and conditions set out in the Financing
Agreement, for the purpose of financing the Nichols Ranch Project. The Bond was
issued by the County pursuant to an indenture of trust dated as of November 26,
2013 between the County and UMB BANK, n.a. as trustee thereunder. The State of
Wyoming, acting by and through the Wyoming State Treasurer, agreed to purchase
the Bond subject to the terms and conditions specified under Wyoming Statute 9-4-715(m) and pursuant to the terms and
conditions set out in a Bond Purchase Agreement entered into on November 26,
2013 among the State of Wyoming, acting by and through the Wyoming State
Treasurer (the &#147;<B>State</B>&#148;), the County and Uranerz. </P>
<P align=center>142 </P>
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<P align=justify>Uranerz has initiated discussions with the County and the State
as to the appropriate documentation and acceptances that will be required in
connection with the completion of the Transaction. It is anticipated that
Uranerz, will be required to execute and deliver to the County and the State an
executed assumption agreement pursuant to which it agrees to perform all of the
original covenants and conditions under the Financing Agreement, together with
an opinion of its legal counsel relating to the execution of the assumption
agreement as well as other additional assurances and covenants.</P>
<P align=justify><B><I>Utah Department of Environmental Quality </I></B></P>
<P align=justify>Energy Fuels&#146; White Mesa Mill is regulated by the State of Utah
Department of Environmental Quality (&#147;<B>UDEQ</B>&#148;) pursuant to a Radioactive
Materials License, Groundwater Discharge Permit and Air Approval Order. Energy
Fuels does not believe the completion of the Transaction will result in a
&#147;change of control&#148; with respect to Energy Fuels that would trigger the
requirement that the consent of UDEQ be obtained in advance of completion of the
Transaction. Energy Fuels has requested confirmation from UDEQ that its consent
will not be required, or, alternatively, that UDEQ grant its consent should UDEQ
determine that such consent is required. </P>
<P align=justify><B><I>U.S. Antitrust Regulations</I></B></P>
<P align=justify>The completion of the Transaction is conditioned upon the
receipt of all required antitrust clearances, consents and approvals. Although
neither Uranerz nor Energy Fuels are required, in the United States or
elsewhere, to make pre-Transaction notification filings or to await the
expiration of any statutory waiting periods prior to completing the Transaction,
the Federal Trade Commission, the Department of Justice, a state attorney
general, or an antitrust enforcement authority in another country could
challenge or seek to block the Transaction at any time, either before or after
closing under the antitrust laws, as it deems necessary or desirable in the
public interest. Moreover, a competitor, customer or other third party could
initiate a private action under the antitrust laws challenging or seeking to
enjoin the Transaction, before or after it is completed. Neither Uranerz nor
Energy Fuels believe that the completion of the Transaction will result in a
violation of any applicable U.S. or foreign antitrust laws. However, there can
be no assurance that a challenge to the Transaction on antitrust grounds will
not be made or, if such a challenge is made, what the result will be.</P>
<P align=justify><B><I>U.S. National Security Review </I></B></P>
<P align=justify>Section 721 of the Defense Production Act of 1950 (&#147;<B>Section
721</B>&#148;), authorizes the President of the United States to investigate, and to
suspend or to prohibit, any transaction that could result in control of a U.S.
business by a foreign person (a &#147;<B>Covered Transaction</B>&#148;) where the
President determines that such transaction threatens to impair U.S. national
security, and no other adequate and appropriate means are available to address
that threat. In the exercise of Section 721 authority, the President relies on
the inter-agency Committee on Foreign Investment in the United States . CFIUS
consists of representatives of several U.S. agencies, including the
Departments of Commerce, Defense, Energy, Homeland Security, Justice, State, and
the Treasury, as well as the U.S. Trade Representative and other White House
offices. The Treasury Department chairs and acts as the secretariat for CFIUS. CFIUS
is empowered to review and to investigate Covered Transactions (i) where
appropriate, to negotiate agreements to mitigate identified national security
threats; (ii) to monitor and to enforce such mitigation agreements; (iii) to
determine that no further action under Section 721 is necessary concerning a
Covered Transaction based on the outcome of its review or investigation
(including conclusion of a mitigation agreement); and (iv) to make
recommendations to the President for a final decision if it is unable itself to
resolve issues concerning a Covered Transaction. </P>
<P align=center>143 </P>
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<P align=justify>There is no requirement to file a notice of a Covered
Transaction with CFIUS, but CFIUS itself may self-initiate an investigation
without being notified by the parties. Further, even if the parties to a Covered
Transaction do not file a notice with CFIUS or if CFIUS does not self-initiate
an investigation, the President maintains the authority to conduct an
investigation into, and to suspend, to prohibit, and to reverse a Covered
Transaction. Accordingly, it is customary and generally considered prudent to
file a joint voluntary notice with CFIUS in order to secure timely CFIUS
consideration of a Covered Transaction.</P>
<P align=justify>Upon initiation of a review of a Covered Transaction by CFIUS
(which ordinarily occurs after CFIUS has accepted as complete a joint voluntary
notice), Section 721 provides for a potentially three-stage process of
consideration. Initially, CFIUS conducts a review, which must be completed no
later than 30 days after initiation. In this review stage, CFIUS may either
conclude consideration of the Covered Transaction after determining that there
are no national security issues that warrant further action, or it may determine
to initiate an investigation. If CFIUS initiates an investigation, then the
investigation must be completed no later than 45 days after it commences. Upon
the completion of its investigation, CFIUS may either determine that no further
action is warranted (including by reason of a mitigation agreement), or it may
determine to refer the matter to the President with its report and
recommendations. If CFIUS refers the matter to the President, then the President
may take up to another 15 days to reach a final determination.</P>
<P align=justify>With respect to this statutory timeframe, Section 721 requires
that CFIUS ordinarily proceed to conduct an investigation of a Covered
Transaction in certain circumstances. These circumstances include where the
foreign person acquiring control of the U.S. business is controlled by a foreign
government. In addition, the statutory timeframe may effectively be varied by
CFIUS approval of a request by the parties to withdraw their notice. If the
parties withdraw and later refile a notice, then the CFIUS review process
commences from the beginning of the timeframe.</P>
<P align=justify>In evaluating a Covered Transaction under Section 721, CFIUS
and the President are guided by various factors, including: (i) domestic
production needed for projected national defense requirements; (ii) the
capability and capacity of domestic industries to meet national defense
requirements; (iii) the control of domestic industries and commercial activity
by foreign citizens as it affects the capability and capacity of the United
States to meet the requirements of national security; (iv) the potential effects
of the proposed or pending transaction on sales of military goods, equipment, or
technology to certain countries; (v) the potential effects of the proposed or
pending transaction on U.S. international technological leadership in areas
affecting U.S. national security; (vi) the potential national security-related
effects on U.S. critical infrastructure, including major energy assets; (vii)
the potential national security-related effects on U.S. critical technologies;
(viii) whether the covered transaction is a foreign government-controlled
transaction, and if so, (A) the adherence of the subject country to
nonproliferation control regimes, including treaties and multilateral supply
guidelines, (B) the relationship of such country with the United States,
specifically on its record on cooperating in counter-terrorism efforts, and (C) the potential for transshipment or diversion
of technologies with military applications, including an analysis of national
export control laws and regulations; (ix) the long-term projection of United
States requirements for sources of energy and other critical resources and
material; and (x) such other factors as CFIUS or the President may determine to
be appropriate generally or in connection with a specific review or
investigation. </P>
<P align=center>144 </P>
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<p align="justify">Uranerz and Energy Fuels submitted a joint voluntary notice
with CFIUS on March 17, 2015, and the review period began March 20, 2015. On
April 20, 2015, CFIUS issued a letter to Uranerz and Energy Fuels indicating
that it had completed its review of the notice and had determined that there are
no unresolved national security concerns with respect to the transaction. </p>
<P align=justify><B>Energy Fuels&#146; Status as a Foreign Private Issuer under the
United States Securities Exchange Act of 1934 </B></P>
<P align=justify>Energy Fuels is considered a &#147;foreign private issuer&#148; under the
rules of the SEC. Energy Fuels is subject to the reporting requirements under
the Exchange Act applicable to foreign private issuers. Energy Fuels is required
to file its annual report on Form 20-F with the SEC within four months of its
fiscal year end, or Form 40-F, if applicable, with the SEC at the time it files
its annual information form with the applicable Canadian securities regulatory
authorities. In addition, Energy Fuels must furnish reports on Form 6-K to the
SEC regarding certain information required to be publicly disclosed by Energy
Fuels in Canada or filed with the TSX, or regarding information distributed or
required to be distributed by Energy Fuels to its shareholders. </P>
<P align=justify>Moreover, although Energy Fuels is required to comply with
Canadian disclosure requirements, in some circumstances Energy Fuels is not
required to file periodic reports and financial statements with the SEC as
frequently or as promptly as U.S. companies whose securities are registered
under the Exchange Act. Energy Fuels is required to file financial statements in
accordance with IFRS, and therefore does not file financial statements prepared
in accordance with U.S. generally accepted accounting principles. Furthermore,
Energy Fuels is not required to comply with Regulation FD, which addresses
certain restrictions on the selective disclosure of material information,
although it must comply with Canadian disclosure requirements. In addition,
among other matters, Energy Fuels&#146; officers, directors and principal
shareholders are exempt from the reporting and &#147;short-swing&#148; profit recovery
provisions of Section 16 of the Exchange Act and the rules under the Exchange
Act with respect to their purchases and sales of Energy Fuels common shares. If
Energy Fuels loses its status as a foreign private issuer, it will no longer be
exempt from such rules and, among other things, will be required to file
periodic reports and financial statements as if it were a company incorporated
in the United States. Energy Fuels does, however, file quarterly financial
information under Canadian periodic reporting requirements for public
corporations, which is accessible through the Internet at www.sedar.com, and
will furnish such quarterly financial information to the SEC under cover of Form
6-K, which is available at www.sec.gov. Insiders of Energy Fuels are generally
required to disclose their trading in Energy Fuels shares within 5 days of the
date of the trade and these trading activity reports can be accessed through the
Internet at www.sedi.ca. </P>
<P align=justify>Energy Fuels expects that, upon completion of the Transaction,
it will likely cease being considered a &#147;foreign private issuer&#148; under the rules
of the SEC effective at the beginning of its next fiscal year. </P>
<P align=center>145 </P>
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<P align=justify><B>Exchange of Shares in the Transaction </B></P>
<P align=justify>At or prior to the Effective Time, an exchange agent will be
appointed to handle the exchange of shares of Uranerz common stock for Energy
Fuels shares. Shares of Uranerz common stock will be automatically converted
into the right to receive Energy Fuels common shares without the need for any
action by the holders of shares of Uranerz common stock, provided that holders
of shares of Uranerz common stock who have properly and validly exercised and
perfected their right to dissent shall not have their shares automatically
converted. </P>
<P align=justify>As promptly as practicable after the Effective Time, the
exchange agent will send to each Uranerz shareholder of record a letter of
transmittal. The letter of transmittal will specify that delivery will be
effected, and risk of loss and title to any certificates shall pass, only upon
proper delivery of such certificates to the exchange agent. The letter of
transmittal will be accompanied by instructions. Uranerz shareholders should
<B>not</B> return stock certificates with the enclosed proxy card.</P>
<P align=justify>After the Effective Time, shares of Uranerz common stock will
no longer be outstanding, will be automatically cancelled and will cease to
exist and be delisted from the NYSE MKT and the TSX and deregistered under the
Exchange Act, and each certificate, if any, that previously represented shares
of Uranerz common stock will represent only the right to receive the Transaction
consideration as described above. Until holders of shares of Uranerz common
stock have surrendered such shares to the exchange agent for exchange, those
holders will not receive the Transaction consideration or any dividends or
distributions on Energy Fuels shares into which their shares of Uranerz common
stock have been converted with a record date after the Effective Time. </P>
<P align=justify>Uranerz shareholders will not receive any fractional Energy
Fuels common shares pursuant to the Transaction. Each holder of Uranerz common
stock exchanged pursuant to the Merger Agreement who would otherwise have been
entitled to receive a fraction of an Energy Fuels common share (after taking
into account all stock certificates delivered by such holder) will receive, in
lieu of such fractional share, the number of Energy Fuels common shares rounded
to the nearest whole number (and, if the fraction is 0.5, the number of Energy
Fuels common shares shall be rounded up to the next whole number). The rounding
of fractional Energy Fuels common shares was not separately bargained for
consideration but merely represents a mechanical rounding off for purposes of
simplifying the corporate and accounting problems that would otherwise be caused
by the issuance of fractional Energy Fuels common shares. </P>
<P align=justify>Energy Fuels shareholders need not take any action with respect
to their share certificates. </P>
<P align=justify><B>Listing of Energy Fuels Common Shares </B></P>
<P align=justify>It is a condition to the completion of the Transaction that the
Energy Fuels common shares issuable in the Transaction or after the Transaction
in respect of Uranerz equity awards be approved for listing on the NYSE MKT and
TSX, subject, in the case of the TSX, to the making of certain prescribed
filings as soon as possible following the completion of the Transaction. As of
the date of this proxy statement/prospectus, the application for approval of the
listing of the common shares of Energy Fuels issuable in the Transaction has
been submitted to the TSX. An Additional Listing Application will be provided to
the NYSE MKT in accordance with the requirements of the NYSE MKT Company Guide.
</P>
<P align=center>146 </P>
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<P align=justify><B>Dissenters&#146; Rights</B> </P>
<P align=justify>Nevada Revised Statutes Section 92A.380 generally provides
shareholders of Nevada corporations with dissent rights in connection with
merger transactions, such as the Transaction, that are completed under Chapter
92A &#150; &#147;Mergers, Conversions, Exchange and Domestications&#148;. While there is an
exemption from these dissent requirements for companies such as Uranerz whose
shares are traded on a &#147;national securities exchange&#148; and are accordingly
&#147;covered securities&#148; under the Securities Act of 1933, the Uranerz board of
directors has nevertheless determined that it is appropriate to grant dissent
rights to Uranerz shareholders in connection with the Transaction. Accordingly,
a Uranerz shareholder may dissent from the Transaction and request that the
surviving corporation purchase such shareholder&#146;s shares of Uranerz Common Stock
for their &#147;fair value.&#148; To do this, such Uranerz shareholder must strictly
comply with all applicable requirements of Nevada law.</P>
<P align=justify>A copy of Nevada Revised Statutes Sections 92A.300-92A.500,
inclusive, regarding dissenters&#146; rights is attached to this proxy
statement/prospectus as Annex B. Shareholders who are considering exercising
dissenters&#146; rights should review the statutes carefully, particularly the steps
required to perfect dissenters&#146; rights. NO PROVISION UNDER NEVADA LAW PROVIDES A
SHAREHOLDER THE RIGHT TO LATER DEMAND PAYMENT, IF THE SHAREHOLDER DOES NOT FULLY
COMPLY WITH ALL OF THE STATUTORY REQUIREMENTS. Set forth below is a summary of
the steps to be taken by a Uranerz shareholder to exercise the right to dissent.
This summary should be read in conjunction with the full text of Nevada Revised
Statutes Sections 92A.300-92A.500 attached hereto as Annex B. </P>
<P align=justify>To exercise your right to dissent: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>BEFORE THE VOTE IS TAKEN ON PROPOSAL ONE, YOU MUST DELIVER WRITTEN NOTICE
  TO US STATING THAT YOU INTEND TO DEMAND PAYMENT FOR YOUR SHARES IF THE
  TRANSACTION IS CONSUMMATED; AND
  <LI>YOU MUST NOT VOTE YOUR SHARES OF URANERZ COMMON STOCK IN FAVOR OF THE
  TRANSACTION EITHER BY PROXY OR IN PERSON. </LI></UL>
<P align=justify>If you (i) send written notice of your intent to dissent before
the vote on the Transaction and (ii) do not vote in favor of the Transaction,
the surviving corporation is required to send to you a written dissenters&#146;
notice within ten days after the Transaction is consummated telling you: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>where your demand for payment for your Uranerz common stock must be sent
  and where and when your stock certificates must be deposited;
  <LI>if your Uranerz common stock holding is not represented by certificates,
  to what extent the transfer of your Uranerz common stock will be restricted
  after the demand for payment is received; and
  <LI>the date by which the surviving corporation must receive your written
  demand form, which must be between 30 and 60 days after delivery of the
  surviving corporation&#146;s notice to you, </LI></UL>
<P align=justify>and providing you with: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>a form to demand payment; and
  <LI>a copy of Nevada Revised Statutes Sections 92A.300 &#150; 92A.500, inclusive.
  </LI></UL>
<P align=center>147 </P>
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<P align=justify>YOUR FAILURE TO DEMAND PAYMENT IN THE PROPER FORM OR DEPOSIT
YOUR CERTIFICATES AS DESCRIBED IN THE DISSENTERS&#146; NOTICE WILL TERMINATE YOUR
RIGHT TO RECEIVE PAYMENT FOR YOUR URANERZ COMMON STOCK OTHER THAN AS PROVIDED IN
THE MERGER AGREEMENT. </P>
<P align=justify>If you properly exercise your right to dissent and acquired
your Uranerz common stock before January 5, 2015, when notice of the Transaction
was first publicly made, then within 30 days of receipt of a properly executed
demand for payment from you, the surviving corporation must pay you what it
determines to be the fair value for your Uranerz common stock, plus interest.
Payment is required to be accompanied by (i) specific financial records of
Uranerz, (ii) a statement of the surviving corporation&#146;s fair value estimate,
including how interest was calculated, (iii) information regarding your right to
challenge the fair value estimate, and (iv) copies of relevant portions of the
Nevada law. </P>
<P align=justify>If you properly exercise your right to dissent and acquired
your shares on or after January 5, 2015, you are entitled to receive payment of
the amount that the surviving corporation estimates is the fair value of your
Uranerz common stock but only if you accept that estimate. If you wish to
contest the estimate, you may do so, but then you will not receive any payment
until the contest is resolved. </P>
<P align=justify>Within 30 days of the surviving corporation&#146;s fair value
payment or notice, you have the right to notify the surviving corporation, in
writing, of your own fair value estimate and demand payment of the amount not
yet paid. Failure to do so will terminate your right to challenge the surviving
corporation&#146;s calculation of fair value. If you and the surviving corporation
cannot agree on fair value, then the surviving corporation must commence legal
action within 60 days after it receives your shareholder demand, seeking court
determination of fair value. If the surviving corporation fails to commence a
legal action within the 60-day period, it must pay each dissenter whose demand
remains unsettled the amount he, she or it demanded. Proceedings instituted by
the surviving corporation will be in Carson City, Nevada. Costs of legal action
will be assessed against the surviving corporation, unless the court finds that
the dissenters acted arbitrarily, vexatiously or not in good faith, in which
case costs will be equitably distributed. Attorneys&#146; and expert fees may be
awarded in such amount as the court deems equitable against any party that the
court determines has acted arbitrarily, vexatiously or not in good faith (in the
case of a former shareholder or the surviving corporation) or did not
substantially comply with Sections 92A.300 &#150; 92A.500 of the Nevada Revised
Statutes (in the case of the surviving corporation). </P>
<P align=justify>FAILURE TO COMPLY STRICTLY WITH THE PROCEDURES SET FORTH IN THE
NEVADA STATUTE WILL RESULT IN THE LOSS OF DISSENTERS&#146; RIGHTS. </P>
<P align=justify>A Uranerz shareholder who signs and returns the enclosed proxy
card without expressly directing that his, her or its shares of Uranerz common
stock be voted against the Merger Agreement will effectively waive his, her or
its dissenters&#146; rights because the shares represented by the proxy form will be
voted FOR the approval and adoption of the Merger Agreement. </P>
<P align=justify>Accordingly, a shareholder who desires to exercise and perfect
dissenters&#146; rights with respect to any of his, her or its shares of Uranerz
common stock must either (i) refrain from executing and returning the enclosed
proxy form and from voting in person in favor of the proposal to approve the
Merger Agreement, or (ii) check either the &#147;Against&#148; or the &#147;Abstain&#148; box next
to Proposal One on such form, or (iii) rescind any proxy and refrain from voting
in favor of Proposal One. A vote or proxy against the Merger Agreement will not, in and of
itself, constitute a notice of intent to dissent required under Nevada law. </P>
<P align=center>148 </P>
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<P align=justify>A notice of intent to dissent may be executed by a record
holder of Uranerz common stock, and may be either on behalf of such record
holder or the beneficial owner of the Uranerz common stock, as the case may be.
It must state that the record holder intends thereby to demand payment for his,
her or its shares of Uranerz common stock if the Transaction is consummated. It
should also state the record holder&#146;s name, as it appears on the stock
certificate. A record holder, other than a person (such as a stock broker) who
holds shares as nominee for several beneficial owners, who determines to elect
to exercise dissenters&#146; rights must dissent as to all shares of Uranerz common
stock held by such record holder, or the record holder will lose his, her or its
right to elect to exercise dissenters&#146; rights for any of the Uranerz common
stock such record holder owns. </P>
<P align=justify>A record holder serving as a nominee may exercise dissenters&#146;
rights with respect to all, but not less than all, of the shares of Uranerz
common stock held for one or more beneficial owners while not exercising such
rights with respect to the shares held for other beneficial owners. However, in
such case, the written notice of intent to dissent should set forth fully and
correctly (i) the record holder&#146;s name, as it appears on the stock certificate,
and (ii) the name(s) and address(es) of and number of shares owned beneficially
by each beneficial owner as to whom the record holder is dissenting. </P>
<P align=justify>A beneficial owner (other than an employee stock ownership plan
participant as such) may also directly exercise the right of dissent WITH THE
WRITTEN CONSENT OF THE RECORD HOLDER, in which case the consent of the record
holder must be provided to us not later than the beneficial owner&#146;s notice of
dissent. In such a case, the beneficial owner must dissent as to all shares of
Uranerz common stock that he, she or it owns or over which he, she or it has
voting control. </P>
<P align=justify>Shareholders who hold their shares in brokerage accounts or
other nominee form and who wish to exercise dissenters&#146; rights are urged to
consult with their brokers or nominees to determine the appropriate procedures.
</P>
<P align=justify>If the shares of Uranerz common stock are owned in a fiduciary
capacity, such as by a trustee, guardian or custodian, execution of the notice
of intent to dissent should be made in that capacity, and if the shares are
owned by more than one person, as in a joint tenancy or tenancy in common, the
notice should be executed by or on behalf of all joint owners. An authorized
agent, including one for two or more joint owners, may execute the notice of
intent to dissent on behalf of an owner; however, the agent must identify the
owner or owners and expressly disclose the fact that, in executing the notice,
he, she or it is acting as agent for such owner or owners. </P>
<P align=justify>WRITTEN NOTICES OF INTENT TO DISSENT AND DEMAND PAYMENT FOR
SHARES OF URANERZ COMMON STOCK IF THE TRANSACTION IS CONSUMMATED MUST BE
DELIVERED PRIOR TO THE VOTE ON THE MERGER AGREEMENT TO EITHER: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Uranerz Energy Corporation, Attention: Corporate Secretary, 1701 East &#147;E&#148;
  St., Casper, Wyoming, U.S.A., 82601; or
  <LI>in person, to the Secretary of Uranerz at the Special Meeting. </LI></UL>
<P align=center>149 </P>
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<P align=justify>Shareholders considering seeking dissenters&#146; rights should be
aware that the fair value of their shares as determined under Nevada law could
be more than, the same as or less than the consideration they are entitled to
receive pursuant to the Merger Agreement if they did not seek payment of their
shares through the exercise of their dissenters&#146; rights. </P>
<P align=justify>If any shareholder who properly demands payment for his, her or
its shares of Uranerz common stock under the Nevada law fails to perfect, or
effectively withdraws or loses, the right to payment, as provided under Nevada
law, the shares of such shareholder will be converted into the right to receive
the consideration receivable with respect to such shares in accordance with the
Merger Agreement. </P>
<P align=justify>Because of the complexity of these procedures, you are urged to
seek the advice of legal counsel if you are considering exercising your
dissenter&#146;s rights. Any failure to strictly follow any of these procedures may
result in a termination or waiver of your dissenter&#146;s rights under Nevada law.
</P>
<P align=justify>Holders of Energy Fuels common shares are not entitled to
dissenters&#146; rights in connection with the issuance of Energy Fuels common shares
in the Transaction. </P>
<P align=justify><B>Restrictions on Sales of Shares by Certain Affiliates
</B></P>
<P align=justify>The Energy Fuels common shares to be issued in connection with
the Transaction will be freely transferable under the Securities Act, except for
shares issued to any Uranerz shareholder who may be deemed to be an &#147;affiliate&#148;
of Uranerz or Energy Fuels. Persons who may be deemed to be affiliates include
Uranerz directors or executive officers who become directors or executive
officers of the combined company after the Transaction, as well as principal
shareholders of Uranerz prior to the Transaction. </P>
<P align=justify>Persons who may be deemed to be affiliates of Uranerz or Energy
Fuels may not sell any of the Energy Fuels common shares received by them in
connection with the Transaction except pursuant to: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>an effective registration statement under the Securities Act of 1933
  covering the resale of those shares;
  <LI>an exemption under paragraph (d) of Rule 145 under the Securities Act of
  1933; or
  <LI>any other applicable exemption under the Securities Act of 1933. </LI></UL>
<P align=justify>The sale of Energy Fuels common shares received pursuant to the
Transaction will be free from restriction under applicable Canadian securities
legislation on the first trade of such Energy Fuels common shares provided that
(1) Energy Fuels is and has been a reporting issuer in a jurisdiction of Canada
for the four months immediately preceding the sale; (2) such sale is not a
control distribution, (3) no unusual effort is made to prepare the market or to
create a demand for the Energy Fuels common shares, (4) no extraordinary
commission or consideration is paid to a person or company in respect of such
sale and (5) if the selling security holder is an insider or officer of Energy
Fuels, the selling security holder has no reasonable grounds to believe that
Energy Fuels is in default of Canadian securities legislation. </P>
<P align=center>150 </P>
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<P align=justify><B>Litigation Related to the Transaction</B></P>
<P align=justify>Between January 6, 2015, and February 9, 2015, Uranerz, all of
its directors, Energy Fuels, and Merger Sub were named as defendants in the
following putative shareholder class action suits in the District Court of Clark
County, Nevada and the District Court of Washoe County, Nevada: <I>Barrett v.
Uranerz Energy Corp., et al.</I>, No. A-15-711942-C (Clark Cnty.); <I>Foreman v.
Catchpole, et al.</I>, No. A-15-712125-C (Clark Cnty.); <I>Travirca v. Uranerz
Energy Corp., et al.</I>, No. A-15-712318-C (Clark Cnty.); <I>Heims v. Uranerz
Energy Corp., et al.</I>, No. A-15-712379 (Clark Cnty.); <I>Bouch v. Uranerz
Energy Corp, et al.</I>, No. A-15-712441-B (Clark Cnty.); <I>Toderash v. Higgs,
et al.</I>, No. A-15-712433-C (Clark Cnty.); <I>Stern v. Uranerz Energy Corp.,
et al.</I>, No. A-15-712618-B (Clark Cnty.); <I>Lang v. Higgs, et al.</I>, No.
CV-15-00115 (Washoe Cnty.); <I>Zimmer v. Uranerz Energy Corp., et al.</I>, No.
A-15-712718-B (Clark Cnty.);<I> Prewitt v. Uranerz Energy Corp., et al.</I>, No.
A-15-713683 (Clark Cnty.). These suits generally allege claims for breach of
fiduciary duty and related claims regarding the Transaction and seek, <I>inter
alia</I>, prohibition and/or rescission of the Transaction, damages, and
attorneys&#146; fees and costs. All of the cases in Clark County have been
consolidated. </P>
<P align=justify>On May 18, 2015, the lead plaintiffs in Clark County filed a
consolidated amended complaint, asserting claims similar to those brought in the
original complaints and adding claims relating to the disclosures included by
Uranerz and Energy Fuels in the Form F-4 registration statement filed by Energy
Fuels with the SEC on May 8, 2015.</P>
<P align=justify>Uranerz and Energy Fuels believe these suits are without merit,
and Uranerz, its board of directors, and Energy Fuels intend to vigorously
defend against them. </P>
<P align=justify><B>THE BOARD OF DIRECTORS OF URANERZ UNANIMOUSLY RECOMMENDS A
VOTE &#147;FOR&#148; THIS PROPOSAL. PROXIES RECEIVED BY URANERZ&#146; BOARD OF DIRECTORS WILL
BE SO VOTED UNLESS SHAREHOLDERS SPECIFY IN THEIR PROXIES A CONTRARY CHOICE.
</B></P>
<P align=center><B>THE AGREEMENT AND PLAN OF MERGER </B></P>
<P align=justify><I>The following summary describes the material provisions of
the Merger Agreement. The provisions of the Merger Agreement are complicated and
not easily summarized. This summary may not contain all of the information about
the Merger Agreement that is important to you. </I></P>
<P align=justify><I>The Merger Agreement is included in this proxy
statement/prospectus to provide you with information regarding its terms and is
not intended to provide any factual information about Uranerz or Energy Fuels.
The Merger Agreement contains representations and warranties by each of the
parties to the Merger Agreement. These representations and warranties were made
solely for the benefit of the other parties to the Merger Agreement and (1) were
not intended to be treated as categorical statements of fact, but rather as a
way of allocating the risk to one of the parties if those statements prove to be
inaccurate; (2) may have been qualified in the Merger Agreement by disclosures
that were made to the other party in connection with the negotiation of the
Merger Agreement; (3) may apply contract standards of &#147;materiality&#148; that are
different from &#147;materiality&#148; under the applicable securities laws; and (4) were
made only as of the date of the Merger Agreement or such other date or dates as
may be specified in the Merger Agreement. </I></P>
<P align=justify><I>Uranerz and Energy Fuels each acknowledges that,
notwithstanding the inclusion of the foregoing cautionary statements, it is
responsible for considering whether additional specific disclosures of material
information regarding material contractual provisions are required to make the
statements in this proxy statement/prospectus not misleading. </I></P>
<P align=justify><I>Accordingly, the representations and warranties and other
provisions of the Merger Agreement should not be read alone, but instead should
be read together with the information provided elsewhere in this proxy statement/prospectus. See &ldquo;Where You Can Find More Information&rdquo; beginning on page
213. </I></P>
<P align=center>151 </P>
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<P align="justify">
<I>This summary is qualified in its entirety by reference to the Merger Agreement a copy of which is included as Annex A to this proxy statement/prospectus. The Merger Agreement is incorporated by reference into this proxy statement/prospectus, and
Energy Fuels and Uranerz encourages you to read it carefully in its entirety for a more complete understanding of the Merger Agreement. </I></P>
<P align="justify">
<B>General; The Transaction</B></P>
<P align="justify">
At the Effective Time, upon the terms and subject to the conditions of the Merger Agreement and in accordance with the Nevada Business Corporations Act, Merger Sub, an indirect wholly-owned subsidiary of Energy Fuels, will merge with and into
Uranerz, and the separate corporate existence of Merger Sub will cease. Uranerz will continue as the surviving corporation and as an indirect wholly-owned subsidiary of Energy Fuels. </P>
<P align="justify">
<B>When the Transaction Becomes Effective </B></P>
<P align="justify">
If Uranerz shareholders adopt the Merger Agreement, the parties intend to close the Transaction as soon as practicable after the day on which the last condition to the completion of the Transaction set forth in the Merger Agreement is satisfied or
validly waived (other than those conditions that by their terms are to be satisfied at the closing, but subject to the satisfaction of those conditions). </P>
<P align="justify">
Merger Sub will file a statement of Transaction with the Secretary of State of the State of Nevada as soon as practicable after the satisfaction or waiver of all the closing conditions to the Transaction but in no event prior to the closing of the
Transaction. The Transaction will become effective when the statement of Transaction is filed with the Secretary of State of the State of Nevada or at a later date and time as Uranerz and Energy Fuels agree and specify in the statement of
Transaction. </P>
<P align="justify">
<B>Consideration to be Received Pursuant to the Transaction </B></P>
<P align="justify">
The Merger Agreement provides that, at the Effective Time each issued and outstanding share of Uranerz common stock (other than shares of Uranerz common stock owned by Uranerz as treasury shares or by Energy Fuels), will be automatically converted
into the right to receive 0.255 common shares of Energy Fuels for each share of Uranerz common stock. </P>
<P align="justify">
The exchange ratio in the Transaction will be adjusted to reflect any stock dividend, distribution, subdivision, reorganization, reclassification, recapitalization, split, combination or exchange of shares having a record date after the date of the
Merger Agreement and prior to the completion of the Transaction. </P>
<P align="justify">
Upon conversion in the Transaction as described above, all of the shares of Uranerz common stock will be retired, will cease to be outstanding and will automatically be cancelled, and the holder of a certificate that, immediately prior to the
Effective Time, represented shares of Uranerz common stock, will cease to have any rights with respect thereto, except the right to receive, upon the surrender of the certificate, the common shares of Energy Fuels as described above, without
interest, together with any dividends, if applicable. </P>
<P align="center">
152 </P>

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<P align="justify">
<B>Treatment of Stock Options </B></P>
<P align=justify>Each outstanding and unexpired and unexercised option to
purchase Uranerz common stock granted under Uranerz 2005 Nonqualified Stock
Option Plan, as amended, will be automatically converted into an option to
purchase a number of Energy Fuels common shares (rounded down to the nearest
whole number of Energy Fuels common shares) equal to the product of (x) the
aggregate number of shares of Uranerz common stock purchasable pursuant to the
2005 Nonqualified Stock Option Plan immediately prior to the Effective Time
multiplied by (y) the Exchange Ratio at a price per Energy Fuels common share
equal to the exercise price per Uranerz common share specified in the 2005
Nonqualified Stock Option Plan divided by the Exchange Ratio (such price rounded
up to the nearest whole cent). Such converted options shall otherwise be subject
to the same terms and conditions, including vesting and expiry date, as the 2005
Nonqualified Stock Option Plan. Energy Fuels will assume all obligations under
the 2005 Nonqualified Stock Option Plan as at the Effective Time and from and
after the Effective Time, and Energy Fuels will comply with all of the terms and
conditions of the converted option, including the obligation to issue Energy
Fuels common shares contemplated thereby upon the exercise thereof. For purposes
of vesting conditions, the date of grant of the converted option shall be deemed
to be the date on which the corresponding Uranerz stock option was granted.
</P>
<P align=justify>Uranerz stock options held by independent directors of Uranerz , who are not
officers or directors of Energy Fuels on Closing, shall expire on the earlier of
(i) the current expiry date of such Uranerz stock options (exclusive of the
operation of the early termination provisions of such Uranerz stock options) or
(ii) six months after the closing date of the Transaction (the &#147;<B>Closing
Date</B>&#148;). </P>
<P align=justify><B>Treatment of Warrants </B></P>
<P align=justify>Each warrant to purchase shares of Uranerz common stock that
are outstanding immediately prior to the Effective Time, shall become
exercisable into Energy Fuels common shares equal to the product of (x) the
aggregate number of shares of Uranerz common stock issuable in respect of such
Uranerz warrants immediately prior to the Effective Time multiplied by (y) the
Exchange Ratio and that the exercise price of the assumed warrants will equal
(i) the exercise price of the Uranerz warrants in effect immediately prior to
the Effective Time, divided by (ii) the Exchange Ratio. Each assumed warrant
shall, consistent with the terms of the Uranerz warrants and Uranerz warrant
indentures, contain appropriate provision such that the provisions of each
Uranerz warrant (including the exercise period and the exercise price and
provision for adjustment of the exercise price) shall thereafter be maintained
in each such assumed warrant as nearly equivalent as may be practicable in
relation to such Uranerz Warrant. From and after the Effective Time, Energy
Fuels will comply with all of the terms and conditions set forth in each such
assumed warrant. </P>
<P align=justify><B>Procedures for Exchange of Certificates; No Fractional
Shares </B></P>
<P align=justify>At or prior to the Effective Time, Energy Fuels will: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">authorize one or more transfer agent(s) to act as exchange agent with
  respect to the Transaction; and </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">deposit with exchange agent, as depositary for the Energy Fuels common
  shares, or any successor depositary thereto, a number of Energy Fuels common
  shares equal to the aggregate number of Energy Fuels common shares to be
  issued in exchange for the shares of Uranerz common stock pursuant to the
  Exchange Ratio. </P></LI></UL>
<P align=center>153 </P>
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<P align=justify>As soon as practicable after the Effective Time, the exchange
agent will send to each holder of record of a Uranerz common stock share
certificate a letter of transmittal and instructions for use in effecting the
surrender of certificates in exchange for the applicable Energy Fuels common
shares. <B>You should not send in your Uranerz common stock share certificates
until you receive the letter of transmittal</B>. The letter of transmittal and
instructions will tell you what to do if you have lost a certificate, or if it
has been stolen or destroyed. You will have to provide an affidavit to that fact
and, if required by Energy Fuels or the exchange agent, post a bond in a
reasonable amount and upon such terms as Energy Fuels and the exchange agent may
require as indemnity against any claim that may be made against it with respect
to the lost, stolen or destroyed certificate. The exchange agent will pay in
exchange for the lost, stolen or destroyed certificate the Energy Fuels common
shares payable in respect of the shares of Uranerz common stock represented by
the certificate, without interest.</P>
<P align=justify>The exchange agent will pay your Energy Fuels common shares to
you (subject to any applicable withholding taxes) after you have surrendered
your certificates for cancellation to the exchange agent and provided, together
with the letter of transmittal, properly completed and duly executed, any other
documents as may be required by the exchange agent. </P>
<P align=justify>If payment is to be made to a person other than the person in
whose name the Uranerz common stock share certificate surrendered is registered,
it will be a condition of payment that the surrendered certificate be properly
endorsed or otherwise in proper form for transfer and that the person requesting
the payment pay any transfer or other taxes required as a result of the issuance
to a person other than the registered holder or establish to the exchange
agent&#146;s satisfaction that the tax has been paid or is not applicable. </P>
<P align=justify>Any portion of the exchange fund held by the exchange agent
that remains unclaimed by holders of Uranerz common stock one year after the
Effective Time will be returned to Energy Fuels, and any holder who has not
exchanged stock certificates in accordance with the letter of transmittal and
exchange instructions will thereafter look only to Energy Fuels, as a general
creditor, for payment of the Energy Fuels common shares in the amount due to
them under the Merger Agreement. Any certificates formerly representing shares
of Uranerz common stock that are not deposited with all other required documents
on or before the fifth anniversary of the Effective Time shall cease to
represent any right or claim of any kind or nature and the right of the former
shareholder of such shares of Uranerz common stock to receive certificates
representing Energy Fuels common shares. The shares of Uranerz common stock
otherwise issuable to such former Uranerz shareholder shall be deemed to be
surrendered to Energy Fuels together with all dividends or distributions thereon
held for such shareholder. </P>
<P align=justify>No dividends or other distributions declared or made with
respect to Energy Fuels common shares with a record date after the Effective
Time will be paid to the holder of any unsurrendered or untransferred Uranerz
common stock share certificate. Following surrender or transfer of any Uranerz
common stock share certificate, the holder of Energy Fuels common shares will be
paid, without interest, the amount of any such dividends or other distributions.
</P>
<P align=justify>No certificates or scrip or fractional Energy Fuels common
shares or book-entry credit representing any fractional share interests will be
issued upon the surrender of Uranerz common stock share certificates. Each
holder of Uranerz common stock exchanged pursuant to the Merger Agreement who
would otherwise have been entitled to receive a fraction of an Energy Fuels
common share (after taking into account all stock certificates delivered by such
holder) will receive, in lieu of such fractional share, the number of Energy
Fuels common shares rounded to the nearest whole number (and, if the fraction is 0.5, the
number of Energy Fuels common shares shall be rounded up to the next whole
number). The rounding of fractional Energy Fuels common shares was not
separately bargained for consideration but merely represents a mechanical
rounding off for purposes of simplifying the corporate and accounting problems
that would otherwise be caused by the issuance of fractional Energy Fuels common
shares. </P>
<P align=center>154 </P>
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<P align=justify><B>Representations and Warranties </B></P>
<P align=justify>Uranerz has made customary representations and warranties in
the Merger Agreement to Energy Fuels and Merger Sub, including, among other
things, as to: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">corporate organization and valid existence, power to conduct business,
  qualification and good standing of Uranerz; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">validity of organizational documents and absence of a breach of those
  documents; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">capitalization of Uranerz; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Uranerz&#146; corporate authority to enter into and carry out the obligations
  under the Merger Agreement, enforceability of the Merger Agreement against
  Uranerz and the approval of the board of directors of Uranerz; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">absence of a conflict with its articles of incorporation, by-laws, or any
  laws or the creation of any liens or payment obligations as a result of the
  Transaction; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">compliance of documents filed by it with all applicable requirements of the
  Securities Act, the Exchange Act, and applicable Canadian securities laws, as
  the case may be, and the applicable rules and regulations promulgated
  thereunder and the accuracy and completeness of the information in those
  documents; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">financial statements; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">absence of undisclosed liabilities; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">off-balance sheet arrangements; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">absence of any &#147;material adverse effect&#148; and other selected changes since
  December 31, 2013; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">tax matters; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">litigation; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">employee benefit plans; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">environmental matters; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">compliance with applicable laws and regulations; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">insurance; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">properties and mining claims; </P></LI></UL>
<P align=center>155 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">material contracts; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">required shareholder vote; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">accuracy and completeness of the information supplied for use in this proxy
  statement/prospectus or any related filing; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">intellectual property; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">transactions with affiliates and related parties; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">brokers&#146; and other transaction fees; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">the opinion of its financial advisor and its board approvals; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">related party transactions; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">compliance with the U.S. Foreign Corrupt Practices Act and other applicable
  anti- corruption laws; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">maintenance of disclosure controls and procedures; and </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">inapplicability of anti-takeover statutes and rights agreements.
</P></LI></UL>
<P align=justify>The Merger Agreement also contains representations and
warranties made by Energy Fuels and Merger Sub to Uranerz, including, among
other things, as to: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">corporate organization and valid existence, power to conduct business,
  qualification and good standing of Energy Fuels and its subsidiaries; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">validity of organizational documents and absence of a breach of those
  documents; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">ownership of Merger Sub; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">capitalization of Energy Fuels; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Energy Fuels&#146; corporate authority to enter into and carry out the
  obligations under the Merger Agreement and enforceability of the Merger
  Agreement against Energy Fuels; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">absence of a conflict with its articles of incorporation, by-laws, or any
  laws or the creation of any liens or payment obligations as a result of the
  Transaction; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">compliance of documents filed by it with all applicable requirements of the
  Securities Act and Exchange Act, as the case may be, and the applicable rules
  and regulations promulgated thereunder and the accuracy and completeness of
  the information in those documents; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">financial statements; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">absence of undisclosed liabilities; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">off-balance sheet arrangements; </P></LI></UL>
<P align=center>156 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">absence of any &#147;material adverse effect&#148; and other selected changes since
  December 31, 2013; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">tax matters; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">litigation; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">employee benefit plans; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">environmental matters; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">compliance with applicable laws and regulations; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">insurance; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">properties and mining claims; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">material contracts; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">required shareholder vote; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">operations of Merger Sub; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">accuracy and completeness of the information supplied for use in this proxy
  statement/prospectus or any related filing; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Energy Fuels common shares; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">the issuance of converted options and assumed warrants; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">intellectual property; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">transactions with affiliates; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">brokers&#146; and other transaction fees; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">the opinion of its financial advisor and its board approvals; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">related party transactions; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">compliance with the U.S. Foreign Corrupt Practices Act and other applicable
  anti- corruption laws; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">maintenance of disclosure controls and procedures; and </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">inapplicability of anti-takeover statutes and rights agreements.
</P></LI></UL>
<P align=justify>Many of the representations and warranties in the Merger
Agreement are qualified by the concept of &#147;material adverse effect&#148;. For the
purposes of the Merger Agreement, a &#147;material adverse effect&#148; means any effect
that is, or could reasonably be expected to be, material and adverse to the
business, condition (financial or otherwise), properties, assets (tangible or
intangible), liabilities (whether absolute, accrued, conditional or otherwise),
operations or results of operations of such party and its subsidiaries taken as
a whole, other than any effect: (i) relating to the Canadian or United States economies, political
conditions or securities markets in general; (ii) affecting the uranium mining
or milling industry or nuclear power generation industry in general; (iii)
resulting from changes in the price of uranium; (iv) relating to a change in the
market trading price of shares of Uranerz or Energy Fuels, either (a) related to
the Merger Agreement and the Transaction or the announcement thereof or (b)
related to such a change in the market trading price primarily resulting from a
change, effect, event or occurrence excluded from this definition of Material
Adverse Effect referred to in clause (i), (ii), (iii) above, or (v), below or
(v) relating to any generally applicable change in applicable laws (other than
orders, judgments or decrees against such person or any of its subsidiaries) or
in accounting principles or standards applicable to Uranerz or Energy Fuels;
<I>provided, however</I>, that the effect referred to in (i), (ii) or (v) above
does not primarily relate only to (or have the effect of primarily relating only
to) Uranerz, Energy Fuels or any subsidiary of Energy Fuels, taken as a whole,
or disproportionately adversely to Uranerz, Energy Fuels or any subsidiary of
Energy Fuels, taken as a whole, compared to other companies of similar size
operating in the industry in which it and its subsidiaries operate. </P>
<P align=center>157 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify>The representations and warranties contained in the Merger
Agreement do not survive the Effective Time. </P>
<P align=justify><B>Agreements Relating to Uranerz&#146; Operations Prior to
Completion of the Transaction</B> In the Merger Agreement, Uranerz has agreed
that until the completion of the Transaction, it will conduct its business in
the ordinary course consistent with past practice and will use commercially
reasonable efforts to preserve intact its business organizations and
relationships with third parties. In addition, Uranerz has agreed, subject to
limited exceptions, that it will not prior to the completion of the Transaction,
do any of the following without the prior written consent of Energy Fuels:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">amend or propose to amend its articles of incorporation or bylaws or other
  organizational documents; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">(i) declare, set aside or pay any dividend or other distribution with
  respect to any shares of its capital stock, (ii) repurchase, redeem or
  otherwise acquire any outstanding shares of its capital stock or other
  securities, (iii) split, combine or reclassify any shares of its capital stock
  or (iv) issue any other securities in respect of, in lieu of or in
  substitution for shares of its capital stock, except for issuances of shares
  of common stock upon the exercise of its stock options or warrants, in each
  case, in accordance with their terms at the time of exercise; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">issue, sell, pledge, dispose of or encumber any securities (whether through
  the issuance or granting of options, warrants, rights or otherwise, other than
  upon the exercise of its stock options outstanding on the date of the Merger
  Agreement), or enter into any amendment of any term of any outstanding
  security; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">(i) incur or assume any indebtedness except indebtedness incurred in the
  ordinary course of business and consistent with past practice and in no event
  exceeding $1,500,000 in the aggregate or as otherwise set out in the document
  titled &#147;5-Year URZ Operating Summary&#148; (the &#147;<B>Uranerz Budget</B>&#148;) provided
  by Uranerz to Energy Fuels, (ii) modify the terms of any indebtedness, (iii)
  assume, guarantee, endorse or otherwise become liable or responsible (whether
  directly, contingently or otherwise) for the obligations of any other
  person, except in the ordinary course of
  business and consistent with past practice and in no event exceeding $200,000
  in the aggregate or as otherwise set out in the Uranerz Budget, (iv) make any
  loans, advances or capital contributions to, or investments in, any other
  person (other than short-term investments of cash in the ordinary course of
  business);
  <br>
</P></LI></UL>
<P align=center>158 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<ul>
  <li>
<p align="justify" style="margin-top: 0; margin-bottom: 0">subject any assets to, incur, create or assume, any lien other than a
  permitted lien or any liability as a guarantor or surety with respect to the
  obligations of any person other than in the ordinary course of business
  consistent with past practice;

  </p>
  </li>
  <li>
<p align="justify" style="margin-top: 0; margin-bottom: 0">increase the compensation payable, or to become payable, or the benefits
  provided to its directors, officers or employees, except for increases in the
  ordinary course of business in salaries or wages of employees of Uranerz who
  are not directors or officers of Uranerz;

  </p>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">adopt, amend or assume an obligation to contribute to any employee benefit
  plan or arrangement of any type or collective bargaining agreement or enter
  into any employment, severance or similar contract with any person;

  </li>
  <li>

<p align="justify" style="margin-top: 0; margin-bottom: 0">  engage in any transaction which could subject Uranerz to either a civil
    penalty assessed pursuant to specified sections of the Employee Retirement
    Income Security Act of 1974, as amended (which are sometimes refer to in this
    proxy statement/prospectus as ERISA), or a tax penalty assessed pursuant to
    specified sections of the Internal Revenue Code;
    </p>
  </li>
  <li>
<p align="justify" style="margin-top: 0; margin-bottom: 0">  terminate any of its benefit plans, or take any other action with respect
  to a benefit plan that could result in liability;
    </p>
  </li>
  <li>
<p align="justify" style="margin-top: 0; margin-bottom: 0">  take any action that could adversely affect Uranerz&#146; compliance with the
  applicable requirements of ERISA;
   </p>
  </li>
  <li>
<p align="justify" style="margin-top: 0; margin-bottom: 0">  fail to make full payment when due of all amounts under Uranerz&#146; benefit
  plans;
    </p>
  </li>
  <li>
<p align="justify" style="margin-top: 0; margin-bottom: 0">  fail to file, on a timely basis, all reports and forms required by federal
  regulations with respect to any benefit plans;
    </p>
  </li>
  <li>
<p align="justify" style="margin-top: 0; margin-bottom: 0">  adopt or amend, or accelerate the payment or vesting of benefits under,
  any benefit plan;
    </p>
  </li>
  <li>
<p align="justify" style="margin-top: 0; margin-bottom: 0">  acquire, by merging or consolidating with, or by purchasing an equity
      interest in or the assets of, or in any other manner, any business or person,
      exceeding $1,000,000;
   </p>
  </li>
  <li>
<p align="justify" style="margin-top: 0; margin-bottom: 0">  enter into any agreement, understanding or commitment that materially
  restrains, limits or impedes its ability, or would materially limit the
  ability of the surviving entity or any of its affiliates after the Effective
  Time, to compete in or conduct any line of business or compete with any person
  or in any geographic area or during any period of time, provided Uranerz may
  enter into confidentiality agreements and property acquisition agreements
  which contain &#147;area of interest&#148; restrictions typical in the mining industry
  in connection with transactions permitted under the immediately preceding
  bullet above;
  </p>
  </li>
  <li>
<p align="justify" style="margin-top: 0; margin-bottom: 0">  sell, lease, license or otherwise surrender, relinquish or dispose of any
  assets with an aggregate fair market value exceeding $1,000,000;</p>
  </li>
</ul>
  <P align=center>159 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">transfer, sell, pledge, encumber or dispose of any capital stock or other
  equity interest in any subsidiary, other than in connection with the
  immediately preceding bullet above; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">incur or commit to any capital expenditures, or become bound or obligated
  to participate in any operation, or consent to participate in any operation
  other than in the ordinary course of business, as contemplated in current mine
  plans or as otherwise previously disclosed to Energy Fuels; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">make any change to any material tax method of accounting, make or change
  any material tax election, authorize any indemnities for taxes, extend any
  period for assessment of any tax, file any request for ruling or
  determination, amend any material tax return or settle or compromise any
  material tax liability, except where the action would not have a material
  effect on the tax position of Uranerz; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">(i) pay, discharge or satisfy any material account payable or other
  material liability beyond or in advance of its due date or the date when the
  account payable or liability would have been paid in the ordinary course of
  business and consistent with past practice or (ii) compromise, settle, grant
  any waiver or release relating to any action, suit or proceeding, other than
  settlements or compromises where the amount paid or to be paid does not exceed
  $1,000,000 in the aggregate for all claims; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">change any method of accounting or accounting practice or procedure except
  for any change required by U.S. GAAP; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">enter into any joint venture, partnership or other similar arrangement or
  materially amend or modify the terms of (or waive any material rights under)
  any existing joint venture, partnership or other similar arrangement; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">enter into any agreement or transaction that would be required to be
  disclosed by Uranerz pursuant to the Merger Agreement regarding affiliate
  transactions if such agreement or transaction had been entered into prior to
  the date of the Merger Agreement; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">grant, or change, any severance or termination pay, other than with respect
  to employment agreements entered into with new employees in the ordinary
  course of business consistent with past practice; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">engage in any transaction with, or enter into any agreement, arrangement,
  or understanding with, directly or indirectly, any of its affiliates,
  including any transactions, agreements, arrangements or understandings with
  any affiliate or other person covered under Item 404 of Regulation S-K under
  the Securities Act, that would be required to be disclosed under Item 404;
</P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">effectuate a &#147;plant closing&#148; or &#147;mass layoff,&#148; as those terms are defined
  in the Worker Adjustment and Retraining Notification Act of 1988, affecting in
  whole or in part any site of employment, facility, operating unit or employee
  of Uranerz; </P></LI></UL>
<P align=center>160 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">adopt a plan of complete or partial liquidation, dissolution, merger,
  consolidation, restructuring, recapitalization or reorganization; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">enter into, amend, modify, or terminate, or make any commitment in respect
  of, any contract or agreement that is material to the business, properties,
  assets, financial condition or results of operations of Uranerz, including,
  without limitation, any material contract, except in the ordinary course of
  business consistent with past practice, or (ii) enter into any contract or
  agreement that limits or otherwise restrains Uranerz from competing in or
  conducting any line of business or engaging in business in any significant
  geographic area; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">cause or allow any material insurance policies (or substantial equivalents
  thereof) to lapse or terminate; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">pay, discharge, settle or satisfy any lawsuit or threat of any lawsuit or
  proceeding or other investigation against Uranerz or relating to its business,
  properties or assets, other than (i) in the ordinary course of business for
  amounts not in excess of $500,000 in any case, and not to exceed $1,000,000 in
  the aggregate, (ii) pursuant to existing contractual obligations, or (iii)
  worker&#146;s compensation claims in the ordinary course of business; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">except as may be required by applicable law, settle any material audit with
  respect to taxes or file any amended tax return that would materially alter
  the tax obligation of Energy Fuels or its subsidiaries; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">take any action that would result in the breach of any representation and
  warranty of Uranerz under the Merger Agreement (except for representations and
  warranties made as of a specific date) such that Energy Fuels would have the
  right to terminate the Merger Agreement; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">enter into or make any loans to any of its officers, directors or employees
  or make any change in its borrowing or lending arrangements for or on behalf
  of any of such persons; and </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">agree or commit to do any of the foregoing. </P></LI></UL>
<P align=justify><B>Agreements Relating to Energy Fuels&#146; Operations Prior to
Completion of the Transaction</B> In the Merger Agreement, Energy Fuels has
agreed that until the completion of the Transaction, it will conduct its
business in the ordinary course consistent with past practice and will use
commercially reasonable efforts to preserve intact its business organizations
and relationships with third parties. In addition, Energy Fuels has agreed,
subject to limited exceptions, that it will not prior to the completion of the
Transaction, do any of the following without the prior written consent of
Uranerz: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">amend or propose to amend its articles of incorporation or bylaws or other
  organizational documents; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">(i) declare, set aside or pay any dividend or other distribution with
  respect to any shares of its capital stock, (ii) repurchase, redeem or
  otherwise acquire any outstanding shares of
  its capital stock or other securities or (iii)
  split, combine or reclassify any shares of its capital stock;
  <br>
  </P></LI></UL>
<P align=center>161 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<ul>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">issue, sell, pledge, dispose of or encumber any securities (whether through
  the issuance or granting of options, warrants, rights or otherwise, other than
  in the ordinary course of business, upon the exercise of Energy Fuels stock
  options outstanding on the date of the Merger Agreement), or enter into any
  amendment of any term of any outstanding security;
  <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">(i) incur or assume any indebtedness except indebtedness incurred in the
    ordinary course of business and consistent with past practice and in no event
    exceeding $1,500,000 in the aggregate or as otherwise set out in the document
    titled &#147;Energy Fuels Proposed Business Plan and Budget 2015 Through 2017&#148; (the
    &#147;<B>Energy Fuels Budget</B>&#148;) provided by Energy Fuels to Uranerz, (ii) modify
    the terms of any indebtedness, (iii) assume, guarantee, endorse or otherwise
    become liable or responsible (whether directly, contingently or otherwise) for
    the obligations of any other person (other than a wholly owned subsidiary of
    Energy Fuels), except in the ordinary course of business and consistent with
    past practice and in no event exceeding $200,000 in the aggregate or as
    otherwise set out in the Energy Fuels Budget, (iv) make any loans, advances or
    capital contributions to, or investments in, any other person (other than to
    wholly owned subsidiaries of Energy Fuels, or by such subsidiaries to Energy
    Fuels and other than short-term investments of cash in the ordinary course of
    business);<br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">subject any assets to, incur, create or assume, any lien other than a
  permitted lien or any liability as a guarantor or surety with respect to the
  obligations of any person other than in the ordinary course of business
  consistent with past practice;
  <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">engage in any transaction which could subject Energy Fuels to either a
  civil penalty assessed pursuant to specified sections of the Employee
  Retirement Income Security Act of 1974, as amended (which are sometimes refer
  to in this proxy statement/prospectus as ERISA), or a tax penalty assessed
  pursuant to specified sections of the Internal Revenue Code;<br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">terminate any of its benefit plans, or take any other action with respect
  to a benefit plan that could result in liability;
  <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">take any action that could adversely affect Energy Fuels compliance with
  the applicable requirements of ERISA;
  <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">fail to make full payment when due of all amounts under Energy Fuels
  benefit plans;
  <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">fail to file, on a timely basis, all reports and forms required by federal
  regulations with respect to any benefit plans;
  <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">adopt or amend, or accelerate the payment or vesting of benefits under, any
  benefit plan;
  <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">acquire, by merging or consolidating with, or by purchasing an equity
    interest in or the assets of, or in any other manner, any business or person,
    exceeding $1,000,000; </li>
</ul>
<p align="center">162 </p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">enter into any agreement, understanding or commitment that materially
  restrains, limits or impedes its ability, or would materially limit the
  ability of the surviving entity or any of affiliate of the surviving entity
  after the Effective Time, to compete in or conduct any line of business or
  compete with any person or in any geographic area or during any period of
  time, provided Energy Fuels may enter into confidentiality agreements and
  property acquisition agreements which contain &#147;area of interest&#148; restrictions
  typical in the mining industry in connection with transactions permitted under
  the immediately preceding bullet above; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">sell, lease, license or otherwise surrender, relinquish or dispose of any
  assets with an aggregate fair market value exceeding $1,000,000; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">transfer, sell, pledge, encumber or dispose of any capital stock or other
  equity interest in any subsidiary other than in connection with the
  immediately preceding bullet above; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">incur or commit to any capital expenditures, or become bound or obligated
  to participate in any operation, or consent to participate in any operation
  other than in the ordinary course of business, as contemplated in current mine
  plans or as otherwise previously disclosed to Uranerz; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">make any change to any material tax method of accounting, make or change
  any material tax election, authorize any indemnities for taxes, extend any
  period for assessment of any tax, file any request for ruling or
  determination, amend any material tax return or settle or compromise any
  material tax liability, except where the action would not have a material
  effect on the tax position of Energy Fuels and its subsidiaries taken as a
  whole; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">(i) pay, discharge or satisfy any material account payable or other
  material liability beyond or in advance of its due date or the date when the
  account payable or liability would have been paid in the ordinary course of
  business and consistent with past practice or (ii) compromise, settle, grant
  any waiver or release relating to any action, suit or proceeding, other than
  settlements or compromises where the amount paid or to be paid does not exceed
  $1,000,000 in the aggregate for all claims; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">change any method of accounting or accounting practice or procedure except
  for any change required by IFRS; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">enter into any joint venture, partnership or other similar arrangement or
  materially amend or modify the terms of (or waive any material rights under)
  any existing joint venture, partnership or other similar arrangement in
  circumstances where the sum of (i) the assets of Energy Fuels involved, and
  (ii) the amount of the obligations and liabilities assumed or agreed to by
  Energy Fuels, is in excess of $5,000,000; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">enter into any agreement or transaction that would be required to be
  disclosed by Energy Fuels pursuant to the Merger Agreement regarding affiliate
  transactions if such agreement or transaction had been entered into prior to
  the date of the Merger Agreement; </P></LI></UL>
<P align=center>163 </P>
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noShade SIZE=5>
<A name=page_12></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">engage in any transaction with, or enter into any agreement, arrangement,
  or understanding with, directly or indirectly, any of its affiliates,
  including any transactions, agreements, arrangements or understandings with
  any affiliate or other person covered under Item 404 of Regulation S-K under
  the Securities Act, that would be required to be disclosed under Item 404;
</P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">effectuate a &#147;plant closing&#148; or &#147;mass layoff,&#148; as those terms are defined
  in the Worker Adjustment and Retraining Notification Act of 1988, affecting in
  whole or in part any site of employment, facility, operating unit or employee
  of Energy Fuels; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">adopt a plan of complete or partial liquidation, dissolution, merger,
  consolidation, restructuring, recapitalization or reorganization; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">(i) enter into, amend, modify, or terminate, or make any commitment in
  respect of, any contract or agreement that is material to the business,
  properties, assets, financial condition or results of operations of Energy
  Fuels, including, without limitation, any material contract, except in the
  ordinary course of business consistent with past practice, provided that, a
  commitment will not be considered material unless the amount of the
  obligations or liabilities assumed or agreed to by Energy Fuels under such
  commitment are in excess of $5,000,000, or (ii) enter into any contract or
  agreement that limits or otherwise restrains Energy Fuels from competing in or
  conducting any line of business or engaging in business in any significant
  geographic area; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">cause or allow any material insurance policies (or substantial equivalents
  thereof) to lapse or terminate; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">pay, discharge, settle or satisfy any lawsuit or threat of any lawsuit or
  proceeding or other investigation against Energy Fuels or relating to its
  business, properties or assets, other than (i) in the ordinary course of
  business for amounts not in excess of $500,000 in any case, and not to exceed
  $1,000,000 in the aggregate, (ii) pursuant to existing contractual
  obligations, or (iii) worker&#146;s compensation claims in the ordinary course of
  business; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">except as may be required by applicable law, settle any material audit with
  respect to taxes or file any amended tax return that would materially alter
  the tax obligation of Energy Fuels or its subsidiaries; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">take any action that would result in the breach of any representation and
  warranty of Energy Fuels under the Merger Agreement (except for
  representations and warranties made as of a specific date) such that Uranerz
  would have the right to terminate the Merger Agreement; and </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">agree or commit to do any of the foregoing. </P></LI></UL>
<P align=justify><B>Non-Solicitation and Acquisition Proposals</B> </P>
<P align=justify>The Merger Agreement provides that each of Uranerz and Energy
Fuels and their subsidiaries, and their respective officers, directors,
investment bankers, attorneys, accountants, financial advisors, agents and other
representatives, will not: </P>
<P align=center>164 </P>
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noShade SIZE=5>
<A name=page_13></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">solicit, assist, initiate, knowingly encourage or facilitate (including by
  way of discussion (other than to state they are not permitted to have
  discussions), negotiation, furnishing information, permitting any visit to any
  facilities or properties of Uranerz or Energy Fuels or their respective
  subsidiaries, or entering into any form of written or oral agreement,
  arrangement or understanding any inquiries, proposal or offers regarding, or
  that may reasonably be expected to lead to, any acquisition proposal; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">engage or participate in any discussions (other than to state they are not
  permitted to have discussions) or negotiations regarding, or provide any
  information with respect to or otherwise cooperate in any way with any person
  (other than Uranerz, Energy Fuels, and their representatives) regarding any
  acquisition proposal or potential acquisition proposal; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">withdraw, modify or qualify, or propose publicly to withdraw, modify or
  qualify, in any manner adverse to the other party, the approval or
  recommendation of the Transaction by such party&#146;s board of directors or any of
  its committees except where a material adverse effect in respect of the other
  party has occurred and such party&#146;s board of directors has determined that, as
  a consequence of such material adverse effect, it would be inconsistent with
  the fiduciary duties of the directors of such party to continue to recommend
  the Transaction; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">approve or recommend, or remain neutral with respect to, or propose
  publicly to approve or recommend, any acquisition proposal; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">accept or enter into, or publicly propose to accept or enter into, any
  letter of intent, agreement in principle, agreement, arrangement or
  undertaking related to any acquisition proposal (other than an acceptable
  confidentiality agreement as described below); or </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">release any person from or waive or otherwise forebear in the enforcement
  of any confidentiality or standstill agreement or any other agreement with
  such person that would facilitate the making or implementation of any
  acquisition proposal. </P></LI></UL>
<P align=justify>Under the Merger Agreement, Uranerz and Energy Fuels shall
immediately cease and cause to be terminated any existing solicitation,
discussion, negotiation, encouragement or activity with any person by Uranerz,
Energy Fuels, or any of their representatives with respect to any acquisition
proposal or any potential acquisition proposal. Uranerz and Energy Fuels will
also immediately cease to provide any person with access to information
concerning Uranerz or Energy Fuels in respect of any acquisition proposal or any
potential acquisition proposal, and request the return or destruction of all
confidential information provided to any person that has entered into a
confidentiality agreement with Uranerz or Energy Fuels relating to any
acquisition proposal or potential acquisition proposal to the extent provided
for in such confidentiality agreement and shall use all commercially reasonable
efforts to ensure that such requests are honored. </P>
<P align=justify>The Merger Agreement requires that Uranerz and Energy Fuels
shall promptly (and in any event within 24 hours) notify the other party of any
proposal, inquiry, offer or request received by Uranerz, Energy Fuels or their
representatives: (i) relating to an acquisition proposal or potential
acquisition proposal; (ii) for discussions or negotiations in respect of an
acquisition proposal or potential acquisition proposal; or (iii) for non-public
information relating to Uranerz or Energy Fuels, or any of their respective
subsidiaries, access to properties, books and records or a list of the holders of shares of Uranerz common stock, Energy Fuels
shares or the shareholders of any of their respective subsidiaries. </P>
<P align=center>165 </P>
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<P align=justify>However, under the Merger Agreement, following the receipt by
Uranerz or Energy Fuels of a bona fide written acquisition proposal made after
the date of the Merger Agreement that did not result in a breach of the Merger
Agreement, Uranerz, Energy Fuels, or their representatives may: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="3%">
    <P>&#149; </P></TD>
    <TD colSpan=2>
      <P align=justify>contact the person making such acquisition proposal and
      its representatives solely for the purpose of clarifying the terms and
      conditions of such acquisition proposal and the likelihood of its
      consummation so as to determine whether such acquisition proposal is, or
      is reasonably likely to lead to, a superior proposal; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="3%">
    <P>&#149; </P></TD>
    <TD colSpan=2>
      <P align=justify>if the board of directors of Uranerz or Energy Fuels, as
      applicable, determines, after consultation with its outside legal and
      financial advisors, that such acquisition proposal is, or is reasonably
      likely to lead to, a superior proposal:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%"></TD>
    <TD vAlign=top width="3%">
    <P>o</P></TD>
    <TD>
      <P align=justify>furnish information with respect to Uranerz or Energy
      Fuels and its subsidiaries, as applicable, to the person making such
      acquisition proposal and its representatives only if such person has
      entered into an acceptable confidentiality agreement, provided that
      Uranerz or Energy Fuels, as applicable, sends a copy of such
      confidentiality agreement to Uranerz or Energy Fuels, as applicable,
      promptly following its execution and Uranerz or Energy Fuels, as
      applicable, is promptly provided with a list of, and access to the
      information provided to such Person; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%"></TD>
    <TD vAlign=top width="3%">
    <P>o</P></TD>
    <TD>
      <P align=justify>engage in discussions and negotiations with the person
      making such acquisition proposal and its representatives provided that all
      such information access and discussions shall cease during the match
      period.</P></TD></TR></TABLE>
<P align=justify>The Merger Agreement also provides, that Uranerz or Energy Fuels may
(i) enter into an agreement (other than an acceptable confidentiality agreement)
with respect to an acquisition proposal that is a superior proposal and/or (ii)
make an adverse recommendation change, provided: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%" align=left>&#149; </TD>
    <TD align=left width="92%">
      <P align=justify>Uranerz or Energy Fuels shall have complied with its
      non-solicitation obligations under the Merger Agreement; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="92%">
      <P align=justify>the board of directors of Uranerz or the board of
      directors of Energy Fuels, as applicable, has determined, after
      consultation with its outside legal and financial advisors, that such
      acquisition proposal is a superior proposal; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="92%">
      <P align=justify>Uranerz or Energy Fuels has delivered written notice to
      the other party of the determination of their board of directors that the
      acquisition proposal is a superior proposal and of the intention of such
      board of directors to approve or recommend such superior proposal and/or
      to enter into an agreement with respect to such superior proposal,
      together with a copy of such agreement executed by the person making such
      superior proposal and a summary of the valuation analysis attributed by
      such board of directors, in good faith to any non-cash consideration
      included in such acquisition proposal after consultation with its
      financial advisors, and together with a summary analysis articulating why
      the acquisition proposal is determined by such board of directors to be a
      superior proposal (the "<B>superior proposal notice</B>");
  </P></TD></TR></TABLE>
<P align=center>166 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">the match period has elapsed; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">if Energy Fuels (or Uranerz) has offered to amend the terms of the
  Transaction and the Merger Agreement during the match period, such acquisition
  proposal continues to be a superior proposal compared to the amendment to the
  terms of the Transaction offered by Energy Fuels (or Uranerz) at the
  termination of the match period; and </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Uranerz or Energy Fuels, as applicable, terminates the Merger Agreement in
  compliance with the terms of the Merger Agreement and Uranerz or Energy Fuels,
  as applicable, has previously paid or, concurrently with termination, pays in
  cash a break fee of US$5 million to the other party. </P></LI></UL>
<P align=justify>During the match period, Energy Fuels or Uranerz shall have the
opportunity, but not the obligation, to offer to amend the terms of the
Transaction and the Merger Agreement and Uranerz and Energy Fuels shall
cooperate with the other party with respect thereto, including negotiating in
good faith with the other party to enable the other party to make such
adjustments to the provisions of the Transaction and the Merger Agreement. </P>
<P align=justify>For purposes of the Merger Agreement, an &#147;acquisition proposal&#148;
means any proposal or offer, or public announcement of an intention to make a
proposal or offer, to such party or its security holders from any person or
group of persons "acting jointly or in concert" (within the meaning of
Multilateral Instrument 62-104 &#150; Take-Over Bids and Issuer Bids) which
constitutes, or may be reasonably expected to lead to (in either case whether in
one transaction or a series of transactions): </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">any take-over bid, issuer bid, amalgamation, plan of arrangement, business
  combination, merger, tender offer, exchange offer, consolidation,
  recapitalization or reorganization resulting in any person or group of persons
  owning 20% or more of the issued and outstanding equity or voting interests of
  Uranerz or Energy Fuels; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">any sale of assets (or any lease, long-term supply arrangement, licence or
  other arrangement having the same economic effect as a sale) of Uranerz or
  Energy Fuels representing 20% or more of the consolidated assets (based on the
  fair market value thereof), revenues or earnings of Uranerz or Energy Fuels
  and for clarity includes (but not limited to) the sale of (1) with respect to
  the Uranerz, any one of the Nichols Ranch project (and/or processing plant),
  the Hank project, the Jane Dough project and (2) with respect to the Energy
  Fuels, any one of the White Mesa Mill and any surrounding mineral properties
  described in Energy Fuels latest filed annual report on Form 40-F (other than
  properties described as being non-material in such annual report on Form
  40-F), the Roca Honda Project, Gas Hills project or the Sheep Mountain
  project; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">any sale or issuance of shares or other equity interests (or securities
  convertible into or exercisable for such shares or interests) in Uranerz or
  Energy Fuels representing 20% or more of the issued and outstanding equity or
  voting interests of Uranerz or Energy Fuels; and </P></LI></UL>
<P align=center>167 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>any arrangement whereby effective operating control of Uranerz or Energy
  Fuels is granted to another party or person. </LI></UL>
<P align=justify>For purposes of the Merger Agreement, a &#147;potential acquisition
proposal&#148; means any proposal, inquiry, offer or request received by Uranerz,
Energy Fuels, or their representatives that could reasonably lead or be expected
to lead to an acquisition proposal. </P>
<P align=justify>For purposes of the Merger Agreement, an &#147;acceptable
confidentiality agreement&#148; means a confidentiality agreement that contains
provisions that are not less favorable to Uranerz (or Energy Fuels) than those
contained in the confidentiality agreement between Energy Fuels and Uranerz
dated June 30, 2014, as amended on December 4, 2014. </P>
<P align=justify>For purposes of the Merger Agreement, a &#147;superior proposal&#148;
means a bona fide acquisition proposal that is made in writing after the date of
the Merger Agreement and did not result from a breach of the Merger Agreement by
Uranerz, Energy Fuels, or their representatives and that the board of directors
of Uranerz or the board of directors of Energy Fuels determines in good faith
after consultation with its legal and financial advisors: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">is made to Uranerz (or Energy Fuels) or all the Uranerz common shareholders
  (or Energy Fuels common shareholders) and in compliance with applicable
  securities laws, and is made for all or substantially all of the assets of
  Uranerz or Energy Fuels or all shares of Uranerz common stock, or Energy Fuels
  shares not owned by the person making the acquisition proposal; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">that funds or other consideration necessary for the consummation of such
  acquisition proposal are available to ensure that the third party will have
  the funds or other consideration necessary for the consummation of the
  acquisition proposal; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">if consummated in accordance with its terms would result in a transaction
  financially superior for Uranerz or Energy Fuels and its security holders than
  the transaction contemplated by the Merger Agreement, taking into account the
  form and amount of consideration, the likelihood and timing of completion and
  the other terms thereof; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">is reasonably capable of completion in accordance with its terms taking
  into account all legal, financial, regulatory and other aspects of such
  acquisition proposal; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">is not subject to approval by the board of directors or the equivalent of
  the third party, is not subject to the third party receiving a fairness
  opinion or similar evaluation, and is not subject to a due diligence
  condition; and </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">that the taking of action in respect of such acquisition proposal is
  necessary for the board of directors of Uranerz or board of directors of
  Energy Fuels in the discharge of its fiduciary duties under applicable laws.
  </P></LI></UL>
<P align=justify>For purposes of the Merger Agreement, &#147;match period&#148; means five
business days after the date a superior proposal notice was received by Uranerz
or Energy Fuels. </P>
<P align=justify>For purposes of the Merger Agreement, an &#147;adverse
recommendation change&#148; is the withdrawal, modification or qualification of
Uranerz or Energy Fuels approval or recommendation of the </P>
<P align=center>168 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<P align=justify>Transaction and the recommendation or approval of an
acquisition proposal that is a superior proposal. </P>
<P align=justify><B>Employee Matters </B></P>
<P align=justify>The Merger Agreement provides that: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">on and after the closing of the Transaction (the &#147;<B>Closing</B>&#148;), until
  at least the 90th day after the Closing, Energy Fuels shall cause the
  surviving entity to provide each employee of Uranerz who is retained by the
  surviving entity with (i) salary that is not less than the salary immediately
  prior to the Closing, and (ii) the benefit plans, programs and arrangements
  that are currently provided to Energy Fuels employees under Energy Fuels
  benefit plans, programs and arrangements. </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">upon the Closing, each Uranerz employee who is retained by the surviving
  entity shall be immediately eligible to participate in Energy Fuels group
  health plan (as defined in Section 5000(b)(1) of the Code) and credit such
  employee the amount of vacation time that such employee had accrued under any
  of Uranerz vacation policies as of the Closing Date. </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Energy Fuels shall, or shall cause the surviving entity to, assume and
  honor in accordance with their terms all change in control and termination
  agreements disclosed to Energy Fuels pursuant to the terms of the Merger
  Agreement applicable to employees of Uranerz arising from completion of the
  Transaction. Provided, however, that to the extent that Energy Fuels or the
  surviving entity or any other affiliate of Energy Fuels offers employment to
  any employee of Uranerz following completion of the Transaction, such
  employment shall be on terms concerning future changes of control and
  termination agreed to between the employee and Energy Fuels or its affiliate
  that are consistent with the terms currently in effect for the employees of
  Energy Fuels and its affiliates. </P></LI></UL>
<P align=justify><B>Other Agreements </B></P>
<P align=justify>The Merger Agreement further provides that: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">from the date of the Merger Agreement until the Effective Time, Uranerz
  will provide to Energy Fuels (and Energy Fuels&#146; officers, directors,
  employees, accountants, consultants, legal counsel, agents and other
  representatives) and Energy Fuels will provide to Uranerz (and Uranerz
  officers, directors, employees, accountants, consultants, legal counsel,
  agents and other representatives) (i) reasonable access during normal business
  hours, upon prior notice, to its officers, employees, agents, properties,
  offices and other facilities and technology, processes, books, business and
  financial records, business plans, budget and projections, customers,
  suppliers and other information of Uranerz, and the work papers of its
  independent accountants, and otherwise provide such assistance as may be
  reasonably requested and (ii) promptly furnish any information concerning the
  business, properties, contracts, assets, liabilities, personnel and other
  information as reasonably requested; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">subject to compliance with applicable law, from the date of the Merger
  Agreement until the Effective Time, each of Uranerz and Energy Fuels will
  confer on a regular
  and frequent basis with one or more
  representatives of the other to report on their respective material
  operational matters and the general status of ongoing operations;
  <br>
  </P></LI></UL>
<P align=center>169 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<ul>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">each of Uranerz and Energy Fuels will make all required filings in
  connection with the Merger Agreement, including with respect to the United States
  Nuclear Regulatory Commission;
    <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">Uranerz and Energy Fuels will promptly notify the other after becoming
  aware of the occurrence or non-occurrence of any event which would be
  reasonably likely to cause any representation or warranty of any party
  contained in the Merger Agreement to be untrue or inaccurate in any material
  respect or otherwise cause any condition to the obligations of any party not
  to be satisfied;
    <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">Uranerz and Energy Fuels will promptly notify the other after becoming
  aware of any failure of Uranerz or Energy Fuels to comply with or satisfy in
  any material respect any covenant or agreement to be complied with or
  satisfied pursuant to the Merger Agreement;
    <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">Uranerz and Energy Fuels shall take all action necessary to ensure that no
  state takeover statute or similar statute or regulation is or becomes
  applicable to the Transaction or if any state takeover statute or similar
  statute or regulation becomes applicable take all action necessary to ensure
  that such transactions may be consummated as promptly as practicable and to
  minimize the effect of such statute or regulation on the Transaction;
    <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">Uranerz will take steps to cause the Uranerz Shareholder Rights Plan to
  terminate as of the Effective Time and any rights issued under the Shareholder
  Rights Plan will terminate and be of no further force or effect effective as
  of the Effective Time;
    <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">Uranerz shall take all steps necessary to ensure that, as of the date
  which Uranerz files on SEDAR a Form 10-K in respect of its financial year
  ended December 31, 2014, it has filed a technical report in respect of each
  mineral property which is material to Uranerz and which complies with the
  requirements of NI 43-101 and which is current as of the filing of such Form
  10-K; and
    <br>
  </li>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0">Energy Fuels shall take all steps necessary to ensure that as of the date
  on which Energy Fuels files on SEDAR an annual information form in respect of
  its financial year ended December 31, 2014, Energy Fuels has filed a technical
  report in respect of each mineral property which is material to Energy Fuels
  which complies with the requirements of NI 43-101 and which is current as of
  the filing of such annual information form. </li>
</ul>
<P align=justify><B>Indemnification and Insurance of Uranerz&#146; Directors and
Officers</B> </P>
<P align=justify>The Merger Agreement provides, prior to the Effective Time,
Uranerz will purchase customary &#147;tail&#148; policies of directors&#146; and officers&#146;
liability insurance providing protection no less favorable in the aggregate to
the protection provided by the policies maintained by Uranerz that are in effect
immediately prior to the Effective Time and providing protection in respect of
claims arising from facts or events which occurred on or prior to the Effective
Time. </P>
<P align=justify>Energy Fuels will, or will cause the surviving entity and its
subsidiaries to, maintain such tail policies in effect without any reduction in
scope or coverage for six (6) years from the Effective Time. If a tail policy is not available, then Energy Fuels
agrees that for the period of two years following the Effective Time, Energy
Fuels shall cause the surviving entity or any successor to the surviving entity
to maintain Uranerz current directors&#146; and officers&#146; insurance policies or
substantially equivalent policies subject in either case to terms and conditions
no less advantageous to the directors and officers of Uranerz than those
contained in the policies in effect on the date of the Merger Agreement, for all
present and former directors and officers of Uranerz, covering claims made prior
to or within such two year period, provided the Energy Fuels shall not be
required to spend annual premiums in excess of 300% of the premiums paid by
Uranerz<B>. </B> </P>
<P align=center>170 </P>
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<P align=justify><B>Conditions to the Transaction </B></P>
<P align=justify>The obligation of each of Uranerz and Energy Fuels to complete
the Transaction is subject to the satisfaction or waiver of the conditions
described in this section. </P>
<P align=justify><B><I>Closing Conditions for Each Party </I></B></P>
<P align=justify>The obligations of Uranerz and Energy Fuels to complete the
Transaction are subject to the fulfillment, at or prior to the Effective Time of
the Transaction, of the following conditions: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">approval of the Uranerz shareholders and Unaffiliated Shareholders at the
  Special Meeting of Uranerz shareholders; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">the approval of the Energy Fuels shareholders at a special meeting of
  Energy Fuels shareholders (which may be combined with Energy Fuels&#146; annual
  meeting of shareholders); </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">the absence of any statute, rule, regulation, executive order, decree,
  temporary restraining order, injunction or other order issued by a court or
  other governmental entity preventing the completion of the Transaction; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">this proxy statement/prospectus must be effective in accordance with the
  provisions of the Securities Act and no stop order suspending the
  effectiveness of this proxy statement/prospectus may be in effect and no
  proceeding for the purpose of suspending or stopping the effectiveness of this
  proxy statement/prospectus may be pending before or threatened by the SEC;
</P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">the issuance of the Energy Fuels common shares to be issued in the
  Transaction and upon exercise of the converted options and assumed warrants
  must be approved for listing on the NYSE MKT and the TSX, subject to official
  notice of issuance or customary conditions; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">all filings, consents, authorizations and approvals of any governmental
  authority required to be made or obtained by Energy Fuels, Merger Sub, Uranerz
  or any of their subsidiaries to consummate the Transaction, including, without
  limitation, any required filings and or approvals of the United States Nuclear
  Regulatory Commission and the State of Utah Division of Radiation Control,
  shall have been made or obtained, other than those that if not made or
  obtained would not, individually or in the aggregate, have a material adverse
  effect on Uranerz, Energy Fuels or the surviving entity (in each case, after
  giving effect to the Transaction); </P></LI></UL>
<P align=center>171 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">There are no suits, actions, investigations, inquiries or other proceedings
  instituted, pending or threatened by any governmental or other regulatory or
  administrative agency or commission that seeks to enjoin, prevent, materially
  delay or otherwise impose material limitations on the consummation of the
  Transaction; and </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">CFIUS approval has been obtained. </P></LI></UL>
<P align=justify><B><I>Additional Closing Conditions for Energy Fuels
</I></B></P>
<P align=justify>Energy Fuels&#146; obligation to complete the Transaction is subject
to satisfaction or waiver, at or prior to the Effective Time of the Transaction,
of the following additional conditions: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">the representations and warranties of Uranerz set forth in the Merger
  Agreement that are qualified by material adverse effect or materiality must be
  true and accurate and the representations and warranties of Uranerz set forth
  in the Merger Agreement that are not qualified by material adverse effect or
  materiality must be true and accurate in all material respects, in each case,
  as of the Closing Date (except, in either case, to the extent that the
  representation or warranty speaks as of another date); </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Uranerz must have performed in all material respects all obligations and
  complied in all material respects with all agreements and covenants in the
  Merger Agreement to be performed and complied with by it; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Energy Fuels must have received a certificate signed on behalf of Uranerz
  to the effect that the conditions described in the preceding two bullet points
  have been satisfied; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">from the date of the Merger Agreement through the Effective Time, no
  material adverse effect must have occurred with respect to Uranerz and no
  event, change or circumstance that would reasonably be likely to result in a
  material adverse effect with respect to Uranerz must have occurred; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Energy Fuels must have received an opinion, dated the Closing Date, of
  counsel to Uranerz, in form and substance reasonably satisfactory to Energy
  Fuels, to the effect that the shares of common stock of Uranerz are regularly
  traded on an established securities exchange within the meaning of Treasury
  Regulation Section 1.897-9T(d) as of the Closing Date; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Energy Fuels must have received evidence reasonably satisfactory to it that
  the aggregate amount of all unpaid costs and expenses incurred by Uranerz in
  connection with the Transaction is not in excess of $1,500,000 (excluding
  commissions and fees paid to Haywood or Euro Pacific); </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">taxes required to be withheld by Energy Fuels or Merger Sub under Section
  1445 of the Code shall not exceed $2,000,000; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">the number of dissenting shares held by shareholders of Uranerz who have
  exercised dissent rights will comprise less than 5% of the issued and
  outstanding shares of common stock of Uranerz; and </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">each consent, waiver and approval required under the Merger Agreement must
  have been obtained, and Uranerz must provide Energy Fuels with copies thereof.
  </P></LI></UL>
<P align=center>172 </P>
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<P align=justify><B><I>Additional Closing Conditions for Uranerz </I></B></P>
<P align=justify>Uranerz&#146; obligation to complete the Transaction is subject to
satisfaction or waiver, at or prior to the Effective Time of the Transaction, of
the following additional conditions: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">the representations and warranties of Energy Fuels and Merger Sub set forth
  in the Merger Agreement relating to organization and valid existence,
  authority to enter into and carry out the obligations under the Merger
  Agreement and enforceability of the Merger Agreement (in each case, read
  without giving effect to any materiality or material adverse effect qualifiers
  set forth in those representations and warranties) must be true and correct in
  all material respects as of the Closing Date except to the extent that the
  representation or warranty speaks as of another date; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Energy Fuels and Merger Sub must have performed in all material respects
  all obligations and complied in all material respects with all agreements and
  covenants in the Merger Agreement to be performed and complied with by them;
  </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Uranerz must have received a certificate signed on behalf of Energy Fuels
  to the effect that the conditions described in the preceding two bullet points
  have been satisfied; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">from the date of the Merger Agreement through the Effective Time, no
  material adverse effect must have occurred with respect to Energy Fuels and no
  event, change or circumstance that would reasonably be likely to result in a
  material adverse effect with respect to Energy Fuels must have occurred; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Dennis Higgs and Glenn Catchpole must have been appointed to the board of
  directors of Energy Fuels and the Energy Fuels board of directors must be
  comprised of eight members; and </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">each consent, waiver and approval required under the Merger Agreement must
  have been obtained, and Energy Fuels must provide Uranerz with copies thereof.
  </P></LI></UL>
<P align=justify><B>Termination of the Merger Agreement </B></P>
<P align=justify><B><I>Circumstances Under Which Either Party May Terminate the
Merger Agreement </I></B></P>
<P align=justify>The Merger Agreement may be terminated by either party at any
time before the Effective Time: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">by mutual written agreement of Energy Fuels and Uranerz; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">if the Transaction is not completed on or before July 31, 2015 (however,
  the right to terminate will not be available to a party whose failure to
  fulfill any obligation under the Merger Agreement or the breach of any
  representation or warranty under the Merger Agreement has been the cause of,
  or resulted in, the failure of the Transaction to have been completed on or
  before July 31, 2015); </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">if any applicable law makes completion of the Transaction illegal or if any
  judgment, injunction, order or decree of a court or other governmental
  authority restrains or prohibits the completion of the Transaction and such
  decision becomes final and non- appealable (however, the right to terminate is
  not available to any party whose failure
  to fulfill any obligation under the Merger
  Agreement has been the cause of or resulted in court action);
  <br>
  </P></LI></UL>
<P align=center>173 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>if there has been a breach of any representation, warranty, covenant or
  agreement set forth in the Merger Agreement that (i) would give rise to the
  failure of selected closing conditions and (ii) if susceptible to cure, has
  not been cured in all material respects prior to the earlier to occur of (x)
  20 business days following delivery and receipt by the other part of written
  notice of the breach or (y) July 31, 2015;
    <br>
  <LI>by either party, if the other party&#146;s shareholder approval has not been
  obtained because of the failure to obtain such approval at such other party&#146;s
  shareholder meeting;
  <br>
  <LI>by either party, if the other party breaches or fails to perform in any
  material respect its non-solicitation obligations under the Merger Agreement;
    <br>
  <LI>by either party, if the other party fails to hold or is otherwise in
  material breach of its obligations to hold its shareholder meeting;
    <br>
  <LI>if the board of directors of the other party or any committee thereof
  makes an adverse recommendation change; and
    <br>
  <LI>by either party, if (i) the other party delivers a superior proposal
  notice of such party&#146;s intent to enter into a Transaction, acquisition or
  other agreement (including an agreement in principle) to effect a superior
  proposal and received by such party in compliance with its non-solicitation
  obligations under the Merger Agreement and (ii) such party pays to the other
  party the termination fee as described below in &#147;Termination Fees and
  Expenses&#148;. </LI></UL>
<P align=justify><B>Effects of Terminating the Merger Agreement </B></P>
<P align=justify>If the Merger Agreement is terminated, the Merger Agreement
becomes null and void and there will be no liability or obligation on the part
of Energy Fuels, Merger Sub or Uranerz except for the provisions relating to
confidentiality and other general provisions contained in Article XI of the
Merger Agreement. Provided however, such termination will not relieve any party
from any liability with respect to any willful, knowing or fraudulent breach of
any representation, warranty, covenant or other obligation contained in the
Merger Agreement. </P>
<P align=justify><B>Termination Fees and Expenses </B></P>
<P align=justify>Under the Merger Agreement, Uranerz has agreed to pay Energy
Fuels a termination fee of $5,000,000 in any of the following circumstances:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>Energy Fuels terminates the Merger Agreement because Uranerz breached or
  failed to perform in any material respect its non-solicitation obligations,
  the obligation of Uranerz to hold the special meeting of its shareholders to
  approve the Merger Agreement or the board of directors of Uranerz makes an
  adverse recommendation change, provided however, no such fee will be payable
  where the adverse recommendation change resulted from the occurrence of a
  material adverse effect with respect to Energy Fuels and that the board of
  directors of Uranerz determined, in connection with such material adverse
  effect, it would be inconsistent with its fiduciary duties to recommend the
  Transaction; </LI></UL>
<P align=center>174 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Uranerz terminates the Merger Agreement by delivering to Energy Fuels a
  written notice of its intent to enter into an agreement in order to consummate
  a superior proposal; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">after the date of the Merger Agreement, and prior to any termination, any
  person publicly proposes an &#147;acquisition proposal&#148; to Uranerz and either
  Uranerz or Energy Fuels terminates the Merger Agreement because Uranerz
  shareholders fail to approve the Merger Agreement. Provided, however, Uranerz
  will not be required to pay the termination fee prior to entering into a
  definitive agreement and consummating a transaction constituting an
  acquisition proposal, and in no event be required to pay the termination fee
  if such consummation occurs more than twelve months after the termination of
  the Merger Agreement; and </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">after the date of the Merger Agreement, and prior to any termination, any
  person publicly proposes an &#147;acquisition proposal&#148; to Uranerz and Energy Fuels
  terminates the Merger Agreement because the closing of the Transaction has not
  occurred on or before July 31, 2015. Provided, however, Uranerz will not be
  required to pay the termination fee prior to entering into a definitive
  agreement and consummating a transaction constituting an acquisition proposal,
  and in no event be required to pay the termination fee if such consummation
  occurs more than twelve months after the termination of the Merger Agreement.
  </P></LI></UL>
<P align=justify>Under the Merger Agreement, Energy Fuels has agreed to pay
Uranerz a termination fee of $5,00,000 in any of the following circumstances:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Uranerz terminates the Merger Agreement because Energy Fuels breached or
  failed to perform in any material respect its non-solicitation obligations,
  the obligation of Energy Fuels to hold the annual and special meeting of its
  shareholders to approve the Merger Agreement or the board of directors of
  Energy Fuels makes an adverse recommendation change, provided however, no such
  fee will be payable where the adverse recommendation change resulted from the
  occurrence of a material adverse effect with respect to Uranerz and that the
  board of directors of Energy Fuels determined, in connection with such
  material adverse effect, it would be inconsistent with its fiduciary duties to
  recommend the Transaction; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">Energy Fuels terminates the Merger Agreement by delivering to Uranerz a
  written notice of its intent to enter into an agreement in order to consummate
  a superior proposal; </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">after the date of the Merger Agreement, and prior to any termination, any
  person publicly proposes an &#147;acquisition proposal&#148; to Energy Fuels and either
  Uranerz or Energy Fuels terminates the Merger Agreement because Energy Fuels
  shareholders fail to approve the Merger Agreement. Provided, however, Energy
  Fuels will not be required to pay the termination fee prior to entering into a
  definitive agreement and consummating a transaction constituting an
  acquisition proposal, and in no event be required to pay the termination fee
  if such consummation occurs more than twelve months after the termination of
  the Merger Agreement; and </P>
  <LI>
  <P style="margin-top: 0; margin-bottom: 0">after the date of the Merger Agreement, and prior to any termination, any
  person publicly proposes an &#147;acquisition proposal&#148; to Energy Fuels and Uranerz
  terminates the Merger Agreement because the closing of the Transaction has not
  occurred on or before July 31, 2015. Provided, however, Energy Fuels will not
  be required to pay the termination fee prior to entering into a definitive
  agreement and consummating a transaction constituting an acquisition proposal,
  and in no event be required to pay the termination fee if such consummation
  occurs more than twelve months after the termination of the Merger Agreement </P></LI></UL>
  <P align="justify">For the purposes of the Merger
  Agreement and this Section &#147;Merger Agreement - Termination Fees and Expenses&#148;
  only, the term acquisition proposal has the same meaning as specified in
  &#147;Merger Agreement-Non-Solicitation and Acquisition Proposals&#148; with the
  exception that references to &#147;20% or more&#148; are deemed to be changed to &#147;50% or
  more&#148;. </P>
  <P align="center">175 </P>
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<P align=justify>Unless otherwise described in the bullet points above, any
termination fee payable by either Uranerz or Energy Fuels is required to be paid
within one business day after termination of the Merger Agreement. </P>
<P align=justify><B>Amendment of the Merger Agreement </B></P>
<P align=justify>At any time before or after approval of the Merger Agreement by
Uranerz shareholders and prior to the Effective Time, the Merger Agreement may
be amended or supplemented in writing by Energy Fuels and Uranerz with respect
to any of its terms, except as otherwise provided by law. Following approval of
the Merger Agreement by Uranerz shareholders, there will be no amendment or
change to its provisions unless permitted by Chapter 92A of the Nevada Revised
Statutes without further approval by the Uranerz shareholders. </P>
<P align=justify>On May 8, 2015, Uranerz, Energy Fuels and Merger Sub
entered into an Amendment to the Agreement and Plan of Merger to amend Sections
1.3, 3.2(h), 4.23 and 7.13 of the Merger Agreement (the &#147;<B>Amendment
Agreement</B>&#148;). The Amendment Agreement modified the number of Uranerz nominees
Energy Fuels is required to appoint to its board of directors and modified the
total number of members of the board of directors after the closing of the
Transaction. The Merger Agreement originally provided for the appointment of 3
Uranerz nominees, Dennis Higgs, Glenn Catchpole and Paul Saxton, while the
Amendment Agreement only requires the appointment of Dennis Higgs and Glenn
Catchpole. The execution of the Amendment Agreement reflects a determination by
Energy Fuels in March 2015 to adjust the size of its board of directors
following the completion of the Transaction such that its board of directors
would be comprised of 8 members, versus a minimum of 9 directors as originally
contemplated. In order to reflect the reduced size of the board and to retain
substantial representation on the Board, Energy Fuels requested, and Uranerz
agreed, to reduce the number of Uranerz nominees on the board of Energy Fuels
post-Transaction from 3 directors to 2 directors. The Amendment Agreement
further requires the board of directors of Energy Fuels to be comprised of eight
directors while the Merger Agreement originally stated that the Energy Fuels
board of directors would consist of at least 9 members.</P>
<P align=justify>In addition, the Amendment Agreement provides for withholding
of taxes for holders of Uranerz warrants who are subject to FIRPTA withholding
as well as a revised process for withholding of FIRPTA taxes for holders of
shares of Uranerz common stock (who do not also holder Uranerz warrants).
Pursuant to the Amendment Agreement </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Energy Fuels and any holder of shares of Uranerz common stock (who does
  not also hold Uranerz warrants) subject to FIRPTA withholding will direct the
  exchange agent for the Transaction to withhold 10% of the Energy Fuels common
  shares issuable to such holder
  of shares on completion of the Transaction
  (the &#147;<B>Withheld Shares</B>&#148;) on account of the amount to be withheld under
  the Internal Revenue Code and any other applicable tax laws (the  &#147;<B>Withholding Amount</B>&#148;);
  <br>
  </LI></UL>
<P align=center>176 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>The exchange agent for the Transaction will sell the Withheld Shares to
  fund the Withholding Amount;
    <br>
  <LI>Energy Fuels will pay all Withholding Amounts to the IRS and other
  government authorities under applicable tax laws;
    <br>
  <LI>Such holders will have no further interest in the Withheld Shares;
    <br>
  <LI>Such holders will have no obligation to Energy Fuels in the event that the
  amount realized is less than the Withholding Amount; and
    <br>
  <LI>Energy Fuels will have no obligation to such holders to remit to such
  holders any proceeds of sale derived from the sale of the Withheld Shares and
  such holder will have no entitlement to such amounts. </LI></UL>
<P align=justify>It is intended that the arrangement regarding FIRPTA
withholding described above will apply to all holders of shares of Uranerz
common stock, who do not also hold Uranerz warrants, and who are subject to
FIRPTA withholding requirements. Currently Uranerz believes that Dennis Higgs is
the only shareholder subject to FIRPTA withholding requirements, however,
Uranerz cannot be certain as to whether other shareholders may be subject to
such withholding requirements. Additional shareholders may become subject to
FIRPTA withholding requirements subsequent to the date of this registration
statement and prior to Closing. In order for a holder of shares of Uranerz
common stock, who does not also hold Uranerz warrants, to be subject to FIRPTA
withholding, they must have held greater than 5% of the outstanding shares of
Uranerz common stock at any time in the 5 years preceding Closing of the
Transaction, unless during such five-years the holder had disposed of all shares
of Uranerz common stock which it held prior to Closing. For more details
regarding FIRPTA rules, see &#147;Proposal One &#150; The Transaction &#150; Material U.S.
Federal Income Tax Considerations &#150; Materials U.S. Federal Income Tax
Considerations of the Transaction to Non-U.S. Holders &#150; Classification of
Uranerz as a United States Real Property Holding Corporation.&#148;</P>
<P align=justify><B>Governing Law </B></P>
<P align=justify>The Merger Agreement is to be governed by and construed in
accordance with the laws of the State of Nevada, regardless of the laws that
might otherwise govern under applicable principles of conflicts of laws. </P>
<P align=center>177 </P>
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<P align=center><B>AGREEMENTS ENTERED INTO IN CONNECTION WITH THE MERGER
AGREEMENT </B></P>
<P align=justify><B>Support Agreements </B></P>
<P align=justify>As a condition and inducement to Energy Fuels&#146; willingness to
enter into the Merger Agreement, Energy Fuels has entered into support
agreements with each of the beneficial owners of Uranerz&#146; common shares listed
in the table below. The following is a summary of the terms of the support
agreements only and may not contain all of the information that is important to
you. A copy of the form of support agreement is attached to this proxy
statement/prospectus as Annex C and is incorporated by reference herein. </P>
<P align=justify>According to the terms of the support agreements, each named
shareholder has agreed, among other things, to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">i) </TD>
    <TD>
      <P align=justify>vote such party&#146;s beneficially owned shares, in favor of
      any resolutions approving the Transaction and other related
  matters,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">ii) </TD>
    <TD>
      <P align=justify>not exercise any dissent rights,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">iii) </TD>
    <TD>
      <P align=justify>not exercise any shareholder rights or remedies available
      at common law to delay, hinder, upset or challenge the
  Transaction,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">iv) </TD>
    <TD>
      <P align=justify>not  option, sell, assign, transfer, alienate, dispose
      of, gift, grant, pledge, create or permit an encumbrance on, grant a
      security interest in or otherwise convey any of such shareholder&#146;s
      securities in Uranerz,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">v) </TD>
    <TD>
      <P align=justify>not  grant or agree to grant any proxy or other right
      to the shareholder&#146;s securities in Uranerz, other than in support of the
      resolution approving the Transaction and other related matters,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">vi) </TD>
    <TD>
      <P align=justify>not  requisition or join in the requisition of any
      meeting of the shareholders of Uranerz for the purpose of considering any
      resolution,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">vii) </TD>
    <TD>
      <P align=justify>not, in any manner, directly or indirectly solicit,
      initiate, or knowingly encourage any inquiries, proposals, offers or
      public announcements (or the submission or initiation of any of the
      foregoing) from any person regarding any acquisition proposals, engage in
      any negotiations concerning, or provide any information to, or have any
      discussions with or otherwise cooperate with, any person relating to an
      acquisition proposal, or otherwise knowingly facilitate or knowingly
      encourage any effort or attempt to make or implement an acquisition
      proposal,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">viii) </TD>
    <TD>
      <P align=justify>not  deposit or cause to be deposited such
      shareholder&#146;s shares in Uranerz under any acquisition proposal,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">ix) </TD>
    <TD>
      <P align=justify>promptly notify Energy Fuels, at first orally and then
      in writing, of all acquisition proposals currently under consideration or
      of which the securityholder is aware.</P></TD></TR></TABLE>
<P align=justify>The support agreements will terminate at the earlier to occur
of (a) at any time by mutual consent of Energy Fuels and the shareholder party
to the support agreement; (b) completion of the Transaction in accordance with
the Merger Agreement; (c) termination of the Merger Agreement in accordance with
its terms; (d) by written notice of the shareholder if Energy Fuels has not
complied in any material respect with its covenants contained in the support
agreement or if any representation or warranty of Energy Fuels contained in the
support agreement is untrue and incorrect in any material respect; and (e) by
written notice of Energy Fuels if the resolution approving the Transaction is
not approved by the requisite majority of Uranerz shareholders. </P>
<P align=justify>As of May 26, 2015, the individuals below who are officers,
directors and former officer of Uranerz are party to a support agreement
together beneficially owned 3,829,000 shares of Uranerz common stock, or
approximately 3.99, of the voting power of the shares of Uranerz common stock.</P>
<P align=center>178 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<P align=justify>&nbsp;</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=center width="25%"><B>Number of Shares of</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Parties to the Support Agreements</B> </TD>
    <TD align=center width="25%"><B>Uranerz Common Stock</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Dennis Higgs </TD>
    <TD align=center width="25%" bgColor=#e6efff>1,870,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Peter W. Bell </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Glenn Catchpole </TD>
    <TD align=center width="25%" bgColor=#e6efff>1,452,100 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Arnold J. Dyck </TD>
    <TD align=center width="25%">3,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Paul Goranson </TD>
    <TD align=center width="25%" bgColor=#e6efff>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Doug Hirschman </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Dr. Gerhard F. Kirchner </TD>
    <TD align=center width="25%" bgColor=#e6efff>476,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce Larson </TD>
    <TD align=center width="25%">4,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Benjamin D. Leboe </TD>
    <TD align=center width="25%" bgColor=#e6efff>16,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul Saxton </TD>
    <TD align=center width="25%">11,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Glenda Thomas </TD>
    <TD align=center width="25%" bgColor=#e6efff>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mike Thomas </TD>
    <TD align=center width="25%">Nil </TD></TR></TABLE>
<P align=justify><B>THE BOARD OF DIRECTORS OF URANERZ UNANIMOUSLY RECOMMENDS A
VOTE &#147;FOR&#148; THIS PROPOSAL. PROXIES RECEIVED BY URANERZ&#146; BOARD OF DIRECTORS WILL
BE SO VOTED UNLESS SHAREHOLDERS SPECIFY IN THEIR PROXIES A CONTRARY CHOICE.
</B></P>
<P align=center><B>PROPOSAL TWO&#151;COMPENSATION OF NAMED EXECUTIVE OFFICERS
</B></P>
<P align=justify>As required by Item 402(t) of Regulation S-K and Section 14A(b)
of the Exchange Act, Uranerz is providing its shareholders with the opportunity
to cast an advisory (non-binding) vote on the &#147;golden parachute&#148; compensation
that may become payable to its named executive officers in connection with the
completion of the Transaction. </P>
<P align=justify>Uranerz believes that the compensation that may become payable
to its named executive officers in connection with the completion of the
Transaction is reasonable and demonstrates that its executive compensation
program was designed appropriately and structured to ensure the retention of
talented executives and a strong alignment of their interests with the long-term
interests of Uranerz&#146; shareholders. This vote is not intended to address any
specific item of compensation, but rather the overall compensation that may
become payable to Uranerz&#146; named executive officers in connection with the
completion of the Transaction. In addition, this vote is separate and
independent from the vote of Uranerz shareholders on the Merger Agreement and
the adjournment proposal. Uranerz&#146; board of directors asks that Uranerz
shareholders vote &#147;FOR&#148; the following resolution: </P>
<P align=justify>&#147;RESOLVED, that the &#145;golden
parachute&#146; compensation that may become payable to the named executive officers
named in this proxy statement in connection with the completion of the
Transaction is approved.&#148; </P>
<P align=justify>This vote is advisory and, therefore, it will not be
binding on Uranerz, nor will it overrule any prior decision or require the board
of directors of Uranerz (or any committee thereof) to take any action. The proposal will be approved if the votes cast &#147;FOR&#148;
the proposal exceed the votes cast &#147;AGAINST&#148; the proposal. </P>
<P align=center>179 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_28></A>
<P align=justify>More information regarding the compensation that may become
payable to Uranerz&#146; named executive officers in connection with the completion
of the Transaction is set forth in the section captioned &#147;Proposal One&#151;The
Transaction&#151;Financial Interest of Uranerz Directors and Officers in the
Transaction&#148; beginning on page 111. </P>
<P align=justify><B>Recommendation of the Uranerz Board of Directors </B></P>
<P align=justify><B>THE URANERZ BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT
THE URANERZ SHAREHOLDERS VOTE &#147;FOR&#148; THE APPROVAL OF THE &#147;GOLDEN PARACHUTE&#148;
COMPENSATION THAT MAY BECOME PAYABLE TO URANERZ&#146; NAMED EXECUTIVE OFFICERS IN
CONNECTION WITH THE TRANSACTION. </B></P>
<P align=center><B>PROPOSAL THREE&#151;APPROVAL OF THE ADJOURNMENT OF THE SPECIAL
<BR>MEETING, IF NECESSARY OR APPROPRIATE, TO SOLICIT ADDITIONAL
<BR></B><B>PROXIES </B></P>
<P align=justify>Uranerz may ask its shareholders to vote on a proposal to grant
discretionary authority to adjourn the Special Meeting, if necessary or
appropriate, to solicit additional proxies if there are insufficient votes at
the time of the adjournment to approve the Transaction as set forth in this
proxy statement/prospectus. Uranerz does not currently intend to propose
adjournment at the Special Meeting if there are sufficient votes to approve the
Transaction. The approval of a majority of the votes cast is required to approve
the adjournment of the Special Meeting for the purpose of soliciting additional
proxies. If the Uranerz shareholders approve this proposal, Uranerz may adjourn
the Special Meeting and use the additional time to solicit additional proxies,
including proxies from Uranerz shareholders who have previously voted against
the Transaction. </P>
<P align=justify>If Uranerz&#146; shareholders do not approve this proposal to grant
discretionary authority to adjourn the Special Meeting: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Uranerz may not be able to consummate the Transaction on the terms set
  forth in the Merger Agreement, and Energy Fuels may have the right to
  terminate the Merger Agreement. </P>
  <LI>
  <P>Uranerz&#146; business would continue to incur significant operating losses,
  which would require Uranerz to seek additional capital in the form of debt or
  equity, which it may not be able to secure. If Uranerz is unable to secure
  such financing, it may need to implement additional cost reduction efforts
  across its operations, which could materially harm Uranerz&#146; business, results
  of operations and future prospects. </P></LI></UL>
<P align=justify><B>THE BOARD OF DIRECTORS OF URANERZ UNANIMOUSLY RECOMMENDS A
VOTE &#147;FOR&#148; THIS PROPOSAL. PROXIES RECEIVED BY URANERZ&#146; BOARD OF DIRECTORS WILL
BE SO VOTED UNLESS SHAREHOLDERS SPECIFY IN THEIR PROXIES A CONTRARY CHOICE.
</B></P>
<P align=center>180 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_29></A>
<P align=center><B>INFORMATION ABOUT THE COMPANIES </B></P>
<P align=justify><B>Energy Fuels Inc. </B></P>
<P align=justify>Energy Fuels is one of the largest uranium producers in the
United States, with production ranging from 19 to 25% of total US Production
over the last five years. Energy Fuels operates the White Mesa Mill in Utah,
which is the only conventional uranium mill currently operating in the United
States.</P>
<P align=justify>The mill is capable of processing 2,000 tons per day of uranium
ore. Energy Fuels also owns uranium projects located in Arizona, Colorado, New
Mexico, Utah and Wyoming in the Western United States, including a currently
producing mine, several mines on standby, and mineral properties in various
stages of permitting and development.</P>
<P align=justify>Energy Fuels was incorporated on June 24, 1987 in the Province
of Alberta under the name &#147;368408 Alberta Inc.&#148; In October 1987, the name was
changed to &#147;Trevco Oil &amp; Gas Ltd.&#148; In May 1990 the name was changed to &#147;Trev
Corp.&#148; In August 1994 the name was changed to &#147;Orogrande Resources Inc.&#148; In
April 2001, the name was changed to &#147;Volcanic Metals Exploration Inc.&#148; On
September 2, 2005, Volcanic Metals Exploration Inc. was continued under the
Business Corporations Act (Ontario). On March 26, 2006, Volcanic Metals
Exploration Inc. acquired 100% of the outstanding shares of &#147;Energy Fuels
Resources Corporation.&#148; On May 26, 2006, Volcanic Metals Exploration Inc.
changed its name to &#147;Energy Fuels Inc.&#148; </P>
<P align=justify>Energy Fuels is listed on the TSX, under
the trading symbol &#147;EFR&#148; and on the NYSE MKT, under the trading symbol &#147;UUUU&#148;.
The principal executive office of Energy Fuels and its subsidiaries, through
which it owns and operates its business in the United States, is located at 225
Union Blvd., Suite 600, Lakewood, Colorado 80228, and Energy Fuels&#146; telephone
number is (303) 974-2140. Energy Fuels maintains an administrative office
located at 2 Toronto Street, Suite 500, Toronto, Ontario M5C 2B6. Energy Fuels&#146;
website is www.energyfuels.com. The content of Energy Fuels&#146; website and
information accessible through the website does not form part of this proxy
statement/prospectus. </P>
<P align=justify>Additional information about Uranerz and its subsidiaries is
included in documents publicly filed by Uranerz. See &#147;Where You Can Find More
Information&#148; beginning on page 213. </P>
<P align=justify><B>EFR Nevada Corp.</B></P>
<P align=justify>Merger Sub is a Nevada corporation and an indirect wholly owned
subsidiary of Energy Fuels. Merger Sub was formed solely for the purpose of
effecting the proposed Transaction with Uranerz and has not carried on any
activities other than in connection with the proposed Transaction. The address
and telephone number for Merger Sub&#146;s principal executive office is the same as
for Energy Fuels. </P>
<P align=justify><B>Uranerz Energy Corporation</B></P>
<P align=justify>Uranerz is a United States based uranium company focused on
commercial in-situ recovery (&#147;<B>ISR</B>&#148;) uranium exploration, extraction and
sales. ISR is a uranium extraction process that uses a &#147;leaching solution&#148; to
extract uranium from underground sandstone-hosted uranium deposits and it is the
generally accepted extraction technology used in the Powder River Basin area of
Wyoming. Uranerz controls a large strategic land position in the central Powder
River Basin, where it operates the Nichols Ranch ISR Uranium Project. The
Nichols Ranch ISR Uranium Project is currently licensed to include the Nichols
Ranch Unit and the Hank Unit. Under the licensed plan, a central processing
plant has been built at Nichols Ranch and a satellite processing facility is
contemplated to be built at the Hank Unit. The Nichols Ranch central processing
plant is fully operational and extraction has commenced from the initial
wellfields in the Nichols Unit. In March 2014, Uranerz submitted
environmental permit and license applications to incorporate the Jane Dough
Unit, which is adjacent to the Nichols Ranch Unit, into the Nichols Ranch ISR
Uranium Project. Uranerz is seeking to amend its original environmental permit
and license to revise the original plan of operations for the Nichols Ranch ISR
Uranium Project in order to bring the Jane Dough Unit into extraction operations
before the Hank Unit. Due to the close proximity, fluids produced from the Jane
Dough Unit can be delivered directly to the Nichols Ranch processing facility by
pipeline and an additional satellite processing facility may not be required.
The Uranerz management team has specialized expertise in the ISR uranium mining
method, and a record of licensing, constructing and operating ISR uranium
projects </P>
<P align=justify>Uranerz was incorporated under the laws of the State of Nevada on May
26, 1999. On July 5, 2005, Uranerz changed its name from Carleton Ventures Corp.
to Uranerz Energy Corporation. The principal business office of Uranerz is
located at 1701 East &#147;E&#148; Street, Casper, Wyoming, 82605, and Uranerz&#146; phone
number is (307) 265-8900. Uranerz also maintains an administrative office
located at Suite 1410 - 800 West Pender Street, Vancouver, British Columbia,
Canada V6C 2V6, and Uranerz&#146; telephone number there is 604-689-1659 or
1-800-689-1659 (toll free). Uranerz&#146; website is www.uranerz.com. The content of
Uranerz&#146; website and information accessible through the website does not form
part of this proxy statement/prospectus. </P>
<P align=center>181 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_30></A>
<P align=justify>Uranerz common stock is traded on the NYSE MKT and the Toronto
Stock Exchange under the symbol &#147;URZ&#148; and on the Frankfurt Exchange under the
symbol &#147;U9E.&#148; Additional information regarding Uranerz&#146; material mineral
properties can be found in Annex E, attached hereto, which is incorporated by
reference into this prospectus/registration statement. </P>
<P align=justify>Additional information
about Uranerz and its subsidiaries is included in documents publicly filed by
Uranerz. See &#147;Where You Can Find More Information&#148; beginning on page
213. </P>
<P align=center><B>MARKET PRICE AND DIVIDEND INFORMATION </B></P>
<P align=justify><B>Comparative Per Share Market Information </B></P>
<P align=justify>Uranerz&#146; common shares are listed and traded on the NYSE MKT
and TSX under the symbol &#147;URZ.&#148; Energy Fuels&#146; common shares are listed and
traded on the TSX under the symbol &#147;EFR&#148; and on the NYSE MKT under the symbol
&#147;UUUU&#148;. Energy Fuels commenced its quotation on the OTCQX on June 26, 2013 and
began trading on to the NYSE MKT on December 3, 2013. The following table sets
forth, for the calendar quarters indicated, the high and low sales price per
share of Uranerz common stock and the high and low sales price per common share
of Energy Fuels, in each case as reported on the NYSE MKT or the OTCQX, as
applicable, and the TSX. The Energy Fuels share price information is adjusted to
give retroactive effect to a 50 for 1 share consolidation for the periods prior
to November 5, 2013. In addition, the table also sets forth the quarterly cash
dividends per share declared by Uranerz with respect to its common shares and by
Energy Fuels with respect to its common shares. On the Uranerz record date
(May 26, 2015), there were 95,912,806 shares of Uranerz common stock outstanding and
19,677,552 Energy
Fuels common shares outstanding.</P>
<P align=center>182 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="7" align=center><B>&nbsp;</B><B>Uranerz NYSE MKT</B><B>&nbsp;</B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD colspan="7" align=center><B>&nbsp;Uranerz TSX</B><B>&nbsp;</B></TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;</B><B>&nbsp;(US Dollars)</B><B>&nbsp;</B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;(Canadian Dollars)</B><B>&nbsp;</B></TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>Dividends</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>Dividends</B> </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>High</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Low</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Declared</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>High</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Low</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Declared</B> </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>2015</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">First Quarter </TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.33 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.00 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.58 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.23 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>2014</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">First Quarter </TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.97 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.22 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;2.18 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.33 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Second </TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;1.80 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;1.13 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;1.98 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;1.23 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Quarter </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Third Quarter </TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.60 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.05 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.69 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.16 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Fourth </TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;1.51 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;0.88 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;1.70 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;0.99 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Quarter </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>2013</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">First Quarter </TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.61 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.21 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.60 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.25 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Second </TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;1.43 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;0.88 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;1.47 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;0.92 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Quarter </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Third Quarter </TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.64 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;0.90 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;1.67 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;0.92 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Fourth </TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;1.30 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;0.80 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;1.38 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;0.84 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Quarter </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR></TABLE>
</DIV><BR>
<DIV>
<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="1%">&nbsp;</TD>
    <TD colspan="7" align=center><B>Energy Fuels OTC Pink/OTCQX/NYSE MKT</B>    </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD colspan="7" align=center> <B>Energy Fuels TSX</B>  </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>(US Dollars)</B>  </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>(Canadian Dollars)</B>  </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>Dividends</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>Dividends</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>High</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Low</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Declared</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>High</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Low</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Declared</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>2015</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">First Quarter </TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;6.25 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;4.26 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;7.32 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;5.40 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>2014</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">First Quarter </TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;11.85 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;5.75 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;13.03 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;6.10 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Second </TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;9.87 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;6.62 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;10.87 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;7.15 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Quarter </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Third Quarter </TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;7.99 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;6.46 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;8.68 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;7.22 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Fourth </TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;8.00 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;5.55 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;9.00 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;6.24 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Quarter </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>2013</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">First Quarter </TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;10.00 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;7.00 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;9.50 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;7.00 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Second </TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;9.00 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;6.00 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;9.00 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;6.25 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Quarter </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Third Quarter </TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;11.00 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;7.00 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;11.50 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;7.50 </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF">$</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF">&nbsp;&#151; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Fourth </TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;8.50 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;4.56 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;9.00 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;4.75 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">$</TD>
    <TD align=center width="10%">&nbsp;&#151; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Quarter </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR></TABLE>
</DIV>
<P align=justify>The following table sets forth, for the five most recent
calendar years and the six most recent calendar months, the high and low sales
price per common share of Energy Fuels as reported on the NYSE MKT, the OTCQX or
the OTC Pink, as applicable, and the TSX. </P>
<P align=center>183 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B><STRONG>Energy Fuels OTC
      Pink/OTCQX/NYSE</STRONG>&nbsp;&nbsp;</B><B>&nbsp;</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B><STRONG>Energy Fuels
      TSX</STRONG>&nbsp;&nbsp;</B><B>&nbsp;</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>MKT&nbsp;</B><B>&nbsp;</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B><STRONG>(Canadian Dollars)</STRONG>&nbsp;</B><B>&nbsp;</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left><STRONG>Annual</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>High&nbsp;</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>Low</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>High&nbsp;&nbsp;</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>Low&nbsp;</B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;2015 (January 1
      to May 15) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6.25 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4.00 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;7.32 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;5.03 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;2014 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;11.85 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;5.55 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;13.03 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;6.10 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;2013 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;11.00 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4.56 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;11.50 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4.75 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;2012 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;19.50 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;6.50 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;19.50 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;6.50 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;2011 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;80.00 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;10.00 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;79.50 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;10.00 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF><B>Last Six Months</B> </TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#FFFFFF>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#FFFFFF>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#FFFFFF>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#FFFFFF>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;April</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#E6EFFF">&nbsp;5.60 </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#E6EFFF">&nbsp;4.00 </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#E6EFFF">&nbsp;6.73 </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#E6EFFF">&nbsp;5.03 </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;March </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;5.00 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;4.26 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;6.24 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;5.45 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;February </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;5.34 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4.51 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6.68 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;5.65 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;January </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;6.25 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;4.50 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;7.32 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;5.40 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;December </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;7.48 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6.00 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;8.49 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6.97 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;November </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;8.00 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;6.03 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;9.00 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;6.88 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
</TABLE>
<P align=justify>The following table sets forth, for the five most recent
calendar years and the six most recent calendar months, the high and low sales
price per common share of Uranerz as reported on the NYSE MKT and the TSX. </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="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>Uranerz TSX</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Uranerz NYSE MKT</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>(Canadian Dollars)</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>High</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>Low</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>High</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>Low</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Annual</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;2015 (January
    1 to May 15)</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.35 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.00 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.63 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.23 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;2014 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1.97 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;0.88 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;2.18 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;0.99 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;2013 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.64 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;0.80 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.67 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;0.84 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;2012 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;3.07 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1.08 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;3.05 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1.12 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;2011 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;5.93 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.17 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;5.84 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.23 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF><B>Last Six Months</B> </TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#FFFFFF>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#FFFFFF>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#FFFFFF>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#FFFFFF>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;April</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#E6EFFF">&nbsp;1.35 </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#E6EFFF">&nbsp;1.00 </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#E6EFFF">&nbsp;1.63 </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#E6EFFF">&nbsp;1.25 </TD>
    <TD align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp;March </TD>
    <TD align=left width="1%" bgcolor="#FFFFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#FFFFFF">&nbsp;1.20 </TD>
    <TD align=left width="2%" bgcolor="#FFFFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#FFFFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#FFFFFF">&nbsp;1.06 </TD>
    <TD align=left width="2%" bgcolor="#FFFFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#FFFFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#FFFFFF">&nbsp;1.50 </TD>
    <TD align=left width="2%" bgcolor="#FFFFFF" >&nbsp;</TD>
    <TD align=left width="1%" bgcolor="#FFFFFF" >$</TD>
    <TD align=right width="12%" bgcolor="#FFFFFF">&nbsp;1.30 </TD>
    <TD align=left width="2%" bgcolor="#FFFFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;February </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.26 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.00 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.56 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.26 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;January </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1.33 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1.05 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1.58 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1.23 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;December </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.31 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.05 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.48 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1.21 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;November </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1.51 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;0.88 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1.70 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1.02 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
</TABLE>
<P align=justify><B>Number of Holders of Common Stock and Number of Shares
Outstanding </B></P>
<P align=justify>As of May 22, 2015, there were 1,933 registered holders of
Energy Fuels&#146; common shares who held an aggregate of 19,677,552 Energy Fuels
common shares. </P>
<P align=justify>As of May 22, 2015, there were 42 registered holders of shares
of Uranerz common stock who held an aggregate of 95,912,806 shares of Uranerz
common stock.</P>
<P align=center>184 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=justify><B>Energy Fuels Prior Sales </B></P>
<P align=justify>The following table sets out the prior sales of securities of
Energy since May 26, 2014: <BR>
</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left vAlign=center bgcolor="#EEEEEE"><B>Date Issued/Granted</B> </TD>
    <TD width="25%" align=center vAlign=center bgcolor="#EEEEEE"><B>Number of</B>
      <BR>
      <B>Securities</B> </TD>
    <TD width="25%" align=center vAlign=center bgcolor="#EEEEEE"><B>Security</B> </TD>
    <TD width="25%" align=center vAlign=center bgcolor="#EEEEEE"><B>Price Per Security</B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><BR><BR><BR><BR>January 28, 2015 </TD>
    <TD align=center width="25%"><BR><BR><BR><BR>133,150 </TD>
    <TD align=center width="25%">Stock options to <BR>purchase common
      <BR>shares exercisable <BR>at C$5.85 per <BR>share</TD>
    <TD align=center width="25%"><BR><BR><BR><BR>n/a </TD></TR>
  <TR vAlign=top>
    <TD align=left><BR><BR><BR>January 28, 2015 </TD>
    <TD align=center width="25%"><BR><BR><BR>153,850 </TD>
    <TD align=center width="25%">Restricted Stock <BR>Units issued at
      <BR>C$5.85 per <BR>share<SUP>(1)</SUP> </TD>
    <TD align=center width="25%"><BR><BR><BR>n/a
</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 width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Subject to approval of the Omnibus Plan by the
      shareholders of Energy Fuels and the TSX.</P></TD></TR></TABLE>
<P align=center>185 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A>
<P align=center><B>UNAUDITED PRO FORMA CONDENSED FINANCIAL STATEMENTS OF
</B><BR><B>ENERGY FUELS INC. AND URANERZ ENERGY CORPORATION </B><BR></P>
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
<P align=justify style="margin-bottom: 0"><B>ENERGY FUELS INC.</B><BR><B>Pro Forma Condensed Consolidated Statement of Financial Position as at March 31, 2015</B><B R>
<br>
(Unaudited)<BR><I>(Expressed in thousands of U.S. dollars)</I><BR></P>
</div>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom
      align=left width="179"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="103"><font face="Times New Roman" size="2"><B>Energy Fuels Inc.</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="104"><B R>
    <font face="Times New Roman" size="2"><B>Uranerz Energy<br>
    Corporation</B> </font>
</B>
    <font face="Times New Roman" size="2"><B>(under US GAAP)</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="24" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="103"><font face="Times New Roman" size="2"><B>Note</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="103"><B R>
    <font face="Times New Roman" size="2"><B><br>
    Adjustments to</B> <B>IFRS to conform</B> <B>to accounting policies with</B> </font>
</B>
    <font face="Times New Roman" size="2"><B>Energy Fuels Inc.</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="103"><B R>
    <font face="Times New Roman" size="2"><b>Uranerz Energy<br>
    Corporation </b></font>
</B>
    <font face="Times New Roman" size="2"><B>(under IFRS)</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="103"><font face="Times New Roman" size="2"><B>Note </B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="103"><B R>
    <font face="Times New Roman" size="2"><B>Pro Forma</B> </font>
</B>
    <font face="Times New Roman" size="2">Adjustments&nbsp;&nbsp;</font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="103"><B R>
    <font face="Times New Roman" size="2"><B>Pro Forma Consolidated</B> </font>
</B>
    <font face="Times New Roman" size="2"><B R>Energy Fuels Inc.<br>
    </B><B>March 31, 2015</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>ASSETS</B> </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2"><B>(A)</B> </font> </TD>
    <TD vAlign=bottom align=center width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="104" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2"><B>(B)</B> </font> </TD>
    <TD vAlign=bottom align=center width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=center width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2"><B>(C)</B> </font> </TD>
    <TD vAlign=bottom align=center width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2"><B>(D) = (B) + (C)</B> </font> </TD>
    <TD vAlign=bottom align=center width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=center width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2"><B>(E)</B> </font> </TD>
    <TD vAlign=bottom align=center width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2"><B>(F) = (A) + (D) + (E)</B> </font> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="104" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>Current assets</B> </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Cash and cash equivalents </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font size="2" face="Times New Roman">$</font></b></TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    </font><b><font size="2" face="Times New Roman">6,542 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">4,772 </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp;- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">4,772 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">5(c)</font></b></TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font size="2" face="Times New Roman">&nbsp;</font></b></TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman">$</font></b></TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman">(2,587</font></b></TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman">) </font></b> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman">$</font></b></TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    </font><b><font size="2" face="Times New Roman">8,727 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Marketable securities </font>
    </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">200 </font></b>
    </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">200 </font></b>
    </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Trade and other receivables
    </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">1,542 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">3,400 </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">3,400 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">4,942 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Inventories </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">29,190 </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="104"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">2,321 </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">4(d)</font></b></TD>
    <TD vAlign=bottom align=left width="25"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">&nbsp;</font></b></TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">755 </font></b>
    </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">3,076 </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">32,266 </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Prepaid expenses and other assets
    </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">728 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">1,235 </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">1,235 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">1,963 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    bgColor=#e6efff width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Assets held for sale </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">1,953
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="104" bgColor=#e6efff><b><font face="Times New Roman" size="2">- </font>
    </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="24"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">&nbsp;
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">- </font>
    </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">- </font>
    </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">&nbsp;
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">- </font>
    </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">1,953
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">40,155 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">11,728 </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">755 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">12,483 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">(2,587</font></b></TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">) </font></b> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">50,051 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>Non-current</B> </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Prepaid expenses and other assets
    </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">568 </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">4(h)</font></b></TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">&nbsp;</font></b></TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">(206</font></b></TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">) </font></b> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">362 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">362 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Notes receivable </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">704 </font></b>
    </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">704 </font></b>
    </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Inventories </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">4,009 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">4,009 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Investment in Virginia
      Energy </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">374 </font></b>
    </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">374 </font></b>
    </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Property, plant and equipment
    </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">67,206 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">815 </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">4(a) </font></b></TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">44,133 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">68,557 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">5(d) </font></b></TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">(15,409</font></b></TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">) </font></b> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">120,354 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">4(b)</font></b></TD>
    <TD vAlign=bottom align=left width="25"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">&nbsp;</font></b></TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">23,609 </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Goodwill </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">5(g) </font></b></TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">74,670 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">74,670 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Intangible assets </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">3,337 </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">5(f) </font></b></TD>
    <TD vAlign=bottom align=left width="25"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">10,400 </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">13,737 </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom
      align=left width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Restricted cash </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">16,148 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="104"><b><font face="Times New Roman" size="2">2,100 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="24" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103"><b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">2,100 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103"><b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">18,248 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    bgColor=#e6efff width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff><b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">131,933
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff><b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="104" bgColor=#e6efff><b><font face="Times New Roman" size="2">15,211
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="24"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">&nbsp;
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff><b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">68,291
    </font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff><b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">83,502
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">&nbsp;
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff><b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">67,074
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff><b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">282,509
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff colSpan=24 style="font-size: 10pt; font-family: Times New Roman" width="1274">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>LIABILITIES &amp;SHAREHOLDERS' EQUITY</B>
    </font>
</TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>Current liabilities</B> </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Accounts payable and accrued
      liabilities </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font size="2" face="Times New Roman">$</font></b></TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    </font><b><font size="2" face="Times New Roman">3,164 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">3,428 </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp;- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">3,428 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">6,592 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Current portion of
      long-term liabilities </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Decommissioning liability </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">1,142 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">1,142 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    bgColor=#e6efff width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Loans and borrowings </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">654
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="104" bgColor=#e6efff><b><font face="Times New Roman" size="2">2,204
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="24"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">&nbsp;
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">- </font>
    </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">2,204
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">&nbsp;
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">- </font>
    </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">2,858
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">4,960 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">5,632 </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">5,632 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">10,592 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>Non-current</B> </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Deferred revenue </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">1,608 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">1,608 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Decommissioning
      liability </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">15,564 </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="104"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">2,321 </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">4(i) </font></b></TD>
    <TD vAlign=bottom align=left width="25"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">766 </font></b>
    </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">3,087 </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">18,651 </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom
      align=left width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Loans and borrowings </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">13,938 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="104"><b><font face="Times New Roman" size="2">16,377 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="24" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="103"><b><font face="Times New Roman" size="2">4(h)</font></b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" ><b><font face="Times New Roman" size="2">&nbsp;</font></b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">(206</font></b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" ><b><font face="Times New Roman" size="2">) </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">16,171 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103"><b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">- </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">30,109 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    bgColor=#e6efff width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">36,070
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="104" bgColor=#e6efff><b><font face="Times New Roman" size="2">24,330
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="24"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">&nbsp;
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">560
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">24,890
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">&nbsp;
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">- </font>
    </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">60,960
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>Shareholders' equity</B> </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Attributable to Shareholders
    </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">95,863 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">(9,237</font></b></TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">) </font></b> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">66,139 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">56,902 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">5(a) </font></b></TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">119,598 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">220,626 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">5(b) </font></b></TD>
    <TD vAlign=bottom align=left width="25"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">7,752 </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="104" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="24" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">5(c)</font></b></TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >
    <b><font face="Times New Roman" size="2">&nbsp;</font></b></TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">4,057 </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman" width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="104" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="24"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">5(e) </font></b></TD>
    <TD vAlign=bottom align=left width="25"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="103"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">(56,902</font></b></TD>
    <TD vAlign=bottom align=left width="25"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>
    <font face="Times New Roman" size="2">) </font></b> </TD>
    <TD vAlign=bottom align=left width="12"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="103" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD vAlign=bottom align=left width="25"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom
      align=left width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103"><b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="104"><b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="24" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103"><b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103"><b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103"><b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="103"><b><font face="Times New Roman" size="2">5(c) </font></b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">(6,644</font></b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" ><b><font face="Times New Roman" size="2">) </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103"><b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    bgColor=#e6efff width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Non-controlling interests </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">- </font>
    </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="104" bgColor=#e6efff><b><font face="Times New Roman" size="2">118
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="24"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff>
    <p align="center"><b><font face="Times New Roman" size="2">4(f)</font></b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff><b><font face="Times New Roman" size="2">&nbsp;</font></b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">1,592
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">1,710
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">5(d)
    </font></b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">(787</font></b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff><b><font face="Times New Roman" size="2">)
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">923
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom
      align=left width="179">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">95,863 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="104"><b><font face="Times New Roman" size="2">(9,119</font></b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="24" ><b><font face="Times New Roman" size="2">) </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103"><b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">67,731 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">58,612 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103"><b><font face="Times New Roman" size="2">&nbsp; </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">67,074 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103"><b><font face="Times New Roman" size="2">221,549 </font></b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    bgColor=#e6efff width="179">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff><b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">131,933
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff><b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="104" bgColor=#e6efff><b><font face="Times New Roman" size="2">15,211
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="24"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">&nbsp;
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff><b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">68,291
    </font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff><b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">83,502
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">&nbsp;
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff><b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">67,074
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="12"  bgColor=#e6efff><b><font face="Times New Roman" size="2">$</font></b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="103" bgColor=#e6efff><b><font face="Times New Roman" size="2">282,509
    </font></b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="25"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</B>
<P align=center>See accompanying notes to the unaudited pro forma condensed
consolidated financial statements.</P>
<P align=center>186 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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>ProForma Condensed Consolidated Statement of Comprehensive Income (Loss)</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For
      the Three Months Ended March31,2015</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>(Unaudited)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><I>(Expressed in thousands of U.S. dollars, except per</I> <I>share amounts)</I></B> </TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom
      align=center>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="1%" colspan="2" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%"><B>Energy Fuels Inc.&nbsp;&nbsp;&nbsp;</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%" ><B>Uranerz Energy</B> <B>Corporation</B> <STRONG>(under US GAAP)</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%" ><STRONG>Note</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%" ><B><br>
    Adjustments to IFRS to</B> <B>conform to accounting policies with</B> <STRONG>Energy Fuels Inc.</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%"><STRONG>Uranerz
      Energy</STRONG>&nbsp;<B><br>
    Corporation</B> <B>(under IFRS)</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%"><B>Note&nbsp;</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%" ><B>Pro Forma&nbsp; </B><STRONG>Adjustments</STRONG></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%"><STRONG>Pro<B> Forma </B>Consolidated</STRONG>&nbsp;&nbsp;<B><br>
    Energy Fuels Inc.</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=center width="1%" colspan="2" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman"><B>(A)</B> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman"><B>(B)</B> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman"><B>(C)</B> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman"><B>(D) = (B) + (C)</B> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman"><B>(E)</B> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman"><B>(F) = (A) + (D) + (E)</B> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" colspan="2" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">&nbsp; </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">&nbsp; </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">&nbsp; </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">&nbsp; </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">&nbsp; </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">&nbsp; </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">&nbsp; </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">&nbsp; </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>REVENUES</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff colspan="2"><b>$</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>7,600 </b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="1%"  bgColor=#e6efff><STRONG>$</STRONG><b>&nbsp;&nbsp;</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"  bgColor=#e6efff><STRONG>3,400</STRONG></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><b>$</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><b>$</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>3,400 </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><b>$</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><b>$</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>11,000 </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" colspan="2" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>COST OF SALES</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff colspan="2" style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-indent: -15pt; margin-left: 15pt">Production cost of sales </TD>
    <TD vAlign=bottom align=left width="1%" colspan="2" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>(3,640</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >
    <b>) </b> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>(1,791</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >
    <b>) </b> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>(1,791</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >
    <b>) </b> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>(5,431</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >
    <b>) </b> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-indent: -15pt; margin-left: 15pt">Depreciation, depletion and
      amortization </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff colspan="2" style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>(311</b></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>)
    </b> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>(120</b></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>)
    </b> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b>4(e) </b></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><STRONG>(1,837</STRONG></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><STRONG>)</STRONG><b>&nbsp;</b></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><STRONG>&nbsp;(1,957</STRONG></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><STRONG>)</STRONG><b>&nbsp;&nbsp;</b></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>(2,268</b></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman"><b>)
    </b> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Impairment of inventories </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" colspan="2" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%"><b>4(d)</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" ><b>&nbsp;</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" ><STRONG>(812</STRONG></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" ><STRONG>)&nbsp;</STRONG><b>&nbsp;&nbsp;</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" ><STRONG>(812</STRONG></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" ><STRONG>)</STRONG><b>&nbsp;</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="8%"><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"><b>(812</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" ><b>) </b> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>TOTAL COST OF SALES</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff colspan="2">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>(3,951</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>(1,911</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%" bgColor=#e6efff><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>(2,649</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"  bgColor=#e6efff><STRONG>(4,560</STRONG></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><STRONG>)</STRONG><b>&nbsp;&nbsp;</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>(8,511</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><b>) </b> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>GROSS PROFIT (LOSS)</B> </TD>
    <TD vAlign=bottom align=left width="1%" colspan="2" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>3,649 </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>1,489 </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>(2,649</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >
    <b>)&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman"
      ><STRONG>(1,160</STRONG></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman"
    ><STRONG>)</STRONG><b>&nbsp;</b></TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>2,489 </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <p style="text-indent: -15pt; margin-left: 15pt">Other operating expenses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff colspan="2" style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>(2,861</b></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>) </b> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>(2,861</b></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>) </b> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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>
    <p style="text-indent: -15pt; margin-left: 15pt">Selling, general and administrative expenses </TD>
    <TD vAlign=bottom align=left width="1%" colspan="2" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium">
    <b>(3,324</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >
    <b>) </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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="8%"><b>(2,750</b></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" ><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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=center
    width="8%"><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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="8%"><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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="8%"><b>(2,750</b></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" ><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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="8%">
    <p align="center"><b>5(h) </b></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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="8%"><b>1,446 </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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="8%"><b>(4,628</b></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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%" ><b>) </b> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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: -15pt; margin-left: 15pt">Mineral property expenditures </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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 colspan="2">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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="8%" bgColor=#e6efff><b>(2,742</b></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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=center
    width="8%" bgColor=#e6efff><b>4(c) </b></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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="8%" bgColor=#e6efff><b>2,742 </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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="8%" bgColor=#e6efff><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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; ; font-size:10pt; font-family:Times New Roman; 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="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-size:10pt; font-family:Times New Roman; 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="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium">
    <p style="text-indent: -15pt; margin-left: 15pt">Finance income (expense) </TD>
    <TD vAlign=bottom align=left width="1%" colspan="2" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium">
    <b>255 </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium">
    <b>(355</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >
    <b>) </b> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium">
    <b>(355</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >
    <b>) </b> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium">
    <b>(100</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" >
    <b>) </b> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Other income (expense) </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff colspan="2">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>(80</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=center
    width="8%" bgColor=#e6efff><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>(80</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><b>) </b> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>NET LOSS BEFORE TAXES</B> </TD>
    <TD vAlign=bottom align=left width="1%" colspan="2" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>(2,361</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >
    <b>) </b> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>(4,358</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >
    <b>) </b> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>93 </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>(4,265</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >
    <b>) </b> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>1,446 </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>(5,180</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >
    <b>) </b> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Income tax expense </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff colspan="2">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%" bgColor=#e6efff><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>NET LOSS FOR THE PERIOD</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" colspan="2" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"><b>(2,361</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" ><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"><b>(4,358</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" ><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%"><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"><b>93 </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"><b>(4,265</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" ><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="8%"><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"><b>1,446 </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"><b>(5,180</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" ><b>) </b> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff colSpan=26 style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>ITEMS THAT MAYBE RECLASSIFIED TO PROFIT OR LOSS</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left colSpan=2 style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Unrealized gain on
      available-for-sale assets </TD>
    <TD vAlign=bottom align=left colSpan=2 style="font-size: 10pt; font-family: Times New Roman">
    <p align="right"><b>(68 </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >
    <b>)</b></TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman">
    <b>(68</b></TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" >
    <b>) </b> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Share of other
    comprehensive income (loss) of Virginia Energy Resources Inc. </TD>
    <TD vAlign=bottom align=left width="1%" colspan="2" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>7 </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>- </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>7 </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    bgColor=#FFFFFF>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Foreign currency translation adjustment </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF colspan="2">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#FFFFFF><b>1,302 </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#FFFFFF><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%" bgColor=#FFFFFF><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#FFFFFF><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#FFFFFF><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="8%" bgColor=#FFFFFF><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#FFFFFF><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#FFFFFF><b>1,302 </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom
      align=left bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>TOTAL OTHER COMPREHENSIVE LOSS</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" colspan="2" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgcolor="#E6EFFF"><b>1,241 </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgcolor="#E6EFFF"><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%" bgcolor="#E6EFFF"><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgcolor="#E6EFFF"><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgcolor="#E6EFFF"><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="8%" bgcolor="#E6EFFF"><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgcolor="#E6EFFF"><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgcolor="#E6EFFF"><b>1,241 </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    bgColor=#FFFFFF>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Attributable to shareholders</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF colspan="2">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#FFFFFF><b>(1,120</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#FFFFFF><b>(4,255</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%" bgColor=#FFFFFF><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="5%" bgColor=#FFFFFF><b>(10</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="2%" bgColor=#FFFFFF>
    <p align="left"><b>)</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="4%" bgColor=#FFFFFF><b>(4,265</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF><b>) </b>
</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="8%" bgColor=#FFFFFF><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#FFFFFF><b>1,446 </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#FFFFFF><b>(3,939</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF><b>) </b> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom
      align=left bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">Non-controlling interests </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" colspan="2" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgcolor="#E6EFFF"><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgcolor="#E6EFFF"><b>(103</b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" ><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%" bgcolor="#E6EFFF"><b>4(c) </b></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgcolor="#E6EFFF"><b>103 </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgcolor="#E6EFFF"><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="8%" bgcolor="#E6EFFF"><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgcolor="#E6EFFF"><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgcolor="#E6EFFF"><b>- </b> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    bgColor=#FFFFFF>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>NET LOSS FOR THE PERIOD</B> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF colspan="2"><b>$</b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#FFFFFF><b>(1,120</b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"  bgColor=#FFFFFF><STRONG>(4,358</STRONG></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF><STRONG>)</STRONG><b> </b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=center
    width="8%" bgColor=#FFFFFF><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF><b>$</b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="5%" bgColor=#FFFFFF><b>93 </b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="1%" bgColor=#FFFFFF><b>$</b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="4%" bgColor=#FFFFFF><b>(4,265</b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF><b>) </b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="8%" bgColor=#FFFFFF><b>&nbsp; </b> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF><b>$</b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bgColor=#FFFFFF><b>1,446 </b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%"  bgColor=#FFFFFF><STRONG>$</STRONG><b>&nbsp;</b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%"  bgColor=#FFFFFF><STRONG>(3,939)</STRONG></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%"  bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" colspan="2" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" align="center" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom width="2%" style="font-size: 10pt; font-family: Times New Roman" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>LOSS PER COMMON SHARE</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#FFFFFF colspan="2" style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#FFFFFF style="font-size: 10pt; font-family: Times New Roman">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom
      align=left bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;<B>BASIC AND DILUTED LOSS PER SHARE</B> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="1%" colspan="2" bgcolor="#E6EFFF" ><b>$</b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bordercolor="#000000" bgcolor="#E6EFFF"><b>(0.12</b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman; border-right-style:none; border-right-width:medium" vAlign=bottom align=left
    width="2%" bordercolor="#000000" bgcolor="#E6EFFF" ><b>) </b> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF">
    <b>&nbsp; </b> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-size: 10pt; font-family: Times New Roman; border-style: none; border-width: medium" bordercolor="#000000" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman; border-left-style:none; border-left-width:medium" vAlign=bottom align=left
    width="1%" bordercolor="#000000" bgcolor="#E6EFFF" ><b>$</b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=right
    width="8%" bordercolor="#000000" bgcolor="#E6EFFF"><b>(0.12</b></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-size:10pt; font-family:Times New Roman" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" ><b>) </b> </TD></TR></TABLE>
<P align=center>See accompanying notes to the unaudited pro forma condensed
consolidated financial statements.</P>
<P align=center>187</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Pro Forma Condensed Consolidated Statement of Comprehensive Income (Loss)</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Year Ended December 31, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>(Unaudited)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><I>(Expressed in thousands of U.S. dollars, except per</I> <I>share amounts)</I></B> </TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom
      align=left><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%"><font face="Times New Roman" size="2"><B>Energy Fuels Inc.</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%"><font face="Times New Roman" size="2"><B>Uranerz Energy</B> <B>Corporation</B> <B>(under US GAAP)&nbsp;&nbsp;</B>
    </font>
</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%" ><font face="Times New Roman" size="2"><STRONG>Note</STRONG>&nbsp;</font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%" ><font face="Times New Roman" size="2"><STRONG>Adjustments to IFRS
      to</STRONG> <STRONG>conform to accounting  </STRONG> <B>policies with</B> <STRONG>
    <br>
    Energy Fuels Inc.</STRONG>&nbsp;</font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%"><font face="Times New Roman" size="2"> <STRONG>Uranerz Energy</STRONG> <B>Corporation</B> <B><br>
    (under IFRS)</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="5%"><font face="Times New Roman" size="2"><B>Note </B>&nbsp;</font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="4%"><font face="Times New Roman" size="2"><B>&nbsp;ProForma&nbsp;</B> <B>
    Adjustments</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%"><font face="Times New Roman" size="2"><STRONG>ProForma
      Consolidated</STRONG>&nbsp;<B><br>
    Energy Fuels Inc.</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(A)</B> </font> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(B)</B> </font> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(C)</B> </font> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(D) = (B) + (C)</B> </font> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(E)</B> </font> </TD>
    <TD vAlign=bottom align=center width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(F)= (A) + (D) + (E)</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>REVENUES</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><font face="Times New Roman"><B><font size="2">$</font></B></font><font size="2"></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff></font><font size="2" face="Times New Roman"><B>46,253</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>$</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>10,007</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>$</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>$</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>10,007</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>$</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>$</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>56,260</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>COST OF SALES</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Production cost of sales </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(27,209</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(6,117</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(6,117</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(33,326</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Depreciation, depletion and
      amortization </font> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(3,073</B></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(97</B></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>4</B>(e) </font></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><STRONG>(5,801</STRONG></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><STRONG>)&nbsp;</STRONG>&nbsp;</font></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><STRONG>(5,898</STRONG></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><STRONG>)</STRONG>&nbsp;&nbsp;</font></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(8,971</B></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Impairment of inventories </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%"><font face="Times New Roman" size="2"><B>4(d)</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" ><font face="Times New Roman" size="2"><B>&nbsp; </B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" ><font face="Times New Roman" size="2"><STRONG>(667</STRONG></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" ><font face="Times New Roman" size="2"><STRONG>)</STRONG>&nbsp;</font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" ><font face="Times New Roman" size="2"><STRONG>(667</STRONG></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" ><font face="Times New Roman" size="2"><STRONG>)</STRONG>&nbsp;&nbsp;</font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>(667</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" ><font face="Times New Roman" size="2"><B>)</B> </font> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>TOTAL COST OF SALES</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>(30,282</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>)</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>(6,214</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>)</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>(6,468</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>) </B>&nbsp;</font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>(12,682</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>)</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>(42,964</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>)</B>
    </font> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>GROSS PROFIT (LOSS)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>15,971</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>3,793</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(6,468</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >
    <font face="Times New Roman" size="2"><B>)  </B> </font> </TD>
    <TD vAlign=bottom align=right width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt" >
    <font face="Times New Roman" size="2"><B>(2,675</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>13,296</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Other operating expenses </font> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2"><B>(7,004</B></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2"><B>(7,004</B></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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>
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Selling, general and administrative expenses
    </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>(15,511</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="8%"><font face="Times New Roman" size="2"><B>(7,049</B></font></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" ><font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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=center
    width="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="8%"><font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="8%"><font face="Times New Roman" size="2"><B>(7,049</B></font></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" ><font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="8%">
    <p align="center"><font face="Times New Roman" size="2"><B>5(h)</B> </font></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="8%"><font face="Times New Roman" size="2"><B>938</B> </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="8%"><font face="Times New Roman" size="2"><B>(21,622</B></font></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" ><font face="Times New Roman" size="2"><B>)</B> </font> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Mineral property expenditures </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>(7,829</B></font></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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><font face="Times New Roman" size="2"><B>)</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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=center
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>4(c)</B>
    </font></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>7,829</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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; ; font-family:Times New Roman; font-size:10pt; 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="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Finance income (expense) </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>(1,543</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>(1,216</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>4(g)</B> </font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>444</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>(772</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>(2,315</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Impairment of property, plant
      and equipment </font> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><STRONG>(35,856</STRONG></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><STRONG>)</STRONG> </font> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <p align="center"><font face="Times New Roman" size="2"><B>4(a)</B> </font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>(3,572</B></font></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2">) </font>
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><STRONG>(3,572</STRONG></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><STRONG>)</STRONG>&nbsp;&nbsp;</font></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>(39,428</B></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-style: none; border-width: medium">
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Impairment of Virginia Energy Resources
    </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium">
    <font face="Times New Roman" size="2"><B>(368</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium">
    <font face="Times New Roman" size="2"><B>(368</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt; border-top-style: none; border-top-width: medium" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Other income (expense) </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>802</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>19</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>19</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>821</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>NET LOSS BEFORE TAXES</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(43,509</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(12,282</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(1,767</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >
    <font face="Times New Roman" size="2">) </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt"
      ><font face="Times New Roman" size="2"><STRONG>(14,049</STRONG></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt"
      ><font face="Times New Roman" size="2"><STRONG>)</STRONG>&nbsp;&nbsp;</font></TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>938</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(56,620</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Income tax expense </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>(103</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>)</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>(103</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>)</B>
    </font> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>NET LOSS FOR THE PERIOD</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>(43,612</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" ><font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>(12,282</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" ><font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>(1,767</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" ><font face="Times New Roman" size="2">) </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" ><font face="Times New Roman" size="2"><STRONG>(14,049</STRONG></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" ><font face="Times New Roman" size="2"><STRONG>)</STRONG>&nbsp;&nbsp;</font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>938</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>(56,723</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" ><font face="Times New Roman" size="2"><B>)</B> </font> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff colSpan=25 style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>ITEMS THAT MAYBE RECLASSIFIED TO PROFIT OR LOSS</B>
    </font> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Unrealized gain on available-for-sale
      assets </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>188</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>188</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Gains on available-for-sale financial
    assets reclassified to profit or loss </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF">
    <font face="Times New Roman" size="2"><B>(198</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF">
    <font face="Times New Roman" size="2"><B>(198</B></font></TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" bgcolor="#E6EFFF" >
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Share of other comprehensive income
    (loss) of Virginia Energy Resources Inc. </font> </TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>71</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>71</B> </font> </TD>
    <TD vAlign=bottom align=left width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;Foreign currency translation adjustment
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>1,268</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>-</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>1,268</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>TOTAL OTHER COMPREHENSIVE LOSS</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>1,329</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>1,329</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>Attributable to shareholders</B>
    </font> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(42,283</B></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(11,978</B></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(2,071</B></font></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">) </font>
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><STRONG>(14,049</STRONG></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><STRONG>)</STRONG>&nbsp;&nbsp;</font></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>938</B> </font>
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>(55,394</B></font></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2"><B>)</B> </font> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">Non-controlling interests </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>(304</B></font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" ><font face="Times New Roman" size="2"><B>)</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=center
    width="8%">
    <p align="center"><font face="Times New Roman" size="2"><B>4(c)</B> </font></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>304</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman" size="2"><B>-</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>COMPREHENSIVE LOSS FOR THE PERIOD</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><font face="Times New Roman"><B><font size="2">$</font></B></font><font size="2"></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman"><B>(42,283</B></font></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><font face="Times New Roman"><B>)</B> </font> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><font face="Times New Roman"><B>$</B></font></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman"><B>(12,282</B></font></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff></font><font size="2" face="Times New Roman"><B>)</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>$</B></font></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman"><B><font size="2">(1,767</font></B></font><font size="2"></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><font face="Times New Roman">) </font> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><font face="Times New Roman"><STRONG>$</STRONG></font></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"  bgColor=#e6efff><font face="Times New Roman"><STRONG>(14,049</STRONG></font></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff></font><font size="2" face="Times New Roman"><STRONG>)</STRONG>&nbsp;&nbsp;</font></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2">&nbsp;
    </font> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><font face="Times New Roman" size="2"><B>$</B></font></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><font face="Times New Roman" size="2"><B>938 </B>
    </font></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><font face="Times New Roman" size="2"><STRONG>$</STRONG></font></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"  bgColor=#e6efff><font face="Times New Roman"><STRONG>
    <font size="2">(55,394</font></STRONG></font><font size="2"></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%"
  bgColor=#e6efff></font><font size="2" face="Times New Roman"><STRONG>)</STRONG>&nbsp;&nbsp;</font></TD></TR>
  <TR>
    <TD vAlign=bottom style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD>
    <TD vAlign=bottom width="8%" style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom width="2%" style="font-family: Times New Roman; font-size: 10pt" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2"><B>LOSS PER COMMON SHARE</B> </font> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">
    <font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff style="font-family: Times New Roman; font-size: 10pt">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">
    <font face="Times New Roman" size="2">&nbsp;<B>BASIC AND DILUTED LOSS PER SHARE</B>
    </font> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="1%" ><font face="Times New Roman"><B><font size="2">$</font></B></font><font size="2"></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman"><B>(2.22</B></font></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt; border-right-style:none; border-right-width:medium" vAlign=bottom align=left
    width="2%" ></font><font size="2" face="Times New Roman"><B>)</B> </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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="8%"><font face="Times New Roman" size="2">&nbsp; </font> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; font-family:Times New Roman; font-size:10pt; 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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt; border-left-style:none; border-left-width:medium" vAlign=bottom align=left
    width="1%" ><font face="Times New Roman" size="2"><B>$</B></font></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=right
    width="8%"><font face="Times New Roman"><B><font size="2">(1.26</font></B></font><font size="2"></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; font-family:Times New Roman; font-size:10pt" vAlign=bottom align=left
    width="2%" ></font><font size="2" face="Times New Roman"><B>)</B> </font> </TD></TR></TABLE>
<P align=center>See accompanying notes to the unaudited pro forma condensed
consolidated financial statements.</P>
<P align=center>188</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_37></A>
<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 PRO FORMA CONDENSED CONSOLIDATED FINANCIAL
      STATEMENTS</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><b>AT MARCH 31, 2015 AND FOR THE THREE MONTHS ENDED MARCH 31,
    2015</b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><b>AND THE YEAR ENDED DECEMBER 31, 2014</b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000">(Unaudited) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:none; border-top-width:medium" bordercolor="#000000"><B><I>(Expressed in thousands of U.S. dollars, except per</I> <I>share amounts)</I></B> </TD>
  </TR>
</TABLE>
<P align=justify><B>1.&nbsp;&nbsp;&nbsp; BASIS OF PRESENTATION </B></P>
<P align=justify>The unaudited pro forma condensed consolidated financial
statements have been prepared in connection with the proposed acquisition (the
&#147;Acquisition&#148;) of Uranerz Energy Corp. (&#147;Uranerz&#148;) by Energy Fuels Inc. (&#147;EFI,&#148;
&#147;Energy Fuels&#148; or the &#147;Company&#148;). The unaudited pro forma condensed consolidated
financial statements have been prepared for illustrative purposes only and give
effect to the Acquisition pursuant to the assumptions described in Notes 3, 4
and 5 to these unaudited pro forma condensed consolidated financial statements.
The unaudited pro forma condensed consolidated statement of financial position
as at March 31, 2015 gives effect to the proposed Acquisition by EFI as if it
had occurred as at March 31, 2015. The unaudited pro forma condensed
consolidated statement of comprehensive income (loss) for the year ended
December 31, 2014 and for the three months ended March 31, 2015 gives effect to
the acquisition as if had occurred as at January 1, 2014. Uranerz&#146;s financial
statements are prepared using US GAAP and have been conformed to IFRS for
inclusion in these pro from condensed consolidated financial statements. These
adjustments are discussed in Note 4.</P>
<P align=justify>The historical financial statements have been adjusted in the
pro forma financial statements to give effect to events that are (1) directly
attributable to the pro forma events, (2) factually supportable, and (3) with
respect to the statement of operations, expected to have a continuing impact on
the combined company. The unaudited pro forma condensed consolidated statements
of operations do not reflect any non-recurring charges directly related to the
pro forma events that may be incurred upon completion of the transactions. </P>
<P align=justify>The unaudited pro forma condensed consolidated financial
statements are not necessarily indicative of the operating results or financial
condition that would have been achieved if the proposed Acquisition had been
completed on the dates or for the periods presented, nor do they purport to
project the results of operations or financial position of the consolidated
entities for any future period or as of any future date.</P>
<P align=justify>The unaudited pro forma condensed consolidated financial
information does not reflect any cost savings, operating synergies or
enhancements that the combined company may achieve as a result of the
Acquisition or for liabilities resulting from integration planning, except for
certain severance costs related to management of Uranerz. However, liabilities
ultimately may be recorded for severance, relocation or retention costs in
subsequent periods related to employees of both companies, as well as the costs
of vacating certain leased facilities of either company or other costs
associated with exiting or transferring activities between the companies. The
ultimate recognition of such costs and liabilities would affect amounts in the
unaudited pro forma condensed consolidated financial information, and such costs
and liabilities could be material. Further, the unaudited pro forma condensed
consolidated financial information does not reflect any regulatory actions that
may impact the unaudited pro forma condensed consolidated financial information
when the acquisition is completed. </P>
<P align=justify>The pro forma adjustments and allocations of the purchase price
for Uranerz are based on preliminary estimates of the fair value of the
consideration paid and the fair value of the assets acquired and liabilities to
be assumed. The final purchase price allocation will be completed after the
asset and liability valuations are finalized. </P>
<P align=justify>In preparing the unaudited pro forma condensed consolidated
statement of financial position and the unaudited pro forma condensed
consolidated statements of income (loss), the following historical information
was used: </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>Pro forma statement of financial position as at March 31,
      2015 combining the unaudited condensed consolidated statement of financial
      position of EFI as at March 31, 2015, which was prepared in accordance
      with International Financial Reporting Standards as issued by the
      International Accounting Standards Board (&#147;IFRS&#148;), and the unaudited
      consolidated statement of financial position of Uranerz as at March 31,
      2015 prepared in accordance with United States Generally Accepted
      Accounting Principles (&#147;US GAAP&#148;) as adjusted for IFRS and EFI&#146;s
      accounting policies.</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>Pro forma statement of comprehensive income (loss) for
      the year ended December 31, 2014 combining the audited consolidated
      statement of comprehensive income (loss) of EFI for the year ended
      December 31, 2014, which was prepared in accordance with IFRS, and the
      audited consolidated statements of comprehensive loss of Uranerz for the
      year ended December 31, 2014 prepared in accordance with US GAAP and
      adjusted for IFRS and EFI&#146;s accounting policy.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;
    </TD></TR>
  <TR>
    <TD vAlign=top width="5%">3.</TD>
    <TD>
      Pro forma statement of comprehensive income (loss) for the three months
      ended March 31, 2015 combining the unaudited condensed consolidated
      statement of comprehensive income (loss) of EFI for the three months ended
      March 31, 2015, which was prepared in accordance with IFRS, and the
      unaudited consolidated statements of comprehensive loss of Uranerz for
      three months ended March 31, 2015 prepared in accordance with US GAAP and
      adjusted for IFRS and EFI&#146;s accounting policy.</TD></TR></TABLE>
<P align=justify>The unaudited pro forma consolidated statement of financial
position and the unaudited pro forma condensed consolidated statement of
comprehensive income
(loss) should be read in conjunction with the above noted financial statements,
including the notes thereto. Certain of Uranerz&#146;s assets, liabilities, income
and expenses have been reclassified to conform to EFI&#146;s consolidated financial
statement presentation. </P>
<P align=center>189</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_38></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 PRO FORMA CONDENSED CONSOLIDATED FINANCIAL
      STATEMENTS</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><b>AT MARCH 31, 2015 AND FOR THE THREE MONTHS ENDED MARCH 31,
    2015</b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><b>AND THE YEAR ENDED DECEMBER 31, 2014</b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000">(Unaudited) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:none; border-top-width:medium" bordercolor="#000000"><B><I>(Expressed in thousands of U.S. dollars, except per</I> <I>share amounts)</I></B> </TD>
  </TR>
</TABLE>
<P align=justify><B>2.&nbsp;&nbsp; &nbsp;SIGNIFICANT ACCOUNTING POLICIES
</B></P>
<P align=justify>The accounting policies used in preparing the unaudited pro
forma condensed consolidated financial statements are set out in EFI&#146;s audited
consolidated financial statements for the year ended December 31, 2014. In
preparing the unaudited pro forma condensed consolidated financial statements, a
review was undertaken by management of EFI to identify accounting policy
differences where the impact was potentially material and could be reasonably
estimated, and identified Uranerz use of US GAAP as a material difference. The
Company has adjusted Uranerz&#146;s financial statements to conform to IFRS and EFI&#146;s
accounting policies and these adjustments are discussed in Note 4. Additional
accounting differences may be identified after consummation of the proposed
Acquisition. </P>
<P align=justify><B>3.&nbsp;&nbsp;&nbsp; SHARE ACQUISITION OF URANERZ </B></P>
<P align=justify>On January 5, 2015, the Company announced the execution of a
definitive acquisition agreement (the &#147;Acquisition Agreement&#148;) with Uranerz
pursuant to which the Company will acquire all of the issued and outstanding
shares of common stock of Uranerz. The Acquisition Agreement was subsequently
amended on May 8, 2015. Under the terms of the Acquisition Agreement,
shareholders of Uranerz will receive 0.255 common shares of the Company for each
share of Uranerz common stock held. Each outstanding Uranerz option or warrant
will automatically be converted into an option or warrant (as applicable) to
acquire common shares of Company, on the same terms and conditions as were
applicable to the stock option or warrant (as applicable) prior to the
Acquisition, except that the number of shares subject to the option or warrant
and the exercise price of the option or warrant will be adjusted based on the
exchange ratio of 0.255, as to preserve the economic value of such options or
warrants. Based on the common shares outstanding of both the Company and Uranerz
as at March 31, 2015, 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 obligations of the Company and Uranerz to complete the
Acquisition Agreement are subject to satisfactory completion of various
conditions.</P>
<P align=justify>The Acquisition Agreement contains customary deal protection
mechanisms including a mutual break fee of $5,000 payable in certain events, as
well as a non-solicitation provision and the right to match a superior proposal
in favor of the Company. </P>
<P align=justify>The cost of the acquisition will include the fair value of the
issuance of 24,457,766 EFI common shares (based on the May 15, 2015 closing
price of $4.89 (Cdn$5.86) for the Company&#146;s shares), the issuance of 2,690,250
replacement warrants with a fair value of $1,596 and the issuance of 2,090,153
replacement options with a fair value of $6,156. In addition, EFI estimates
transaction costs of $7,060 of which $987 were incurred though March 31, 2015
and URZ transaction costs of $1,967 of which $1,397 were incurred though March
31, 2015. These costs are not reflected in the pro forma financial statements of
income/(loss) as they are non-recurring.<br>
<br>
The acquisition will be accounted for as a business combination under IFRS with
EFI deemed to be the acquirer, owing to the fact that post-transaction, Energy
Fuels controls the board of directors with six of the eight board seats, a
majority of senior management posts, and has overall control of the day-to-day
activities of the combined entities. For the purposes of the pro forma statement
of financial position, the value of the share consideration has been based on
closing price of the Company&#146;s shares on May 15, 2015 (the effective date of
presentation of the Acquisition for purposes of the unaudited pro forma
statement of financial position). The Company will value the share consideration
component based on the closing price of the Company&#146;s shares on the date the
Acquisition closes, which may result in an increase or decrease in the
consideration for accounting purposes. For every $0.01 change in share price of
the Company, the purchase price will change by $244. </P>
<P align=justify>The allocation of the purchase price is based upon management
of EFI&#146;s preliminary estimates and certain assumptions with respect to the fair
value associated with the assets and the liabilities to be acquired. Moreover,
this preliminary fair value is supported by a preliminary third party valuation
of Uranerz assets. The actual fair values of the assets and liabilities may
differ materially from the amounts disclosed below in the assumed pro forma
purchase price allocation as further analysis is completed. Consequently, the
actual allocation of the purchase price is likely to result in different
adjustments than those in the unaudited pro forma condensed consolidated
statements. EFI will complete a full and detailed valuation of the Uranerz
assets. Therefore, it is likely that the fair values of assets and liabilities
acquired, including mineral properties and property, plant &amp; equipment, will
vary from those shown below and the differences may be material. </P>
<P align=center>190</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_39></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 PRO FORMA CONDENSED CONSOLIDATED FINANCIAL
      STATEMENTS</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><b>AT MARCH 31, 2015 AND FOR THE THREE MONTHS ENDED MARCH 31,
    2015</b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><b>AND THE YEAR ENDED DECEMBER 31, 2014</b></TD>
  </TR>
</TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000">(Unaudited) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:none; border-top-width:medium" bordercolor="#000000"><B><I>(Expressed in thousands of U.S. dollars, except per</I> <I>share amounts)</I></B> </TD>
  </TR>
</TABLE>
<P align=justify>The preliminary allocation of fair value assumed in these
unaudited pro forma condensed consolidated financial statements is as of
March 31, 2015, subject to change and is summarized as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right 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%"><B>Fair Value</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Carrying Value</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>Adjustments</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>Fair Value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Purchase price</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>(Under IFRS)</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 align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Issuance of
      24,457,766 common shares of EFI </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;119,598
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Issuance of 2,690,250 warrants
    </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,596 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Issuance of 2,090,153 options </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    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>6,156 </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 width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    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="10%">&nbsp;127,350 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Fair value of assets and liabilities
      acquired</B> </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Cash and cash
      equivalents </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;4,774 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" 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="10%" bgColor=#e6efff>&nbsp;4,774 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Trade and other receivables </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">3,400 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">3,400 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Inventories </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,076 </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>3,076 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Prepaid expenses and other
      assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,597 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,597 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Property, plant
      and equipment </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>68,557 </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>(15,409</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>53,148 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Intangible assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">10,400 </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%">10,400 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Restricted cash
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,100 </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>2,100 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(3,428</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%">- </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%">(3,428</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Loans and
      borrowings </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(18,377</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="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>(18,377</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Decommissioning liabilities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(3,087</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%">- </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%">(3,087</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Non-controlling
      interest </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(1,710</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>787 </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>(923</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Goodwill </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%">74,670 </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%">74,670 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;56,902</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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;70,448</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;127,350</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
    <P align=justify>The following weighted average assumptions were used for the
Black-Scholes option pricing model to calculate the $1,596 of fair value for the
2,690,205 warrants to be issued in connection with the acquisition. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Risk-free rate </TD>
    <TD align=left width="35%" bgColor=#e6efff >0.901 &#150; 0.930%
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Expected life </TD>
    <TD align=left width="35%" >0.92 &#150; 2.06 years </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Expected volatility </TD>
    <TD align=left width="35%" bgColor=#e6efff >45% - 71%* </TD></TR>
  <TR vAlign=top>
    <TD align=left>Expected dividend yield </TD>
    <TD align=left width="35%" >0.0% </TD></TR></TABLE></DIV>
<P align=center>191 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A>
<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 PRO FORMA CONDENSED CONSOLIDATED FINANCIAL
      STATEMENTS</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><b>AT MARCH 31, 2015 AND FOR THE THREE MONTHS ENDED MARCH 31,
    2015</b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><b>AND THE YEAR ENDED DECEMBER 31, 2014</b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000">(Unaudited) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:none; border-top-width:medium" bordercolor="#000000"><B><I>(Expressed in thousands of U.S. dollars, except per</I> <I>share amounts)</I></B> </TD>
  </TR>
</TABLE>
<P align=justify>The following weighted average assumptions were used for the
Black-Scholes option pricing model to calculate the $6,156 of fair value for the
2 090,153 options to be issued in connection with the acquisition. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Risk-free rate </TD>
    <TD align=left width="35%" bgColor=#e6efff>0.946 &#150; 1.828% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Expected life </TD>
    <TD align=left width="35%">0.64 &#150; 9.53 years </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Expected volatility </TD>
    <TD align=left width="35%" bgColor=#e6efff>38% - 93%* </TD></TR>
  <TR vAlign=top>
    <TD align=left>Expected dividend yield </TD>
    <TD align=left width="35%">0.0% </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>
      <P align=justify>* </P></TD>
    <TD align=left width="90%">
      <P align=justify>Expected volatility is measured based on the Company&#146;s
      historical share price volatility over the expected life of the warrants.</P></TD></TR></TABLE>
<P align=justify>The Company determined there would not be a tax consequence in
these pro forma condensed consolidated financial statements.</P>
<P align=justify><b>4.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;INTERNATIONAL FINANCIAL
REPORTING STANDARDS </b></P>
<P align=justify><I>Differences between IFRS and U.S. GAAP </I></P>
<P align=justify>EFI&#146;s management reviewed the historic accounting records and
financial statements of Uranerz for the periods from inception to March 31, 2015
and identified the material differences between IFRS and U.S. GAAP. EFI&#146;s
accounting policies are defined in the Company&#146;s consolidated financial
statements for the year ended December 31, 2014. </P>
<P align=justify>To conform to IFRS the following adjustments were made: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>Adjustment to property, plant and equipment to include
      capital costs related to the building of the plant, wellfield development
      and operations site development that were previously expensed under US
      GAAP of $44,133, in accordance with EFI&#146;s accounting policies under IFRS.
      The pro forma condensed consolidated statement of comprehensive income for
      the period ended December 31, 2014 was adjusted to reflect impairment of
      property, plant and equipment for the year ended December 31, 2014 of
      $3,572;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>Adjustment to property, plant and equipment to include
      capital costs from inception to March 31, 2015 related to exploration and
      evaluation of mineral properties including acquisition costs, property
      holding costs, exploration costs and development costs that were
      previously expensed under US GAAP of $23,609, in accordance with EFI&#146;s
      accounting policies under IFRS;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>Adjustment to mineral property expenditures to include
      capital costs from January 1, 2014 to March 31, 2015 related to the
      exploration and evaluation of mineral properties including acquisition
      costs, property holding costs, exploration costs and development costs
      that were previously expensed under US GAAP of $2,742 for the three months
      ended March 31, 2015 and $7,829 for the year ended December 31, 2014. In
      addition, a corresponding adjustment to non-controlling interest of $103
      was made for the three months ended March 31, and $304 was made for the
      year ended December 31, 2014, in accordance with EFI&#146;s accounting policies
      under IFRS; </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD>
      <P align=justify>Adjustment to inventories to include capital costs
      previously expensed under US GAAP of $1,567 net of impairment to adjust
      the inventory balance to its net realizable value of $812 for the three
      months ended March 31, 2015 totaling a net increase of inventories of $755
      at March 31, 2015. The pro forma condensed consolidated statement of
      comprehensive income for the period ended December 31, 2014 was adjusted
      for an inventory impairment of $667;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">e. </TD>
    <TD>
      <P align=justify>Adjustment to cost of sales to include depreciation,
      depletion and amortization of property, plant and equipment which were
      previously expensed under US GAAP of $1,837 for the three months ended
      March 31, 2015 and of $5,801 for the year ended December 31, 2014, in
      accordance with EFI&#146;s accounting policies under IFRS;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">f. </TD>
    <TD>
      <P align=justify>Adjustment to non-controlling interests of $1,592 for the
      capitalization of costs related to Uranerz&#146;s joint venture which were
      previously expensed, in accordance with EFI&#146;s accounting policies under
      IFRS;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">g. </TD>
    <TD>
      <P align=justify>Adjustment to finance income (expense) of $444 for the
      year ended December 31, 2014 to capitalize interest which was previously
      expensed under US GAAP to property, plant and equipment, in accordance
      with EFI&#146;s accounting policies under IFRS;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;
    </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">h.</TD>
    <TD>
      Adjustment from prepaid expenses and other assets to loans and borrowings
      of $206 to change presentation of debt issuance costs in accordance with
      EFI&#146;s accounting policies under IFRS;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;
    </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">i.</TD>
    <TD>
      Adjustment to decommissioning liabilities of $766 due to change in
      assumptions regarding discount rates in accordance with EFI&#146;s accounting
      policies under IFRS.</TD></TR></TABLE>
<P align=center>192</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_41></A>
<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 PRO FORMA CONDENSED CONSOLIDATED FINANCIAL
      STATEMENTS</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><b>AT MARCH 31, 2015 AND FOR THE THREE MONTHS ENDED MARCH 31,
    2015</b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><b>AND THE YEAR ENDED DECEMBER 31, 2014</b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000">(Unaudited) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">
    <i>(Expressed in thousands of U.S. dollars except per share amounts, unless
    otherwise noted)</i></TD>
  </TR>
</TABLE>
<P align=justify><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRO FORMA ASSUMPTIONS AND
ADJUSTMENTS</B></P>
<P align=justify>The unaudited pro forma condensed consolidated financial
statements reflect the following adjustments to give effect to the acquisition
as described in Note 3: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>To reflect the issuance of 24,457,766 common shares of
      EFI for the common shares of Uranerz at a fair value of $119,598;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>To reflect the Company&#146;s replacement of 2,690,250
      Uranerz&#146;s outstanding warrants on the same basis as the Acquisition
      Consideration, estimated at a fair value of $1,596 and to reflect the
      Company&#146;s replacement of 2,090,250 Uranerz&#146;s outstanding options on the
      same basis as the Acquisition Consideration, estimated at a fair value of
      $6,156 for a total of $7,752;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>To reflect an adjustment of $6,644 for EFI&#146;s and Uranerz
      estimated costs and expenses of the transaction from April 1, 2015 to the
      close of the transaction. EFI&#146;s transaction costs are comprised of cash
      costs of $2,017 and by the issuance of 829,652 EFI common shares for a
      total share value of $4,057. Uranerz&#146;s transaction costs are comprised of
      cash costs of $570 for a total of $2,587 cash costs combined. Through
      March 31, 2015, Uranerz and EFI incurred transaction costs of $2,384. (see
      Note 5(h);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD>
      <P align=justify>An adjustment of $15,409 to reflect the decrease in fair
      value of property, plant and equipment including mineral properties under
      IFRS and an adjustment of $787 to reflect an increase in the fair value of
      the non-controlling interest of the plant, property and equipment
      including mineral properties, estimated using a discounted cash flow model
      and various other pricing scenarios with the following assumptions: </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Key assumptions used in the calculation of recoverable amounts include
    discount rates, uranium prices, future timing of production volume including
    the date when a mineral property can be brought into production and the
    expected cost to produce uranium and future care and maintenance and
    operating costs.</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>The Company&#146;s estimate of future uranium sales prices were based
    primarily on the uranium prices prepared by industry analysts. For the
    purpose of the valuation estimated an uranium price of $38.50/lb. for the
    period up to December 31, 2015; a price range of $42.00/lb. to $60.00/lb.
    for the period 2016 to 2020 and $65.00/lb. for the period 2021 to 2026. The
    Company used a pre-tax real discount rate of 10.0% based on the Company&#146;s
    estimated weighted-average cost of capital for discounting the cash flow
    projections;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">e. </TD>
    <TD>
      <P align=justify>The elimination of the historical equity accounts of
      Uranerz;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">f. </TD>

    <TD>
      <P align=justify>An adjustment of $10,400 to reflect the fair value of
      Uranerz sales contracts;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">g. </TD>
    <TD>
      <P align=justify>Goodwill represents the excess of the preliminary
      purchase price (Note 3) over the estimated fair value of assets acquired
      and liabilities assumed of Uranerz;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">h. </TD>
    <TD>
      <P align=justify>An adjustment of $1,446 to selling, general and
      administrative expenses for transaction related costs incurred in the
      three months ended March 31, 2015 and $938 for the year ended December 31,
      2014 as they are non-recurring.</P></TD></TR></TABLE>
<P align=justify><B>6.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;PRO FORMA SHARES
OUTSTANDING </B></P>
<P align=justify>The average number of shares used in the computation of pro
forma basic and diluted loss per share has been determined as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left nowrap>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="10%" nowrap
    >
    <p align="center">Three Months Ended</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="10%" nowrap
    >
    <p align="center">Year Ended </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left nowrap>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%" nowrap
    >
    <p align="center">March 31, 2015</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%" nowrap
    >
    <p align="center">December 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Weighted average shares outstanding of EFI
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%"  bgColor=#e6efff>19,677,552</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff >19,661,661 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Shares issued to acquire Uranerz </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >24,457,766</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >24,457,766 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Shares issued to settle transaction costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
     bgColor=#e6efff>829,652</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff >829,652 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Pro forma weighted
      average shares of EFI </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    >44,964,970</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    >44,949,079 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=center>193 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center><B>RELATED PARTY TRANSACTIONS OF DIRECTORS AND EXECUTIVE
OFFICERS OF THE COMBINED COMPANY </B></P>
<P align=justify>Except as described below, since the beginning of Energy Fuels&#146;
preceding three financial years, Energy Fuels has had no related party
transaction or loan, nor does Energy Fuels have any presently proposed related
party transaction other than the Transaction, involving any person who will
serve as a director or an executive officer of Energy Fuels following the
completion of the Transaction.</P>
<P align=justify>Upon completion of the Transaction, the Energy Fuels board of
directors will be comprised of eight members. In addition to the six individuals
serving on the Energy Fuels board of directors at the Effective Time, Messrs.
Higgs and Catchpole will be appointed to the Energy Fuels board of directors. In
addition, Paul Goranson, current President and COO of Uranerz is expected to be
appointed as the Executive Vice President, ISR Operations of Energy Fuels. The
directors of Uranerz will resign as of the Effective Time. </P>
<A name=page_42></A>
<P align=justify>In addition, Dennis Higgs, Executive Chairman of Uranerz, and
Energy Fuels have agreed to negotiate a withholding tax agreement with Energy
Fuels. Energy Fuels is also currently in negotiations with Mr. Dennis Higgs to
stay on as an employee or a consultant of Energy Fuels following the closing of
the Transaction, although no agreement has been concluded to date. The details
of this withholding tax agreement and the negotiations on the possible
employment or consultant agreement are described above under &#147;Employment,
Severance and Change in Control Agreements &#150; Dennis Higgs, Executive Chairman&#148;.
</P>
<P align=center><B>COMPARISON OF RIGHTS OF URANERZ SHAREHOLDERS AND ENERGY FUELS
SHAREHOLDERS </B></P>
<P align=justify>If the Transaction is completed, shareholders of Uranerz will
become shareholders of Energy Fuels. The rights of Uranerz shareholders are
currently governed by the Nevada Revised Statutes and the Uranerz Articles and
Uranerz Bylaws. The rights of Energy Fuels shareholders are currently governed
by the OBCA and the Energy Fuels Articles and Energy Fuels Bylaws.</P>
<P align=justify>This section of the proxy statement/prospectus describes the
material differences between the rights of Uranerz shareholders and Energy Fuels
shareholders. This section does not include a complete description of all
differences among the rights of Uranerz shareholders and Energy Fuels
shareholders, nor does it include a complete description of the specific rights
of these persons. </P>
<P align=justify>The following summary is qualified in its entirety by reference
to, and you are urged to read carefully, the relevant provisions of the Nevada
Revised Statutes (&#147;<B>NRS</B>&#148;) and the OBCA, as well as the Uranerz Articles,
Uranerz Bylaws, Energy Fuels Articles, and the Energy Fuels Bylaws (combined,
the &#147;<B>Governing Documents</B>&#148;). This summary does not reflect securities laws
and regulations and any of the rules of the NYSE MKT or TSX that may apply to
Uranerz or Energy Fuels in connection with the Transaction. Copies of the
Governing Documents of Uranerz are filed as exhibits to the reports of Uranerz
filed with the SEC and are available at www.edgar.com. Copies of the Governing
Documents of Energy Fuels are available at www.sedar.com and as attached hereto
as exhibits. See &#147;Where You Can Find More Information&#148; beginning on page
213.</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>Outstanding Capital Stock</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Uranerz has outstanding one class of common stock.
      Holders of shares of Uranerz common stock are entitled to all of the
      respective rights and obligations provided to common shareholders under
      Nevada law, the Uranerz Articles, and the Uranerz Bylaws. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Energy Fuels has outstanding only one class of shares,
      designated as common shares. Holders of Energy Fuels common shares are
      entitled to all of the respective rights and obligations provided to
      shareholders under the OBCA, the Energy Fuels Articles, and the Energy
      Fuels Bylaws. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Authorized Capital Stock</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The authorized capital stock of Uranerz consists of (i)
      750,000,000 shares of common stock, $0.001 par value per share, and (ii) 10,000,000 preferred
      shares, $0.001 par value per share,. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The authorized share capital of Energy Fuels consists of
      an unlimited number of common shares without par value and unlimited number of
      preferred shares in series and unlimited number of Series A Preferred
      Shares. </P></TD></TR></TABLE>
<P align=center>194 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_43></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD width="3%" valign="top"  >&nbsp;</TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">Under the Uranerz Articles, Uranerz&#146; board of directors
      has the authority to issue one or more series of preferred stock with
      designations, voting powers, preferences and rights, and any
      qualifications, restrictions or limitations thereof, as the board of
      directors may determine. </TD>
    <TD width="3%" valign="top" align="justify" style="text-align: justify"  >&nbsp;
    </TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">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. </TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD width="3%" valign="top"  >&nbsp;</TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;
    </TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD width="3%" valign="top"  >&nbsp;</TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">As of
    May 26, 2015, there were (i) 95,912,806 shares of
      Uranerz common stock outstanding and (ii) no preferred shares outstanding. </TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;
    </TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">
    <p dir="ltr">As of May 26, 2015 there were 19,677,552 Energy Fuels
      common shares outstanding. </TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp; </TD>
    <TD width="3%" valign="top"  >&nbsp;</TD>
    <TD width="30%" valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%" valign="top" style="text-align: justify">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Voting Rights</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%" style="text-align: justify">
      <P align=justify>Each holder of Uranerz common stock is entitled to
      receive notice of and attend all meetings of Uranerz shareholders and
      shall have one vote for each common share held at all meetings of Uranerz
      shareholders that such shareholders are entitled to vote. Also see &#147;The
      Special Meeting of Uranerz Shareholders&#151;Uranerz Record Date; Shares
      Entitled to Vote&#148; beginning on page 56. </P></TD>
    <TD align=left width="3%" style="text-align: justify"  ></TD>
    <TD align=left width="30%" style="text-align: justify">
      <P align=justify>Each holder of Energy Fuels common shares is entitled to
      receive notice of and attend all meetings of Energy Fuels shareholders and
      shall have one vote for each common share held at all meetings of Energy
      Fuels shareholders. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" style="text-align: justify"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%" style="text-align: justify">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%" style="text-align: justify">
      <P align=justify>The Uranerz Bylaws provide that any action that may be
      taken at any annual or shareholder meeting, except for the election of
      directors, may be taken without a meeting and prior notice if authorized
      by a number of shareholders holding shares not less than the number
      required to authorize such action at a meeting in which all shareholders
      are present. </P></TD>
    <TD align=left width="3%" style="text-align: justify"  ></TD>
    <TD align=left width="30%" style="text-align: justify"></TD>
  </TR></TABLE>
<P align=center>195 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_44></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 style="text-align: justify"><B>Dividend Rights</B> </TD>
    <TD align=left width="3%" style="text-align: justify"  ></TD>
    <TD align=left width="30%" style="text-align: justify">
      <P align=justify>Under NRS Section 78.288, Uranerz may make distributions
      to its shareholders if after payment of such distribution:
      <ul>
        <li>
      <P style="margin-bottom: 12pt" align="justify">Uranerz would be able to pay its debts as they become due in the usual
      course of business; and
      </P></li>
        <li>
      <P style="margin-bottom: 12pt" align="justify">Uranerz&#146; total assets would not be less than the sum of its total
      liabilities plus the amount that would be needed, if the corporation were
      to be dissolved at the time of distribution, to satisfy the preferential
      rights upon dissolution of shareholders whose preferential rights are
      superior to those receiving the distribution.
      </P></li>
      </ul>
      <P>The Uranerz Articles do not provide for any restrictions on dividends.
      </P></TD>
    <TD align=left width="3%" style="text-align: justify"  ></TD>
    <TD align=left width="30%" style="text-align: justify">
      <P align=justify>Under the Energy Fuels Articles, dividends may be
      declared at the discretion of the board of directors. In accordance with
      the OBCA, Energy Fuels may not pay dividends if there are reasonable
      grounds for believing that (1) Energy Fuels is or, after the payment would
      be, unable to pay its liabilities as they become due or (2) the realizable
      value of Energy Fuels&#146; assets would thereby, be less than the aggregate of
      its liabilities and its stated capital of all classes. </P></TD></TR>
  <TR>
    <TD style="text-align: justify">&nbsp; </TD>
    <TD width="3%" style="text-align: justify"  >&nbsp;</TD>
    <TD width="30%" style="text-align: justify">
      <P align=justify>&nbsp;</P></TD>
    <TD width="3%" style="text-align: justify"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%" style="text-align: justify">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="text-align: justify"><B>Size of the Board of Directors</B> </TD>
    <TD align=left width="3%" style="text-align: justify"  ></TD>
    <TD align=left width="30%" style="text-align: justify">
      <P align=justify>The Uranerz Bylaws provide that the Uranerz board of
      directors will consist of not less than 1 nor more than 12 directors, with
      the current number of directors being fixed from time to time by
      resolution of the Uranerz board of directors. The current number of
      directors of Uranerz is seven. </P></TD>
    <TD align=left width="3%" style="text-align: justify"  ></TD>
    <TD align=left width="30%" style="text-align: justify">
      <P align=justify>The OBCA provides that a board of directors of an OBCA
      corporation that is an offering corporation, which includes a corporation
      such as Energy Fuels whose securities have been at any time listed and
      posted for trading on a recognized stock exchange such as the TSX, must
      have no fewer than three directors, at least one-third of whom are not
      officers or employees of the corporation or its affiliates. </P></TD></TR>
  <TR>
    <TD style="text-align: justify">&nbsp; </TD>
    <TD width="3%" style="text-align: justify"  >&nbsp;</TD>
    <TD width="30%" style="text-align: justify">
      <P align=justify>&nbsp;</P></TD>
    <TD width="3%" style="text-align: justify"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%" style="text-align: justify">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="text-align: justify"></TD>
    <TD align=left width="3%" style="text-align: justify"  ></TD>
    <TD align=left width="30%" style="text-align: justify"></TD>
    <TD align=left width="3%" style="text-align: justify"  ></TD>
    <TD align=left width="30%" style="text-align: justify">
      <P align=justify>The Energy Fuels Articles provide that Energy Fuels&#146;
      board of directors must be compromised of a minimum of 3 directors and a
      maximum of 15 directors. The OBCA provides that any amendment to increase
      or decrease this minimum or maximum number of directors requires the
      approval of shareholders of Energy Fuels by &#147;special resolution.&#148; </P></TD></TR></TABLE>
<P align=center>196 </P>
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  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%"></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>A &#147;special resolution&#148; is a resolution passed by not less
      than two-thirds of the votes cast by the shareholders entitled to vote on
      the resolution. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%"></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Energy Fuels&#146; board of directors currently has 9 members.
      Pursuant to the terms of the Merger Agreement, the combined company&#146;s
      board of directors will comprise eight directors. See &#147;Proposal One&#151;The
      Transaction&#151; Board of Directors and Management After the Transaction&#148;
      beginning on page 96. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Classification of the Board of</B> <B>Directors</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The Uranerz Articles and Uranerz Bylaws do not classify
      the Uranerz board of directors into separate classes with staggered terms.
      </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The OBCA provides that directors may be elected for a
      term of up to three years, and that staggered terms are permissible;
      however, the Energy Fuels Bylaws provide that a director&#146;s term of office
      shall be from the date of the meeting at which such director is elected or
      appointed until the close of the annual meeting of shareholders next
      following such director&#146;s election or appointment or until such director&#146;s
      successor is elected or appointed. If qualified, a director whose term of
      office has expired is eligible for re-election as a director. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Election of Directors</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The Uranerz Bylaws provide that in the election of
      directors, unless otherwise authorized, shareholders may not cumulate
      votes (i.e., cast for any candidate a number of votes greater than the
      number of shareholder&#146;s shares). Candidates receiving a plurality of votes
      will be elected as directors as long as the director
      nomination requirements and quorum requirements are met. Nevada law does
      not have director residency requirement. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The OBCA provide that directors will be elected by
      ordinary resolution of shareholders present in person or represented by
      proxy at the meeting and entitled to vote.
      <P align="justify">Pursuant to the OBCA, at least 25% of the directors of an OBCA corporation must be resident Canadians, but where an OBCA
      corporation has less than four directors, at least one director must be a
      resident Canadian.
  </P></TD></TR></TABLE>
<P align=center>197 </P>
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  <TR vAlign=top>
    <TD align=left><B>Removal of Directors</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>NRS Section 78.335 provides that Uranerz directors may be
      removed from office by the vote of shareholders representing not less than
      two-thirds of the voting power of the corporation. The Articles of
      Incorporation of a Nevada corporation may require a greater percentage of
      shareholder votes but may not require less. The provisions of the Uranerz
      bylaws in Article IV, Section 22, are contrary to the provisions of Nevada
      law. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Under the OBCA, unless the articles of a corporation
      provide for cumulative voting (which is not the case for Energy Fuels),
      shareholders of the corporation may, by a majority of the votes cast at a
      meeting, remove any director or directors from office. </P></TD></TR>
  <TR>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="30%">&nbsp;</TD>
    <TD width="3%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Filling of Vacancies on the Board</B> <B>of
      Directors</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Under the NRS, a majority of the directors in office can
      fill any vacancy or newly created directorship. The Uranerz Bylaws provide
      that vacancies in the board of directors may be filled by a majority of
      the remaining directors, even if less than a quorum. Each director so
      elected will hold office until the next annual meeting of the shareholders
      and until a successor has been elected and qualified. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The OBCA generally allows a vacancy on the board of
      directors to be filled by a quorum of directors. Under the OBCA, a vacancy
      among directors created by the removal of a director by shareholders may
      be filled at a meeting of shareholders at which the director is removed.
      <P align="justify">In addition to the board&#146;s ability to fill a vacancy among directors,
      the OBCA and the Energy Fuels Bylaws authorize the board of directors to
      appoint one or more additional directors, who shall hold office for a term
      expiring not later than the close of the next annual meeting of
      shareholders, but the total number of directors so appointed may not
      exceed one-third of the number of directors elected at the previous annual
      meeting of shareholders. </P></TD></TR></TABLE>
<P align=center>198 </P>
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  <TR vAlign=top>
    <TD align=left>
      <P align=justify><B>Ability to Call Special Meetings</B> <B>of
      Stockholder/ Shareholders</B> </P></TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="30%">
      <P align=justify>Under the NRS, a special meeting of shareholders may be
      called by the board of directors, any two directors, the president or as
      otherwise provided in the articles of incorporation or bylaws of the
      corporation.
      <P align="justify">The Uranerz Bylaws provide that a special meeting of the shareholders
      may be called at any time by the chairman of the board, the chief
      executive officer or the board of directors pursuant to a resolution
      adopted by a majority of the board of directors. Written notice of a
      special meeting must be given not less than ten nor more than sixty days
      before the date of the special meeting to each shareholder entitled to
      vote thereat. </P></TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="30%">
      <P align=justify>Under the OBCA, the holders of not less than 5% of the
      shares that carry a right to vote at a meeting may generally requisition
      the directors to call a meeting of shareholders. If the directors do not
      call the meeting within 21 days after receiving a request in compliance
      with this provision, any shareholder who signed the request may call the
      meeting.
      <P align="justify">The OBCA also provides that special meetings of shareholders may be
      called at any time by the board of directors. </P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify><B>Notice of Annual and Special</B> <B>Meetings of
      Stockholders/</B> <B>Shareholders</B> </P></TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="30%">
      <P align=justify>Under the NRS, the board of directors must call an annual
      meeting of shareholders not later than 18 months after holding the last
      preceding annual meeting. If the board fails to do so, a shareholder or
      shareholders entitling them to exercise at least 15% of the voting power
      of the corporation may make application to the appropriate district court
      in Nevada to order the election of directors.
      <P align="justify">The Uranerz Bylaws provide that notice of meetings of shareholders must
      specify the place, date, and hour of the meeting, and in the case of
      special meetings or certain transactions as required by the NRS, the
      general nature of the business to be transacted. Only the business specified in the notice may be transacted upon
      at the special meeting. The notice must be given not less than 10 days or
      more than 60 days before the date of the meeting. </P></TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="30%">
      <P align=justify>Under the OBCA, the board of directors must call an
      annual meeting of shareholders not later than 15 months after holding the
      last preceding annual meeting.
      <P align="justify">Pursuant to the OBCA and the Energy Fuels Bylaws, meetings of
      shareholders shall be held at such place within or outside of Ontario as
      determined by the directors, or in the absence of such a determination, at
      the place where the registered office of Energy Fuels is located.
      </P>
      <p align="justify">Under the OBCA, notice of the time and place of a meeting of Energy
      Fuels shareholders must be given not less than 21 days nor more than 50
      days prior to the meeting to each director, to the auditor and to each shareholder entitled to vote at the
      meeting. In the case of a notice of a special meeting, the notice must
      also state the nature of the business to be transacted at the meeting and
      the text of any special resolution or bylaw to be submitted to the
      meeting. </TD></TR></TABLE>
<P align=center>199 </P>
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  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align="justify">For all annual and special meetings of shareholders, the Uranerz Bylaws
      provide that the shareholders of record entitled to vote shall be fixed by
      the board and such date shall be no more than 60 days and no less than 10
      days prior to the date of such meeting. For shareholder actions taken
      without a meeting, the board of directors may fix, by resolution, a record
      date. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align="justify">Under the OBCA, the directors may fix in advance a date as the record
      date for the determination of shareholders entitled to receive notice of a
      meeting of shareholders, but the record date must not precede by more than
      60 days or by less than 30 days the date on which the meeting is to be
      held. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Stockholder/ Shareholder Action</B> <B>by Written
      Consent</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The NRS provides that, except as otherwise stated in the
      articles of incorporation or bylaws, shareholders may act by written
      consent without a meeting. The Uranerz Bylaws provide that any action
      which may be taken at any annual or special meeting of shareholders may be
      taken without a meeting and without prior notice, if a consent in writing,
      setting forth the action so taken, is signed by the holders of a majority
      of the voting power of the corporation (or such different proportion of
      voting power that may be required). The inclusion of certain &#147;votes cast&#148;
      requirements in the Uranerz Articles and Bylaws to approve certain actions
      may limit the ability of Uranerz shareholders to act by written consent
      due to the inability to determine a &#147;votes cast&#148; number for purposes of
      determining approval for such action. Further, Article 15 of the Uranerz
      Articles could be interpreted to require that amendments to
      Articles 10 through 14 of the Uranerz Articles be made only at an annual
      or special meeting. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Under the OBCA, generally, shareholder action without a
      meeting may only be taken by written resolution signed by all shareholders
      who would be entitled to vote on the relevant issue at a meeting.
      <BR><BR>For a public company such as Energy Fuels, this effectively means
      that all actions requiring shareholder approval must be taken at a duly
      convened shareholders&#146; meeting. </P></TD></TR></TABLE>
<P align=center>200 </P>
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  <TR vAlign=top>
    <TD align=left>
      <P align=justify><B>Advance Notice Requirements</B> <B>for Director
      Nominations and</B> <B>Other Proposals by Stockholders/</B>
      <B>Shareholders</B> </P></TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="30%">
      <P align=justify>The Uranerz Bylaws generally permit shareholders to
      nominate director candidates at annual and special meetings of
      shareholders if the shareholder intending to make such nomination gives
      timely notice thereof in writing in proper form. To be timely, the Uranerz
      Bylaws require, subject to certain limited exceptions, that written notice
      of an intention to nominate a director candidate be received by the
      corporate secretary of Uranerz not later than 60 days nor more than 90
      days in advance of the first anniversary of the preceding year&#146;s annual
      meeting or, in the event that no annual meeting was held in the previous
      year or the date of the annual meeting has been changed by more than 30
      days from the date contemplated at the time of the previous year&#146;s proxy
      statement, notice by the shareholder must be received no earlier than the
      90 days prior to such annual meeting and not later than 60 days prior to
      such annual meeting. However, if prior public disclosure of the date of
      the meeting is first given or made to shareholders fewer than 70 days
      prior to such meeting, notice by the shareholder to be timely must be
      delivered or received not later than the close of business on the 10th day
      following the day on which public announcement is first made of the date
      of the meeting. </P>
    </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Under the OBCA, shareholder proposals, including
      proposals with respect to the nomination of candidates for election to the
      board of directors, may be made by eligible registered or beneficial
      holders of shares entitled to vote at an annual meeting of shareholders.
      Proposals must be submitted at least 60 days before the anniversary date
      of the last annual meeting, or at least 60 days before a meeting other
      than an annual meeting, if the matter is proposed to be raised at a
      meeting other than the annual meeting. </P>
      <P align=justify>A proposal may only include nominations for the election
      of directors if the proposal is signed by one or more holders of shares
      representing in the aggregate not less than 5% of the shares entitled to
      vote at the meeting to which the proposal is to be presented.
  </P></TD></TR></TABLE>
<P align=center>201 </P>
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  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The Uranerz Bylaws allow for business to be properly brought before an annual meeting
      of shareholders, if the shareholder intending to propose the business
      gives timely notice in writing in proper form to the corporate secretary
      of Uranerz. To be timely, a shareholder&#146;s notice must be received by the
      corporate secretary, subject to certain limited exceptions, not later than
      60 days nor more than 90 days in advance of the scheduled date of the
      annual meeting. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%" ></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%">
      <P align=justify> </P></TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>In addition, in the event that no annual meeting was held
      in the previous year or the date of the annual meeting has been changed by
      more than 30 days from the date contemplated at the time of the previous
      year&#146;s proxy statement, notice by the shareholder must be received no
      earlier than the 120 days prior to such annual meeting and not later than
      90 days prior to such annual meeting. However, if prior public disclosure
      of the date of the meeting is first given or made to shareholders fewer
      than 70 days prior to such meeting, notice by the shareholder to be timely
      must be delivered or received not later than the close of business on the
      10th day following the day on which public announcement is first made of
      the date of the meeting. To be in proper form, the Uranerz bylaws require
      that the notice include, among other things, certain disclosures about (i)
      a brief description of the business, (ii) the name and address of the
      shareholder, (iii) the ownership interest of the shareholder, (iv) any
      material interest of the shareholder in such business and (v) any information that would be required to be disclosed in a
      proxy filing. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%" ></TD></TR></TABLE>
<P align=center>202 </P>
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  <TR vAlign=top>
    <TD align=left><B>Amendments to the Articles of</B> <B>Incorporation</B>
    </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The NRS generally provides that the Uranerz Articles may
      be amended if approved by the board of directors and the majority of the
      voting power of the corporation. Under the Uranerz Articles, amendments to
      the Uranerz Articles generally may be made in accordance with the default
      provision of Nevada law; however, Articles 10 through 14 of the Uranerz
      Articles may be amended by two-thirds of the votes <I>cast </I>for such
      amendment at an annual or special meeting. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Under the OBCA, an amendment to the articles of
      incorporation generally requires approval by special resolution, being 66
      2&#8260;3% of the votes cast, in person or by proxy, of shares of the
      corporation. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Amendments to Bylaws</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Under the NRS, the directors of the corporation have the
      power, to adopt, amend and repeal the bylaws of a corporation. The Uranerz
      Articles do not limit this power exclusively to the board of directors,
      therefore, the shareholders have the power to adopt, amend and repeal the
      bylaws of Uranerz. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%" rowSpan=3>
      <P align=justify>Energy Fuels&#146; board of directors may, by resolution,
      make, amend or repeal any bylaw that regulates the business or affairs of
      the corporation. Where the directors make, amend or repeal a bylaw, they
      are required under the OBCA to submit that action to the shareholders at
      the next meeting of shareholders, and the shareholders may confirm, reject
      or amend that action by simple majority or ordinary resolution. If the
      action is rejected by shareholders, or the directors of a corporation do
      not submit the action to the shareholders at the next meeting of
      shareholders, the action will cease to be effective, and no subsequent
      resolution of the directors to make, amend or repeal a bylaw having
      substantially the same purpose or effect will be effective until it is
      confirmed by the shareholders. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="30%">&nbsp;</TD>
    <TD align=left width="3%"  >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The Uranerz Bylaws provide that new bylaws may be adopted
      or the current bylaws may be amended or repealed by the vote of a majority
      of the votes cast by the shareholders or written consent of <SUP>a</SUP>
      majority of the outstanding shares entitled to vote. Furthermore, the
      Uranerz board of directors may adopt, amend or repeal the bylaws.
      </P>
      <P align=justify>Notwithstanding the foregoing, Article XIII, Section 48(b), Sections 5(a),
      15, 16 and 38 of the Uranerz Bylaws may only be amended by shareholders
      holding two-thirds of the outstanding shares entitled to vote at
      an annual or special meeting. </P></TD>
    <TD align=left width="3%"  ></TD></TR></TABLE>
<P align=center>203 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<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>Mergers, Consolidations and</B> <B>Other
      Transactions</B>
    <p>&nbsp; </p>
    &nbsp; </TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="30%">
      <P align=justify>Under the NRS, the board of directors and the holders of
      a majority of the voting power of the corporation (or such greater
      percentage as may be required by applicable law or the articles of
      incorporation) must approve a: </P>
      <ul>
        <li>
      <P
      align=justify style="margin-bottom: 12pt">merger;

        </li>
        <li>

      <P style="margin-bottom: 12pt">conversion;
      </P>
        </li>
        <li>
      <P style="margin-bottom: 12pt">exchange;</P>
        </li>
        <li>
      <P style="margin-bottom: 12pt">sale,
      lease or exchange of all or&nbsp;substantially all
      of&nbsp; a corporation&#146;s&nbsp;assets;</P>
        </li>
        <li>
      <P style="margin-bottom: 12pt">amendments
      to
      articles&nbsp;of&nbsp;incorporation; and</P>
        </li>
        <li>
      <P style="margin-bottom: 12pt">dissolution.
      </P></li>
      </ul>
      <p></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="30%">
      <P align=justify>Under the OBCA, certain extraordinary corporate actions,
      such as:
      <ul>
        <li>
      <P align="justify" style="margin-bottom: 12pt">amalgamations
      (other than with certain affiliated corporations); </P>
        </li>
        <li>
      <P align=justify style="margin-bottom: 12pt">continuances;
        </li>
        <li>
      <P align="justify" style="margin-bottom: 12pt">
      generally, amendments to the articles of the corporation, including to
      change its
      name; </P>
        </li>
        <li>
      <P align="justify" style="margin-bottom: 12pt">sales,
      leases or exchanges of all, or substantially all, the property of a
      corporation other than in the ordinary course of business; </P>
        </li>
        <li>
      <P align="justify" style="margin-bottom: 12pt">reductions of stated capital for any purpose, e.g., in connection with the
      payment of special distributions (subject, in certain cases, to the
      satisfaction of solvency tests); and </P></li>
        <li>
      <P
      align=justify style="margin-bottom: 12pt">other
      extraordinary corporate actions such as liquidations, dissolutions and, if
      ordered by a court, arrangements; </P></li>
        <li>
      <P
      align=justify style="margin-bottom: 12pt">are
      required to be approved by special resolution. </P></li>
      </ul>
      </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="30%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="30%">&nbsp;
      </TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="30%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="30%">
      <P align=justify>In specified cases, a special resolution to approve an
      extraordinary corporate action is also required to be approved separately
      by the holders of a class or series of shares, including in certain cases
      a class or series of shares not otherwise carrying voting rights.
  </P></TD></TR></TABLE></DIV>
<P align=center>204 </P>
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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>

  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%" ></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Rules or policies of certain Canadian securities
      regulatory authorities, including Multilateral Instrument 61-
      101&#151;<I>Protection of</I> <I>Minority Security Holders in</I> <I>Special
      Transactions </I>(&#147;<B>MI 61-</B> <B>101</B>&#148;) contain requirements in
      connection with certain transactions involving a &#147;related party,&#148;
      including transactions by which an issuer, directly or indirectly, (i)
      acquires, sells, leases or transfers an asset; (ii) acquires or issues
      securities; (iii) combines; (iv) assumes or becomes subject to a
      liability; or (v) borrows money or lends money from, with or to, as the
      case may be, a related party. Under MI 61-101, a &#147;related party&#148; includes,
      among others, (i) directors and senior officers of the issuer, (ii)
      holders of voting securities of the issuer carrying more than 10% of the
      voting rights attached to all the issuer&#146;s outstanding voting securities,
      and (iii) holders of a sufficient number of any securities of the issuer
      to materially affect control of the issuer. </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%" >&nbsp;</TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%" ></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>MI 61-101 provides that, in connection with a &#147;related
      party transaction&#148; (in addition to any other required shareholder
      approval), Energy Fuels is required, subject to the availability of
      certain exceptions, to: (i) provide specific disclosure in the proxy
      circular sent to security holders in connection with a related party
      transaction where a meeting is required; (ii) obtain a formal valuation of
      the subject matter of the related party transaction and provide a summary
      thereof in the proxy circular; and (iii) obtain the approval of a majority of the votes cast by shareholders other than any
      related party that is an interested party in the transaction.
  </P></TD></TR></TABLE>
<P align=center>205 </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>Preemptive Rights of</B> <B>Stockholders/
      Shareholders</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Under the NRS, shareholders of a corporation do not have
      preemptive rights to subscribe to an additional issue of stock or to any
      security convertible into such stock, unless such right is expressly
      included in the articles of incorporation. Because the Uranerz Articles do
      not include any provision in this regard, holders of shares of Uranerz
      common stock do not have preemptive rights. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Under the OBCA, because the Energy Fuels Articles do not
      provide for preemptive or subscription rights, holders of Energy Fuels
      common shares are not entitled to preemptive or subscription rights.
    </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Directors&#146; and Officers&#146; Liability</B> <B>and
      Indemnification</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The NRS provides that directors and officers of a Nevada
      corporation are not personally liable for the debts or liabilities of the
      corporation unless the director or officer acts as the alter ego of the
      corporation. A director of a Nevada corporation may be liable to the
      corporation, and in certain circumstances, its creditors, for a
      distribution made in violation of Nevada law. Further, the Uranerz
      Articles provide that a director may be liable to the corporation if such
      director authorizes the issuance of shares of for consideration other than
      money if the consideration received by the corporation is less than the
      fair equivalent of money that the corporation would have received if the
      shares had been issued for money.
      <P align="justify">The NRS and Uranerz Bylaws provides that a corporation may indemnify
      any person against expenses, judgments, fines, settlements, and other amounts actually and reasonably
      incurred in connection with any proceeding arising by reason of the fact
      that such person is or was a director, officer, employee or agent of, or
      serving as such at the request of, Uranerz. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Under the OBCA, a corporation may indemnify a director or
      officer, a former director or officer or a person who acts or acted at the
      corporation&#146;s request as a director or officer or an individual acting in
      a similar capacity for another entity (whom are referred to in this
      summary as an &#147;indemnifiable person&#148;) against all costs, charges and
      expenses, including an amount paid to settle an action or satisfy a
      judgment, reasonably incurred by the indemnifiable person in any civil,
      criminal, administrative, investigative or other proceeding in which the
      person is involved because of that association, if:
      <ul>
        <li>
      <P align="justify" style="margin-bottom: 12pt">the
      person acted honestly and in good faith with a view to the best interests
      of the corporation or other entity; and
      </P></li>
        <li>
        <p align="justify" style="margin-bottom: 12pt">in the
      case of a criminal or an administrative action enforceable by a monetary
      penalty, the person had reasonable grounds for believing the person&#146;s conduct was lawful.
        </li>
      </ul>
    </TD></TR></TABLE>
<P align=center>206 </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>
    <TD valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;</TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">Uranerz is authorized to advance expenses to a person
      entitled to indemnification upon receipt of an undertaking from such
      person to reimburse the corporation if the person is ultimately determined
      not to be entitled to indemnification. </TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;
    </TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">An indemnifiable person is also entitled to indemnity for
      reasonable defense costs and expenses if the person fulfills the above
      mentioned requirements and was not judged to have committed any fault or
      omitted to do anything the person ought to have done. </TD>
  </TR>
  <TR>
    <TD valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;</TD>
    <TD width="30%" valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;
    </TD>
    <TD width="30%" valign="top" style="text-align: justify">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;</TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">Uranerz is authorized to purchase and maintain insurance
      on behalf of those persons against any liability which may be asserted as
      set forth in NRS. </TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;
    </TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">A corporation may advance moneys to an indemnifiable
      person for the costs, charges and expenses of a proceeding provided that
      the indemnifiable person repays the moneys if he or she does not fulfill
      the above-mentioned requirements. </TD>
  </TR>
  <TR>
    <TD valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;</TD>
    <TD width="30%" valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;
    </TD>
    <TD width="30%" valign="top" style="text-align: justify">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;</TD>
    <TD width="30%" valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;
    </TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">In the case of a derivative action, indemnity may be made
      only with court approval, if the indemnifiable person fulfills the
      above-mentioned requirements. </TD>
  </TR>
  <TR>
    <TD valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;</TD>
    <TD width="30%" valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;
    </TD>
    <TD width="30%" valign="top" style="text-align: justify">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;</TD>
    <TD width="30%" valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;
    </TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">In addition, a corporation may purchase and maintain
      insurance for the benefit of an indemnifiable person against any liability
      incurred by such person whether in his or her capacity as a director or
      officer of the corporation or in his or her capacity as a director or
      officer of another entity if he or she acts or acted in that capacity at
      the corporation&#146;s request. </TD>
  </TR>
  <TR>
    <TD valign="top" style="text-align: justify">&nbsp; </TD>
    <TD width="3%" valign="top" style="text-align: justify"  >&nbsp;</TD>
    <TD width="30%" valign="top" style="text-align: justify">&nbsp;</TD>
    <TD width="3%" valign="top" style="text-align: justify"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%" valign="top" style="text-align: justify">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="text-align: justify"><B>Oppression Remedy</B> </TD>
    <TD align=left width="3%" style="text-align: justify"  ></TD>
    <TD align=left width="30%" style="text-align: justify">
      <P align=justify>The NRS does not provide for a similar remedy. </P></TD>
    <TD align=left width="3%"  rowSpan=3 style="text-align: justify" ></TD>
    <TD align=justify width="30%" rowSpan=3 style="text-align: justify">
      <P align=justify>The OBCA provides an oppression remedy that enables a
      court to make any order, including awarding money damages, appointing a
      receiver, dissolving the corporation, forcing the acquisition of
      securities and amending charter documents, to rectify matters that are oppressive or unfairly
      prejudicial to, or that unfairly disregard the interests of, any
      securityholder, creditor, director or officer of the corporation if an
      application is made to a court by a &#147;complainant,&#148; which includes: </P></TD></TR>
  <TR vAlign=top>
    <TD align=left style="text-align: justify">&nbsp; </TD>
    <TD align=left width="3%" style="text-align: justify"  >&nbsp;</TD>
    <TD align=left width="30%" style="text-align: justify">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="text-align: justify"></TD>
    <TD align=left width="3%" style="text-align: justify"  ></TD>
    <TD align=left width="30%" style="text-align: justify">
      <P align=justify>Under the Uranerz Bylaws and Uranerz Articles a
      complainant (as defined below) may apply to a court for leave to bring an
      action in the name and on behalf of Uranerz or any of its subsidiaries, or intervene in an action to
      which any such body corporate is a party, for the purpose of prosecuting,
      defending or discontinuing the action on behalf of the body corporate. </P></TD></TR></TABLE>
<P align=center>207 </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD width="3%" valign="top"  >&nbsp;</TD>
    <TD width="30%" valign="top" align="justify" style="text-align: justify">A &#147;complainant&#148; means (i) a registered holder or a
      beneficial owner, and a former registered holder or beneficial owner of
      any class of Uranerz&#146; stock, and (ii) a director or an officer or a former
      director or officer of Uranerz or any of its affiliates. </TD>
    <TD width="3%" valign="top"  >&nbsp;
    </TD>
    <TD width="30%" valign="top">
      <ul>
        <li>
        <p align="justify">a present or former registered holder or beneficial owner of securities of
      the corporation or any of its affiliates; <br>
&nbsp;</li>
        <li>
        <p align="justify">a present or former officer or director of the corporation or any
      of its affiliates; <br>
&nbsp;</li>
        <li>
        <p align="justify">in the case of an offering corporation, such as Energy Fuels, the
      Ontario Securities Commission; and <br>
&nbsp;</li>
        <li>
        <p align="justify">any other person who in the discretion of the court is a proper person to
      make such application. </li>
      </ul>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Quorum of Shareholders</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The Uranerz Bylaws provide that the presence, in person
      or by proxy, of the persons entitled to vote one- third of the outstanding
      shares entitled to vote at any meeting of shareholders shall constitute a
      quorum for the transaction of business. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Under the Energy Fuels Bylaws, two shareholders entitled
      to vote at such meeting, whether present in person or represented by proxy
      constitute a quorum. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="30%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Dissent Rights</B> </TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>Under the NRS, a shareholder of a Nevada corporation is
      generally entitled to demand payment of the fair value of his or her
      shares in the event the corporation is a party to a merger, subject to
      specified exceptions. Uranerz shareholders shall have the right to dissent
      and obtain the fair value of their shares, subject to such shareholder&#146;s
      strict compliance with the requirements of Nevada law. </P></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>The OBCA provides that shareholders of a corporation are
      entitled to exercise dissent rights and to be paid the fair value of their
      shares as determined by the board of directors of the corporation or,
      failing which, by the appropriate Canadian court upon an application
      timely brought by the corporation or a dissenting shareholder, in connection with specified matters, including:
  </P></TD></TR></TABLE>
<P align=center>208 </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="30%">
      <P align=justify>See &#147;Proposal One&#151;The Transaction&#151;Dissenters&#146; Rights&#148;
      beginning on page 147 and Annex B regarding the requirements for
      exercising and perfecting a shareholder&#146;s right to dissent. </P></TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="30%">
      <ul>
        <li>
      <P
      align=justify>an amendment to the corporation&#146;s articles to add, remove or
      change the restrictions on the issue, transfer or ownership of shares of
      the class in respect of which a shareholder is dissenting; </P></li>
      </ul>
      <ul>
        <li>
      <P
      align=justify>an amendment to the corporation&#146;s articles to add, remove or
      change any restriction upon the business or businesses that the
      corporation may carry on or upon the powers that the corporation may
      exercise; </P></li>
      </ul>
      <ul>
        <li>
      <P
      align=justify>any amalgamation with another corporation (other than with
      certain affiliated corporations); </P></li>
      </ul>
      <ul>
        <li>
      <P
      align=justify>a continuance under the laws of another jurisdiction; </P>
        </li>
      </ul>
      <ul>
        <li>
      <P
      align=justify>a sale, lease or exchange of all, or substantially all, the
      property of the corporation other than in the ordinary course of business;
      </P></li>
      </ul>
      <ul>
        <li>
      <P
      align=justify>a court order permitting a shareholder to dissent in connection with an
      application to the court for an order approving an arrangement proposed by
      the corporation; </P></li>
      </ul>
      <ul>
        <li>
      <P
      align=justify>the carrying out of a going- private transaction; and </P>
        </li>
      </ul>
      <ul>
        <li>
      <P
      align=justify>certain amendments to the articles of a corporation which require
      a separate class or series vote by a holder of shares of any class or
      series. </P></li>
      </ul>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%"></TD>
    <TD align=left width="3%"  ></TD>
    <TD align=left width="30%">
      <P align=justify>However, a shareholder is not entitled to dissent if an
      amendment to the articles is effected by a court order approving a reorganization or by a court order made
      in connection with an action for an oppression remedy. </P></TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="30%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="30%">
      <P align=justify>Energy Fuels shareholders are not entitled to
      dissent/appraisal rights under the OBCA in connection with the
      Transaction. </P></TD></TR></TABLE>
<P align=center>209 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT OF ENERGY FUELS </B></P>
<P align=justify>As of May 22, 2015, there were 19,677,552 common shares of
Energy Fuels issued and outstanding as fully paid and non-assessable, and
carrying a right to one vote per share. The following table sets forth certain
information regarding the ownership of Energy Fuels&#146; common shares as of
May 22, 2015 by: (i) each of Energy Fuels&#146; directors; (ii) each of Energy Fuels&#146;
named executive officers; (iii) all of Energy Fuels&#146; executive officers and
directors as a group; and (iv) all those known by Energy Fuels to be beneficial
owners of more than five percent (5%) of Energy Fuels&#146; common shares. </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="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="57%" colspan="10" nowrap><B>Beneficial Ownership</B> &nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=center width="12%" nowrap><B>Shares of</B> </TD>
    <TD align=center width="2%" nowrap>&nbsp;</TD>
    <TD align=center width="1%" nowrap>&nbsp;</TD>
    <TD align=center width="12%" nowrap>&nbsp; </TD>
    <TD align=center width="2%" nowrap>&nbsp;</TD>
    <TD align=center width="1%" nowrap>&nbsp;</TD>
    <TD align=center width="12%" nowrap>&nbsp;</TD>
    <TD align=center width="2%" nowrap>&nbsp;</TD>
    <TD align=center width="1%" nowrap>&nbsp;</TD>
    <TD align=center width="12%" nowrap>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=center width="12%" nowrap><B>common stock</B> </TD>
    <TD align=center width="2%" nowrap>&nbsp;</TD>
    <TD align=center width="1%" nowrap>&nbsp;</TD>
    <TD align=center width="12%" nowrap><B>Shares acquirable</B> </TD>
    <TD align=center width="2%" nowrap>&nbsp;</TD>
    <TD align=center width="1%" nowrap>&nbsp;</TD>
    <TD align=center width="12%" nowrap>&nbsp;</TD>
    <TD align=center width="2%" nowrap>&nbsp;</TD>
    <TD align=center width="1%" nowrap>&nbsp;</TD>
    <TD align=center width="12%" nowrap><B>Percent of</B> </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Beneficial
      Owner</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%" nowrap><B>currently owned</B> </TD>
    <TD align=center width="2%" nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%" nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%" nowrap><B>within 60 days(1)</B></TD>
    <TD align=center width="2%" nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%" nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%" nowrap><B>Total </B> </TD>
    <TD align=center width="2%" nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%" nowrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%" nowrap><B>class(2)</B></TD>
    <TD align=center width="2%"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>5% Shareholders</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Korea Electric Power Corporation<SUP>(3)</SUP> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=right width="12%">1,711,814 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">NIL </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">NIL </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">8.69 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Executive Officers and</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;<B>Directors</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=right width="12%">5,192 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">53,377 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">58,569 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">* </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Paul A. Carroll </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>NIL </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>54,200 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>54,200 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>* </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Joo Soo Park </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=right width="12%">NIL </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">NIL </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">NIL </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">* </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Lawrence A. Goldberg </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>NIL </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>47,200 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>47,200 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>* </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark E. Goodman </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=right width="12%">NIL </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">52,200 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">52,200 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">* </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Bruce D. Hansen </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,600 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>53,200 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>55,800 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>* </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Ron F. Hochstein </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=right width="12%">23,368 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">41,310 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">64,678 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">* </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Richard J. Patricio </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,720 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>55,820 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>63,540 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>* </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Stephen P. Antony </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=right width="12%">19,957 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">115,400 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">135,357 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">* </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Daniel Zang </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>714 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>32,357 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>33,071 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>* </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Harold R. Roberts </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=right width="12%">4,143 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">43,071 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">47,214 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">* </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>David C. Frydenlund </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>9,837 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>36,786 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>46,623 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>* </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current directors and executive officers as
      a group <BR>(12 persons) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>73,531 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>584,921 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>658,452 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3.25 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>210 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_59></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>+ </TD>
    <TD align=left width="95%">
      <P align=justify>Except as otherwise indicated, the address for each
      beneficial owner is 225 Union Blvd., Suite 600, Lakewood, Colorado 80228.
      </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(1) </TD>
    <TD align=left width="95%">
      <P align=justify>With respect to Energy Fuels&#146; named
      executive officers and Energy Fuels&#146; directors, this amount includes
      common shares, which could be acquired upon exercise of stock options
      which are either currently vested and exercisable or will vest and become
      exercisable within 60 days of May 22, 2015. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(2) </TD>
    <TD align=left width="95%">
      <P align=justify>Based on 19,677,552 shares outstanding on May 22, 2015.
      </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(3) </TD>
    <TD align=left width="95%">
      <P align=justify>KEPCO Canada Uranium Limited Partnership Holdings holds
      1,282,980 common shares and Korea Electric Power Corporation holds 428,834
      common shares. </P></TD></TR></TABLE>
<P align=center><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT OF URANERZ </B></P>
<P align=justify>As of May 22, 2015 there were 95,912,806 shares of Uranerz
common stock issued and outstanding as fully paid and non-assessable, and
carrying a right to one vote per share. The following table sets forth certain
information regarding the ownership of Uranerz&#146; common shares as of May 22,
2015 (except as otherwise indicated) by each person who is known by Uranerz to
own, or which Uranerz has reason to believe owns, more than 5% of shares of
Uranerz common stock, each Uranerz&#146; named executive officers, each of Uranerz&#146;
directors and all of Uranerz&#146; directors and executive officers as a group. </P>
<P align=justify>Unless otherwise indicated in the footnotes to this table and
subject to community property laws where applicable, Uranerz believes that each
of the shareholders named in this table has sole voting and investment power
with respect to the shares indicated as beneficially owned<B>. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD colspan="10" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>Beneficial Ownership</B>  </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=center width="12%" nowrap><B>Shares of</B> </TD>
    <TD align=center width="2%" nowrap >&nbsp;</TD>
    <TD align=center width="1%" nowrap >&nbsp;</TD>
    <TD align=center width="12%" nowrap>&nbsp; </TD>
    <TD align=center width="2%" nowrap >&nbsp;</TD>
    <TD align=center width="1%" nowrap >&nbsp;</TD>
    <TD align=center width="12%" nowrap>&nbsp;</TD>
    <TD align=center width="2%" nowrap >&nbsp;</TD>
    <TD align=center width="1%" nowrap >&nbsp;</TD>
    <TD align=center width="12%" nowrap>&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=center width="12%" nowrap><B>common stock</B> </TD>
    <TD align=center width="2%" nowrap >&nbsp;</TD>
    <TD align=center width="1%" nowrap >&nbsp;</TD>
    <TD align=center width="12%" nowrap><B>Shares acquirable</B> </TD>
    <TD align=center width="2%" nowrap >&nbsp;</TD>
    <TD align=center width="1%" nowrap >&nbsp;</TD>
    <TD align=center width="12%" nowrap>&nbsp;</TD>
    <TD align=center width="2%" nowrap >&nbsp;</TD>
    <TD align=center width="1%" nowrap >&nbsp;</TD>
    <TD align=center width="12%" nowrap><B>Percent of</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Beneficial
      Owner</B> </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%" nowrap><B>currently owned</B> </TD>
    <TD align=center width="2%" nowrap >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%" nowrap><B>within 60 days(1)</B></TD>
    <TD align=center width="2%" nowrap >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%" nowrap><B>Total </B> </TD>
    <TD align=center width="2%" nowrap >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%" nowrap
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%" nowrap><B>class(2)</B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Executive Officers and</B> <B>Directors +</B> </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="12%"></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%"></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%"></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%"></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Dennis Higgs </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,870,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>508,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,378,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2.48 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Glenn Catchpole </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=right width="12%">1,452,100 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">943,000</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,395,100</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2.50 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Paul Goranson </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Nil </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>248,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>248,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>* </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Dr. Gerhard Kirchner </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=right width="12%">476,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">223,000</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">699,000</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">* </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Paul Saxton </TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>11,500 </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>314,000</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="12%" bgColor=#e6efff>325,500</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 align=left>Peter Bell </TD>
    <TD vAlign=bottom align=left width="2%"
    >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">Nil </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%">364,000</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%">364,000</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 align=left bgColor=#e6efff>Arnold J. Dyck </TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,000 </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="12%" bgColor=#e6efff>318,000</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="12%" bgColor=#e6efff>321,000</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="12%" bgColor=#e6efff>* </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Benjamin Leboe </TD>
    <TD vAlign=bottom align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">16,000 </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%">801,000</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%">817,000</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 align=left bgColor=#e6efff>Current directors and executive officers as
      a group <BR>(8 persons) </TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,828,600 </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="12%" bgColor=#e6efff>3,719,000</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="12%" bgColor=#e6efff>7,547,600</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="12%" bgColor=#e6efff>7.87 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>* </TD>
    <TD align=left width="95%">Less than 1% </TD></TR></TABLE>
<P align=center>211 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_60></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>+ </TD>
    <TD align=left width="95%" >Except as otherwise indicated,
      the address for each beneficial owner is 1701 East &#147;E&#148; Street, Casper,
      Wyoming, 82605. </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>With respect to holders of 5% or more of shares of
      Uranerz common stock, this amount includes shares of Uranerz&#146; common
      stock, which could be acquired upon exercise of outstanding warrants and
      convertible debt. With respect to Uranerz&#146; executive officers and
      directors, this amount includes shares of Uranerz&#146; common stock, which
      could be acquired upon exercise of stock options which are either
      currently vested and exercisable or will vest and become exercisable
      within 60 days of May 22, 2015.</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>Based on 95,912,806 shares of common stock outstanding on
      May 22, 2015 and calculated in accordance with Rule 13d-3 promulgated
      under the Exchange Act.</P></TD></TR></TABLE>
<P align=justify>Other than as described herein, Uranerz and Energy Fuels are
aware of no arrangements, including any pledge by any person of shares of
Uranerz common stock, the operation of which may at a subsequent date result in
a change of control of Uranerz. </P>
<P align=center><B>LEGAL MATTERS </B></P>
<P align=justify>The legality of the Energy Fuels common shares offered by this
proxy statement/prospectus and certain other Canadian legal matters will be
passed upon for Energy Fuels by Borden Ladner Gervais LLP, as Canadian corporate
counsel to Energy Fuels.</P>
<P align=center><B>EXPERTS </B></P>
<P align=justify>The consolidated financial statements of Energy Fuels as of
December 31, 2014 and December 31, 2013 and for the year ended December 31, 2014
and the fifteen months ended December 31, 2013, have been incorporated by
reference into this proxy statement/prospectus herein in reliance upon the
report of KPMG LLP, independent registered public accounting firm, incorporated
by reference herein, and upon authority of said firm as experts in accounting
and auditing. </P>
<P align=justify>The financial statements of Uranerz and its subsidiaries for
the years ended December 31, 2014 and 2013 incorporated by reference into this
proxy statement/prospectus are included in reliance on the report of Manning
Elliott LLP, as set forth in their report appearing in Uranerz Form 10-K Annual
Report for the year ended December 31, 2014, and are incorporated by reference
herein in reliance upon such report given on the authority of such firm as
experts in accounting and auditing. </P>
<P align=center><B>FUTURE SHAREHOLDER PROPOSALS </B></P>
<P align=justify><B>Energy Fuels </B></P>
<P align=justify>Energy Fuels will hold a regular annual general meeting of
shareholders in 2016 regardless of whether the Transaction is completed, and may
decide to hold a special meeting of its shareholders in late 2015 to the extent
there is required business to be addressed. </P>
<P align=justify>A shareholder who is entitled to vote at the annual meeting of
shareholders of Energy Fuels in respect of the fiscal year ending December 31,
2015 (to be held in 2016), may raise a proposal for consideration at such annual
meeting. Energy Fuels will consider such proposal for inclusion in the proxy
materials for the annual meeting in 2016 only if the Energy Fuels&#146; Secretary
receives such proposal (at 225 Union Blvd, Suite 600, Lakewood, Colorado, 80228)
submitted pursuant to section 99 of the OBCA, on or before the date in 2016 that is 60 days prior to the anniversary date of the annual meeting
to be held in 2015. The use of certified mail, return receipt, is advised.</P>
<P align=center>212 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_61></A>
<P align=justify><B>Uranerz </B></P>
<P align=justify>In light of the expected timing of the completion of the
Transaction, Uranerz expects to hold its 2015 annual meeting of shareholders
only if the Transaction is not completed prior to June 30, 2015. If Uranerz
proceeds with its 2015 annual meeting of shareholders, it is anticipated that
this meeting will be held no later than June 30, 2015. </P>
<P align=justify>Requirements for shareholder proposals to be considered for
inclusion in Uranerz&#146; proxy materials: In the event that Uranerz holds a 2016
annual meeting of shareholders, shareholder proposals submitted pursuant to Rule
14a-8 under the Exchange Act, and intended to be presented at Uranerz&#146; 2016
annual meeting of shareholders must be received by Uranerz not earlier than 90
days and not later than 60 days prior to the date of the one year anniversary of
the Uranerz 2015 annual meeting in order to be considered for inclusion in
Uranerz&#146; proxy materials for that meeting, provided that in the event that the
date of the annual meeting of stockholders to be held in calendar year 2016 is
changed by more than 30 days from the date of the 2015 annual meeting then such
shareholder proposals must be received not earlier than 90 days and not later
than 60 days prior to such 2016 annual meeting. </P>
<P align=justify>Requirements for shareholder proposals to be brought before an
annual meeting: the Uranerz Bylaws provide that, for shareholder nominations to
Uranerz&#146; board of directors or other proposals to be considered at an annual
meeting of shareholders, the shareholder must have given timely notice of the
proposal or nomination in writing to Uranerz&#146; Corporate Secretary. To be timely
for the 2015 annual meeting of Uranerz shareholders (to be held in 2015), a
shareholder&#146;s notice must be delivered to, or mailed and received by, Uranerz&#146;
Corporate Secretary at its principal executive offices no earlier than 90 days
before the date of the 2015 annual meeting and no later than 60 days prior to
the 2015 annual meeting. Pursuant to the Uranerz Bylaws, however, any
shareholder proposal or nomination for director must meet the deadline pursuant
to Rule 14a-8, as described above, to be included in Uranerz&#146; proxy materials. A
shareholder&#146;s notice to the secretary must set forth, as to each matter the
shareholder proposes to bring before the annual meeting, the information
required by the Uranerz Bylaws. </P>
<P align=center><B>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P align=justify>Energy Fuels has filed with the SEC a registration statement
under the Securities Act of which this proxy statement/prospectus forms a part,
which registers the common shares of Energy Fuels to be issued to Uranerz
shareholders in connection with the Transaction. The registration statement,
including the attached exhibits and schedules, contains additional relevant
information about Energy Fuels and its common shares. The rules and regulations
of the SEC allow Energy Fuels to omit certain information included in the
registration statement from this document. </P>
<P align=justify>Uranerz files annual, quarterly and current reports, proxy
statements and other information with the SEC. Energy Fuels is a &#147;foreign
private issuer&#148; and, under the rules adopted under the Exchange Act, is exempt
from certain of the requirements of the Exchange Act, including the proxy and
information provisions of Section 14 of the Exchange Act and the reporting and
liability provisions applicable to officers, directors and significant
shareholders under Section 16 of the Exchange Act. </P>
<P align=justify>The SEC allows Energy Fuels and Uranerz to &#147;incorporate by
reference&#148; information into this offer to exchange, which means that Energy
Fuels and Uranerz can disclose important information to you by referring you to
another document filed separately with the SEC. The information incorporated by
reference is deemed to be part of this offer to exchange, except for any information
superseded by information contained directly in this offer to exchange. This
offer to exchange incorporates by reference the documents set forth below that
Energy Fuels and Uranerz have previously filed with the SEC. These documents
contain important information about Energy Fuels and Uranerz and their financial
condition.</P>
<P align=center>213 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_62></A>
<P align=justify>The following documents are expressly incorporated by reference
into this proxy statement/ prospectus: </P>
<P align=justify>(1) The following documents previously filed by Energy Fuels
with the SEC:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><div align="center"><B>Energy Fuels SEC Filings</B> </div></TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="49%"
    ><div align="center"><B>Period</B> </div></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Annual Report on Form 40-F </TD>
    <TD align=left width="2%"  bgColor=#e6efff ></TD>
    <TD align=left width="49%" bgColor=#e6efff >
      <P align=justify>Fiscal Year Ended December 31, 2014, as filed on March
      20, 2015 </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="2%"  >&nbsp;</TD>
    <TD width="49%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Reports on Form 6-K </TD>
    <TD align=left width="2%"  bgColor=#e6efff ></TD>
    <TD align=left width="49%" bgColor=#e6efff >
      <P align=justify>Filed on January 5, 2015, January 7, 2015, January 20,
      2015, February 9, 2015, February 12, 2015, February 17, 2015, March 20,
      2015 (3), March 30, 2015, April 8, 2015, May 12, 2015 </P></TD></TR></TABLE>
<P align=justify>(2) The following documents previously filed by Uranerz with
the SEC:</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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Uranerz SEC
      Filings</B> </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD colspan="2" align=left style="BORDER-BOTTOM: #000000 1px solid"
    ><STRONG>Period</STRONG> </TD>
    </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Annual Report on Form 10-K </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD colspan="2" align=left bgColor=#e6efff >
      <P align=justify>Fiscal Year Ended December 31, 2014, as filed on March
      16, 2015 </P></TD>
    </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="2%"  >&nbsp;</TD>
    <TD align=right width="4%" ></TD>
    <TD align=right width="45%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff >&nbsp;</TD>
    <TD width="4%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="45%" bgColor=#e6efff>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Current Reports on Form 8-K </TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="4%" >&#149; </TD>
    <TD align=left width="45%">
      <P align=justify>Form 8-K dated January 5, 2015, filed on January 5, 2015
      and amended on January 12, 2015) </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff ></TD>
    <TD align=left width="4%" bgColor=#e6efff >&#149; </TD>
    <TD align=left width="45%" bgColor=#e6efff>
      <P align=justify>Form 8-K dated January 7, 2015 and filed on January 7,
      2015 </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="4%" >&#149; </TD>
    <TD align=left width="45%">
      <P align=justify>Form 8-K dated January 8, 2015 and filed on January 8,
      2015 and amended on January 12, 2015 </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff ></TD>
    <TD align=left width="4%" bgColor=#e6efff >&#149; </TD>
    <TD align=left width="45%" bgColor=#e6efff>
      <P align=justify>Form 8-K dated February 18, 2015 and filed on February
      18, 2015 </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="4%" >&#149; </TD>
    <TD align=left width="45%">
      <P align=justify>Form 8-K dated February 19, 2015 and filed on February
      19, 2015 </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff ></TD>
    <TD align=left width="4%" bgColor=#e6efff >&#149; </TD>
    <TD align=left width="45%" bgColor=#e6efff>
      <P align=justify>Form 8-K dated March 6, 2015 and filed on March 11, 2015      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="4%" >&#149; </TD>
    <TD align=left width="45%">
      <P align=justify>Form 8-K dated March 16, 2015 and filed on March 17, 2015      </P></TD></TR></TABLE>
</DIV>
<P align=center>214 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_63></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 bgcolor="#FFFFFF" width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" ></TD>
    <TD width="2%" align=left bgcolor="#E6EFFF"  ></TD>
    <TD width="4%" align=left bgcolor="#E6EFFF" >&#149; </TD>
    <TD width="45%" align=left bgcolor="#E6EFFF">Form 8-K dated March 16, 2015 and filed on
      March 19, 2015 </TD>
  </TR>

  <TR vAlign=top>
    <TD align=left bgcolor="#FFFFFF" width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF" >&nbsp;</TD>
    <TD width="2%" align=left bgcolor="#FFFFFF"  >&nbsp;</TD>
    <TD width="4%" align=left bgcolor="#FFFFFF" >&#149; </TD>
    <TD width="45%" align=left bgcolor="#FFFFFF">Form 8-K dated May 8, 2015 and
    filed on May 11, 2015</TD>
  </TR>

  <TR vAlign=top>
    <TD align=left bgcolor="#FFFFFF" width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF"  >&nbsp;</TD>
    <TD width="4%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="45%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
  </TR>

  <TR vAlign=top>
    <TD align=left bgcolor="#FFFFFF" width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF" >Quarterly Reports on Form 10-Q</TD>
    <TD width="2%" align=left bgcolor="#FFFFFF"  >&nbsp;</TD>
    <TD width="4%" align=left bgcolor="#FFFFFF" >&#149; </TD>
    <TD width="45%" align=left bgcolor="#FFFFFF">Three Months ended March 31,
    2015 as filed on May 11, 2015</TD>
  </TR>

  <TR vAlign=top>
    <TD align=left bgcolor="#FFFFFF" width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF"  >&nbsp;</TD>
    <TD width="4%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="45%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
  </TR>

  <TR vAlign=top>
    <TD align=left bgcolor="#FFFFFF" width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF" >Proxy Statement</TD>
    <TD width="2%" align=left bgcolor="#FFFFFF"  >&nbsp;</TD>
    <TD width="4%" align=left bgcolor="#FFFFFF" >&#149; </TD>
    <TD width="45%" align=left bgcolor="#FFFFFF">Definitive 14A filed on May 14,
    2015</TD>
  </TR>

</TABLE>
<P align=justify>(3) The description of Uranerz&#146; common stock set forth in
Uranerz&#146; registration statements filed by Uranerz pursuant to Section 12 of the
Exchange Act, including any amendment or report filed for purposes of updating
this description.</P>
<P align=justify>(4) The description of the rights set forth in Uranerz&#146;
registration statements on Form 8-A filed pursuant to Section 12 of the Exchange
Act, including any amendment or report filed with the SEC for the purpose of
updating this description.</P>
<P align=justify>(5) All documents filed by Energy Fuels and Uranerz pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act from the date of this
offer to exchange to the date that shares of Uranerz common stock are accepted
for exchange pursuant to the offer, or the date that the offer is terminated,
shall also be deemed to be incorporated herein by reference </P>
<P align=justify>You may read and copy the information filed with or furnished
to the SEC by Uranerz or Energy Fuels at the Public Reference Room of the SEC at
100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may obtain
information on the operation of the SEC&#146;s Public Reference Room by calling the
SEC at 1-800-SEC-0330. The SEC also maintains an Internet website that contains
reports, proxy statements and other information about issuers, like Uranerz and
Energy Fuels, that file electronically with the SEC. The address of the site is
www.sec.gov. You may also obtain copies of this information by mail from the
Public Reference Section of the SEC, 100 F Street, N.E., Room 1580, Washington,
D.C. 20549, at prescribed rates, or from commercial document retrieval services.
The reports and other information filed by Uranerz with the SEC are also
available at Uranerz&#146; website at www.uranerz.com. Energy Fuels also files
reports, statements and other information with the applicable Canadian
securities regulatory authorities. Energy Fuels&#146; filings are electronically
available to the public from the Canadian System for Electronic Document
Analysis and Retrieval, or SEDAR, the Canadian equivalent of the SEC&#146;s EDGAR
system, at www.sedar.com. The web addresses of the SEC, SEDAR, Energy Fuels and
Uranerz have been included as inactive textual references only. Information on
those web sites is not part of this proxy statement/prospectus. </P>
<P align=justify>Neither Energy Fuels nor Uranerz has authorized anyone to give
any information or make any representation about the Transaction or the
respective companies that is different from, or in addition to, that contained
in this proxy statement/prospectus. Therefore, if anyone does give you
information of this sort, you should not rely on it. If you are in a
jurisdiction where offers to exchange or sell, or solicitations of offers to
exchange or purchase, the securities offered by this proxy statement/prospectus
or the solicitation of proxies is unlawful, or if you are a person to whom it is
unlawful to direct these types of activities, then the offer presented in this
proxy statement/prospectus does not extend to you. The information contained in
this proxy statement/prospectus speaks only as of the date of this proxy
statement/prospectus unless the information specifically indicates that another
date applies. You should not assume that the information contained in this proxy
statement/prospectus is accurate as of any date other than that date. </P>
<P align=center>215 </P>
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<A name=page_65></A>
<P align=center><B>PART II&nbsp;<BR></B><B>INFORMATION NOT REQUIRED IN
PROSPECTUS </B></P>
<P align=center><B>INDEMNIFICATIONS OF DIRECTORS AND OFFICERS </B></P>
<P align=justify>Under the Business Corporations Act (Ontario), Energy Fuels may
indemnify a director or officer, a former director or officer or another
individual who acts or acted at Energy Fuels&#146; request as a director or officer,
or an individual acting in a similar capacity, of another entity, against all
costs, charges and expenses, including an amount paid to settle an action or
satisfy a judgment, reasonably incurred by the individual in respect of any
civil, criminal, administrative, investigative or other proceeding in which the
individual is involved because of that association with Energy Fuels or other
entity on condition that (i) the individual acted honestly and in good faith
with a view to the best interests of Energy Fuels or, as the case may be, to the
best interests of the other entity for which the individual acted as a director
or officer or in a similar capacity at Energy Fuels&#146; request, and (ii) in the
case of a criminal or administrative action or proceeding that is enforced by a
monetary penalty, the individual also had reasonable grounds for believing that
his or her conduct was lawful. Further, Energy Fuels may, with court approval,
indemnify an individual described above in respect of an action by or on behalf
of Energy Fuels or other entity to obtain a judgment in its favor, to which the
individual is made a party because of the individual&#146;s association with Energy
Fuels or other entity, against all costs, charges and expenses reasonably
incurred by the individual in connection with such action if the individual
fulfills condition (i) above. An individual as described above is entitled as a
matter of right to indemnification from Energy Fuels in respect of all costs,
charges and expenses reasonably incurred by such individual in connection with
the defence of any civil, criminal, administrative, investigative or other
proceedings to which such individual is subject if he or she was not judged by a
court or other competent authority to have committed any fault or omitted to do
anything that he or she ought to have done, and has fulfilled conditions (i) and
(ii) above. </P>
<P align=justify>In accordance with the Business Corporations Act (Ontario),
Energy Fuels has agreed to indemnify each of its directors and officers against
all costs, charges and expenses, including an amount paid to settle an action or
satisfy a judgment, reasonably incurred by him in respect of any civil,
criminal, administrative action or proceeding in which such individual is
involved by reason of his association with Energy Fuels or other entity if he
acted honestly and in good faith with a view to the best interests of Energy
Fuels or such other entity, and he had reasonable grounds for believing that his
conduct was lawful. </P>
<P align=justify>A policy of directors&#146; and officers&#146; liability insurance is
maintained by the Registrant which insures directors and officers for losses as
a result of claims against the directors and officers of the Registrant in their
capacity as directors and officers and also reimburses the Registrant for
payments made pursuant to the indemnity provisions under the by-laws of the
Registrant and the Business Corporations Act (Ontario). </P>
<P align=justify>Insofar as indemnification for liabilities arising under the
Securities Act of 1933, as amended, may be permitted to directors, officers or
persons controlling Energy Fuels pursuant to the foregoing provisions, Energy
Fuels has been informed that in the opinion of the SEC such indemnification is
against public policy as expressed in the Securities Act of 1933, as amended,
and is therefore unenforceable. </P>
<P align=justify><B>Exhibits </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left ><STRONG>Exhibits </STRONG></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="88%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Number</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="88%"
    ><B>Document Description</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="88%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>2.1 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee >Agreement and
      Plan of Merger, dated January 4, 2015 (1) </TD>
  </TR></TABLE>
<P align=center>II-1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_66></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="12%" bgColor=#eeeeee>2.2 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Amendment to the Agreement and Plan of Merger, dated May
    8, 2015 (1)</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>3.1 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Articles of Continuance dated September 2, 2005*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>3.2 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Articles of Amendment dated May 26, 2006*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>3.3 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>By-Laws*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>5.1 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Opinion of Borden Ladner Gervais LLP*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>10.1 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Energy Fuels 2013 Amended and
      Restated Stock Option Plan (2)</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>10.2 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Energy Fuels Omnibus Compensation Plan*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>10.3 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>The Warrant Indenture dated as of June 21, 2012 between
      Energy Fuels and CIBC Mellon Trust Company providing for the issue of up
      to 355,005 common share purchase warrants (3)</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>10.4 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>The Convertible Debenture Indenture dated as of July 24,
      2012 between Energy Fuels and BNY Trust Company of Canada providing for
      the issue of debentures (4)</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>10.5 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>The Arrangement Agreement between Energy Fuels and
      Strathmore Minerals Corp. dated June 11, 2012. (5)</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>10.6 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>The Underwriting Agreement dated June 13, 2013 between
      Energy Fuels and Dundee Securities Ltd., Haywood Securities Inc. and
      Cantor Fitzgerald Canada Corporation (6)</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>10.7 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>The Underwriting Agreement dated September 30, 2013
      between Energy Fuels and Dundee Securities Ltd., Haywood Securities Inc.
      and Cantor Fitzgerald Canada Corporation (7)</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>10.8 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Subscription Agreement dated December 31, 2012 between
      Energy Fuels and Virginia Energy Resources Inc.*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>10.9 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Shareholder Rights Plan*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>21.1 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Subsidiary List of Energy Fuels Inc.*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.1 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Borden Ladner Gervais LLP (included in Exhibit
      5.1)*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee><a href="exhibit23-2.htm">23.2
    </a></TD>
    <TD bgColor=#eeeeee >
      <P align=justify><a href="exhibit23-2.htm">Consent of Manning Elliott, Independent Registered Public
      Accountants</a></P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee><a href="exhibit23-3.htm">23.3
    </a></TD>
    <TD bgColor=#eeeeee >
      <P align=justify><a href="exhibit23-3.htm">Consent of KPMG LLP, Independent Registered Public
      Accountants</a></P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.4 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Euro Pacific Canada Inc.*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.5 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Roscoe Postle Associates
Inc.*</P></TD></TR></TABLE>
<P align=center>II-2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_67></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="12%" bgColor=#eeeeee>23.6 </TD>
    <TD bgColor=#eeeeee >
    <P align=justify>Consent of Chlumsky, Armbrust &amp; Meyer LLC*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.7 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Terence P. McNulty*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.8 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Mine Development Associates*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.9 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Neil Prenn*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.10 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Richard White*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.11 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of William E. Roscoe*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.12 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Douglas H. Underhill*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.13 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Thomas C. Pool*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.14 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of David Ross*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.15 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Christopher Moreton*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.16 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Douglas C. Peters*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.17 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Peters Geosciences*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.18 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of BRS Engineering*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.19 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Douglas Beahm*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.20 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Robert L. Sandefur*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.21 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Robert Michaud*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.22 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Stuart E. Collins*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.23 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Richard L. Nielsen*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.24 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Matthew P. Reilly*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.25 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Paul Tietz*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee><a href="exhibit23-26.htm">23.26
    </a></TD>
    <TD bgColor=#eeeeee >
      <P align=justify><a href="exhibit23-26.htm">Consent of Stephen Antony</a></P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.27 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of SRK Consulting (U.S.) Inc.*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.28 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Barton G. Stone*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.29 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Mark B. Mathisen*</P></TD></TR></TABLE>
<P align=center>II-3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_68></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="12%" bgColor=#eeeeee>23.30 </TD>
    <TD bgColor=#eeeeee >
    <P align=justify>Consent of Alinco Geoservices, Inc.*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.31 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of M. Hassan Alief*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.32 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Harold R. Roberts*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.33 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Frank A. Daviess*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.34 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Allan Moran*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.35 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Paul Goranson*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.36 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Don. R. Woody*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.37 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Consent of Douglass Graves*</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="12%" bgcolor="#EEEEEE"><a href="exhibit23-38.htm">23.38</a></TD>
    <TD bgcolor="#EEEEEE" ><a href="exhibit23-38.htm">Consent of Bruce Larson</a></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>24.1 </TD>
    <TD bgColor=#eeeeee >
      <P align=justify>Power of Attorney*</P></TD></TR></TABLE>
<p><BR>
</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%">* </TD>
    <TD>
      previously filed</TD></TR>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;
    </TD></TR>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Included as Annex A to the proxy statement/prospectus
      filed herewith.</P></TD></TR>
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" valign="top">(2)</TD>
    <TD>Incorporated by reference from Schedule B of Exhibit 99.84 of Energy
    Fuels' registration statement on Form 40-F filed with the SEC on November
    15, 2013.</TD></TR>
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 99.50 to Energy
      Fuels&#146; registration statement on Form 40-F filed with the SEC on November
      15, 2013</P></TD></TR>
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 99.66 to Energy
      Fuels&#146; registration statement on Form 40-F filed with the SEC on November
      15, 2013.</P></TD></TR>
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 99.95 to Energy
      Fuels&#146; registration statement on Form 40-F filed with the SEC on November
      15, 2013.</P></TD></TR>
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 99.99 to Energy
      Fuels&#146; registration statement on Form 40-F filed with the SEC on November
      15, 2013.</P></TD></TR>
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 99.125 to Energy
      Fuels&#146; registration statement on Form 40-F filed with the SEC on November
      15, 2013.</P></TD></TR></TABLE>
<P align=justify><B>Undertakings </B></P>
<P align=justify><I>Regulation S-K, Item 512(a) Undertaking: The undersigned
registrant hereby undertakes as follows: </I></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 colSpan=2>
      <P align=justify>to file, during any period in which offers or sales are
      being made, a post-effective amendment to this registration
    statement:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to include any prospectus required by Section 10(a)(3) of
      the Securities Act;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>to reflect in the prospectus any facts or events arising
      after the effective date of the registration statement (or the most recent
      post-effective amendment thereof) which, individually or in the aggregate,
      represent a fundamental change in the information set forth in the
      registration statement; and</P></TD></TR></TABLE>
<P align=center>II-4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_69></A><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%">(iii) </TD>
    <TD>
      <P align=justify>to include any material information with respect to the
      plan of distribution not previously disclosed in the registration
      statement or any material change to such information in the registration
      statement;</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 vAlign=top width="5%">(2) </TD>
    <TD colSpan=2>
      <P align=justify>that, for the purpose of determining any liability under
      the Securities Act, each such post-effective amendment shall be deemed to
      be a new registration statement relating to the securities offered
      therein, and the offering of such securities at that time shall be deemed
      to be the initial bona fide offering thereof;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD colSpan=2>
      <P align=justify>to remove from registration by means of a post-effective
      amendment any of the securities being registered which remain unsold at
      the termination of the offering;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD colSpan=2>
      <P align=justify>to file a post-effective amendment to the registration
      statement to include any financial statements required by Item 8.A. of
      Form 20-F at the start of any delayed offering or throughout a continuous
      offering;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD colSpan=2>
      <P align=justify>that, for the purpose of determining liability under the
      Securities Act of 1933 to any purchaser, each prospectus filed pursuant to
      Rule 424(b) as part of a registration statement relating to an offering,
      other than registration statements relying on Rule 430B or other than
      prospectuses filed in reliance on Rule 430A shall be deemed to be part of
      and included in the registration statement as of the date it is first used
      after effectiveness. <I>Provided</I>, <I>however</I>, that no statement
      made in a registration statement or prospectus that is part of the
      registration statement or made in a document incorporated or deemed
      incorporated by reference into the registration statement or prospectus
      that is part of the registration statement will, as to a purchaser with a
      time of contract of sale prior to such first use, supersede or modify any
      statement that was made in the registration statement or prospectus that
      was part of the registration statement or made in any such document
      immediately prior to such date of first use; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD colSpan=2>
      <P align=justify>that, for the purpose of determining liability of the
      registrant under the Securities Act to any purchaser in the initial
      distribution of the securities, the undersigned registrant undertakes that
      in a primary offering of securities of the undersigned registrant pursuant
      to this registration statement, regardless of the underwriting method used
      to sell the securities to the purchaser, if the securities are offered or
      sold to such purchaser by means of any of the following communications,
      the undersigned registrant will be a seller to the purchaser and will be
      considered to offer or sell such securities to such purchaser:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any preliminary prospectus or prospectus of the
      undersigned registrant relating to the offering required to be filed
      pursuant to Rule 424;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>any free writing prospectus relating to the offering
      prepared by or on behalf of the undersigned registrant or used or referred
      to by the undersigned registrant;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the portion of any other free writing prospectus relating
      to the offering containing material information about the undersigned
      registrant or its securities provided by or on behalf of the undersigned
      registrant; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>any other communication that is an offer in the offering
      made by the undersigned registrant to the
purchaser.</P></TD></TR></TABLE>
<P align=center>II-5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_70></A>
<P align=justify><I>Regulation S-K, Item 512(g) Undertaking: </I></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>The undersigned registrant hereby undertakes as follows:
      that prior to any public reoffering of the securities registered hereunder
      through use of a prospectus which is a part of this registration
      statement, by any person or party who is deemed to be an underwriter
      within the meaning of Rule 145(c), the undersigned registrant undertakes
      that such reoffering prospectus will contain the information called for by
      the applicable registration form with respect to reofferings by persons
      who may be deemed underwriters, in addition to the information called for
      by the other items of the applicable form.</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>The registrant undertakes that every prospectus: (i) that
      is filed pursuant to paragraph (1) immediately preceding, or (ii) that
      purports to meet the requirements of Section 10(a)(3) of the Securities
      Act and is used in connection with an offering of securities subject to
      Rule 415, will be filed as a part of an amendment to the registration
      statement and will not be used until such amendment is effective, and
      that, for purposes of determining any liability under the Securities Act
      of 1933, each such post-effective amendment shall be deemed to be a new
      registration statement relating to the securities offered therein, and the
      offering of such securities at that time shall be deemed to be the initial
      bona fide offering thereof.</P></TD></TR></TABLE>
<P align=justify><I>Regulation S-K, Item 512(h) Undertaking: </I></P>
<P align=justify>Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act of 1933 and will be governed by the final adjudication of such
issue. </P>
<P align=justify><I>Form F-4, Item 22(b) Undertaking: </I></P>
<P align=justify>The undersigned registrant hereby undertakes to (i) respond to
requests for information that is incorporated by reference into the prospectus
pursuant to Item 4, 10(b), 11 or 13 of Form F-4, within one business day of
receipt of such request, and to send the incorporated documents by first class
mail or other equally prompt means, and (ii) to arrange or provide for a
facility in the United States for the purpose of responding to such requests.
The undertaking in subparagraph (i) above includes information contained in
documents filed subsequent to the effective date of the registration statement
through the date of responding to the request. </P>
<P align=justify><I>Form F-4, Item 22(c) Undertaking: </I></P>
<P align=justify>The undersigned registrant hereby undertakes to supply by means
of a post-effective amendment all information concerning a transaction and the
company being acquired involved therein, that was not the subject of and
included in the registration statement when it became effective. </P>
<P align=center>II-6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_71></A>
<P align=center><B>SIGNATURES </B></P>
<P align=justify>Pursuant to the requirements of the Securities Act of 1933, the
registrant has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Lakewood,
State of Colorado, on this 26<sup>th</sup> day of May, 2015.</P>
<P style="MARGIN-LEFT: 50%" align=justify><B>ENERGY FUELS INC. </B></P>
<P style="MARGIN-LEFT: 50%" align=justify>&nbsp;</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="5%">By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">/s/ Daniel Zang    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="45%">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;Daniel Zang </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%"></TD>
    <TD align=left
      width="45%">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief
      Financial Officer </TD></TR></TABLE>
<P align=center><B>POWER OF ATTORNEY </B></P>
<P align=justify>KNOW ALL PERSONS BY THESE PRESENTS, that each person whose
signature appears below constitutes and appoints Dan Zang and Stephen Antony,
and each of them acting individually, as his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead in any
and all capacities, to sign this Registration Statement and any and all
amendments thereto (including post-effective amendments and registration
statements filed pursuant to Rule 462(b) under the Securities Act of 1933 and
otherwise), and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the Securities and Exchange Commission, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or his or
her substitute or substitutes, may lawfully do or cause to be done by virtue
hereof. </P>
<P align=justify>Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated. </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 align=center>Signature </TD>
    <TD align=center width="3%" >&nbsp;</TD>
    <TD align=center width="31%">Title </TD>
    <TD align=center width="31%">Date </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="3%" >&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>*</TD>
    <TD align=center width="3%" >&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">Chairman and Director </TD>
    <TD align=center width="31%">May 26, 2015 </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Stephen P. Antony </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Stephen P. Antony </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">President, Chief Executive Officer </TD>
    <TD align=center width="31%">May 26, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">and Director </TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Daniel Zang </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Daniel Zang </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">Chief Financial Officer and </TD>
    <TD align=center width="31%">May 26, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">Principal Accounting Officer </TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>*</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul Carroll </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">Director </TD>
    <TD align=center width="31%">May 26, 2015 </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>*</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Larry Goldberg </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">Director </TD>
    <TD align=center width="31%">May 26, 2015 </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>*</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark Goodman </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">Director </TD>
    <TD align=center width="31%">May 26, 2015 </TD></TR></TABLE></DIV>
<P align=center>II-7 <BR>
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_72></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>*</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Joo Soo Park </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">Director </TD>
    <TD align=center width="31%">May 26, 2015 </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>*</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce Hansen </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">Director </TD>
    <TD align=center width="31%">May 26, 2015 </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>*</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Ron Hochstein </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">Director </TD>
    <TD align=center width="31%">May 26, 2015 </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>*</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Richard Patricio </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">Director </TD>
    <TD align=center width="31%">May 26, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">
    /s/ Daniel Zang</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1">Daniel
    Zang</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Attorney-in-fact</TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=center width="31%">&nbsp;</TD></TR></TABLE></DIV>
<P align=center>II-8 <BR>
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_73></A>
<P align=center><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
</B></P>
<P align=justify>Pursuant to the Securities Act of 1933, the undersigned, the
duly authorized representative in the United States of Energy Fuels Inc. has
signed this Registration Statement in the City of Lakewood, State of Colorado,
on May 26, 2015. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>AUTHORIZED U.S. REPRESENTATIVE
</B></P>
<P style="MARGIN-LEFT: 55%" align=justify>By:
  <u>/s/ David Frydenlund </u><BR>
Name: David Frydenlund <BR>Title:
Senior VP, General Counsel &amp; <BR>Corporate Secretary <BR></P>
<P align=center>II-9<BR>
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

<A name=page_X-1></A>
<P align=right><b>ANNEX A</b></P>
<P align=center><B>AGREEMENT AND PLAN OF MERGER </B></P>
<P align=center><B>By and Among </B></P>
<P align=center><B>ENERGY FUELS INC. </B></P>
<P align=center><B>EFR NEVADA CORP. </B></P>
<P align=center><B>and </B></P>
<P align=center><B>URANERZ ENERGY CORPORATION </B></P>
<P align=center><B>Dated as of January 4, 2015 </B></P>
<P align=center>A-1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_X-2></A>
<P align=center><B>TABLE OF CONTENTS </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 width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"><B><U>Page</U></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=3><A href="#page_X-8">ARTICLE I THE
      MERGER </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-8">1 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-8">1.1 </A></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="86%"><A href="#page_X-8">The Merger </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-8">1 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-8">1.2 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-8">Effective
      Time of the Merger </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-8">1 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-9">1.3 </A></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="86%"><A href="#page_X-9">Governance of Parent </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-9">2 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee colSpan=3><A href="#page_X-9">ARTICLE
      II THE SURVIVING ENTITY </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-9">2 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-9">2.1 </A></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="86%"><A href="#page_X-9">Articles of Incorporation and
      Bylaws </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-9">2 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-9">2.2 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-9">Officers and
      Directors </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-9">2 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left colSpan=3><A href="#page_X-9">ARTICLE III CONVERSION
      OF SHARES </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-9">2 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-9">3.1 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-9">Conversion of
      Capital Stock </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-9">2 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-10">3.2 </A></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="86%"><A href="#page_X-10">Surrender and Payment
</A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-10">3 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-12">3.3 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-12">Stock
      Options and Warrants </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-12">5 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-13">3.4 </A></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="86%"><A href="#page_X-13">Dissenting Shareholders.
    </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-13">6 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-14">3.5 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-14">Closing
    </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-14">7 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left colSpan=3><A href="#page_X-14">ARTICLE IV
      REPRESENTATIONS AND WARRANTIES OF TARGET </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-14">7 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-14">4.1 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-14">Organization
      and Qualification </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-14">7 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-15">4.2 </A></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="86%"><A href="#page_X-15">Capitalization </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-15">8 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-16">4.3 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-16">Authority;
      Validity of Agreement </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-16">9 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-16">4.4 </A></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="86%"><A href="#page_X-16">No Violation; Consents and
      Approvals </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-16">9 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-17">4.5 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-17">Target
      Reports </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-17">10 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-18">4.6 </A></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="86%"><A href="#page_X-18">Financial Statements </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-18">11 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-19">4.7 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-19">Absence of
      Undisclosed Liabilities </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-19">12 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-19">4.8 </A></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="86%"><A href="#page_X-19">Off-Balance Sheet
      Arrangements. </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-19">12 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-19">4.9 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-19">Absence of
      Certain Changes </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-19">12 </A></TD></TR></TABLE>
<P align=center>-i- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_X-3></A>
<P align=center><B>TABLE OF CONTENTS <BR></B>(continued) </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 width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD>
    <TD align=right width="2%"><B><U>Page</U></B>  </TD>
  </TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-20">4.10 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-20"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-20">Taxes
</A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-20">13 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-22">4.11 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-22"></A></TD>
    <TD align=left width="86%"><A href="#page_X-22">Litigation </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-22">15 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-22">4.12 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-22"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-22">Employee
      Benefit Plans; ERISA </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-22">15 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-24">4.13 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-24"></A></TD>
    <TD align=left width="86%"><A href="#page_X-24">Environmental Liability
    </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-24">17 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-25">4.14 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-25"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-25">Compliance
      with Applicable Laws </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-25">18 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-26">4.15 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-26"></A></TD>
    <TD align=left width="86%"><A href="#page_X-26">Insurance </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-26">19 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-26">4.16 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-26"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-26">Properties;
      Mining Claims </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-26">19 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-28">4.17 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-28"></A></TD>
    <TD align=left width="86%"><A href="#page_X-28">Material Contracts </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-28">21 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-28">4.18 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-28"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-28">Required
      Shareholder Vote </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-28">21 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-29">4.19 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-29"></A></TD>
    <TD align=left width="86%"><A href="#page_X-29">Form F-4 and Proxy
      Statement/Prospectus </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-29">22 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-29">4.20 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-29"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-29">Intellectual
      Property </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-29">22 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-29">4.21 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-29"></A></TD>
    <TD align=left width="86%"><A href="#page_X-29">Affiliate Transactions
    </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-29">22 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-29">4.22 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-29"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-29">Brokers
    </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-29">22 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-29">4.23 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-29"></A></TD>
    <TD align=left width="86%"><A href="#page_X-29">FIRPTA </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-29">22 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-30">4.24 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-30"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-30">Fairness
      Opinion; Board Approval </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-30">23 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-30">4.25 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-30"></A></TD>
    <TD align=left width="86%"><A href="#page_X-30">Controls and Procedures
    </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-30">23 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-30">4.26 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-30"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-30">Takeover
      Matters </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-30">23 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-30">4.27 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-30"></A></TD>
    <TD align=left width="86%"><A href="#page_X-30">Related Party Transactions
      </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-30">23 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-31">4.28 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-31"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-31">Compliance
      with the U.S. Foreign Corrupt Practices Act and Other Applicable
      Anti-Corruption Laws. </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-31">24 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-31">4.29 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-31"></A></TD>
    <TD align=left width="86%"><A href="#page_X-31">Powers of Attorney </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-31">24 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-31">4.30 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-31"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-31">Books and
      Records </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-31">24 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left colSpan=3><A href="#page_X-32">ARTICLE V
      REPRESENTATIONS AND WARRANTIES OF PARENT PARTIES </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-32">25 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-32">5.1 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-32"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-32">Organization
      and Qualification </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-32">25 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A href="#page_X-32">5.2 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-32"></A></TD>
    <TD align=left width="86%"><A href="#page_X-32">Capitalization </A></TD>
    <TD vAlign=bottom align=right width="2%"><A href="#page_X-32">25 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-34">5.3 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-34"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-34">Authority;
      Validity of Agreement </A></TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#eeeeee><A
      href="#page_X-34">27 </A></TD></TR></TABLE>
<P align=center>-ii- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_X-4></A>
<P align=center><B>TABLE OF CONTENTS <BR></B>(continued) </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 width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD>
    <TD align=right width="1%"><B><U>Page</U></B>  </TD>
  </TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-34">5.4 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-34"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-34">No
      Violation; Consents and Approvals </A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-34">27
</A></TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-35">5.5 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-35"></A></TD>
    <TD align=left width="86%"><A href="#page_X-35">Parent Reports </A></TD>
    <TD align=right width="1%"><A href="#page_X-35">28 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-36">5.6 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-36"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-36">Financial
      Statements </A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-36">29
</A></TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-36">5.7 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-36"></A></TD>
    <TD align=left width="86%"><A href="#page_X-36">Absence of Undisclosed
      Liabilities </A></TD>
    <TD align=right width="1%"><A href="#page_X-36">29 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-37">5.8 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-37"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-37">Off-Balance
      Sheet Arrangements </A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-37">30
</A></TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-37">5.9 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-37"></A></TD>
    <TD align=left width="86%"><A href="#page_X-37">Absence of Certain Changes
      </A></TD>
    <TD align=right width="1%"><A href="#page_X-37">30 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-38">5.10 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-38"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-38">Taxes
</A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-38">31
</A></TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-40">5.11 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-40"></A></TD>
    <TD align=left width="86%"><A href="#page_X-40">Litigation </A></TD>
    <TD align=right width="1%"><A href="#page_X-40">33 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-40">5.12 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-40"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-40">Employee
      Benefit Plans; ERISA </A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-40">33
</A></TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-42">5.13 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-42"></A></TD>
    <TD align=left width="86%"><A href="#page_X-42">Environmental Liability
    </A></TD>
    <TD align=right width="1%"><A href="#page_X-42">35 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-44">5.14 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-44"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-44">Compliance
      with Applicable Laws </A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-44">37
</A></TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-44">5.15 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-44"></A></TD>
    <TD align=left width="86%"><A href="#page_X-44">Insurance </A></TD>
    <TD align=right width="1%"><A href="#page_X-44">37 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-44">5.16 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-44"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-44">Properties;
      Mining Claims </A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-44">37
</A></TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-46">5.17 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-46"></A></TD>
    <TD align=left width="86%"><A href="#page_X-46">Material Contracts </A></TD>
    <TD align=right width="1%"><A href="#page_X-46">39 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-46">5.18 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-46"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-46">Required
      Shareholder Vote </A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-46">39
</A></TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-47">5.19 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-47"></A></TD>
    <TD align=left width="86%"><A href="#page_X-47">Operations of Merger Sub
    </A></TD>
    <TD align=right width="1%"><A href="#page_X-47">40 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-47">5.20 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-47"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-47">Form F-4 and
      Proxy Statement/Prospectus </A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-47">40
</A></TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-47">5.21 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-47"></A></TD>
    <TD align=left width="86%"><A href="#page_X-47">Fairness Opinion; Board
      Approval </A></TD>
    <TD align=right width="1%"><A href="#page_X-47">40 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-47">5.22 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-47"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-47">Controls and
      Procedures </A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-47">40
</A></TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-48">5.23 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-48"></A></TD>
    <TD align=left width="86%"><A href="#page_X-48">Parent Common Shares </A></TD>
    <TD align=right width="1%"><A href="#page_X-48">41 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-48">5.24 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-48"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-48">Substituted
      Options and Assumed Warrants </A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-48">41
</A></TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-48">5.25 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-48"></A></TD>
    <TD align=left width="86%"><A href="#page_X-48">Intellectual Property
</A></TD>
    <TD align=right width="1%"><A href="#page_X-48">41 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-48">5.26 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-48"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-48">Affiliate
      Transactions </A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-48">41
</A></TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-48">5.27 </A></TD>
    <TD align=left width="2%">&nbsp;<A href="#page_X-48"></A></TD>
    <TD align=left width="86%"><A href="#page_X-48">Brokers </A></TD>
    <TD align=right width="1%"><A href="#page_X-48">41 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#eeeeee width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-48">5.28 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;<A href="#page_X-48"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-48">Takeover
      Matters </A></TD>
    <TD align=right width="1%" bgColor=#eeeeee><A href="#page_X-48">41
  </A></TD></TR></TABLE>
<P align=center>-iii- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_X-5></A>
<P align=center><B>TABLE OF CONTENTS <BR></B>(continued) </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 width="10%" >&nbsp;</TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD>
    <TD align=right width="2%" ><B><U>Page</U></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-49">5.29
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A href="#page_X-49"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-49">Related
      Party Transactions </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-49">42 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_X-49">5.30 </A></TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="86%"><A href="#page_X-49">Compliance with the U.S.
      Foreign Corrupt Practices Act and Other Applicable Anti-Corruption Laws.
      </A></TD>
    <TD align=right width="2%" ><A href="#page_X-49">42 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-50">5.31
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A href="#page_X-50"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-50">Books and
      Records </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-50">43 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left colSpan=3><A href="#page_X-50">ARTICLE VI CONDUCT OF
      BUSINESS PENDING THE MERGER </A></TD>
    <TD align=right width="2%" ><A href="#page_X-50">43 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-50">6.1
    </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A href="#page_X-50"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-50">Conduct of
      Business by Target Pending the Merger </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-50">43 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-53">6.2 </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-53"></A></TD>
    <TD align=left width="86%"><A href="#page_X-53">Conduct of Business by
      Parent Pending the Merger </A></TD>
    <TD align=right width="2%" ><A href="#page_X-53">46 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee colSpan=3><A href="#page_X-56">ARTICLE
      VII ADDITIONAL AGREEMENTS </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-56">49 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-56">7.1 </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-56"></A></TD>
    <TD align=left width="86%"><A href="#page_X-56">Access to Information;
      Confidentiality </A></TD>
    <TD align=right width="2%" ><A href="#page_X-56">49 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-57">7.2
    </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A href="#page_X-57"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-57">Non-Solicitation and Acquisition Proposals </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-57">50 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-60">7.3 </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-60"></A></TD>
    <TD align=left width="86%"><A href="#page_X-60">Cooperation </A></TD>
    <TD align=right width="2%" ><A href="#page_X-60">53 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-60">7.4
    </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A href="#page_X-60"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-60">Publicity
      </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-60">53 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-61">7.5 </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-61"></A></TD>
    <TD align=left width="86%"><A href="#page_X-61">Filings </A></TD>
    <TD align=right width="2%" ><A href="#page_X-61">54 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-61">7.6
    </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A href="#page_X-61"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-61">Employee
      Matters </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-61">54 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-62">7.7 </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-62"></A></TD>
    <TD align=left width="86%"><A href="#page_X-62">Preparation of the Form F-4
      and Proxy Statement/Prospectus </A></TD>
    <TD align=right width="2%" ><A href="#page_X-62">55 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-63">7.8
    </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A href="#page_X-63"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-63">Target
      Shareholders&#146; Meeting </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-63">56 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-64">7.9 </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-64"></A></TD>
    <TD align=left width="86%"><A href="#page_X-64">Stock Exchange Listing
    </A></TD>
    <TD align=right width="2%" ><A href="#page_X-64">57 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-64">7.10
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A href="#page_X-64"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-64">Notice of
      Certain Events </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-64">57 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-64">7.11 </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-64"></A></TD>
    <TD align=left width="86%"><A href="#page_X-64">Section 16 </A></TD>
    <TD align=right width="2%" ><A href="#page_X-64">57 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-64">7.12
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A href="#page_X-64"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A href="#page_X-64">Takeover
      Statutes </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-64">57 </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_X-64">7.13 </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-64"></A></TD>
    <TD align=left width="86%"><A href="#page_X-64">Parent Shareholders&#146; Meeting
      </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-64">57
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-65">7.14
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-65"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-65">Consents
      of Accountants </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-65">58
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-65">7.15
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-65"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-65">Commercially
      Reasonable Efforts </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-65">58
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-65">7.16
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-65"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-65">Shareholder
      Rights Plan<B>.</B> </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-65">58
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-65">7.17
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-65"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-65">Obligation
      to Indemnify and Maintain Insurance </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-65">58
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-66">7.18
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-66"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-66">NI
      43-101 Technical Reports. </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-66">59
      </A></TD></TR></TABLE>
<P align=center>-iv- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_X-6></A>
<P align=center><B>TABLE OF CONTENTS <BR></B>(continued) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp;</TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD>
    <TD align=right width="2%" ><B><U>Page</U></B>      </TD>
  </TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee colSpan=3><A
      href="#page_X-66">ARTICLE
      VIII CONDITIONS TO CONSUMMATION OF THE MERGER </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-66">59
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-66">8.1
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-66"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-66">Conditions
      to the Obligation of Each Party </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-66">59
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-67">8.2
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-67"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-67">Conditions
      to the Obligations of the Parent Parties </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-67">60
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-68">8.3
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-68"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-68">Conditions
      to the Obligations of Target </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-68">61
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee colSpan=3><A
      href="#page_X-69">ARTICLE
      IX SURVIVAL </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-69">62
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-69">9.1
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-69"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-69">Survival
      of Representations and Warranties </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-69">62
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-69">9.2
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-69"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-69">Survival
      of Covenants and Agreements </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-69">62
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left colSpan=3><A
      href="#page_X-69">ARTICLE
      X TERMINATION, AMENDMENT AND WAIVER </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-69">62
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-69">10.1
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-69"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-69">Term
      and Termination </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-69">62
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-70">10.2
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-70"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-70">Effect
      of Termination </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-70">63
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee colSpan=3><A
      href="#page_X-71">ARTICLE
      XI MISCELLANEOUS </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-71">64
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-71">11.1
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-71"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-71">Expenses
      </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-71">64
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-73">11.2
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-73"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-73">Notices
      </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-73">66
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-74">11.3
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-74"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-74">Severability
      </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-74">67
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-74">11.4
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-74"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-74">Assignment
      </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-74">67
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-74">11.5
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-74"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-74">Interpretation
      </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-74">67
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-74">11.6
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-74"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-74">Knowledge
      </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-74">67
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-74">11.7
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-74"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-74">Counterparts
      </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-74">67
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-74">11.8
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-74"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-74">Entire
      Agreement </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-74">67
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-74">11.9
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-74"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-74">Governing
      Law </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-74">67
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-74">11.10
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-74"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-74">Submission
      to Jurisdiction </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-74">67
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-75">11.11
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-75"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-75">Waiver
      of Jury Trial </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-75">68
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-75">11.12
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-75"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-75">Attorneys&#146;
      Fees </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-75">68
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-75">11.13
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-75"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-75">No
      Third Party Beneficiaries </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-75">68
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-75">11.14
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-75"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-75">Disclosure
      Letters </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-75">68
      </A></TD></TR></TABLE>
<P align=center>-v- </P>
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<P align=center><B>TABLE OF CONTENTS <BR></B>(continued) </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 width="10%" >&nbsp;</TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD>
    <TD align=right width="2%" ><B><U>Page</U></B>      </TD>
  </TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-75">11.15
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-75"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-75">Amendments
      and Supplements </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-75">68
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-75">11.16
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-75"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-75">Extensions,
      Waivers, Etc </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-75">68
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee colSpan=3><A
      href="#page_X-76">ARTICLE
      XII DEFINITIONS </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-76">69
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="10%" >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-76">12.1
      </A></TD>
    <TD align=left width="2%"  >&nbsp;<A
      href="#page_X-76"></A></TD>
    <TD align=left width="86%"><A
      href="#page_X-76">Defined
      Terms </A></TD>
    <TD align=right width="2%" ><A
      href="#page_X-76">69
      </A></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%" >&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_X-82">12.2
      </A></TD>
    <TD align=left width="2%"  bgColor=#eeeeee
      >&nbsp;<A
      href="#page_X-82"></A></TD>
    <TD align=left width="86%" bgColor=#eeeeee><A
      href="#page_X-82">Additional
      Defined Terms </A></TD>
    <TD align=right width="2%" bgColor=#eeeeee ><A
      href="#page_X-82">75
      </A></TD></TR></TABLE>
<P align=center>-vi- </P>
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<P align=center><B>AGREEMENT AND PLAN OF MERGER </B></P>
<P align=justify style="text-indent: 5%">This Agreement and Plan of Merger (this &#147;<U>Agreement</U>&#148;)
dated January 4, 2015 (the &#147;<U>Agreement</U> <U>Date</U>&#148;), by and among Energy
Fuels Inc., a corporation organized under the laws of the province of Ontario,
Canada (&#147;<U>Parent</U>&#148;), EFR Nevada Corp., a corporation organized under the
laws of the state of Nevada and an indirect wholly owned subsidiary of Parent
(&#147;<U>Merger Sub</U>,&#148; and, together with Parent, the &#147;<U>Parent Parties</U>&#148;)
and Uranerz Energy Corporation, a corporation organized under the laws of the
state of Nevada (&#147;<U>Target</U>&#148;). </P>
<P align=justify style="text-indent: 5%">WHEREAS, the board of directors of Parent deems it advisable
and in the best interests of Parent and its shareholders, that Merger Sub merge
with and into Target (the &#147;<U>Merger</U>&#148;) upon the terms and subject to the
conditions set forth herein, and Parent&#146;s board of directors has approved this
Agreement and the Merger, subject to approval by the shareholders of Parent;
</P>
<P align=justify style="text-indent: 5%">WHEREAS, the board of directors of Target deems it advisable
and in the best interests of Target and its shareholders that Target enter into
and complete the Merger, and Target&#146;s board of directors has approved this
Agreement and the Merger, subject to approval by the shareholders of Target;
</P>
<P align=justify style="text-indent: 5%">WHEREAS, as an inducement to Parent and Merger Sub to enter
into this Agreement, concurrently with the execution and delivery of this
Agreement, with the approval of Target&#146;s board of directors, Parent has entered
into voting agreements with each of the officers and directors of Target set
forth on <U>Exhibit A-1</U> attached hereto, pursuant to which such parties
have, among other things, agreed to support the Merger upon the terms and
conditions set forth therein (collectively, the &#147;<U>Target Voting</U>
<U>Agreements</U>&#148;); and </P>
<P align=justify style="text-indent: 5%">WHEREAS, as an inducement to Target to enter into this
Agreement, concurrently with the execution and delivery of this Agreement, with
the approval of Parent&#146;s board of directors, Target has entered into voting
agreements with each of the officers and directors of Parent set forth on
<U>Exhibit A-2</U> attached hereto, pursuant to which such parties have, among
other things, agreed to support the Merger upon the terms and conditions set
forth therein (collectively, the &#147;<U>Parent Voting Agreements</U>&#148;, and together
with the Target Voting Agreements, the &#147;<U>Voting Agreements</U>&#148;). </P>
<P align=justify style="text-indent: 5%">NOW, THEREFORE, in consideration of the premises and the
representations, warranties and agreements contained herein, the parties hereto
agree as follows: </P>
<P align=center><B>ARTICLE I </B></P>
<P align=center><B>THE MERGER </B></P>
<P align=justify style="text-indent: 5%">1.1 <I>The Merger</I>. Upon the terms and subject to the
conditions hereof, at the Effective Time, Merger Sub shall merge with and into
Target and the separate existence of Merger Sub shall thereupon cease and Target
shall be the surviving entity in the Merger (sometimes referred to herein as the
&#147;<U>Surviving Entity</U>&#148;) as an indirect wholly owned subsidiary of Parent. The
Merger shall have the effects set forth in Section 92A.250 of Nevada Revised
Statutes (&#147;<U>NRS</U>&#148;) (Chapter 92A of the Nevada Revised Statutes being
referred to herein as the &#147;<U>Merger Act</U>&#148;), including the Surviving Entity&#146;s
succession to and assumption of all rights and obligations of Merger Sub and
Target.</P>
<P align=justify style="text-indent: 5%">1.2 <I>Effective Time of the Merger</I>. The Merger shall
become effective (the &#147;<U>Effective Time</U>&#148;) upon the later of (i) the date
and time of filing of properly executed Articles of Merger relating to the
Merger with the Secretary of State of Nevada in accordance with the Merger Act
(the &#147;<U>Articles of Merger</U>&#148;) and (ii) at such later time as the parties
shall agree and set forth in such Articles of Merger. The Articles of Merger
shall be filed as soon as practicable on or prior to the Closing Date.</P>
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<P align=justify style="text-indent: 5%">1.3 <I>Governance of Parent</I>. The Parent shall, in
accordance with all applicable corporate, NYSE MKT LLC (&#147;<U>NYSE MKT</U>&#148;) and
TSX laws, rules and regulations, take all actions necessary to cause the
appointment of three (3) existing members of the board of directors of Target to
the board of directors of Parent such that the board of directors of Parent is
constituted as provided in Section 7.13 of this Agreement as of the Effective
Time. </P>
<P align=center><B>ARTICLE II </B></P>
<P align=center><B>THE SURVIVING ENTITY </B></P>
<P align=justify style="text-indent: 5%">2.1 <I>Articles of Incorporation and Bylaws</I>. The articles
of incorporation and bylaws of Merger Sub in effect immediately prior to the
Effective Time shall be the articles of incorporation and bylaws of the
Surviving Entity at and after the Effective Time until thereafter amended in
accordance with the terms thereof and Chapter 78 of the NRS (the
&#147;<U>Corporations Act</U>&#148;), provided that the articles of incorporation and
bylaws of the Surviving Entity will contain provisions with respect to
exculpation, indemnification and the advancement of expenses that are at least
as favorable, to the officers and directors of the Target, as those contained in
the articles of incorporation and bylaws of Target, as amended and as in effect
on the date hereof. </P>
<P align=justify style="text-indent: 5%">2.2 <I>Officers and Directors</I>. At and after the Effective
Time, the officers and directors of Merger Sub shall be the officers and
directors of the Surviving Entity until their respective successors have been
duly elected or appointed and qualified or until their earlier death,
resignation or removal in accordance with the Surviving Entity&#146;s articles of
incorporation, bylaws and the Corporations Act. </P>
<P align=center><B>ARTICLE III </B></P>
<P align=center><B>CONVERSION OF SHARES </B></P>
<P align=justify style="text-indent: 5%">3.1 <I>Conversion of Capital Stock</I>. At the Effective Time,
by virtue of the Merger and without any action on the part of the holders of any
capital stock described below: </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) All Target Common Shares that are held in Target&#146;s treasury
or that are then owned by Parent shall be canceled and cease to exist and no
cash, Parent capital stock or other consideration shall be delivered in exchange
therefor. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Subject to Section 3.2(i) and Section 3.4, all issued and
outstanding Target Common Shares (other than Target Common Shares cancelled
pursuant to Section 3.1(a)) shall be automatically converted into and represent
the right to receive Parent Common Shares, on the basis of 0.255 of a Parent
Common Share for each one (1.0) Target Common Share (the &#147;<U>Exchange
Ratio</U>&#148;). All such Target Common Shares, when so converted, shall be retired,
shall cease to be outstanding and shall automatically be cancelled, and the
holder of (i) a certificate in the case of Target Physical Shares, or (ii) a
statement of ownership in the case of Target Book-Entry Shares, that,
immediately prior to the Effective Time, represented such Target Common Shares,
shall cease to have any rights with respect thereto, except the right to
receive, upon the surrender or transfer of such Target Common Shares in
accordance with <U>Section 3.2</U>, the number of Parent Common Shares issuable
therefor in accordance with the Exchange Ratio, without interest, and any
amounts payable pursuant to <U>Section 3.2(d)</U>. Notwithstanding the
foregoing, if between the Agreement Date and the Effective Time, the Parent
Common Shares or Target Common Shares are changed into a different number of shares or
a different class because of any stock dividend or distribution, subdivision,
reorganization, reclassification, recapitalization, split, combination or
exchange of shares, the Parent Common Shares to be issued pursuant to this
<U>Section 3.1(b)</U> shall be appropriately adjusted to reflect such event. </P>
<P align=center>2 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) The shares of common stock of Merger Sub issued and
outstanding immediately prior to the Effective Time, shall be converted into
shares of common stock of the Surviving Entity, such that the converted shares
of common stock will represent all of the issued and outstanding shares of
common stock of the Surviving Entity and will be held by an indirect wholly
owned subsidiary of Parent. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) The Parent Common Shares issued upon the surrender or
transfer of Target Common Shares in accordance with the terms hereof shall be
deemed to have been issued in full satisfaction of all rights pertaining to such
Target Common Shares formerly represented by any physical certificate or
statement of ownership in book-entry form, and from and after the Effective Time
there shall be no further registration of transfers effected on the stock
transfer books of the Surviving Entity of Target Common Shares which were
outstanding immediately prior to the Effective Time. </P>
<P align=justify style="text-indent: 5%">3.2 <I>Surrender and Payment</I>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) <I>Exchange Agent and Exchange Fund</I>. Parent shall
authorize one or more transfer agent(s) to act as exchange agent hereunder (the
&#147;<U>Exchange Agent</U>&#148;) with respect to the Merger. At and prior to the
Effective Time, Parent shall deposit, or cause to be deposited, with the
Exchange Agent, as depositary for the Parent Common Shares, or any successor
depositary thereto, a number of Parent Common Shares equal to the aggregate
number of Parent Common Shares to be issued in exchange for the Target Common
Shares pursuant to the Exchange Ratio (the &#147;<U>Exchange Fund</U>&#148;). The Exchange
Agent shall deliver the applicable Parent Common Shares in exchange for the
Target Common Shares pursuant to <U>Section 3.1</U> out of the Exchange Fund.
Except as contemplated by <U>Section 3.2(d)</U>, the Exchange Fund shall not be
used for any other purpose. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) <I>Exchange Procedures</I>. As soon as practicable after
the Effective Time, Parent shall cause the Exchange Agent to send to each holder
of record of Target Common Shares a letter of transmittal (which shall specify
that delivery will be effected, and risk of loss and title to Target Physical
Shares shall pass, only upon receipt of the Target Physical Shares by the
Exchange Agent and shall be in a form and have such other provisions as Parent
and Target may reasonably specify), and such other documents as may reasonably
be requested by the Exchange Agent (which may include the receipt of an &#147;agents
message&#148; by the Exchange Agent in connection with Target Book-Entry Shares), for
use in the exchange contemplated by <U>Section 3.1</U> and instructions for use
in effecting the surrender or transfer of Target Common Shares for cancellation
in accordance with this Agreement (together, the &#147;<U>Exchange
Instructions</U>&#148;). Upon surrender or transfer of Target Common Shares for
cancellation to the Exchange Agent together with such letter of transmittal,
properly completed and duly executed, and such other documents as may be
required pursuant to the Exchange Instructions, the holder of such Target Common
Shares shall be entitled to receive in exchange therefor Parent Common Shares
(which shall be in uncertificated book-entry form unless a physical certificate
is requested or as otherwise agreed to by the Parent and Target) representing,
in the aggregate, the whole number of Parent Common Shares that such holder has
the right to receive pursuant to <U>Section 3.1</U> and <U>Section 3.2(i)</U>,
plus any amount payable pursuant to <U>Section 3.2(d)</U>. </P>
<P align=center>3 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) <I>Transferred Target Common Shares</I>. If any portion of
the Parent Common Shares are to be issued to a Person other than the registered
holder of Target Common Shares represented by the stock certificate(s) or
statement of ownership surrendered or transferred in exchange therefor, no such
issuance shall be made unless (i) the stock certificate(s) or statement of
ownership so surrendered or transferred have been properly endorsed and contain
any required Medallion Signature Guarantees and otherwise are in proper form for
transfer, and (ii) the Person requesting such issuance has paid to the Exchange
Agent any transfer or other Taxes required as a result of such issuance to a
Person other than the registered holder or has established to the Exchange
Agent&#146;s satisfaction that such Tax has been paid or is not applicable. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) <I>Dividends and Distributions</I>. No dividends or other
distributions declared or made with respect to Parent Common Shares with a
record date after the Effective Time shall be paid to the holder of any
un-surrendered or un-transferred Target Common Shares with respect to the Parent
Common Shares that such holder would be entitled to receive until surrender or
transfer of such Target Common Shares in accordance with <U>Sections 3.1 or
3.2(f)</U>. Following surrender or transfer of any Target Common Shares, there
shall be paid to such holder of Parent Common Shares issuable in exchange
therefor, without interest, (i) as soon as practicable after the time of such
surrender, the amount of dividends or other distributions with a record date
after the Effective Time theretofore paid with respect to such Parent Common
Shares, and (ii) at the appropriate payment date, the amount of dividends or
other distributions with a record date after the Effective Time but prior to
such surrender and a payment date subsequent to such surrender payable with
respect to such Parent Common Shares. For purposes of dividends or other
distributions in respect of Parent Common Shares, all Parent Common Shares to be
issued pursuant to the Merger shall be entitled to dividends pursuant to the
immediately preceding sentence as if such Parent Common Shares were issued and
outstanding as of the Effective Time. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) <I>Termination of Exchange Fund</I>. Any portion of the
Exchange Fund that remains unclaimed by the holders of Target Common Shares one
year after the Effective Time shall be returned to Parent, upon demand, and any
such holder who has not exchanged such holder&#146;s Target Common Shares in
accordance with this Section 3.2 prior to that time shall thereafter look only
to the Parent to exchange such Target Common Shares pursuant to <U>Section
3.1</U> or <U>3.2(i)</U> or to pay amounts to which such holder is entitled
pursuant to Section 3.2(d) . Neither Parent nor the Surviving Entity shall be
liable to any holder of Target Common Shares for any such Parent Common Shares
(or dividends or distributions with respect thereto) from the Exchange Fund
delivered to a public official pursuant to any abandoned property, escheat or
similar Law.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) Subject to applicable abandoned or unclaimed property laws,
any certificates formerly representing Target Common Shares that are not
deposited with all other documents as provided in <U>Section 3.2(b)</U> on or
before the fifth anniversary of the Effective Time shall cease to represent any
right or claim of any kind or nature and the right of the former shareholder of
such Target Common Shares to receive certificates representing Parent Common
Shares and the Target Common Shares otherwise issuable to such former Target
shareholder shall be deemed to be surrendered to Parent together with all
dividends or distributions thereon held for such shareholder. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) <I>Lost Certificates</I>. If any Target Physical Shares
shall have been lost, stolen or destroyed, upon the making of an affidavit of
that fact by the Person claiming such Target Physical Shares to be lost, stolen
or destroyed and, if required by Parent or the Exchange Agent, the posting by
such Person of a bond, in such reasonable amount as Parent or the Exchange Agent
may direct, as indemnity against any claim that may be made against it with
respect to such Target Physical Shares, the Exchange Agent shall pay in exchange
for such lost, stolen or destroyed Target Physical Shares the Parent Common Shares
payable in respect of the Target Physical Shares formerly represented by such
lost, stolen or destroyed stock certificate, without interest. </P>
<P align=center>4 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(h) <I>Withholding</I>. Each of Parent, the Surviving Entity
and the Exchange Agent shall be entitled to deduct and withhold from the
consideration otherwise payable pursuant to this Agreement to any holder of
Target Common Shares such amounts as Parent, the Surviving Entity or the
Exchange Agent determine are required to be deducted and withheld under the Code
or any provision of state, local, or foreign Tax Law with respect to the making
of such payment, such withholding of Parent Common Shares issued to any holder
of Target Common Shares shall be an amount determined by Parent to be reasonably
necessary to satisfy the Parent&#146;s withholding obligation. To the extent that
amounts are so withheld by Parent, the Surviving Entity or the Exchange Agent,
such withheld amounts shall be treated for all purposes of this Agreement as
having been paid to the holder of Target Common Shares in respect of which such
deduction and withholding was made by Parent, the Surviving Entity or the
Exchange Agent, as the case may be. Parent and Target shall cooperate with and
assist each other with efforts to reduce or eliminate such withholding Taxes.
Parent will sell a sufficient number of Parent Common Shares to satisfy the
withholding obligation and the balance of any Parent Common Shares and any cash
proceeds remaining after satisfaction of the withholding obligation shall be
remitted to the holder. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) <I>No Fractional Shares</I>. No certificates or scrip or
fractional Parent Common Shares or book-entry credit representing such
fractional share interests shall be issued upon the surrender of Target Common
Shares. Each holder of Target Common Shares exchanged pursuant to this
<U>Article III</U> (after taking into account all Target Common Shares delivered
or transferred by such holder) who would otherwise have been entitled to receive
a number of Parent Common Shares which is not a whole number shall receive the
number of Parent Common Shares rounded to the nearest whole number (and, if the
fraction is 0.5, the number of Parent Common Shares shall be rounded up to the
next whole number). The parties acknowledge that rounding of fractional Parent
Common Shares was not separately bargained for consideration but merely
represents a mechanical rounding off for purposes of simplifying the corporate
and accounting problems that would otherwise be caused by the issuance of
fractional Parent Common Shares. </P>
<P align=justify style="text-indent: 5%">3.3 <I>Stock Options and Warrants</I>.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) At the Effective Time, Parent and Target shall take all
such action as may be necessary to cause each outstanding and unexpired and
unexercised option to purchase Target Common Shares (a &#147;<U>Target Stock
Option</U>&#148;) granted under Target&#146;s 2005 Nonqualified Stock Option Plan, as
amended (collectively, the &#147;<U>Target Stock Option Plan</U>&#148;) to be
automatically converted at the Effective Time into options (the &#147;<U>Substituted
Options</U>&#148;) to purchase a number of Parent Common Shares (rounded down to the
nearest whole number of Parent Common Shares) equal to the product of (x) the
aggregate number of Target Common Shares purchasable pursuant to such Target
Stock Option immediately prior to the Effective Time multiplied by (y) the
Exchange Ratio at a price per Parent Common Share equal to the exercise price
per Target Common Share specified in the Target Stock Option divided by the
Exchange Ratio (such price rounded up to the nearest whole cent). Such
Substituted Option shall otherwise be subject to the same terms and conditions,
including vesting and expiry date, as the Target Stock Option in respect of
which it is issued. Parent will assume all obligations under the Target Stock
Option Plan as at the Effective Time and from and after the Effective Time, and
the Parent will comply with all of the terms and conditions of the Substituted
Options, including the obligation to issue the Parent Common Shares contemplated
thereby upon the exercise thereof. For purposes of vesting conditions, the date
of grant of the Substituted Option shall be deemed to be the date on which the corresponding Target Stock Option was granted. Prior
to the Effective Time, Target shall make all necessary amendments under the
Target Stock Option Plan to provide that no further awards shall be made
thereunder following the Closing. At and after the Effective Time, (i) all
references in the Target Stock Option Plan and related stock option agreements
to Target shall be deemed to refer to Parent and (ii) Parent shall assume all of
Target&#146;s obligations with respect to the Target Stock Options as so amended.
Substitution of the Target Stock Options for the Substituted Options will occur
in compliance with Code Section 409A so that the substitution avoids being
treated as the grant of new stock options. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Target Stock Options held by independent directors of
Target (as defined by applicable Law), who are not officers or directors of
Parent on Closing, shall expire on the earlier of (i) the current expiry date of
such Target Stock Options (exclusive of the operation of the early termination
provisions of such Target Stock Options) or (ii) six months after the Closing
Date.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) In respect of each Substituted Option, and the Parent
Common Shares underlying such Substituted Option, Parent shall, as soon as
practicable after the Effective Time and in no event later than 30 days from the
Closing Date, file a Form S-8 or other appropriate registration statement and
use reasonable efforts to keep such registration statement current for as long
as any Substituted Options remain outstanding. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) At the Effective Time, and in accordance with the terms of
each warrant to purchase Target Common Shares issued by Target that are issued
and outstanding immediately prior to the Effective Time (collectively, the
&#147;<U>Target Warrants</U>&#148;), Target Warrants shall become exercisable into Parent
stock in accordance with their terms. Parent acknowledges and shall assume the
obligations under the Target Warrants and under each warrant indenture governing
the Target Warrants (the &#147;<U>Target Warrant Indentures</U>&#148;) to issue Parent
Common Shares upon exercise of such Target Warrants and, if required by the
Target Warrant Indentures, shall issue a warrant certificate to each holder of
Target Warrants confirming such assumption. Consistent with the terms of the
Target Warrants and Target Warrant Indentures, any such warrant certificate
shall provide that such warrant shall be exercisable for a number of Parent
Common Shares equal to the product of (x) the aggregate number of Target Common
Shares issuable in respect of such Target Warrants immediately prior to the
Effective Time multiplied by (y) the Exchange Ratio (the &#147;<U>Assumed
Warrants</U>&#148;) and that the exercise price of the Assumed Warrants will equal
(i) the exercise price of the Target Warrants in effect immediately prior to the
Effective Time, divided by (ii) the Exchange Ratio. Each Assumed Warrant shall,
consistent with the terms of the Target Warrants and Target Warrant Indentures,
contain appropriate provision such that the provisions of each Target Warrant
(including the exercise period and the exercise price and provision for
adjustment of the exercise price) shall thereafter be maintained in each such
Assumed Warrant as nearly equivalent as may be practicable in relation to such
Target Warrant. From and after the Effective Time, Parent shall comply with all
of the terms and conditions set forth in each such Assumed Warrant, including
the obligation to issue the Parent Common Shares contemplated thereby upon
exercise thereof.</P>
<P align=justify style="text-indent: 5%">3.4 <I>Dissenting Shareholders.</I></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Notwithstanding anything in this Agreement to the contrary,
in the event that the applicable requirements of Section 92A.120 of the Merger
Act have been satisfied, Target Common Shares which were outstanding on the date
for the determination of shareholders entitled to vote on the Merger and which
were voted against the Merger and the holders of which have demanded that the
Target purchase such shares at their fair value in accordance with Sections
92A.300 through 92A.500 of the Merger Act and have not otherwise failed to
perfect or shall not have effectively withdrawn or lost their rights to
require such shares to be purchased for cash under the Merger Act (collectively,
&#147;<U>Dissenting Shares</U>&#148;), shall not be converted into or represent the right
to receive any Parent Common Shares pursuant to Section 3.1(b), but, instead,
the holders thereof shall be entitled to have their shares purchased for cash at
the fair value of such Dissenting Shares as agreed upon or determined in
accordance with the provisions of Sections 92A.460 through 92A.500 of the Merger
Act. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(b) If any shareholder who holds Dissenting Shares as of the
Effective Time effectively withdraws or loses (through passage of time, failure
to demand or perfect, or otherwise) the right to demand and perfect dissenters&#146;
rights under the Merger Act, then, as of the later of the Effective Time and the
occurrence of such event, such holder&#146;s shares that were Dissenting Shares shall
automatically be converted into and represent only the right to receive the
Parent Common Shares pursuant to and subject to <U>Section 3.1(b)</U> without
interest thereon upon surrender of the Certificates representing such holder&#146;s
Target Common Shares. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) The Target shall give Parent (i) prompt written notice of
any written demands for purchase of any Target Common Shares pursuant to the
exercise of dissenters&#146; rights, withdrawals of such demands, and any other
instruments or notices served pursuant to the Merger Act on the Target and (ii)
the opportunity to participate in all negotiations and proceedings with respect
to demands for purchase of any Target Common Shares pursuant to the exercise of
dissenters&#146; rights under the Merger Act. The Target shall not, except with the
prior written consent of Parent, voluntarily make or agree to make any payment
with respect to any demands for purchase of any shares of Target Common Shares
pursuant to the exercise of dissenters&#146; rights under the Merger Act, or settle
or offer to settle any such demands. </P>
<P align=justify style="text-indent: 5%">3.5 <I>Closing</I>. The closing (the &#147;<U>Closing</U>&#148;) of the
transactions contemplated by this Agreement (the &#147;<U>Transactions</U>&#148;) will
take place at 10:00 a.m. Eastern Standard Time on the second Business Day after
the satisfaction or (to the extent permitted by applicable Law) waiver of the
conditions set forth in <U>Article VIII</U>, other than any such conditions
which by their nature cannot be satisfied until the Closing Date, or such other
time agreed by the parties, at the offices of Borden Ladner Gervais LLP in
Toronto, unless another time, date or place is agreed to in writing by the
parties hereto (the date upon which the Closing occurs being referred to herein
as the &#147;<U>Closing Date</U>&#148;). </P>
<P align=center><B>ARTICLE IV </B></P>
<P align=center><B>REPRESENTATIONS AND WARRANTIES OF TARGET </B></P>
<P align=justify style="text-indent: 5%">Except as set forth in the disclosure letter delivered by
Target to Parent contemporaneously with the execution hereof (the &#147;<U>Target
Disclosure Letter</U>&#148;), Target represents and warrants to the Parent Parties,
unless another date is specifically referenced in a particular representation or
warranty, as of the Agreement Date and as of the Closing Date, that the
representations and warranties contained in this Article IV are true and correct
on and as of such dates. For purposes of this Agreement, a document shall be
deemed to have been &#147;made available&#148; by the Target to Parent if it is publicly
available through the Electronic Data Gathering, Analysis, and Retrieval system
(&#147;EDGAR&#148;) or the System for Electronic Document Analysis and Retrieval
(&#147;<U>SEDAR</U>&#148;). </P>
<P align=justify style="text-indent: 5%">4.1 <I>Organization and Qualification</I>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Target is a corporation validly existing and in good
standing under the laws of the State of Nevada, and has all requisite corporate
or other power and authority to own, lease, use and operate its properties and
to carry on its business as it is now being conducted. </P>
<P align=center>7 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Target is duly qualified or licensed to do business as a
foreign corporation and is in good standing in each jurisdiction in which such
qualification or licensing is required, except for such failures to be so
qualified or licensed as would not, individually or in the aggregate, be
reasonably likely to have a Material Adverse Effect with respect to Target or
the Surviving Entity. Section 4.1(b) of the Target Disclosure Letter sets forth
a true and correct list of all of the jurisdictions in which Target is qualified
or licensed to do business as a foreign corporation. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) Target has no Subsidiaries. Target does not own any equity
interest in any Person other than as set forth in Section 4.1(c) of the Target
Disclosure Letter. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Target has previously delivered to Parent a true and
complete copy of its articles of incorporation and bylaws, in each case as
amended through the Agreement Date. Target is not in violation of its articles
of incorporation, bylaws or similar governing documents. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Pursuant to express provisions in the Target&#146;s articles of
incorporation, the provisions of Nevada&#146;s Combinations with Interested
Stockholders Act (NRS 78.411 to 78.444) and Nevada&#146;s Acquisition of Controlling
Interest Act (NRS 78.378 to 78.3793) do not apply to the Target and the
Transactions contemplated in this Agreement. </P>
<P align=justify style="text-indent: 5%">4.2 <I>Capitalization</I>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) The authorized capital stock of Target consists solely of
750,000,000 Target Common Shares and 10,000,000 shares of preferred stock (the
&#147;<U>Target Preferred Shares</U>&#148;). As of the Agreement Date, (i) 95,895,306
Target Common Shares are issued and outstanding, (ii) 7,311,680 Target Common
Shares are reserved for issuance upon the exercise of outstanding Target Stock
Options under the Target Stock Option Plan, (iii) 10,550,000 Target Common
Shares are reserved for issuance upon the exercise of outstanding Target
Warrants under the Warrant Indentures, (iv) no Target Preferred Shares have been
issued, (v) no Target Common Shares are held by Target in treasury, and (vi) a
number of rights equivalent to the number of Target Common Shares issued and
outstanding have been issued and are outstanding pursuant to a Shareholder
Rights Plan adopted by Target effective as of August 25, 2010 and reconfirmed on
July 10, 2013 (the &#147;<U>Target Rights Plan</U>&#148;). All of the outstanding Target
Common Shares are duly authorized, validly issued, fully paid and
non-assessable, and were not issued in violation of any purchase option, call
option, right of first refusal, preemptive right or other similar right. Other
than as set forth in Section 4.2(a) of the Target Disclosure Letter, Target has
not agreed to register any securities under the Securities Act or any state
securities laws.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Except as set forth in Section 4.2(a) of this Agreement or
in Section 4.2(b) of the Target Disclosure Letter, there are no authorized or
outstanding (i) options, warrants, preemptive rights, subscriptions, calls or
other rights, convertible securities, agreements, stock appreciation rights,
phantom equity or other claims or commitments of any character (including
&#147;rights plans&#148; or &#147;poison pills&#148;) that may obligate Target to issue, transfer or
sell any shares of capital stock or other equity interest in Target , or
securities convertible into or exchangeable for such shares or equity interests,
(ii) contractual obligations of Target to repurchase, redeem or otherwise
acquire any capital stock or other equity interest of Target or any securities
or agreements listed in clause (i) of this sentence, or (iii) voting trusts or
similar agreements to which Target is a party with respect to the voting of the
capital stock or other equity interests of Target. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) There are no bonds, debentures, notes or other indebtedness
issued or outstanding having the right to vote (or convertible into, or
exchangeable for, securities having the right to vote) with the shareholders or other equity holders of Target,
whether together or as a separate class, on any matters on which such holders
may vote.</P>
<P align=center>8 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Section 4.2(d) of the Target Disclosure Letter sets forth
the following information with respect to each Target Stock Option outstanding
as of the Agreement Date: (i) the name of the holder, (ii) the number of Target
Common Shares issuable upon exercise thereof, (iii) the exercise price, (iv) the
issue date, (v) the termination date, (vi) the stock option plan under which
such option was issued and (vii) whether such option contains any put,
redemption, cashless exercise or similar feature.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) At the Effective Time, after giving effect to the
provisions of <U>Section 3.3</U>, there will not be any outstanding
subscriptions, options, warrants, calls, preemptive rights, subscriptions or
other rights, convertible or exchangeable securities, agreements, claims or
commitments of any character by which Target will be bound providing for the
purchase or issuance of any shares of capital stock or other equity interest of
Target (or, following the Closing, the Surviving Entity) or securities
convertible into or exchangeable for such shares or any other such securities or
agreements.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) Except for the Target Stock Options and the Target Stock
Option Plan there are no contracts to which Target is a party obligating Target
to accelerate vesting of any equity compensation awards as a result of the
Transactions contemplated by this Agreement. </P>
<P align=justify style="text-indent: 5%">4.3 <I>Authority; Validity of Agreement</I>. Target has full
corporate power and authority to execute and deliver this Agreement and any
Ancillary Agreements to which it is or will be a party and, subject to obtaining
the Target Shareholder Approvals, to consummate the Transactions. The execution,
delivery and performance of this Agreement and the Ancillary Agreements to which
Target is or will be a party and the consummation of the Transactions have been
duly and validly authorized by Target&#146;s board of directors, and no other
corporate proceedings on the part of Target are necessary to authorize this
Agreement and the Ancillary Agreements to which Target is or will be a party or
to consummate the Transactions, other than the Target Shareholder Approvals and
the filing of the Articles of Merger with the Secretary of State of the State of
Nevada. This Agreement has been, and the Ancillary Agreements to which Target is
or will be a party are, or upon execution will be, duly and validly executed and
delivered by Target and, assuming the due authorization, execution and delivery
hereof and thereof by the other parties hereto and thereto, constitutes, or upon
execution will constitute, valid and binding obligations of Target enforceable
against Target in accordance with their respective terms, except as such
enforceability may be subject to the effects of bankruptcy, insolvency,
reorganization, moratorium and other Laws relating to or affecting the rights of
creditors and of general principles of equity (the &#147;<U>Enforceability</U>
<U>Exception</U>&#148;). </P>
<P align=justify style="text-indent: 5%">4.4 <I>No Violation; Consents and Approvals</I>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) The execution and delivery of this Agreement and any
Ancillary Agreement to which Target is or will be a party, the consummation of
the Transactions and the performance by Target of its obligations hereunder and
thereunder will not (i) subject to receipt of the Target Shareholder Approvals,
conflict with any provision of the articles of incorporation or bylaws of
Target, (ii) subject to completion of the deliveries required under the Wyoming
Bond Financing Agreement identified in Section 4.4 (b) below, result in any
violation of, or the breach of, or constitute a default (with notice or lapse of
time or both) under, or give rise to any right of termination, cancellation or
acceleration or guaranteed payments or a loss of any benefit under, or the
acceleration of performance, vesting or an increase in compensation or benefit
required by, or the creation of any Lien upon any equity interests in or assets
of Target under, any of the terms, conditions or provisions of any note, lease, mortgage, license,
plan, agreement or other instrument or obligation to which Target is a party or
by which Target or any of its properties or assets may be bound or (iii) violate
the provisions of any Law applicable to Target, except, in the case of clauses
(ii) and (iii), for such violations, breaches, defaults, or rights of
termination, cancellation or acceleration that, individually or in the
aggregate, would not be reasonably likely to have a Material Adverse Effect with
respect to Target or the Surviving Entity, materially impair the ability of
Target to perform its obligations under this Agreement or any Ancillary
Agreement or be reasonably likely to prevent or materially delay the
consummation of any of the Transactions. </P>
<P align=center>9 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(b) No material filing or registration with, declaration or
notification to, or order, authorization, consent or approval of, any
Governmental Authority or any other Person is required in connection with the
execution and delivery of this Agreement or any Ancillary Agreement to which
Target is or will be a party and the consummation of the Transactions by Target
and the performance by Target of its obligations hereunder or thereunder, except
for (i) the filing with the Securities and Exchange Commission (the
&#147;<U>SEC</U>&#148;) of the Form F-4, the Proxy Statement/Prospectus in definitive form
and the filing and declaration of effectiveness of the Form F-4, (ii) the filing
with the SEC of such reports under the Exchange Act as may be required in
connection with this Agreement and the other transactions contemplated by this
Agreement, (iii) filings required under the rules and policies of the NYSE MKT
and TSX, (iv) the delivery of an assumption agreement and legal opinion under
the Wyoming Bond Financing Agreement, in form and substance as required under
the Wyoming Bond Financing Agreement, (v) the receipt of the Target Shareholder
Approvals, (vi) such filings, authorizations or approvals as may be required
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and
the rules and regulations thereunder (the &#147;<U>HSR Act</U>&#148;), (vii) the filing of
the Articles of Merger in the office of the Nevada Secretary of State, (viii)
any consents, authorizations, approvals, filings or exemptions in connection
with applicable stock exchange rules, (ix) approval of the Wyoming Department of
Environmental Quality to application for Permit to Mine Transfer, (x) the
approval of the United States Nuclear Regulatory Commission to the change of
control of any source material or byproduct material licenses held by Target;
and (xi) such consents, approvals, orders, authorizations, notifications,
registrations, declarations and filings (A) as are customarily made or obtained
in connection with the transfer of interests in or change of control of
ownership of mining properties and (B) the failure of which to be obtained or
made, individually or in the aggregate, would not be reasonably likely to have a
Material Adverse Effect with respect to Target or the Surviving Entity,
materially impair the ability of Target to perform its obligations under this
Agreement or any Ancillary Agreement or be reasonably likely to prevent or
materially delay the consummation of any of the Transactions. </P>
<P align=justify style="text-indent: 5%">4.5 <I>Target Reports </I></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Copies of Target&#146;s registration statements, reports,
schedules, proxies or information statements and other documents (including
exhibits and amendments thereto) filed with or furnished to the SEC since
January 1, 2012 (collectively, the &#147;<U>Target SEC Reports</U>&#148;) are available
online with the SEC and through the EDGAR system. Target has timely filed with
or furnished to the SEC each of the Target SEC Reports required to be filed or
submitted by it with the SEC or mailed to its shareholders pursuant to the
Securities Act, the Exchange Act or rules promulgated thereunder. As of their
respective dates (or, if any Target SEC Reports were amended, as of the date
such amendment was filed with the SEC), each Target SEC Report, including any
financial statements or schedules included therein and as amended, if amended,
(i) complied in all material respects with all applicable requirements of the
Securities Act and the Exchange Act, as the case may be, and the applicable
rules promulgated thereunder and (ii) did not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading. No event since the date of the last Target SEC Report has occurred
that would require Target to file a Current Report on Form 8-K other than the
execution of this Agreement. </P>
<P align=center>10 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Copies of Target&#146;s prospectuses, financial statements,
management discussion &amp; analysis, annual reports, management proxy circulars
and other public disclosure documents (including exhibits and amendments
thereto, and documents incorporated by reference therein) filed with or
furnished to the securities regulatory authorities in the Provinces of Canada in
which Target is a &#147;reporting issuer&#148; or equivalent since January 1, 2012
(collectively, the &#147;<U>Target</U> <U>SEDAR Reports</U>&#148;) are available online
through SEDAR. Target has timely filed each of the Target SEDAR Reports required
to be filed or submitted by it or mailed to its shareholders pursuant to the
applicable securities legislation (including any rules and regulation
promulgated thereunder) of each of the Provinces of Canada in which Target is a
&#147;reporting issuer&#148; or equivalent. As of their respective dates (or, if any
Target SEDAR Reports were amended, as of the date such amendment was filed on
SEDAR), each Target SEDAR Report, including any financial statements or
schedules included therein, (i) complied in all material respects with all
applicable requirements of such applicable securities legislation, and (ii) did
not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) The Chief Executive Officer and Chief Financial Officer of
Target have made all certifications (without qualification or exception to the
matters certified) required by, and would be able to make such certifications
(without qualification or exception to the matters certified) if required to do
so as of such dates pursuant to the Sarbanes-Oxley Act of 2002 (the
&#147;<U>Sarbanes-Oxley Act</U>&#148;) and any related rules and regulations promulgated
by the SEC, and the statements contained in any such certifications are complete
and correct.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Except as set forth in Section 4.5(d) of the Target
Disclosure Letter, neither Target nor any of its officers has received any
notice from any Governmental Authority questioning or challenging the accuracy,
completeness, form or manner of filing or submission of the certifications in
Section 4.5(c) .</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Except as set forth in the Target SEC Reports, Target is
otherwise in compliance in all material respects with all applicable provisions
of the Sarbanes-Oxley Act and the applicable rules of NYSE MKT and the TSX. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) To the Knowledge of the Target, each director and executive
officer of the Target has filed with the SEC on a timely basis all statements
required by Section 16(a) of the Exchange Act and the rules and regulations
thereunder. </P>
<P align=justify style="text-indent: 5%">4.6 <I>Financial Statements</I>. Each of the audited
consolidated financial statements and unaudited consolidated interim financial
statements of Target (including any related notes and schedules) included or
incorporated by reference in the Target SEC Reports, as such financial
statements may have been amended or restated, as applicable, has been or will be
prepared from, and is or will be in accordance with, the books and records of
Target, complies or will comply in all material respects with applicable
accounting requirements and with the published rules and regulations of the SEC
with respect thereto as in effect at the time of filing, has been or will be
prepared in accordance with United States generally accepted accounting
principles applied on a consistent basis (&#147;<U>GAAP</U>&#148;) (except as may be
indicated in the notes thereto and subject, in the case of interim financial
statements, to normal and recurring year-end adjustments that, individually or in the
aggregate, would not be reasonably likely to have a Material Adverse Effect with
respect to Target) and fairly presents or will fairly present the consolidated
financial position of Target as of the date thereof and the consolidated results
of operations, cash flows and changes in financial position of Target for the
periods presented therein. </P>
<P align=center>11 </P>
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<P align=justify style="text-indent: 5%">4.7 <I>Absence of Undisclosed Liabilities</I>. Except as and to
the extent (i) set forth on the consolidated balance sheet of Target as at
December 31, 2013, including the notes thereto (the &#147;<U>2013</U> <U>Target
Balance Sheet</U>&#148;), (ii) set forth on the unaudited balance sheet of Target as
at September 30, 2014, including the notes thereto (the &#147;<U>September 30, 2014
Target Balance Sheet</U>&#148;) (each of the 2013 Target Balance Sheet and the
September 30, 2014 Target Balance Sheet as filed on EDGAR), or (iii)
specifically and individually described in Section 4.7 of the Target Disclosure
Letter, Target does not have any Liability required to be reflected or reserved
against in a consolidated balance sheet of Target prepared in accordance with
GAAP as applied in preparing the 2013 Target Balance Sheet or the September 2014
Target Balance Sheet, as applicable, except for Liabilities that would not
reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect with respect to Target.</P>
<P align=justify style="text-indent: 5%">4.8 <I>Off-Balance Sheet Arrangements.</I> Target is not a
party to, and does not have any commitment to become a party to, any "off
balance sheet arrangements", as defined in Item 303(a) of Regulation S-K under
the Exchange Act. </P>
<P align=justify style="text-indent: 5%">4.9 <I>Absence of Certain Changes</I>. Except as (i) disclosed
in the Target SEC Reports filed and publicly available prior to the Agreement
Date, including the September 30, 2014 Target Balance Sheet, (ii) contemplated
by this Agreement, or (iii) set forth in Section 4.9 of the Target Disclosure
Letter, as of the date of this Agreement, except for Sections 4.9(a), 4.9(b) and
4.9(o) which shall be true as of the date of this Agreement and as of the
Closing Date,<B> </B>Target has conducted its business only in the ordinary
course of business consistent with past practice since December 31, 2013 and
since December 31, 2013: </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) there has not been any change or development that,
individually or in the aggregate, has had or would be reasonably likely to have
had a Material Adverse Effect with respect to Target; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) there has not been any material damage, destruction or
other casualty loss with respect to any material asset or property owned, leased
or otherwise used by Target, whether or not covered by insurance; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) there has not been any amendment or change in the Target&#146;s
organizational documents; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) there has not been any incurrence, creation or assumption
of (i) any Lien on any of its assets or properties (other than Permitted Liens)
or (ii) any Liability as a guarantor or surety with respect to the obligations
of any Person other than in the ordinary course of business consistent with past
practice; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) there has not been any increase or agreement to increase
the wages, salaries or compensation payable to any officer, employee or director
from the amount thereof in effect as of September 30, 2014, other than increases
in wages, salaries and other cash compensation and new employment agreements in
the ordinary course of business consistent with past practice; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) there has not been a grant of, or change in, any severance
or termination pay, other than with respect to new employment agreements entered
into in the ordinary course of business consistent with past practice; </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(g) the Target has not entered into or made any loans to any of
its officers, directors or employees or made any change in its borrowing or
lending arrangements for or on behalf of any of such Persons; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) the Target has not adopted or amended, or accelerated the
payment or vesting of benefits under, any Target Benefit Plan; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) the Target has not declared, set aside or paid any dividend
or other distribution (whether in cash, stock or property) with respect to any
of Target&#146;s capital stock; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(j) the Target has not effected or authorized any split,
combination or reclassification of any of Target&#146;s capital stock or any issuance
thereof or issued any other securities in respect of, in lieu of or in
substitution for shares of Target&#146;s capital stock, except for issuances of
Target Common Shares upon the exercise of Target Stock Options or Target
Warrants, in each case, in accordance with their terms at the time of exercise,
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(k) there has not been any material change, and the Target does
not have Knowledge of any reason that would require any material change, in any
accounting methods (or underlying assumptions), principles or practices of
Target or any revaluation of any of its assets; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(l) the Target has not made or changed any material Tax
election, or settled or compromised any material income Tax liability, or
materially amended any Tax Return; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(m) the Target has not acquired any material assets, or sold,
leased, exchanged, transferred, licensed, farmed-out or otherwise disposed of
any material assets, in each case other than in the ordinary course of business
consistent with past practice; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(n) the Target has not discharged or satisfied any Indebtedness
or paid any obligation or Liability, other than current Liabilities incurred and
paid in the ordinary course of business and consistent with past practice; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(o) there has not been the commencement of any action, suit,
arbitration, mediation, proceeding, claim or investigation, or receipt notice
of, or a threat of any action, suit, arbitration, mediation, proceeding, claim
or investigation against the Target relating to any of its business, properties
or assets; and </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(p) the Target has not made any agreement or commitment
(contingent or otherwise) to do any of the foregoing. </P>
<P align=justify style="text-indent: 5%">4.10 <I>Taxes</I>. Except as set forth in Section 4.10 of the
Target Disclosure Letter:</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Target has timely filed or will file all Tax Returns
required by applicable Law to be filed by it prior to or as of the Closing Date.
As of the Closing Date, the foregoing Tax Returns were true and correct and
prepared in compliance with applicable Law in all material respects. The unpaid
Taxes of Target did not, as of the most recent fiscal month end, exceed the
reserve for Tax Liability (rather than any reserve for deferred Taxes
established to reflect timing differences between book and Tax income) set forth
on the face of the 2013 Target Balance Sheet (rather than in any notes thereto)
and do not exceed that reserve as adjusted for the passage of time through the
Closing Date in accordance with the past custom and practice of Target in filing
its Tax Returns, and such reserve fully accounts for all Tax accrued or accruing
for all periods up to the date of such 2013 Target Balance Sheet. Target is not
currently the beneficiary of any extension of time within which to file any Tax Return. Target
has made available or will make available prior to the Closing Date true and
complete copies of its Tax Returns to Parent for all periods beginning on or
after January 1, 2010. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Target has paid all Taxes due with respect to any period
ending prior to or as of the Closing Date except where failure to pay any such
Taxes will not have a Material Adverse Effect with respect to Target. Target has
withheld and paid all Taxes required to have been withheld and paid in
connection with any amounts paid or owing to any employee, director, officer,
agent, independent contractor, creditor, shareholder, or other third party,
except where failure to pay or withhold any such Taxes will not have a Material
Adverse Effect with respect to Target. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) No Audit by a Tax Authority is pending or, to the Knowledge
of Target, threatened, with respect to any Tax Returns filed by, or Taxes due
from, Target. No issue has been raised by any Tax Authority in any Audit of
Target that, if raised with respect to any other period not so audited,
reasonably could be expected to result in a material proposed deficiency for any
period not so audited. No material deficiency or adjustment for any Taxes has
been proposed, asserted, assessed or, to the Knowledge of Target, threatened,
against Target. No claim has ever been made by a Tax Authority in a jurisdiction
where Target does not file Tax Returns that Target is or may be subject to
taxation by that jurisdiction. There are no Liens for Taxes upon the assets of
Target, except Liens imposed by operation of law for current Taxes not yet
delinquent. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Target has not given any waiver of statutes of limitations
relating to Taxes or executed a power of attorney with respect to Tax matters
that, in either case, will be outstanding as of the Closing Date. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) There are no Tax sharing, Tax indemnity or similar
agreements to which Target is a party or bound by or pursuant to which Target
has any obligation or liability for Taxes. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) Target has never been a member of an affiliated group of
corporations within the meaning of Section 1504 of the Code or a group of
corporations filing combined or unitary returns. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) Target has not agreed to make nor is it required to make
any adjustment under Section 481(a) of the Code by reason of change in
accounting method or otherwise. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) Target has no liability for Taxes of any Person (other than
Target) under Treasury Regulation Section 1.1502 -6 (or any similar provision of
state, local or foreign Law), as a transferee or successor, by contract or
otherwise. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) Target has not distributed stock of another Person, or has
had its stock distributed by another Person in a transaction that was purported
or intended to be governed in whole or in part by Code Sections 355 or 361
within the two-year period preceding the date of this Agreement. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(j) Target will not be required to include any item of income
in, or exclude any item of deduction from, taxable income for any taxable period
(or portion thereof) ending after the Closing Date as a result of any (i) change
in method of accounting for a taxable period ending on or prior to the Closing
Date, (ii) &#147;closing agreement&#148; as described in Code Section 7121 (or any
corresponding or similar provision of state, local, or foreign income Tax law)
executed on or prior to the Closing Date or (iii) an installment sale or open
transaction disposition made on or prior to the Closing Date. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(k) Target has not participated, within the meaning of Treasury
Regulation Section 1.6011 -4(c) (or any predecessor of such Treasury
Regulation), in (i) any &#147;listed transaction&#148; within the meaning of Code Section
6011 and the Treasury Regulation thereunder (or any corresponding or similar
provision of state, local, or foreign income Tax Law) or (ii) any transaction
required to be registered with the Internal Revenue Service under Code Section
6111 as in effect on or prior to December 31, 2013 and the Treasury Regulation
thereunder (or any corresponding or similar provision of state, local, or
foreign income Tax Law). </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(l) Target is not a party to any agreement, contract,
arrangement or plan that has resulted or could result, separately or in the
aggregate, in the payment of (i) any &#147;excess parachute payment&#148; within the
meaning of Code &#167;280G (or any corresponding provision of state, local or foreign
Tax Law) and (ii) any amount that will not be fully deductible as a result of
Code &#167;162(m) (or any corresponding provision of state, local or foreign Tax
Law).</P>
<P align=justify style="text-indent: 5%">4.11 <I>Litigation</I>. Except as specifically disclosed in
Section 4.11 of the Target Disclosure Letter, there is no suit, claim, action,
proceeding or investigation pending or, to Target&#146;s Knowledge, threatened
against or directly affecting Target or any of the directors or officers of
Target in their capacity as such, nor is there any reasonable basis therefor,
that, individually or in the aggregate, would be reasonably likely to have a
Material Adverse Effect with respect to Target if determined adversely to Target
or any such director or officer. Neither Target nor any officer, director or
employee of Target, has been permanently or temporarily enjoined by any order,
judgment or decree of any court or any other Governmental Authority that names
such Person from engaging in or continuing any conduct or practice in connection
with the business, assets or properties of Target nor, to the Knowledge of
Target, is Target or any officer, director or employee of Target under
investigation by any Governmental Authority. There has not been, and to the
Target&#146;s Knowledge, there is not pending or contemplated, any investigation by
the SEC involving the Target or any current or former director or officer of the
Target.</P>
<P align=justify style="text-indent: 5%">4.12 <I>Employee Benefit Plans; ERISA</I>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Section 4.12(a) of the Target Disclosure Letter contains a
true and complete list of each plan, fund, contract, program, agreement and
arrangement (whether written or not) for the benefit of present or former
employees or directors, including those intended to provide pension, profit
sharing, retirement, supplemental retirement, deferred compensation, equity
incentive, or bonus or other incentive benefits (whether or not tax qualified
and whether or not defined in Section 3(2) of the Employee Retirement Income
Security Act of 1974, as amended (&#147;<U>ERISA</U>&#148;)); disability, medical, dental,
or other health insurance benefits, life insurance or other death benefit
benefits (whether or not defined in Section 3(1) of ERISA); salary continuation,
unemployment, supplemental unemployment, severance, termination pay,
change-in-control, vacation or holiday benefits (whether or not defined in
Section 3(3) of ERISA) (i) to which Target is a party or by which it is bound,
or (ii) with respect to which Target has made any payments or contributions or
may otherwise have any liability, whether direct or indirect, (including any
such plan or other arrangement formerly maintained by Target), (iii) that Target
has committed to implement, establish, adopt or contribute to in the future,
(iv) for which Target is or may be financially liable as a result of Target&#146;s
affiliation with any company or any company&#146;s shareholders which together with
Target would be deemed a &#147;single employer&#148; within the meaning of Section 414(b),
(c) or (m) of the Code or Section 4001(b)(1) of ERISA (a &#147;<U>Target ERISA
Affiliate</U>&#148;) (whether or not such affiliation exists at the date of this
Agreement and notwithstanding that the plan is maintained by the Target for the
benefit of its employees or former employees), (v) for or with respect to which Target is or may become liable under any
common law successor doctrine, express successor liability provision of Law,
labor or employment Law or agreement with a predecessor employer (&#147;<U>Target
Benefit Plan</U>&#148;). Target Benefit Plan does not include any arrangement that
has been terminated and completely wound up prior to the date of this Agreement
and for which Target has no present or potential Liability. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(b) With respect to each Target Benefit Plan, (i) such plan has
been administered in compliance with its terms and applicable Law in all
material respects, (ii) each Target Benefit Plan that is intended to be
&#147;qualified&#148; within the meaning of Section 401(a) of the Code has received a
favorable determination letter from the Internal Revenue Service or is
maintained under a prototype or volume submitter plan and with respect to which
the Target and the Target ERISA Affiliates are entitled to rely upon a favorable
opinion or advisory letter issued by the Internal Revenue Service, (iii) to the
Knowledge of the Target, there is no circumstance that will result in the
revocation of any favorable determination letter, opinion letter or advisory
letter issued by the Internal Revenue Service, (iv) neither Target nor any
Target ERISA Affiliate has engaged in, and Target and each Target ERISA
Affiliate do not have any Knowledge of any Person that has engaged in, any
transaction or acted or failed to act in any manner that would subject Target or
any Target ERISA Affiliate to any liability for a breach of fiduciary duty under
ERISA, (v) no disputes are pending or, to the Knowledge of Target or any Target
ERISA Affiliate, threatened, other than ordinary claims for benefits, nor is
there any basis for such a proceeding, (vi) neither Target nor any Target ERISA
Affiliate has engaged in, and neither Target nor any Target ERISA Affiliate has
any Knowledge of any Person that has engaged in, any transaction prohibited by
Section 406 of ERISA or Section 4975 of the Code, except for those for which an
exemption applies, (vii) all contributions due have been made on a timely basis,
(viii) all required reports, notices and descriptions related to the Target
Benefit Plan (including, but not limited to, those required by Target Benefit
Plan provisions, ERISA and the Code) have been distributed to participants or
filed with the appropriate Governmental Authority, (ix) all contributions made
or that will be made under any Target Benefit Plan meet the requirements for
deductibility under the Code, (x) Target is not liable (either directly or as a
result of indemnification) for any excise Taxes, penalties, damages or equitable
relief as a result of any violation under ERISA or any other applicable Law,
(xi) no leased employees (as defined in Section 414(n) of the Code) or
independent contractors are eligible for, or participate in, any Target Benefit
Plan and (xii) no audit or examination by a Governmental Authority is currently
pending (nor has notice been received regarding a potential audit or
examination) and there are no pending submissions to a Governmental Authority.
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) With respect to all Target Benefit Plans, to the extent
that the following documents exist, Target has furnished Parent with true and
complete copies of: (i) the most recent determination letter, if any, received
by the Target or any Target ERISA Affiliate from the IRS, (ii) all pending
applications for rulings, determinations, opinions, no action letters and the
like filed with any governmental agency (including the Department of Labor and
the Internal Revenue Service), (iii) the Annual Report/Return (Form Series 5500)
with financial statements, if any, and attachments for the most recent plan
year, (iv) Target Benefit Plan documents, summary plan descriptions, trust
agreements, insurance contracts, individual agreements, service agreements and
all related contracts and documents (including any material employee summaries
and material employee communications), and (v) all Internal Revenue Service or
Department of Labor audit closing letters, audit finding letters, revenue agent
findings and similar documents. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Any Target Benefit Plan, individual employment, severance
or other compensatory agreement or arrangement with respect to which the Target
or any Target ERISA Affiliate has any current or future obligation that is a
&#147;nonqualified deferred compensation plan&#148; (as defined in Section 409A(d)(1) of the Code), complies in
form and operation with the requirements under Code Section 409A and the
Treasury Regulations issued thereunder (without regard to the effective date of
such regulations) so as not to result in the imposition of additional Tax or
interest to a service provider.</P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(e) No Target Benefit Plan is a multiple employer plan (as
defined in Section 413(c) of the Code), a multiemployer plan (as defined in
Section 3(37) of ERISA), a defined benefit pension plan (as defined in Section
3(35) of ERISA) subject to Title IV of ERISA, a plan subject to the minimum
funding standards under Section 302 of ERISA or Section 412 of the Code, a plan
that is intended to be qualified under Section 401(a), a welfare plan that is
self-funded, a plan that owns employer stock or a plan that is funded, in whole
or in part, through a voluntary employees&#146; beneficiary association exempt from
Tax under Section 501(c)(9) of the Code. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) No present or former employees or directors of Target are
covered by any employee agreements or plans that provide or will provide
severance pay, post-termination health or life insurance benefits (except as
required pursuant to Section 4980(B) of the Code) or any similar benefits. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) No condition, agreement or Target Benefit Plan provision
limits the right of Parent or Merger Sub to amend, cut back or terminate any
Target Benefit Plan (except to the extent such limitation arises under ERISA).
Each Target Benefit Plan may be unilaterally amended or terminated in its
entirety without liability except as to (i) benefits accrued thereunder prior to
such amendment or termination or (ii) costs necessary to satisfy any notice
periods described in such Target Benefit Plan or funding vehicle. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) The execution, delivery, and performance by Target of this
Agreement or any Ancillary Agreement to which Target is or will be a party and
the consummation of the Transactions will not constitute an event under any
Target Benefit Plan that will (i) cause any Target Benefit Plan to increase
benefits payable to any participant or beneficiary, (ii) entitle any current or
former employee or director of Target to severance pay, unemployment
compensation or any other payment, benefit or award, or (iii) modify or result
in any payment (whether as severance pay or otherwise), acceleration, vesting,
or increases in benefits, awards or compensation with respect to any employee of
the Target. </P>
<P align=justify style="text-indent: 5%">4.13 <I>Environmental Liability</I>. Except as set forth in
Section 4.13 of the Target Disclosure Letter or the Target SEC Reports filed and
publicly available prior to the Agreement Date, including the September 30, 2014
Target Balance Sheet: </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) The business of Target has been and is operated in
compliance in all material respects with all applicable Environmental Laws. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Target has not caused or allowed the generation, treatment,
manufacture, processing, distribution, use, storage, discharge, release,
disposal, transport or handling of any Hazardous Substances, except in
compliance in all material respects with all Environmental Laws and in a manner
that does not give rise to any Liability under any Environmental Laws, and, to
Target&#146;s Knowledge, no generation, treatment, manufacture, processing,
distribution, use, storage, discharge, release, disposal, transport or handling
of any Hazardous Substances has otherwise occurred at any property or facility
currently or formerly owned, leased or operated by Target, including the Target
Real Property, except in compliance in all material respects with all
Environmental Laws and in a manner that does not give rise to any Liability
under any Environmental Laws. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) Target has not received any written notice from any
Governmental Authority or third party or, to the Knowledge of Target, any other
communication alleging or concerning any material violation by Target of, or
responsibility or liability of Target under, any Environmental Law. There are no
pending, or to the Knowledge of Target, threatened, claims, suits, actions,
proceedings or investigations with respect to the businesses or operations of
Target alleging or concerning any material violation of, or responsibility or
liability under, any Environmental Law, nor does Target have any Knowledge of
any fact or condition that could give rise to such a claim, suit, action,
proceeding or investigation. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Target has obtained and is in compliance in all material
respects with all approvals, permits, licenses, registrations and similar
authorizations from all Governmental Authorities under all Environmental Laws
required for the operation and ownership of the Target Real Property, Target
Improvements and the businesses of Target as currently conducted, and there are
no pending or, to the Knowledge of Target, threatened, actions, proceedings or
investigations alleging violations of or seeking to modify, revoke or deny
renewal of any of such approvals, permits, licenses, registrations and
authorizations. Target does not have Knowledge of any fact or condition that is
reasonably likely to give rise to any action, proceeding or investigation
regarding the violation of or seeking to modify, revoke or deny renewal of any
such approvals, permits, licenses, registrations and authorizations. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Without in any way limiting the generality of the
foregoing, to Target&#146;s Knowledge, (i) all offsite locations where Target has
transported, released, discharged, stored, disposed or arranged for the disposal
of Hazardous Substances are and have been licensed and operating in all material
respects with Environmental Laws and (ii) no polychlorinated biphenyls
(&#147;<U>PCBs</U>&#148;), PCB-containing items, asbestos-containing materials, or
radioactive materials are now or have been used or stored at any property owned,
leased or operated by Target, except in compliance in all material respects with
Environmental Laws and in a manner that does not give rise to any Liability
under any Environmental Laws. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) No claims have been asserted or, to Target&#146;s Knowledge,
threatened to be asserted against Target for any personal injury (including
wrongful death) or property damage (real or personal) arising out of alleged
exposure or otherwise related to Hazardous Substances used, handled, generated,
transported or disposed of by Target. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) No Lien has been attached or filed or is, to the Knowledge
of Target, threatened against Target in favor of any Person for (i) any
liability under or violation of any applicable Environmental Law, (ii) any
Release of Hazardous Substances or (iii) any imposition of Liability. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) No property currently or formerly owned or operated by
Target, including the Target Real Property, is listed on a List, and Target has
not received any notice that any such property is being considered for listing
on a List. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) All environmental audits, site assessments, risk
assessments, and other environmental reports and studies, including summaries of
any material test results or analytic data, conducted by, at the expense of, or
on behalf of Target or that are otherwise in the possession of Target have been
provided to Parent. </P>
<P align=justify style="text-indent: 5%">4.14 <I>Compliance with Applicable Laws</I>. Target holds all
approvals, licenses, permits, registrations, exemptions and similar
authorizations from Governmental Authorities and other Persons necessary for the
lawful conduct of its business as now conducted (the &#147;<U>Target Permits</U>&#148;).
Section 4.14 of the Target Disclosure Letter lists each of the Target Permits.
Except as set forth in the Target SEC Reports or in Section 4.14 of the Target Disclosure Letter,
Target has been and is in compliance with the terms of the Target Permits and
all applicable Laws in all material respects, and Target has not received any
notice from any Person that the business of Target has been or is being
conducted in violation of any applicable Law or the terms of any Target Permit
in any material respect. Target has not received any notice that any Target
Permit will be terminated or modified or cannot be renewed in the ordinary
course of business, and Target has no Knowledge of any reasonable basis for any
such termination, modification or non-renewal. </P>
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<P align=justify style="text-indent: 5%">4.15 <I>Insurance</I>. Section 4.15 of the Target Disclosure
Letter sets forth a complete and accurate list of each insurance policy under
which Target has been an insured, a named insured or otherwise the principal
beneficiary of coverage at any time during the past three years. Target has made
available or will make available prior to the Closing Date to Parent a true and
complete copy of each such policy that are in effect as of the date of this
Agreement. With respect to each such policy, neither Target, nor, to Target&#146;s
Knowledge, any other party to the policy is in material breach or default
thereunder (including with respect to the payment of premiums or the giving of
notices), and Target does not know of any occurrence or any event which (with
notice or the lapse of time or both) would constitute such a breach or default
or permit termination, modification or acceleration under the policy. Target has
not received any notice that any of its policies cannot be renewed in the
ordinary course of business, and has no Knowledge of any reasonable basis for
any such non-renewal. All appropriate insurers under such insurance policies
have been notified of all potentially insurable losses and pending litigation
and legal matters, and no such insurer has informed Target of any denial of
coverage or reservation of rights thereto. Section 4.15 of the Target Disclosure
Letter describes any self-insurance arrangements affecting Target. </P>
<P align=justify style="text-indent: 5%">4.16 <I>Properties; Mining Claims</I>.<B> </B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Section 4.16 of the Target Disclosure Letter sets out all
of the real property owned, held, leased or controlled, whether legally or
beneficially for the benefit of Target, including (i) all material fee surface
and mineral property (&#147;<U>Target Fee Property</U>&#148;), (ii) all unpatented mining
claims (&#147;<U>Target Mining Claims</U>&#148;), and (iii) all real property leases,
mining leases, surface use agreements, rights-of-way, easements, or other
contracts with respect to real property (&#147;<U>Target Property Contracts</U>&#148;).
The Target Fee Property, Target Mining Claims and Target Property Contracts will
be collectively referred to hereinafter as the &#147;<U>Target Real</U>
<U>Property</U>.&#148; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Except as provided in Section 4.16 of the Target Disclosure
Letter or the Target SEC Reports, Target owns good and marketable title to an
undivided one hundred percent (100%) record and beneficial interest in and to
the Target Real Property, in each case free and clear of any Liens, other than
Permitted Liens. Target has not leased, subleased, optioned, mortgaged, or
entered into other contract or agreement transferring any interest in the Target
Real Property, Target Property Contracts, Water Rights, Target Improvements, or
Target Listed Personal Property to any Person, and there are no actions, suits,
administrative or other proceedings pending, or, to Target&#146;s Knowledge,
threatened against any of the Target Real Property. All ad valorem property and
other Taxes assessed against the Target Real Property have been timely and
properly paid. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) Except as set forth in Section 4.16(c) of the Target
Disclosure Letter or the Target SEC Reports, (i) all annual labor and assessment
work, rental fees or maintenance fees, license, royalty, and tax fees, and
filings with any Governmental Authority required to hold the Target Mining
Claims and the Target Property Contracts have been properly and timely
performed, paid or filed, in all material respects and all affidavits of annual
labor and assessment work and other filings required to maintain the Target Mining
Claims in good standing have been properly and timely recorded and filed with
the appropriate Governmental Authorities; (ii) the Target Mining Claims and
Target Property Contracts are free and clear of any claims or Liens except for
Permitted Liens, and there are no material conflicting claims by a third party
with respect to the lands covered by the Target Mining Claims or Target Property
Contracts; and (iii) there are no royalties or similar types of obligations
payable or required to be paid to any Person having an interest in the Target
Mining Claims or Target Property Contracts. </P>
<P align=center>19 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(d) All Target Property Contracts are in good standing, valid
and effective in accordance with their respective terms, Target has performed
all of its material obligations thereunder, and there is not, under any of such
Target Property Contracts any existing default or event of default (or event
which with notice or lapse or time, or both would constitute a default; or would
constitute a basis of force majeure or other claim of excusable delay or
non-performance) of Target or the other party to the Property Contract. To
Target&#146;s Knowledge, the party granting Target rights to the properties covered
by those Target Property Contracts owns good and marketable title to those
properties, free and clear of all Liens, other than Permitted Liens. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Section 4.16(e) of the Target Disclosure Letter sets out
water rights owned, held, leased or controlled, whether legally or beneficially
for the benefit of Target, including all surface and underground water and water
rights, including but not limited to certificates, licenses, and permits,
together with all applications for water rights or applications or permits for
the use, transfer or change of water rights, ditch and ditch rights, well and
well rights, reservoir and reservoir rights, stock or interests in irrigation or
ditch companies appurtenant to the Target Real Property and all other rights to
water for use at or in connection with the Target Real Property or the mining of
minerals from the Target Real Property (&#147;<U>Water Rights</U>&#148;). Except as set
forth in Section 4.16(e) of the Target Disclosure Letter, (i) Target owns good
and marketable title to an undivided one hundred percent (100%) record and
beneficial interest in and to the Water Rights, free and clear of all Liens,
except for Permitted Liens, and (ii) the Water Rights are sufficient to conduct
the operations and activities of the Target as they are currently being
conducted. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) Section 4.16(f) of the Target Disclosure Letter sets out
improvements (&#147;<U>Target</U> <U>Improvements</U>&#148;) to the Target Real Property
and personal property (&#147;<U>Target Listed Personal</U> <U>Property</U>&#148;) owned,
held, leased or controlled, whether legally or beneficially for the benefit of
Target. Except as set forth in Section 4.16(f) of the Target Disclosure Letter,
(i) Target owns good and marketable title to an undivided one hundred percent
(100%) interest in and to all Target Improvements and Target Listed Personal
Property, free and clear of all Liens, except for Permitted Liens, and (ii) all
Target Improvements and Target Listed Personal Property are in good condition
and repair, ordinary wear excepted, and are suitable for the purposes for which
they are currently used by Target.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) Except as set forth in Section 4.16(g) of the Target
Disclosure Letter, Target owns or leases all of the assets, tangible and
intangible, of any nature whatsoever, necessary to operate its business and
their business as currently conducted.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) Except as disclosed in Section 4.16(h) of the Target
Disclosure Letter, Target has now and, immediately following the consummation of
the transactions contemplated by this Agreement, will have the right to occupy
and use each of its Real Properties and Target Improvements in the same manner
currently occupied and used by Target to conduct its business as presently
conducted. </P>
<P align=center>20 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(i) Target is not obligated under any forward sale or advanced
sale contract with respect to minerals produced or producible from the Target
Real Property under which sales proceeds are paid by the purchaser in advance of
delivery. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(j) Target has made available to Parent Parties all
information, data, geological and geophysical test results, maps and surveys in
the possession of Target that might reasonably be expected to be material to a
prospective purchaser of the Target or that have been requested by Parent
relating to Target and its properties and business, and Target has not withheld
from Parent Parties any such information, data, test results, maps or surveys.
Target represents and warrants that all such information, data, test results,
maps and surveys were prepared or procured by Target in the ordinary course of
business. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(k) Each of the technical reports prepared by or on behalf of
Target and filed by Target on SEDAR (the &#147;<U>Target 43-101 Technical
Reports</U>&#148;) was prepared in good faith and in the ordinary course of business
and in accordance with the requirements of NI 43-101. To Target&#146;s Knowledge, the
estimates of mineral reserves and resources reflected in the Target 43-101
Technical Reports were estimated in good faith using methods and based on
assumptions considered reasonable at the time of estimation on the basis of
drill and test data generated and compiled in accordance with prudent mining and
engineering practice. The mine plans of Target listed in Section 4.16 of the
Target Disclosure Letter, including the financial forecasts and budgets include
therein and the studies related thereto (i) have been prepared by management of
Target in good faith and in the ordinary course of business, and (ii) are based
on assumptions, including assumptions relating to mining operations, capital and
operating costs and production rates, that are considered by management to be
reasonable, as at the date the mine plans were prepared, for the purpose of
planning the future mining operations of Target, provided that Parent
acknowledges that Target provides no assurance as to the future uranium prices
used in such mine plans, other than where the uranium prices reflect contractual
prices for uranium to be delivered under existing supply agreements.</P>
<P align=justify style="text-indent: 5%">4.17 <I>Material Contracts</I>. Set forth in Section 4.17 of
the Target Disclosure Letter is a complete and accurate list of each Material
Contract (which list sets forth the parties to each such agreement and the date
on which such agreement was entered into) to which Target is a party or by which
Target or any of its assets are bound. Target has provided or will make
available to Parent prior to the Closing Date true and complete copies of all
Material Contracts unless otherwise available in Target SEC Reports. Except as
set forth in Section 4.17 of the Target Disclosure Letter, each Material
Contract is valid and binding and in full force and effect and Target has
performed all obligations required to be performed by them under each Material

Contract in all material respects. To Target&#146;s Knowledge, there does not exist,
nor has Target received written notice of, any material breach of or violation
or default under, any of the terms, conditions or provisions of any Material
Contract and Target has not received written notice of the desire of the other
party or parties to any such contract to exercise any rights such party has to
cancel, terminate or repudiate such contract or exercise remedies thereunder
that would be reasonably likely to have a Material Adverse Effect with respect
to Target. Subject to the Enforceability Exception, each Material Contract is
enforceable by Target in accordance with its terms. </P>
<P align=justify style="text-indent: 5%">4.18 <I>Required Shareholder Vote</I>. The affirmative vote of
(i) the holders of a majority of the outstanding Target Common Shares entitled
to vote at the Target Meeting at a duly convened and held shareholder meeting at
which a quorum is present (the &#147;<U>Target Shareholders&#146; Approval</U>&#148;) and (ii)
a majority of the Target Common Shares cast at the Target Meeting exclusive of
all Target Common Shares owned, directly or indirectly, by the Parent Parties or
the officers or directors of Target (the &#147;<U>Unaffiliated</U> <U>Shareholders&#146;
Approval</U>&#148;, collectively, the &#147;<U>Target Shareholder Approvals</U>&#148;) are the
only votes required of the holders of any class or series of Target&#146;s capital stock
that shall be necessary to adopt this Agreement and to consummate the
Transactions.</P>
<P align=center>21 </P>
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<P align=justify style="text-indent: 5%">4.19 <I>Form F-4 and Proxy Statement/Prospectus</I>. None of
the information to be supplied by Target specifically for inclusion in (a) the
registration statement on Form F-4 to be filed by Parent with the SEC in
connection with the issuance of Parent Common Shares in the Merger or (b) the
proxy statement on Schedule 14A relating to the Target Meeting to be filed by
Target, which will also constitute the prospectus in respect of Parent Common
Shares registered by means of the Form F-4 to be filed by Parent (the &#147;<U>Proxy
Statement/Prospectus</U>&#148;), to be filed by Target and Parent with the SEC, in
each case, and any amendments or supplements thereto, will, in the case of the
Proxy Statement/Prospectus, at the time the Proxy Statement/Prospectus or any
amendment or supplement thereto is first mailed to the Target shareholders and
at the time of the Target Meeting, and, in the case of the Form F-4, when it
becomes effective under the Securities Act, contain any untrue statement of a
material fact or omit to state any material fact required to be made therein or
necessary in order to make the statements made therein, in light of the
circumstances under which they were made, not misleading, except that no
representation or warranty is made by Target with respect to statements made or
incorporated by reference in the Form F-4 or the Proxy Statement/Prospectus
based on information supplied by Parent, Merger Sub or any of their
Representatives for inclusion or incorporation by reference therein. </P>
<P align=justify style="text-indent: 5%">4.20 <I>Intellectual Property</I>. Except as set forth in
Section 4.20 of the Target Disclosure Letter, the Target owns, licenses or
otherwise possesses title to or the right to use all patents, trademarks,
service marks, trade names, registered copyrights and applications therefor
owned by or registered in the name of Target, together with all other material
intellectual property assets, including computer software, owned or licensed by
Target, and, in either case, used by the Target in connection with the operation
and conduct of its business (collectively, the &#147;<U>Target Intellectual
Property</U>&#148;). The Target Intellectual Property set forth in Section 4.20 of
the Target Disclosure Letter constitutes all material intellectual property used
by the Target in connection with the conduct and operation of its business.
Except as set forth in Section 4.20 of the Target Disclosure Letter, Parent will
have the right to use the Target Intellectual Property following the Closing. To
the Knowledge of Target, it is not infringing any valid patent right, trademark,
service mark, trade name, copyright or other intellectual property right of any
third party in connection with its use of the Target Intellectual Property that
would be reasonably likely to have a Material Adverse Effect with respect to
Target. </P>
<P align=justify style="text-indent: 5%">4.21 <I>Affiliate Transactions</I>. Target has not entered into
any agreements, contracts, commitments or transactions (other than Target
Benefit Plans), whether or not entered into in the ordinary course of business,
to or by which Target, on the one hand, and any of its officers, directors or
affiliates (or any affiliates of such officers or directors), on the other hand,
are or have been a party or are otherwise bound or affected and that (a) are
currently pending or proposed, in effect or have been in effect at any time
since January 1, 2012 or (b) involve continuing Liabilities and obligations to
or of Target.</P>
<P align=justify style="text-indent: 5%">4.22 <I>Brokers</I>. No broker, finder or investment banker
(other than Haywood Securities Inc. (&#147;<U>Haywood</U>&#148;) and Euro Pacific Canada
Inc. (&#147;<U>Euro Pacific</U>&#148;) the fees and expenses of which will be paid by
Target at Closing) is entitled to any brokerage, finder&#146;s fee or other fee or
commission payable by Target in connection with the Transactions based upon
arrangements made by and on behalf of Target. Target has heretofore furnished to
Parent a true and complete copy of all agreements between Target and Haywood and
Euro Pacific pursuant to which such firms would be entitled to any payment
relating to the Transactions. </P>
<P align=justify style="text-indent: 5%">4.23 <I>FIRPTA</I>. The Target Common Shares shall be
&#147;regularly traded&#148; on an established securities exchange within the meaning of
Treasury Regulation Section 1.897 -9T(d). Other than as disclosed in Section
4.23 of the Target Disclosure Letter, no Target shareholder who is a &#147;foreign
person&#148; (as defined in Section 1445(f)(3)) holds or has held more than
5% of Target Common Shares at any time during the 5-year period ending on
Closing Date.<B> </B> </P>
<P align=center>22 </P>
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<P align=justify style="text-indent: 5%">4.24 <I>Fairness Opinion; Board Approval</I>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Target&#146;s board of directors has received a written opinion
dated January 2, 2015 from Euro Pacific to the effect that, as of the date of
such opinion, the Exchange Ratio is fair, from a financial point of view, to the
holders of the Target Common Shares (other than Parent and its affiliates). A
true and complete copy of such opinion has been provided to Parent. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Target&#146;s board of directors, at a meeting duly called and
held, unanimously (i) determined that this Agreement and the Transactions are
advisable and are fair to, and in the best interests of, the shareholders of
Target, (ii) approved this Agreement and the Transactions and (iii) recommended
approval and adoption of this Agreement and the Merger and the Transactions by
the shareholders of Target. </P>
<P align=justify style="text-indent: 5%">4.25 <I>Controls and Procedures</I>. Except as set forth in the
Target SEC Reports and Target SEDAR Reports, Target has established and
maintains &#147;disclosure controls and procedures&#148; that are reasonably designed to
ensure that all material information (both financial and non-financial) required
to be disclosed by Target in the reports that it is required to file under
applicable Laws (including applicable securities Laws) is recorded, processed,
summarized and reported within the time periods specified in the applicable Laws
and that all such information is accumulated and communicated to Target&#146;s
management as appropriate to allow timely decisions regarding required
disclosure and to make the certifications of the chief executive officer and
chief financial officer of Target required under applicable Laws (including
applicable securities Laws) with respect to such reports. Except as set forth in
Section 4.25 of the Target Disclosure Letter, in the Target SEC Reports or
Target SEDAR Reports, neither Target nor its independent auditors have
identified any &#147;significant deficiencies&#148; or &#147;material weaknesses&#148; in Target&#146;s
internal controls as contemplated under applicable Laws (including applicable
securities Laws and Section 404 of the Sarbanes-Oxley Act). Target has made or
will make available to Parent prior to the Closing Date true and complete copies
of any disclosures made by management to Target&#146;s auditors and audit committee
regarding such significant deficiencies or material weaknesses. Target has no
Knowledge of any material complaint, allegation, assertion or claim, whether
written or oral, regarding the accounting or auditing practices, procedures,
methodologies or methods of Target or its internal accounting controls,
including any material complaint, allegation, assertion or claim that Target has
engaged in questionable accounting or auditing practices. No attorney
representing Target, whether or not employed by Target, has reported evidence of
a violation of securities laws, breach of fiduciary duty or similar violation by
Target or any of its officers, directors, employees or agents to the board of
directors of Target or any committee thereof or to any director or officer of
Target. Target has not granted any waivers with respect to its policies
regarding ethical conduct. </P>
<P align=justify style="text-indent: 5%">4.26 <I>Takeover Matters</I>. Target does not have any
applicable anti-takeover provision in its articles of incorporation or bylaws.
Target and Target&#146;s board of directors have each taken all actions necessary to
be taken such that the Target Rights Plan is not, or at the Effective Time will
not be, applicable to Target, Parent, Merger Sub, the Target Common Shares, the
Voting Agreements, this Agreement or the Transactions.</P>
<P align=justify style="text-indent: 5%">4.27 <I>Related Party Transactions</I>. Except as set forth in
the Target SEC Reports and Target SEDAR Reports, the Target has not, and, to the
knowledge of the Target, has not been deemed to have for purposes of any
applicable Law, engaged in or been party to any transaction with any of its
officers, directors, employees or direct or indirect shareholders or, to the
knowledge of the Target, any member of their immediate families (i) acquired or
have the use of property for proceeds greater than the fair market value thereof, (ii) received services or have the use of
property for consideration other than the fair market value thereof, or (iii)
received interest or any other amount other than at a fair market value rate
from any person with whom it does not deal at arm&#146;s length within the meaning of
applicable taxation acts. Except as set forth in the Target SEC Reports and
Target SEDAR Reports, the Target has not, and, to the knowledge of the Target,
has not been deemed to have for purposes of any applicable Law, engaged in or
been party to any transaction with any of its officers, directors, employees or
direct or indirect shareholders or, to the knowledge of the Target, any member
of their immediate families (i) disposed of the property for proceeds less than
the fair market value thereof, (ii) performed services for consideration other
than the fair market value thereof or (iii) paid interest or any other amount
other than at a fair market value rate to any person with whom it does not deal
at arm&#146;s length within the meaning of applicable acts. Except as set forth in
the Target SEC Reports and Target SEDAR Reports and to the knowledge of the
Target, none of the officers, directors and employees of the Target, no
shareholder of the Target and no immediate family member of an officer,
director, employee or such beneficial owner, has a direct ownership interest of
more than five percent (5%) of the equity ownership of any firm or corporation
that competes with, or does business with, or has any contractual arrangement
with, the Target. Since the date of 2013Target Balance Sheet, no event has
occurred that would be required to be reported as a &#147;certain relationship of
related transaction&#148; pursuant to Item 404 of Regulation S-K of the SEC.</P>
<P align=center>23 </P>
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<P align=justify style="text-indent: 5%">4.28 <I>Compliance with the U.S. Foreign Corrupt Practices Act
and Other Applicable Anti-Corruption Laws.</I> </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Target has complied with the U.S. Foreign Corrupt Practices
Act of 1977 and other applicable anti-corruption laws.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Neither Target nor any director, officer, agent, employee
or representative of Target at the direction of or on behalf of Target corruptly
or otherwise illegally offered or gave anything of value to: (i) any official,
employee or representative of a Governmental Authority, any political party or
official thereof, or any candidate for political office; or (ii) any other
Person, in any such case while knowing, or having reason to know, that all or a
portion of such money or thing of value may be offered, given or promised,
directly or indirectly, to any official, employee or representative of a
Governmental Authority, any political party or official thereof, or candidate
for political office for the purpose of the following: (x) influencing any
action or decision of such Person, in his or her official capacity, including a
decision to fail to perform his or her official function; (y) inducing such
Person to use his or her influence with any Governmental Authority to affect or
influence any act or decision of such Governmental Authority to assist in
obtaining or retaining business or to secure an improper business advantage; or
(z) where such payment would constitute a bribe, kickback or illegal or improper
payment to assist Target in obtaining or retaining business for, or with, or
directing business to, any Person or in securing any improper advantage.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) There have been no false or fictitious entries made in the
books or records of Target relating to any illegal payment or secret or
unrecorded fund and Target has not established or maintained a secret or
unrecorded fund. </P>
<P align=justify style="text-indent: 5%">4.29 <I>Powers of Attorney</I>. Except as disclosed in Section
4.29 of the Target Disclosure Letter, there are no powers of attorney executed
on behalf of the Target.</P>
<P align=justify style="text-indent: 5%">4.30 <I>Books and Records</I>. To the Knowledge of the Target,
the minute books and other similar records of the Target for the most recent
three full fiscal years and any interim period contain a true and complete
record, in all material respects, of all actions taken at all meetings and by
all written consents in lieu of meetings of the stockholders, the boards of directors
(and other similar governing bodies) and committees of the boards of directors
(and other similar governing bodies) of the Target. </P>
<P align=center>24 </P>
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<P align=center><B>ARTICLE V </B></P>
<P align=center><B>REPRESENTATIONS AND WARRANTIES OF PARENT PARTIES </B></P>
<P align=justify style="text-indent: 5%">Except as set forth in the disclosure letter delivered by
Parent to Target contemporaneously with the execution hereof (the &#147;<U>Parent
Disclosure Letter</U>&#148;), each of Parent and Merger Sub represent and warrant to
Target, unless another date is specifically referenced in a particular
representation or warranty, as of the Agreement Date and as of the Closing Date,
that the representations and warranties contained in this Article V are true and
correct on and as of such dates. For purposes of this Agreement, a document
shall be deemed to have been &#147;made available&#148; by Parent to Target if it is
publicly available through EDGAR or SEDAR: </P>
<P align=justify style="text-indent: 5%">5.1 <I>Organization and Qualification</I>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Parent and each of its Subsidiaries are corporations or
other entities, are validly existing and in good standing under the laws of the
jurisdiction of their respective incorporation or organization, and have all
requisite corporate or other power and authority to own, lease, use and operate
their properties and to carry on their respective business as it is now being
conducted. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Parent and each of its Subsidiaries are duly qualified or
licensed to do business as foreign corporations and are in good standing in each
jurisdiction in which such qualification or licensing is required, except for
such failures to be so qualified or licensed as would not, individually or in
the aggregate, be reasonably likely to have a Material Adverse Effect with
respect to Parent or Merger Sub. Section 5.1(b) of the Parent Disclosure Letter
sets forth a true and correct list of all of the jurisdictions in which Parent
and each of its Subsidiaries are qualified or licensed to do business as foreign
corporations. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) Section 5.1(c) of the Parent Disclosure Letter sets forth a
true and correct list of all of the Subsidiaries of Parent and their respective
jurisdictions of incorporation or organization. None of Parent or its
Subsidiaries owns any equity interest in any Person other than as set forth in
Section 5.1(c) of the Parent Disclosure Letter.<B> </B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Parent has previously delivered to Target a true and
complete copy of its articles of incorporation and bylaws, in each case as
amended through the Agreement Date, and has made available the articles of
incorporation, bylaws or other organizational documents of each of the Parent
Material Subsidiaries, in each case as amended through the Agreement Date.
Neither Parent nor any of the Parent Material Subsidiaries is in violation of
its articles or certificate of incorporation, as applicable or other similar
governing documents.<B> </B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Parent is the sole shareholder, and owns all of the issued
and outstanding stock, of Energy Fuels Holdings Corp., a company incorporated
under the laws of the State of Delaware, and Energy Fuels Holdings Corp., is the
sole shareholder, and owns all of the issued and outstanding stock, of Merger
Sub.<B> </B></P>
<P align=justify style="text-indent: 5%">5.2 <I>Capitalization.</I></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Parent is authorized to issue an unlimited number of Parent
Common Shares, as well as an unlimited number of preferred shares issuable in
series, and an unlimited number of series A preferred shares (the preferred shares collectively,
the &#147;<U>Parent Preferred Shares</U>&#148;). As of the Agreement Date, there are: (i)
19,677,552 Parent Common Shares issued and outstanding (not including 20,920
treasury shares held by a subsidiary of the Parent); (ii) 905,413 options to
acquire Parent Common Shares outstanding (&#147;<U>Parent Options</U>&#148;), 902,620 of
which have been issued and are governed by the stock option plan of the Parent
dated March 2014 (the &#147;<U>Parent</U> <U>Stock Option Plan</U>&#148;) and 2,793 issued
in connection with the acquisition of Strathmore Mineral Corp.; (iii) nil Parent
Preferred Shares issued or outstanding; (iv) 1,079,069 Parent Common Shares

reserved for issuance upon the exercise of currently outstanding warrants (the
&#147;<U>Parent</U> <U>Warrants</U>&#148;); (v) 1,466,665 Parent Common Shares reserved
for issuance upon the conversion of currently outstanding convertible debentures
(&#147;<U>Parent Debentures</U>&#148;) and (vi) a number of rights equivalent to the
number of Parent Common Shares issued and outstanding have been issued and are
outstanding pursuant to a Shareholder Rights Plan adopted by Parent effective as
of March 19, 2009 and reconfirmed on February 10, 2012 (&#147;<U>Parent Rights
Plan</U>&#148;). All outstanding Parent Common Shares have been duly authorized and
are validly issued and outstanding as fully paid and non-assessable shares and
were not issued in violation of any purchase option, call option, right of first
refusal, preemptive right or other similar right. Other than as set forth in
Section 5.2(a) of the Parent Disclosure Letter, neither Parent nor any of its
Subsidiaries has agreed to register any securities under the Securities Act or
any state securities laws. </P>
<P align=center>25 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Except as set forth in Section 5.2(a) of this Agreement or
in Section 5.2(b) of the Parent Disclosure Letter, there are no authorized or
outstanding (i) options, warrants, preemptive rights, subscriptions, calls or
other rights, convertible securities, agreements, stock appreciation rights,
phantom equity or other claims or commitments of any character (including
&#147;rights plans&#148; or &#147;poison pills&#148;) that may obligate Parent or any of its
Subsidiaries to issue, transfer or sell any shares of capital stock or other
equity interest in Parent or any of its Subsidiaries, or securities convertible
into or exchangeable for such shares or equity interests, (ii) contractual
obligations of Parent or any of its Subsidiaries to repurchase, redeem or
otherwise acquire any capital stock or other equity interest of Parent or any of
its Subsidiaries or any securities or agreements listed in clause (i) of this
sentence, or (iii) voting trusts or similar agreements to which Parent or any of
its Subsidiaries is a party with respect to the voting of the capital stock or
other equity interests of Parent or any of its Subsidiaries. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) Parent is, directly or indirectly, the record and
beneficial owner of all of the outstanding equity interests of each Subsidiary
of Parent, and holds such shares or interests free and clear of all Liens other
than statutory Liens for Taxes not yet due and payable. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Except as disclosed in the Parent SEC Reports and/or the
Parent SEDAR Reports, there are no outstanding bonds, debentures, notes or other
evidences of indebtedness of Parent having the right to vote (or convertible
into, or exchangeable for, securities having the right to vote) with the
shareholders or other equity holders of Parent or any of its Subsidiaries,
whether together or as a separate class, on any matters on which such holders
may vote. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Section 5.2(e) of the Parent Disclosure Letter sets forth
the following information with respect to the Parent Stock Options outstanding
as of the Agreement Date: (i) the number of Parent Common Shares issuable upon
exercise thereof, (ii) the exercise price and (iii) the termination date. The
completion of the Merger and the transactions contemplated by this Agreement
will not result in the acceleration of the vesting of any of the Parent Options
and the board of directors of Parent will not undertake any action that would
result in a &#147;change of control&#148; being deemed to have occurred under the Parent
Stock Option Plan. </P>
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<P align=justify style="text-indent: 5%">5.3 <I>Authority; Validity of Agreement</I>. Each of the Parent
Parties has full corporate power and authority to execute and deliver this
Agreement and any Ancillary Agreements to which it is or will be a party and,
subject to obtaining the Parent Shareholders&#146; Approval, to consummate the
Transactions. The execution, delivery and performance of this Agreement and the
Ancillary Agreements to which each of the Parent Parties is or will be a party
and the consummation of the Transactions have been duly and validly authorized
by all necessary corporate action, and no other corporate proceedings on the
part of the Parent Parties are necessary to authorize this Agreement and any
Ancillary Agreements to which it is or will be a party or to consummate the
Transactions, other than the Parent Shareholders&#146; Approval. This Agreement has
been, and the Ancillary Agreements to which each of the Parent Parties is or
will be a party are, or upon execution will be, duly and validly executed and
delivered by the Parent Parties, as applicable, and, assuming the due
authorization, execution and delivery hereof and thereof by the other parties
hereto and thereto, constitutes, or upon execution will constitute, valid and
binding obligations of the Parent Parties, as the case may be, enforceable
against the Parent Parties, as the case may be, in accordance with their
respective terms, subject to the Enforceability Exception.</P>
<P align=justify style="text-indent: 5%">5.4 <I>No Violation; Consents and Approvals</I>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) The execution and delivery of this Agreement and any
Ancillary Agreement to which Parent or Merger Sub is or will be a party, the
consummation of the Transactions and the performance by each of Parent or Merger
Sub of its obligations hereunder and thereunder will not (i) conflict with any
provision of the articles or certificate of incorporation, as applicable, of
Parent or Merger Sub, (ii) Except as set forth in Section 5.4(a) of the Parent
Disclosure Letter, result in any violation of, or the breach of, or constitute a
default (with notice or lapse of time or both) under, or give rise to any right
of termination, cancellation or acceleration or guaranteed payments or a loss of
any benefit under, or the acceleration of performance, vesting or an increase in
compensation or benefit required by, or the creation of any Lien upon any equity
interests in or assets of Parent or any of its Subsidiaries under, any of the
terms, conditions or provisions of any note, lease, mortgage, license, plan,
agreement or other instrument or obligation to which Target or any of its
Subsidiaries is a party or by which Parent or any of its Subsidiaries or any of
their respective properties or assets may be bound, including the trust
indenture relating to the outstanding Parent Debentures, or (iii) violate the
provisions of any Law applicable to Parent or any of its Subsidiaries, except,
in the case of clauses (ii) and (iii), for such violations, breaches, defaults,
or rights of termination, cancellation or acceleration that, individually or in
the aggregate, would not be reasonably likely to have a Material Adverse Effect
with respect to Parent or Merger Sub, materially impair the ability of Parent or
Merger Sub to perform its obligations under this Agreement or any Ancillary
Agreement or be reasonably likely to prevent or materially delay the
consummation of any of the Transactions.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) No material filing or registration with, declaration or
notification to, or order, authorization, consent or approval of, any
Governmental Authority or any other Person is required in connection with the
execution and delivery of this Agreement or any Ancillary Agreement to which
either of the Parent Parties is or will be a party and the consummation of the
Transactions by Parent or Merger Sub and the performance by either Parent or
Merger Sub of its obligations hereunder or thereunder, except for (i) the filing
with the SEC of the Form F-4, the Proxy Statement/Prospectus in definitive form
and the filing and declaration of effectiveness of the Form F-4, (ii) the
receipt of the Parent Shareholders&#146; Approval, (iii) the filing with the Canadian
Securities Regulatory Authorities on SEDAR and the furnishing of such filings to
the SEC on EDGAR as may be required in connection with this Agreement and the
other transactions contemplated by this Agreement, including the information
circular in connection with the Parent Meeting, (iv) any consents,
authorizations, approvals, filings or exemptions in connection with rules and
policies of the NYSE MKT and TSX, (v) such filings, authorizations or approvals
as may be required under the HSR Act, (vi) the filing of the
Articles of Merger, (vii) the approval of the State of Utah Division of
Radiation Control with respect to any change of control of the White Mesa Mill
Radioactive Material License and Groundwater Discharge Permit and Air Approval
Order and (viii) such consents, approvals, orders, authorizations,
notifications, registrations, declarations and filings (A) as are customarily
made or obtained in connection with the transfer of interests in or change of
control of ownership of mining and milling properties and (B) the failure of
which to be obtained or made, individually or in the aggregate, would not be
reasonably likely to have a Material Adverse Effect with respect to Parent or
Merger Sub, materially impair the ability of Parent or Merger Sub to perform its
obligations under this Agreement or any Ancillary Agreement or be reasonably
likely to prevent or materially delay the consummation of any of the
Transactions.</P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) The execution and delivery of this Agreement and any
Ancillary Agreement to which Parent or Merger Sub is or will be a party, the
consummation of the Transactions and the performance by each of Parent or Merger
Sub of its obligations hereunder and thereunder will not trigger any severance,
termination or other payment or any right to claim such a payment other than any
employment agreement as set forth in Section 5.12(f) of the Parent Disclosure
Letter to which Parent or any of its subsidiaries are party to with any
director, officer or employee of Parent of any subsidiary of Parent. </P>
<P align=justify style="text-indent: 5%">5.5 <I>Parent Reports</I>.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Parent has timely filed with or furnished to the SEC, and
has heretofore made available to Target true and complete copies of, each form,
registration statement, report, schedule, proxy or information statement and
other document (including exhibits and amendments thereto), required to be
filed, furnished or submitted by it with the SEC or mailed to its shareholders
pursuant to the Securities Act, the Exchange Act or rules promulgated thereunder
since January 1, 2012 (collectively, the &#147;<U>Parent SEC Reports</U>&#148;). As of
their respective dates (or, if any Parent SEC Reports were amended, as of the
date such amendment was filed with the SEC), each Parent SEC Report, including
any financial statements or schedules included therein and as amended, if
amended, (a) complied in all material respects with all applicable requirements
of the Securities Act and the Exchange Act, as the case may be, and the
applicable rules promulgated thereunder and (b) did not contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading. No event since the
date of the last Parent SEC Report has occurred that would require Parent to
file a Current Report on Form 6-K other than the execution of this Agreement.
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Copies of Parent&#146;s prospectuses, financial statements,
management discussion &amp; analysis, annual information forms, management
information circulars, material change reports and other public disclosure
documents (including exhibits and amendments thereto, and documents incorporated
by reference therein) filed with or furnished to the securities regulatory
authorities in the Provinces of Canada in which Parent is a &#147;reporting issuer&#148;
or equivalent (&#147;<U>Canadian Securities Regulatory Authorities</U>&#148;) since
January 1, 2012 (collectively, the &#147;<U>Parent</U> <U>SEDAR Reports</U>&#148;) are
available online through SEDAR. Parent has timely filed each of the Parent SEDAR
Reports required to be filed or submitted by it or mailed to its shareholders
pursuant to the applicable securities legislation (including any rules and
regulation promulgated thereunder) of each of the Provinces of Canada in which
Parent is a &#147;reporting issuer&#148; or equivalent. As of their respective dates (or,
if any Parent SEDAR Reports were amended, as of the date such amendment was
filed on SEDAR), each Parent SEDAR Report, including any financial statements or
schedules included therein, (i) complied in all material respects with all applicable requirements of such applicable securities
legislation and (ii) did not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which
they were made, not misleading </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) The Chief Executive Officer and Chief Financial Officer of
Parent have made all certifications (without qualification or exception to the
matters certified) required by, and would be able to make such certifications
(without qualification or exception to the matters certified) if required to do
so as of such dates pursuant to the applicable securities legislation (including
any rules and regulation promulgated thereunder) of each of the Provinces of
Canada in which Parent is a &#147;reporting issuer&#148; or equivalent, the Sarbanes-Oxley
Act and any related rules and regulations promulgated by the SEC, and the
statements contained in any such certifications are complete and correct.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Except as disclosed in either the Parent SEC Reports or the
Parent SEDAR Reports, neither Parent nor any of its officers has received any
notice from any Governmental Authority questioning or challenging the accuracy,
completeness, form or manner of filing or submission of such certifications.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) To the Knowledge of Parent, each director and executive
officer of Parent has filed all required insider reports under Canadian
securities laws. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) Except as set forth in either the Parent SEC Reports or
Parent SEDAR Reports, Parent is otherwise in compliance in all material respects
with all applicable provisions of the Sarbanes-Oxley Act and the applicable
rules of the TSX and NYSE MKT.</P>
<P align=justify style="text-indent: 5%">5.6 <I>Financial Statements</I>. Each of the audited
consolidated financial statements and unaudited consolidated interim financial
statements of Parent (including any related notes and schedules) included or
incorporated by reference in the Parent SEDAR Reports has been or will be
prepared from, and is or will be in accordance with, the books and records of
Parent and its consolidated Subsidiaries, complies or will comply in all
material respects with applicable accounting requirements and with the published
rules and regulations of applicable Canadian securities law with respect thereto
as in effect at the time of filing, has been or will be prepared in accordance
with International Financial Reporting Standards (&#147;<U>IFRS</U>&#148;) (except as may
be indicated in the notes thereto and subject, in the case of interim financial
statements, to normal and recurring year-end adjustments that, individually or
in the aggregate, would not be reasonably likely to have a Material Adverse
Effect with respect to Parent) and fairly presents or will fairly present the
consolidated financial position of Parent and its Subsidiaries as of the date
thereof and the consolidated results of operations, cash flows and changes in
financial position of Parent and its Subsidiaries for the periods presented
therein. </P>
<P align=justify style="text-indent: 5%">5.7 <I>Absence of Undisclosed Liabilities</I>. Except as and to
the extent (i) set forth on the consolidated balance sheet of Parent and its
Subsidiaries as at December 31, 2013, including the notes thereto (the &#147;<U>2013
Parent Balance Sheet</U>&#148;), (ii) set forth on the unaudited consolidated balance
sheet of Parent and its Subsidiaries as at September 30, 2014, including the
notes thereto (the &#147;<U>September 30,</U> <U>2014 Parent Balance Sheet</U>&#148;)
(each of the 2013 Parent Balance Sheet and the September 30, 2014 Parent Balance
Sheet as filed on SEDAR), or (iii) specifically and individually described in
Section 5.7 of the Parent Disclosure Letter, neither Parent nor any of its
Subsidiaries has any Liability required to be reflected or reserved against in a
consolidated balance sheet of Parent prepared in accordance with IFRS as applied
in preparing the 2013 Parent Balance Sheet or the September 2014 Parent Balance
Sheet, as applicable, except for Liabilities that would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect
with respect to Parent. </P>
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<P align=justify style="text-indent: 5%">5.8 <I>Off-Balance Sheet Arrangements</I> Neither the Parent
nor any of its Subsidiaries is a party to, or has any commitment to become a
party to, any "off balance sheet arrangements", as defined in Item 303(a) of
Regulation S-K under the Exchange Act. </P>
<P align=justify style="text-indent: 5%">5.9 <I>Absence of Certain Changes</I>. Except as (i) disclosed
in either the Parent SEC Reports or Parent SEDAR Reports filed and publicly
available prior to the Agreement Date, including the September 30, 2014 Parent
Balance Sheet; (ii) contemplated by this Agreement, or (iii) set forth in
Section 5.9 of the Parent Disclosure Letter, as of the date of this Agreement,
except for Sections 5.9(a), 5.9(b) and 5.9(o) which shall be true as of the date
of this Agreement and as of the Closing Date, Parent and its Subsidiaries have
conducted their respective businesses only in the ordinary course of business
consistent with past practice since December 31, 2013 and since December 31,
2013: </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) there has not been any change or development that,
individually or in the aggregate, has had or would be reasonably likely to have
had a Material Adverse Effect with respect to Parent; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) there has not been any material damage, destruction or
other casualty loss with respect to any material asset or property owned, leased
or otherwise used by Parent or its Subsidiaries, whether or not covered by
insurance; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) there has not been any amendment or change in the Parent&#146;s
organizational documents; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) there has not been any incurrence, creation or assumption
of (i) any Lien on any of its assets or properties (other than Permitted Liens)
or (ii) any Liability as a guarantor or surety with respect to the obligations
of any Person other than a Subsidiary of the Parent other than in the ordinary
course of business consistent with past practice; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) there has not been any increase or agreement to increase
the wages, salaries or compensation payable to any officer, employee or director
from the amount thereof in effect as of September 30, 2014, other than increases
in wages, salaries and other cash compensation in the ordinary course of
business consistent with past practice; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) there has not been a grant of, or change in, any severance
or termination pay, other than with respect to new employment agreements entered
into in the ordinary course of business consistent with past practice; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) the Parent has not entered into or made any loans to any of
its officers, directors or employees or made any change in its borrowing or
lending arrangements for or on behalf of any of such Persons; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) the Parent has not adopted or amended, or accelerated the
payment or vesting of benefits under, any Parent Benefit Plan; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) the Parent has not declared, set aside or paid any dividend
or other distribution (whether in cash, stock or property) with respect to any
of Parent&#146;s capital stock; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(j) the Parent has not effected or authorized any split,
combination or reclassification of any of Parent&#146;s capital stock or any issuance
thereof or issued any other securities in respect of, in lieu of or in
substitution for shares of Parent&#146;s capital stock, except for issuances of
Parent Common Shares upon the exercise of Parent Options or Parent
Warrants, in each case, in accordance with their terms at the time of exercise, </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(k) there has not been any material change, and the Parent does
not have Knowledge of any reason that would require any material change, in any
accounting methods (or underlying assumptions), principles or practices of
Parent or its Subsidiaries or any revaluation of any of its assets; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(l) the Parent has not made or changed any material Tax
election, or settled or compromised any material income Tax liability, or
materially amended any Tax Return; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(m) the Parent has not acquired any material assets, or sold,
leased, exchanged, transferred, licensed, farmed-out or otherwise disposed of
any material assets, in each case other than in the ordinary course of business
consistent with past practice; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(n) the Parent has not discharged or satisfied any Indebtedness
or paid any obligation or Liability, other than current Liabilities incurred and
paid in the ordinary course of business and consistent with past practice; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(o) there has not been the commencement of any action, suit,
arbitration, mediation, proceeding, claim or investigation, or receipt notice
of, or a threat of any action, suit, arbitration, mediation, proceeding, claim
or investigation against the Parent and its Subsidiaries relating to any of its
business, properties or assets; and </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(p) the Parent has not made any agreement or commitment
(contingent or otherwise) to do any of the foregoing. </P>
<P align=justify style="text-indent: 5%">5.10 <I>Taxes</I>. Except as set forth in Section 5.10 of the
Parent Disclosure Letter:</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Parent and each of its Subsidiaries have timely filed or
will file all Tax Returns required by applicable Law to be filed by any of them
prior to or as of the Closing Date. As of the Closing Date, the foregoing Tax
Returns were true and correct and prepared in compliance with applicable law in
all material respects. The unpaid Taxes of Parent or its Subsidiaries did not,
as of the most recent fiscal month end, exceed the reserve for Tax Liability
(rather than any reserve for deferred Taxes established to reflect timing
differences between book and Tax income) set forth on the face of the 2013
Parent Balance Sheet (rather than in any notes thereto) and do not exceed that
reserve as adjusted for the passage of time through the Closing Date in
accordance with the past custom and practice of Parent and its Subsidiaries in
filing their Tax Returns, and such reserve fully accounts for all Tax accrued or
accruing for all periods up to the date of such 2013 Parent Balance Sheet.
Neither Parent, nor any of its Subsidiaries currently is the beneficiary of any
extension of time within which to file any Tax Return. Parent has made available
or will make available prior to the Closing Date true and complete copies of its
Tax Returns to Parent for all periods beginning on or after January 1, 2010.
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Parent and each of its Subsidiaries have paid all Taxes due
with respect to any period ending prior to or as of the Closing Date except
where failure to pay any such Taxes will not have a Material Adverse Effect with
respect to Parent. Parent and each of its Subsidiaries have withheld and paid
all Taxes required to have been withheld and paid in connection with any amounts
paid or owing to any employee, director, officer, agent, independent contractor,
creditor, shareholder, or other third party, except where failure to pay or
withhold any such Taxes will not have a Material Adverse Effect with respect to
Parent. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) No Audit by a Tax Authority is pending or, to the Knowledge
of Parent, threatened, with respect to any Tax Returns filed by, or Taxes due
from, Parent or any of its Subsidiaries. No issue has been raised by any Tax
Authority in any Audit of Parent or any of its Subsidiaries that, if raised with
respect to any other period not so audited, reasonably could be expected to
result in a material proposed deficiency for any period not so audited. No
material deficiency or adjustment for any Taxes has been proposed, asserted,
assessed or, to the Knowledge of Parent, threatened, against Parent or any of
its Subsidiaries. No claim has ever been made in writing by a Tax Authority in a
jurisdiction where Parent or any of its Subsidiaries does not file Tax Returns
that Parent or any of its Subsidiaries is or may be subject to taxation by that
jurisdiction. There are no Liens for Taxes upon the assets of Parent or any of
its Subsidiaries, except Liens imposed by operation of law for current Taxes not
yet delinquent. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Neither Parent nor any of its Subsidiaries has given any
waiver of statutes of limitations relating to Taxes or executed a power of
attorney with respect to Tax matters that, in either case, will be outstanding
as of the Closing Date. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) There are no Tax sharing, Tax indemnity or similar
agreements to which Parent or any of its Subsidiaries is a party or bound by or
pursuant to which Parent or any of its Subsidiaries has any obligation or
liability for Taxes except for agreements among Parent and its Subsidiaries.
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) Except for the group of which Parent is currently the
parent corporation, Parent has never been a member of an affiliated group of
corporations within the meaning of Section 1504 of the Code or a group of
corporations filing combined or unitary returns. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) Parent has not agreed to make nor is it required to make
any adjustment under Section 481(a) of the Code by reason of change in
accounting method or otherwise. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) None of Parent or any of its Subsidiaries has any liability
for Taxes of any Person (other than Parent and its Subsidiaries) under Treasury
Regulation Section 1.1502 -6 (or any similar provision of state, local or
foreign Law), as a transferee or successor, by contract or otherwise. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) Neither Parent nor any of its Subsidiaries has distributed
stock of another Person, or has had its stock distributed by another Person in a
transaction that was purported or intended to be governed in whole or in part by
Code Sections 355 or 361 within the two-year period preceding the date of this
Agreement. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(j) None of Parent or its Subsidiaries will be required to
include any item of income in, or exclude any item of deduction from, taxable
income for any taxable period (or portion thereof) ending after the Closing Date
as a result of any (i) change in method of accounting for a taxable period
ending on or prior to the Closing Date, (ii) &#147;closing agreement&#148; as described in
Code Section 7121 (or any corresponding or similar provision of state, local, or
foreign income Tax law) executed on or prior to the Closing Date or (iii) an
installment sale or open transaction disposition made on or prior to the Closing
Date. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(k) Neither Parent nor any of its Subsidiaries has
participated, within the meaning of Treasury Regulation Section 1.6011 -4(c) (or
any predecessor of such Treasury Regulation), in (i) any &#147;listed transaction&#148;
within the meaning of Code Section 6011 and the Treasury Regulation thereunder
(or any corresponding or similar provision of state, local, or foreign income
Tax Law) or (ii) any transaction required to be registered with the Internal
Revenue Service under Code Section 6111 as in effect on or prior to December 31, 2013 and
the Treasury Regulation thereunder (or any corresponding or similar provision of
state, local, or foreign income Tax Law). </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(l) Neither Parent nor any of its Subsidiaries is a party to
any agreement, contract, arrangement or plan that has resulted or could result,
separately or in the aggregate, in the payment of (i) any &#147;excess parachute
payment&#148; within the meaning of Code &#167;280G (or any corresponding provision of
state, local or foreign Tax Law) and (ii) any amount that will not be fully
deductible as a result of Code &#167;162(m) (or any corresponding provision of state,
local or foreign Tax Law).</P>
<P align=justify style="text-indent: 5%">5.11 <I>Litigation</I>. Except as specifically disclosed in
either the Parent SEC Reports or Parent SEDAR Reports filed and publicly
available prior to the Agreement Date or Section 5.11 of the Parent Disclosure
Letter, there is no suit, claim, action, proceeding or investigation pending or,
to Parent&#146;s Knowledge, threatened against or directly affecting Parent, any
Subsidiary of Parent or any of the directors or officers of Parent or any of its
Subsidiaries in their capacity as such, nor is there any reasonable basis
therefor, that, individually or in the aggregate, would be reasonably likely to
have a Material Adverse Effect with respect to Parent if determined adversely to
Parent, a Subsidiary of Parent or any such director or officer. Neither Parent
nor any of its Subsidiaries, nor any officer, director or employee of Parent or
any of its Subsidiaries, has been permanently or temporarily enjoined by any
order, judgment or decree of any court or any other Governmental Authority that
names such Person from engaging in or continuing any conduct or practice in
connection with the business, assets or properties of Parent or such Subsidiary
nor, to the Knowledge of Parent, is Parent, any Subsidiary of Parent or any
officer, director or employee of Parent or any of its Subsidiaries under
investigation by any Governmental Authority. There has not been, and to the
Parent&#146;s Knowledge, there is not pending or contemplated, any investigation by
the SEC involving the Parent or any current or former director or officer of the
Parent.</P>
<P align=justify style="text-indent: 5%">5.12 <I>Employee Benefit Plans; ERISA</I>.<B><I> </I></B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Section 5.12(a) of the Parent Disclosure Letter contains a
true and complete list of each plan, fund, contract, program, agreement and
arrangement (whether written or not) for the benefit of present or former
employees or directors, including those intended to provide pension, profit
sharing, retirement, supplemental retirement, deferred compensation, equity
incentive, or bonus or other incentive benefits (whether or not tax qualified
and whether or not defined in Section 3(2) of the Employee Retirement Income
Security Act of 1974, as amended (&#147;<U>ERISA</U>&#148;)); disability, medical, dental,
or other health insurance benefits, life insurance or other death benefit
benefits (whether or not defined in Section 3(1) of ERISA); salary continuation,
unemployment, supplemental unemployment, severance, termination pay,
change-in-control, vacation or holiday benefits (whether or not defined in
Section 3(3) of ERISA) (i) to which Parent or any of its Subsidiaries is a party
or by which it is bound, or (ii) with respect to which Parent or any of its
Subsidiaries has made any payments or contributions or may otherwise have any
liability, whether direct or indirect, (including any such plan or other
arrangement formerly maintained by Parent or any of its Subsidiaries), (iii)
that Parent or any of its Subsidiaries has committed to implement, establish,
adopt or contribute to in the future, (iv) for which Parent or any of its
Subsidiaries is or may be financially liable as a result of Parent&#146;s affiliation
with any company or any company&#146;s shareholders which together with Parent or any
of its Subsidiaries would be deemed a &#147;single employer&#148; within the meaning of
Section 414(b), (c) or (m) of the Code or Section 4001(b)(1) of ERISA (a
&#147;<U>Parent ERISA Affiliate</U>&#148;) (whether or not such affiliation exists at the
date of this Agreement and notwithstanding that the plan is maintained by the
Parent or any of its Subsidiaries for the benefit of its employees or former
employees), (v) for or with respect to which Parent or any of its Subsidiaries
is or may become liable under any common law successor doctrine, express
successor liability provision of Law, labor or employment Law or agreement with a predecessor employer (&#147;<U>Parent Benefit Plan</U>&#148;).
Parent Benefit Plan does not include any arrangement that has been terminated
and completely wound up prior to the date of this Agreement and for which
neither Parent nor any of its affiliates has any present or potential Liability. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(b) With respect to each Parent Benefit Plan, (i) such plan has
been administered in compliance with its terms and applicable Law in all
material respects, (ii) each Parent Benefit Plan that is intended to be
&#147;qualified&#148; within the meaning of Section 401(a) of the Code has received a
favorable determination letter from the Internal Revenue Service or is
maintained under a prototype or volume submitter plan and with respect to which
the Parent and the Parent ERISA Affiliates are entitled to rely upon a favorable
opinion or advisory letter issued by the Internal Revenue Service, (iii) to the
Knowledge of the Parent, there is no circumstance that will result in the
revocation of any favorable determination letter, opinion letter or advisory
letter issued by the Internal Revenue Service, (iv) neither Parent nor any
Parent ERISA Affiliate has engaged in, and Parent and each Parent ERISA
Affiliate do not have any Knowledge of any Person that has engaged in, any
transaction or acted or failed to act in any manner that would subject Parent or
any Parent ERISA Affiliate to any liability for a breach of fiduciary duty under
ERISA, (v) no disputes are pending or, to the Knowledge of Parent or any Parent
ERISA Affiliate, threatened, other than ordinary claims for benefits, nor is
there any basis for such a proceeding, (vi) neither Parent nor any Parent ERISA
Affiliate has engaged in, and neither Parent nor any Parent ERISA Affiliate has
any Knowledge of any Person that has engaged in, any transaction prohibited by
Section 406 of ERISA or Section 4975 of the Code, except for those which an
exemption applies (vii) all contributions due have been made on a timely basis,
(viii) all required reports, notices and descriptions related to the Parent
Benefit Plan (including, but not limited to, those required by Parent Benefit
Plan provisions, ERISA and the Code) have been distributed to participants or
filed with the appropriate Governmental Authority, (ix) all contributions made
or that will be made under any Parent Benefit Plan meet the requirements for
deductibility under the Code, (x) Parent is not liable (either directly or as a
result of indemnification) for any excise Taxes, penalties, damages or equitable
relief as a result of any violation under ERISA or any other applicable Law,
(xi) no leased employees (as defined in Section 414(n) of the Code) or
independent contractors are eligible for, or participate in, any Parent Benefit
Plan and (xii) no audit or examination by a Governmental Authority is currently
pending (nor has notice been received regarding a potential audit or
examination) and there are no pending submissions to a Governmental Authority.
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) With respect to all Parent Benefit Plans, to the extent
that the following documents exist, Parent has furnished Target with true and
complete copies of: (i) the most recent determination letter, if any, received
by the Parent or any Parent ERISA Affiliate from the IRS, (ii) all pending
applications for rulings, determinations, opinions, no action letters and the
like filed with any governmental agency (including the Department of Labor and
the Internal Revenue Service), (iii) the Annual Report/Return (Form Series 5500)
with financial statements, if any, and attachments for the most recent plan
year, (iv) Parent Benefit Plan documents, summary plan descriptions, trust
agreements, insurance contracts, individual agreements, service agreements and
all related contracts and documents (including any material employee summaries
and material employee communications), and (v) all Internal Revenue Service or
Department of Labor audit closing letters, audit finding letters, revenue agent
findings and similar documents. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Any Parent Benefit Plan, individual employment, severance
or other compensatory agreement or arrangement with respect to which the Parent
or any Parent ERISA Affiliate has any current or future obligation that is a
&#147;nonqualified deferred compensation plan&#148; (as defined in Section 409A(d)(1) of
the Code), complies in form and operation with the requirements under Code Section 409A and the Treasury
Regulations issued thereunder (without regard to the effective date of such
regulations) so as not to result in the imposition of additional Tax or interest
to a service provider.</P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(e) No Parent Benefit Plan is a multiple employer plan (as
defined in Section 413(c) of the Code), a multiemployer plan (as defined in
Section 3(37) of ERISA), a defined benefit pension plan (as defined in Section
3(35) of ERISA) subject to Title IV of ERISA, a plan subject to the minimum
funding standards under Section 302 of ERISA or Section 412 of the Code, a plan
that is intended to be qualified under Section 401(a), a welfare plan that is
self-funded, a plan that owns employer stock or a plan that is funded, in whole
or in part, through a voluntary employees&#146; beneficiary association exempt from
Tax under Section 501(c)(9) of the Code. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) No present or former employees or directors of Parent or
any of its Subsidiaries are covered by any employee agreements or plans that
provide or will provide severance pay, post-termination health or life insurance
benefits (except as required pursuant to Section 4980(B) of the Code) or any
similar benefits. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) No condition, agreement or Parent Benefit Plan provision
limits the right of Parent or Merger Sub to amend, cut back or terminate any
Parent Benefit Plan (except to the extent such limitation arises under ERISA).
Each Parent Benefit Plan may be unilaterally amended or terminated in its
entirety without liability except as to (i) benefits accrued thereunder prior to
such amendment or termination or (ii) costs necessary to satisfy any notice
periods described in such Parent Benefit Plan or funding vehicle. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) The execution, delivery, and performance by Parent of this
Agreement or any Ancillary Agreement to which Parent is or will be a party and
the consummation of the Transactions will not constitute an event under any
Parent Benefit Plan that will (i) cause any Parent Benefit Plan to increase
benefits payable to any participant or beneficiary, (ii) entitle any current or
former employee or director of Parent or any of its Subsidiaries to severance
pay, unemployment compensation or any other payment, benefit or award, or (iii)
modify or result in any payment (whether as severance pay or otherwise),
acceleration, vesting, or increases in benefits, awards or compensation with
respect to any employee of the Parent or Subsidiary of Parent, except as set
forth in Section 5.12(f) of the Parent Disclosure Letter. </P>
<P align=justify style="text-indent: 5%">5.13 <I>Environmental Liability</I>. Except as set forth in
Section 5.13 of the Parent Disclosure Letter or either the Parent SEC Reports or
Parent SEDAR Reports filed and publicly available prior to the Agreement Date,
including the September 30, 2014 Parent Balance Sheet: </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) The businesses of Parent and its Subsidiaries have been and
are operated in compliance in all material respects with all applicable
Environmental Laws. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Neither Parent nor any of its Subsidiaries has caused or
allowed the generation, treatment, manufacture, processing, distribution, use,
storage, discharge, release, disposal, transport or handling of any Hazardous
Substances, except in compliance in all material respects with all Environmental
Laws and in a manner that does not give rise to any Liability under any
Environmental Laws, and, to Parent&#146;s Knowledge, no generation, treatment,
manufacture, processing, distribution, use, storage, discharge, release,
disposal, transport or handling of any Hazardous Substances has otherwise
occurred at any property or facility currently or formerly owned, leased or
operated by Parent or any of its Subsidiaries, including the Parent Real
Property, except in compliance in all material respects with all Environmental
Laws and in a manner that does not give rise to any Liability under any
Environmental Laws. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) Neither Parent nor any of its Subsidiaries has received any
written notice from any Governmental Authority or third party or, to the
Knowledge of Parent, any other communication alleging or concerning any material
violation by Parent or any of its Subsidiaries of, or responsibility or
liability of Parent or any of its Subsidiaries under, any Environmental Law.
There are no pending, or to the Knowledge of Parent, threatened, claims, suits,
actions, proceedings or investigations with respect to the businesses or
operations of Parent or any of its Subsidiaries alleging or concerning any
material violation of, or responsibility or liability under, any Environmental
Law, nor does Parent have any Knowledge of any fact or condition that could give
rise to such a claim, suit, action, proceeding or investigation. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Parent and its Subsidiaries have obtained and are in
compliance in all material respects with all approvals, permits, licenses,
registrations and similar authorizations from all Governmental Authorities under
all Environmental Laws required for the operation and ownership of the Parent
Real Property, Parent Improvements and the businesses of Parent and its
Subsidiaries as currently conducted, and there are no pending or, to the
Knowledge of Parent, threatened, actions, proceedings or investigations alleging
violations of or seeking to modify, revoke or deny renewal of any of such
approvals, permits, licenses, registrations and authorizations. Parent does not
have Knowledge of any fact or condition that is reasonably likely to give rise
to any action, proceeding or investigation regarding the violation of or seeking
to modify, revoke or deny renewal of any such approvals, permits, licenses,
registrations and authorizations. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Without in any way limiting the generality of the
foregoing, to Parent&#146;s Knowledge, (i) all offsite locations where Parent or any
of its Subsidiaries has transported, released, discharged, stored, disposed or
arranged for the disposal of Hazardous Substances are and have been licensed and
operating in all material respects with Environmental Laws and (ii) no PCBs,
PCB-containing items, asbestos-containing materials, or radioactive materials
are now or have been used or stored at any property owned, leased or operated by
Parent or any of its Subsidiaries, except in compliance in all material respects
with Environmental Laws and in a manner that does not give rise to any Liability
under any Environmental Laws. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) No claims have been asserted or, to Parent&#146;s Knowledge,
threatened to be asserted against Parent or its Subsidiaries for any personal
injury (including wrongful death) or property damage (real or personal) arising
out of alleged exposure or otherwise related to Hazardous Substances used,
handled, generated, transported or disposed of by Parent or its Subsidiaries.
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) No Lien has been attached or filed or is, to the Knowledge
of Parent, threatened against Parent or its Subsidiaries in favor of any Person
for (i) any liability under or violation of any applicable Environmental Law,
(ii) any Release of Hazardous Substances or (iii) any imposition of Liability.
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) No property currently or formerly owned or operated by
Parent or its Subsidiaries, including the Parent Real Property, is listed on a
List, and neither the Parent nor its Subsidiaries have received any notice that
any such property is being considered for listing on a List. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) All environmental audits, site assessments, risk
assessments, and other environmental reports and studies, including summaries of
any material test results or analytic data, conducted by, at the expense of, or
on behalf of Parent or its Subsidiaries or that are otherwise in the possession
of Parent or its Subsidiaries have been provided to Target. </P>
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<P align=justify style="text-indent: 5%">5.14 <I>Compliance with Applicable Laws</I>. Parent and each of
its Subsidiaries hold all approvals, licenses, permits, registrations,
exemptions and similar authorizations from Governmental Authorities and other
Persons necessary for the lawful conduct of their respective businesses as now
conducted (the &#147;<U>Parent Permits</U>&#148;). Except as set forth in either the
Parent SEC Reports or Parent SEDAR Reports, or in Section 5.14 of the Parent
Disclosure Letter, Parent and each of its Subsidiaries have been and are in
compliance with the terms of the Parent Permits and all applicable Laws in all
material respects, and neither Parent nor any of its Subsidiaries has received
any notice from any Person that the business of Parent or any of its
Subsidiaries has been or is being conducted in violation of any applicable Law
or the terms of any Parent Permit in any material respect. Neither Parent nor
any Subsidiary has received any notice that any Parent Permit will be terminated
or modified or cannot be renewed in the ordinary course of business, and Parent
has no Knowledge of any reasonable basis for any such termination, modification
or non-renewal. </P>
<P align=justify style="text-indent: 5%">5.15 <I>Insurance</I>. Section 5.15 of the Parent Disclosure
Letter sets forth a complete and accurate list of each insurance policy under
which Parent or its Subsidiaries has been an insured, a named insured or
otherwise the principal beneficiary of coverage at any time during the past
three years. Parent has made available or will make available prior to the
Closing Date to Parent a true and complete copy of each such policy. With
respect to each such policy, none of Parent, its Subsidiaries or, to Parent&#146;s
Knowledge, any other party to the policy is in material breach or default
thereunder (including with respect to the payment of premiums or the giving of
notices), and Parent does not know of any occurrence or any event which (with
notice or the lapse of time or both) would constitute such a breach or default
or permit termination, modification or acceleration under the policy. Neither
Parent nor any Subsidiary has received any notice that any of its policies
cannot be renewed in the ordinary course of business, and has no Knowledge of
any reasonable basis for any such non-renewal. All appropriate insurers under
such insurance policies have been notified of all potentially insurable losses
and pending litigation and legal matters, and no such insurer has informed
either the Parent or any of its Subsidiaries of any denial of coverage or
reservation of rights thereto. Section 5.15 of the Parent Disclosure Letter
describes any self-insurance arrangements affecting Parent or its Subsidiaries.
</P>
<P align=justify style="text-indent: 5%">5.16 <I>Properties; Mining Claims</I>.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Section 5.16 of the Parent Disclosure Letter sets out all
of the real property owned, held, leased or controlled, whether legally or
beneficially for the benefit of Parent or the Parent Material Subsidiaries, as
applicable, including all material (i) fee surface and mineral property
(&#147;<U>Parent Fee Property</U>&#148;), (ii) unpatented mining claims (&#147;<U>Parent Mining
Claims</U>&#148;), and (iii) real property leases, mining leases, surface use
agreements, rights-of-way, easements, or other contracts with respect to real
property (&#147;<U>Parent Property Contracts</U>&#148;). The Parent Fee Property, Parent
Mining Claims and Parent Property Contracts will be collectively referred to
hereinafter as the &#147;<U>Parent Real Property</U>.&#148; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Except as provided in Section 5.16 of the Parent Disclosure
Letter or either the Parent SEC Reports or Parent SEDAR Reports, Parent or its
Subsidiaries own good and marketable title to an undivided one hundred percent
(100%) record and beneficial interest in and to the Parent Real Property, in
each case free and clear of any Liens, other than Permitted Liens. Neither
Parent nor its Subsidiaries have leased, subleased, optioned, mortgaged, or
entered into other contract or agreement transferring any interest in the Parent
Real Property, Property Contracts, Parent Water Rights, Parent Improvements, or
Parent Listed Personal Property to any Person, and there are no actions, suits,
administrative or other proceedings pending, or, to Parent&#146;s Knowledge,
threatened against any of the Parent Real Property. All ad valorem property and
other Taxes assessed against the Parent Real Property have been timely and
properly paid. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) Except as set forth in Section 5.16 of the Parent
Disclosure Letter, (i) all annual labor and assessment work, rental fees or
maintenance fees, license, royalty, and tax fees, and filings with any
Governmental Authority required to hold the Mining Claims and the Property
Contracts have been properly and timely performed, paid or filed, in all
material respects, and all affidavits of annual labor and assessment work and
other filings required to maintain the Mining Claims in good standing have been
properly and timely recorded and filed with the appropriate Governmental
Authorities; (ii) the Mining Claims and Property Contracts are free and clear of
any claims or Liens except for Permitted Liens, and there are no material
conflicting claims by a third party with respect to the lands covered by the
Mining Claims or Property Contracts; and (iii) there are no royalties or similar
types of obligations payable or required to be paid to any Person having an
interest in the Mining Claims or Property Contracts. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) All Property Contracts are in good standing, valid and
effective in accordance with their respective terms, Parent and its Subsidiaries
have performed all of their respective material obligations thereunder, and
there is not, under any of such Property Contracts any existing default or event
of default (or event which with notice or lapse or time, or both would
constitute a default; or would constitute a basis of force majeure or other
claim of excusable delay or non-performance) of Parent or its Subsidiaries or
the other party to the Property Contract. To Parent&#146;s Knowledge, the party
granting Parent or its Subsidiaries rights to the properties covered by those
Property Contracts owns good and marketable title to those properties, free and
clear of all Liens, other than Permitted Liens. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Section 5.16(e) of the Parent Disclosure Letter sets out
water rights owned, held, leased or controlled, whether legally or beneficially
for the benefit of Parent or its Subsidiaries, as applicable, including all
surface and underground water and water rights, including but not limited to
certificates, licenses, and permits, together with all applications for water
rights or applications or permits for the use, transfer or change of water
rights, ditch and ditch rights, well and well rights, reservoir and reservoir
rights, stock or interests in irrigation or ditch companies appurtenant to the
Parent Real Property and all other rights to water for use at or in connection
with the Parent Real Property or the mining of minerals from the Parent Real
Property (&#147;<U>Parent</U> <U>Water Rights</U>&#148;). Except as set forth in Section
5.16(e) of the Parent Disclosure Letter, (i) Parent or its Subsidiaries own good
and marketable title to an undivided one hundred percent (100%) record and
beneficial interest in and to the Parent Water Rights, free and clear of all
Liens, except for Permitted Liens, and (ii) the Parent Water Rights are
sufficient to conduct the operations and activities of the Parent and its
Subsidiaries as they are currently being conducted and are contemplated to be
conducted. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) Except as set forth in Section 5.16(f) of the Parent
Disclosure Letter, (i) Parent owns good and marketable title to an undivided one
hundred percent (100%) interest in and to all improvements (&#147;<U>Parent
Improvements</U>&#148;) to the Parent Real Property and personal property (&#147;<U>Parent
Listed Personal Property</U>&#148;) free and clear of all Liens except for Permitted
Liens, and (ii) all Parent Improvements and Parent Listed Personal Property are
suitable for the purposes for which they are currently used by Parent. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) Except as set forth in Section 5.16(g) of the Parent
Disclosure Letter, Parent or its Subsidiaries owns or leases all of the assets,
tangible and intangible, of any nature whatsoever, necessary to operate its
business and their business as currently conducted.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) Except as disclosed in Section 5.16(h) of the Parent
Disclosure Letter, Parent or its Subsidiaries have now and, immediately
following the consummation of the transactions contemplated by this Agreement,
will have the right to occupy and use each of their Material Real Properties and Parent Improvements in the same manner currently
occupied and used by Parent or its Subsidiaries to conduct their business as
presently conducted. </P>
<P align=center>38 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(i) Parent or its Subsidiaries is not obligated under any
forward sale or advanced sale contract with respect to minerals produced or
producible from the Parent Real Property under which sales proceeds are paid by
the purchaser in advance of delivery. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(j) Parent has made available to Target all information, data,
geological and geophysical test results, maps and surveys in the possession of
Parent or its Subsidiaries that might reasonably be expected to be material to a
prospective purchaser of the Parent or that have been requested by Target
relating to Parent or its Subsidiaries and their properties and business, and
Parent and its Subsidiaries have not withheld from Parent Parties any such
information, data, test results, maps or surveys. Parent represents and warrants
that all such information, data, test results, maps and surveys were prepared or
procured by Parent or its Subsidiaries in the ordinary course of business. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(k) Each of the technical reports prepared by or on behalf of
Parent and filed by Parent on SEDAR (the &#147;<U>Parent 43-101 Technical
Reports</U>&#148;) was prepared in good faith and in the ordinary course of business
and in accordance with the requirements of NI 43-101. To Parent&#146;s Knowledge, the
estimates of mineral reserves and resources reflected in the Target 43-101
Technical Reports were estimated in good faith using methods and based on
assumptions considered reasonable at the time of estimation on the basis of
drill and test data generated and compiled in accordance with prudent mining and
engineering practice. The mine plans of Parent listed in Section 5.16 of the
Parent Disclosure Letter, including the financial forecasts and budgets included
therein and the studies related thereto (i) have been prepared by management of
Parent in good faith and in the ordinary course of business, and (ii) are based
on assumptions, including assumptions relating to mining operations, capital and
operating costs and production rates, that are considered by management to be
reasonable, as at the date the mine plans were prepared, for the purpose of
planning the future mining operations of Parent, provided that Target
acknowledges that Parent provides no assurance as to the future uranium prices
used in such mine plans, other than where the uranium prices reflect contractual
prices for uranium to be delivered under existing supply agreements.<B> </B></P>
<P align=justify style="text-indent: 5%">5.17 <I>Material Contracts</I>. Parent has provided or will
make available to Target prior to the Closing Date true and complete copies of
all Material Contracts unless otherwise available in either Parent SEC Reports
or Parent SEDAR Reports, and has referenced each of such Material Contracts in
Section 5.17 of the Parent Disclosure Letter. Except as set forth in Section
5.17 of the Parent Disclosure Letter, each Material Contract is valid and
binding and in full force and effect and Parent and each of its Subsidiaries
have performed all obligations required to be performed by them under each
Material Contract in all material respects. To Parent&#146;s Knowledge, there does
not exist, nor has Parent or any of its Subsidiaries received written notice of,
any material breach of or violation or default under, any of the terms,
conditions or provisions of any Material Contract and neither Parent nor any of
its Subsidiaries has received written notice of the desire of the other party or
parties to any such contract to exercise any rights such party has to cancel,
terminate or repudiate such contract or exercise remedies thereunder that would
be reasonably likely to have a Material Adverse Effect with respect to Parent.
Subject to the Enforceability Exception, each Material Contract is enforceable
by Parent or its applicable Subsidiary in accordance with its terms. </P>
<P align=justify style="text-indent: 5%">5.18 <I>Required Shareholder Vote</I>. The affirmative vote of
the holders, as of the record date, of a majority of the Parent Common Shares
voted in person or represented by proxy and entitled to vote thereon at a duly
convened and held shareholder meeting at which a quorum is present (the
&#147;<U>Parent Shareholders&#146; Approval</U>&#148;) is the only vote required of
the holders of any class or series of Parent&#146;s common shares that shall be
necessary to adopt this Agreement and to consummate the Transactions.</P>
<P align=center>39 </P>
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<P align=justify style="text-indent: 5%">5.19 <I>Operations of Merger Sub</I>. Merger Sub is an indirect
wholly owned subsidiary of Parent, and was formed solely for the purpose of
engaging in the transactions contemplated by this Agreement, has engaged in no
other business activities and has conducted its operations only as contemplated
by this Agreement. </P>
<P align=justify style="text-indent: 5%">5.20 <I>Form F-4 and Proxy Statement/Prospectus</I>. None of
the information to be supplied by Parent or Merger Sub expressly for inclusion
in (a) the Form F-4 or (b) the Proxy Statement/Prospectus, in each case, and any
amendments or supplements thereto, will, at the respective times such documents
are filed, and, in the case of the Proxy Statement/Prospectus, at the time the
Proxy Statement/Prospectus or any amendment or supplement thereto is first
mailed to the Target shareholders, at the time of the Target Meeting and at the
Effective Time, and, in the case of the Form F-4, when it becomes effective
under the Securities Act, contain any untrue statement of a material fact or
omit to state any material fact required to be made therein or necessary in
order to make the statements made therein, in light of the circumstances under
which they were made, not misleading.</P>
<P align=justify style="text-indent: 5%">5.21 <I>Fairness Opinion; Board Approval</I>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Parent&#146;s board of directors has received a written opinion
dated January 2, 2015 from Roth Capital Partners, LLC (&#147;<U>Roth</U>&#148;) to the
effect that, as of the date of such opinion, the Exchange Ratio is fair, from a
financial point of view, to the holders of the Parent Common Shares. A true and
complete copy of such opinion has been provided to Target. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Parent&#146;s board of directors, at a meeting duly called and
held, unanimously (i) determined that this Agreement and the Transactions are
advisable and are fair to, and in the best interests of, the shareholders of
Parent, (ii) approved this Agreement and the Transactions and (iii) recommended
approval and adoption of this Agreement and the Merger and the Transactions by
the shareholders of Parent. </P>
<P align=justify style="text-indent: 5%">5.22 <I>Controls and Procedures</I>. Except as set forth in
either the Parent SEC Reports or Parent SEDAR Reports, Parent has established
and maintains &#147;disclosure controls and procedures&#148; that are reasonably designed
to ensure that all material information (both financial and non-financial)
required to be disclosed by Parent in the reports that it is required to file
under applicable Laws (including applicable securities Laws) is recorded,
processed, summarized and reported within the time periods specified in the
applicable Laws and that all such information is accumulated and communicated to
Parent&#146;s management as appropriate to allow timely decisions regarding required
disclosure and to make the certifications of the chief executive officer and
chief financial officer of Parent required under applicable Laws (including
applicable securities Laws) with respect to such reports. Except as set forth in
Section 5.22 of the Parent Disclosure Letter, or either the Parent SEC Reports
or Parent SEDAR Reports, neither Parent nor its independent auditors have
identified any &#147;significant deficiencies&#148; or &#147;material weaknesses&#148; in Parent&#146;s
or any of its Subsidiaries&#146; internal controls as contemplated under applicable
Laws (including applicable securities Laws and Section 404 of the Sarbanes-Oxley
Act). Parent has made or will make available to Target prior to the Closing Date
true and complete copies of any disclosures made by management to Parent&#146;s
auditors and audit committee regarding such significant deficiencies or material
weaknesses. Parent has no Knowledge of any material complaint, allegation,
assertion or claim, whether written or oral, regarding the accounting or
auditing practices, procedures, methodologies or methods of Parent or any of its
Subsidiaries or their respective internal accounting controls, including any
material complaint, allegation, assertion or claim that Parent or any of its
Subsidiaries has engaged in questionable accounting or auditing practices. No
attorney representing Parent or any of its Subsidiaries, whether or not employed by Parent or any of its Subsidiaries, has reported evidence of
a violation of securities laws, breach of fiduciary duty or similar violation by
Parent or any of its officers, directors, employees or agents to the board of
directors of Parent or any committee thereof or to any director or officer of
Parent. Parent has not granted any waivers with respect to its policies
regarding ethical conduct.
</P>
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<P align=justify style="text-indent: 5%">5.23 <I>Parent Common Shares</I>. The Parent Common Shares
issuable upon conversion of the Target Common Shares upon the completion of the
Merger will, when issued and delivered in accordance with this Agreement, be
duly authorized, validly issued, fully paid and nonassessable. </P>
<P align=justify style="text-indent: 5%">5.24 <I>Substituted Options and Assumed Warrants</I>. The
Substituted Options and Assumed Warrants will, when issued and delivered in
accordance with this Agreement, be duly authorized, validly issued and binding
obligations of Parent, enforceable against Parent in accordance with their
terms, and any Parent Common Shares issued upon exercise thereof in accordance
with the terms of the relevant option plan, option agreement or warrant
indenture will, when issued, be duly authorized, validly issued, fully paid and
nonassessable. </P>
<P align=justify style="text-indent: 5%">5.25 <I>Intellectual Property</I>. Except as set forth in
Section 5.25 of the Parent Disclosure Letter, the Parent owns, licenses or
otherwise possesses title to or the right to use all patents, trademarks,
service marks, trade names, registered copyrights and applications therefor
owned by or registered in the name of Parent, together with all other material
intellectual property assets, including computer software, owned or licensed by
Parent, and, in either case, used by the Parent in connection with the operation
and conduct of its business (collectively, the &#147;<U>Parent Intellectual
Property</U>&#148;). The Parent Intellectual Property set forth in Section 5.25 of
the Parent Disclosure Letter constitutes all material intellectual property used
by the Parent in connection with the conduct and operation of its business.
Except as set forth in Section 5.25 of the Parent Disclosure Letter, Parent will
have the right to use the Parent Intellectual Property following the Closing. To
the Knowledge of Parent, it is not infringing any valid patent right, trademark,
service mark, trade name, copyright or other intellectual property right of any
third party in connection with its use of the Parent Intellectual Property that
would be reasonably likely to have a Material Adverse Effect with respect to
Parent. </P>
<P align=justify style="text-indent: 5%">5.26 <I>Affiliate Transactions</I>. In addition to those
identified in either the Parent SEC Reports or Parent SEDAR Reports, Section
5.26 of the Parent Disclosure Letter contains a complete and accurate list of
all agreements, contracts, commitments or transactions (other than Parent
Benefit Plans), whether or not entered into in the ordinary course of business,
to or by which Parent or any of its Subsidiaries, on the one hand, and any of
their officers, directors or affiliates (or any affiliates of such officers or
directors), on the other hand, are or have been a party or are otherwise bound
or affected and that (a) are currently pending or proposed, in effect or have
been in effect at any time since September 30, 2014 or (b) involve continuing
Liabilities and obligations to or of Parent or any of its Subsidiaries.<B>
</B></P>
<P align=justify style="text-indent: 5%">5.27 <I>Brokers</I>. No broker, finder or investment banker

(other than Cantor Fitzgerald (&#147;<U>Cantor</U>&#148;) and Roth), the fees and expenses
of which will be paid by Parent at Closing) is entitled to any brokerage,
finder&#146;s fee or other fee or commission payable by Parent or any of its
Subsidiaries in connection with the Transactions based upon arrangements made by
and on behalf of Parent or any of its Subsidiaries. Parent has heretofore
furnished to Target a true and complete copy of all agreements between (i)
Parent and Cantor and (ii) Parent and Roth, pursuant to which such firm would be
entitled to any payment relating to the Transactions. </P>
<P align=justify style="text-indent: 5%">5.28 <I>Takeover Matters</I>. The Parent does not have any
applicable anti-takeover provision in its articles of incorporation or bylaws.
Parent and Parent&#146;s board of directors have each taken all actions necessary to
be taken such that the Parent Rights Plan is not, or at the Effective Time will
not be, applicable to Target, Merger Sub, the Voting Agreements, this Agreement
or the Transactions. </P>
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<P align=justify style="text-indent: 5%">5.29 <I>Related Party Transactions</I>. Except as set forth in
the Parent SEDAR Reports, the Parent has not, and, to the knowledge of the
Parent, has not been deemed to have for purposes of any applicable Law, engaged
in or been party to any transaction with any of its officers, directors,
employees or direct or indirect shareholders or, to the knowledge of the Parent,
any member of their immediate families (i) acquired or have the use of property
for proceeds greater than the fair market value thereof, (ii) received services
or have the use of property for consideration other than the fair market value
thereof, or (iii) received interest or any other amount other than at a fair
market value rate from any person with whom it does not deal at arm&#146;s length
within the meaning of applicable taxation acts. Except as set forth in the
Parent SEDAR Reports, the Parent has not, and, to the knowledge of the Parent,
has not been deemed to have for purposes of any applicable Law, engaged in or
been party to any transaction with any of its officers, directors, employees or
direct or indirect shareholders or, to the knowledge of the Parent, any member
of their immediate families (i) disposed of the property for proceeds less than
the fair market value thereof, (ii) performed services for consideration other
than the fair market value thereof or (iii) paid interest or any other amount
other than at a fair market value rate to any person with whom it does not deal
at arm&#146;s length within the meaning of applicable acts. Except as set forth in
the Parent SEDAR Reports and to the knowledge of the Parent, none of the
officers, directors and employees of the Parent, no shareholder of the Parent
and no immediate family member of an officer, director, employee or such
beneficial owner, has a direct ownership interest of more than ten percent (10%)
of the equity ownership of any firm or corporation that competes with, or does
business with, or has any contractual arrangement with, the Parent. Since the
date of 2013 Parent Balance Sheet, no event has occurred that would be required
to be reported as a &#147;certain relationship of related transaction&#148; pursuant to
Item 404 of Regulation S-K of the SEC.</P>
<P align=justify style="text-indent: 5%">5.30 <I>Compliance with the U.S. Foreign Corrupt Practices Act
and Other Applicable Anti-Corruption Laws. </I></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Parent and its Subsidiaries have complied with the U.S.
Foreign Corrupt Practices Act of 1977 and other applicable anti-corruption
laws.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Neither Parent nor any of its Subsidiaries nor any
director, officer, agent, employee or representative of Parent or any of its
Subsidiaries at the direction of or on behalf of Parent or any of its
Subsidiaries corruptly or otherwise illegally offered or gave anything of value
to: (i) any official, employee or representative of a Governmental Authority,
any political party or official thereof, or any candidate for political office;
or (ii) any other Person, in any such case while knowing, or having reason to
know, that all or a portion of such money or thing of value may be offered,
given or promised, directly or indirectly, to any official, employee or
representative of a Governmental Authority, any political party or official
thereof, or candidate for political office for the purpose of the following: (x)
influencing any action or decision of such Person, in his or her official
capacity, including a decision to fail to perform his or her official function;
(y) inducing such Person to use his or her influence with any Governmental
Authority to affect or influence any act or decision of such Governmental
Authority to assist in obtaining or retaining business or to secure an improper
business advantage; or (z) where such payment would constitute a bribe, kickback
or illegal or improper payment to assist Parent or any of its Subsidiaries in
obtaining or retaining business for, or with, or directing business to, any
Person or in securing any improper advantage.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) There have been no false or fictitious entries made in the
books or records of Parent or any of its Subsidiaries relating to any illegal
payment or secret or unrecorded fund and neither Parent nor any of its
Subsidiaries has established or maintained a secret or unrecorded fund.<B><I>
</I></B></P>
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<P align=justify style="text-indent: 5%">5.31 <I>Books and Records</I>. To the Knowledge of the Parent
and its Subsidiaries, the minute books and other similar records of the Parent
and its Subsidiaries for the most recent three full fiscal years and any interim
period contain a true and complete record, in all material respects, of all
actions taken at all meetings and by all written consents in lieu of meetings of
the stockholders, the boards of directors (and other similar governing bodies)
and committees of the boards of directors (and other similar governing bodies)
of the Parent and its Subsidiaries.<B> </B></P>
<P align=center><B>ARTICLE VI </B></P>
<P align=center><B>CONDUCT OF BUSINESS PENDING THE MERGER </B></P>
<P align=justify style="text-indent: 5%">6.1 <I>Conduct of Business by Target Pending the Merger</I>.
From the Agreement Date until the earlier of the Effective Time and the date, if
any, on which this Agreement is terminated pursuant to <U>Article X</U>, except
as set forth in Section 6.1 of the Target Disclosure Letter, as otherwise
specifically contemplated by this Agreement, or as required by applicable Law,
by a Governmental Authority of competent jurisdiction or by the rules or
requirements of the TSX, Target agrees that it shall conduct its business in all
material respects in the ordinary course consistent with past practice, shall
use its commercially reasonable efforts to preserve intact its business
organizations and goodwill, including, keeping available the services of its
officers, employees and consultants and maintaining reasonably satisfactory
relationships with vendors, customers and others having business relationships
with it, subject to the terms of this Agreement, and, by way of amplification
and not limitation, shall not (without the prior written consent of Parent,
which consent shall not be unreasonably withheld): </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) amend or propose to amend its articles of incorporation or
bylaws or other organizational documents; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) (i) declare, set aside or pay any dividend or other
distribution with respect to any shares of its capital stock, (ii) repurchase,
redeem or otherwise acquire any outstanding shares of its capital stock or other
securities, (iii) split, combine or reclassify any shares of its capital stock
or (iv) issue any other securities in respect of, in lieu of or in substitution
for shares of Target&#146;s capital stock, except for issuances of Target Common
Shares upon the exercise of Target Stock Options or Target Warrants, in each
case, in accordance with their terms at the time of exercise; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) issue, sell, pledge, dispose of or encumber any securities
(whether through the issuance or granting of options, warrants, rights or
otherwise, other than upon the exercise of Target Stock Options outstanding on
the Agreement Date and disclosed in the Target Disclosure Letter), or enter into
any amendment of any term of any outstanding security;<B> </B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) (i) incur or assume any Indebtedness except Indebtedness
incurred in the ordinary course of business and consistent with past practice
and in no event exceeding $1,500,000 in the aggregate or as otherwise set out in
the document titled &#147;5-Year URZ Operating Summary&#148; provided by Target to Parent
(the &#147;Target Budget&#148;), (ii) modify the terms of any Indebtedness, (iii) assume,
guarantee, endorse or otherwise become liable or responsible (whether directly,
contingently or otherwise) for the obligations of any other Person, except in
the ordinary course of business and consistent with past practice and in no
event exceeding $200,000 in the aggregate or as otherwise set out in the Target
Budget, (iv) make any loans, advances or capital contributions to, or
investments in, any other Person (other than short-term investments of cash in
the ordinary course of business); </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(e) subject any assets to, incur, create or assume, any Lien
other than a Permitted Lien or any Liability as a guarantor or surety with
respect to the obligations of any Person other than in the ordinary course of
business consistent with past practice; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) (i) increase the compensation payable or to become payable
or the benefits provided to its directors, officers or employees, except for
increases in the ordinary course of business in salaries or wages of employees
of Target who are not directors or officers of Target, (ii) adopt, amend (other
than amendments that reduce the amounts payable by Target, or amendments
required by Law or otherwise to comply with ERISA, the Code or other applicable
Law) or assume an obligation to contribute to, any employee benefit plan or
arrangement of any type or collective bargaining agreement or enter into any
employment, severance or similar contract with any Person or amend any such
existing contracts to increase or accelerate the payment or provision of any
amounts payable or benefits provided thereunder, (iii) engage in any transaction
in connection with which Target could be subject (directly or indirectly) to
either a civil penalty assessed pursuant to subsections (c), (i) or (l) of
Section 502 of ERISA or a Tax imposed pursuant to Chapter 43 of Subtitle D of
the Code, (iv) terminate any of the Target Benefit Plans, or take any other
action with respect to a Target Benefit Plan that could result in Liability to
any Person, (v) take any action that could adversely affect a Target Benefit
Plan&#146;s compliance with the applicable requirements of ERISA, (vi) fail to make
full payment when due of all amounts which, under the provisions of any Target
Benefit Plans, any agreement relating thereto or applicable Law, such party is
required to pay as contributions thereto, (vii) fail to file, on a timely basis,
all reports and forms required by federal regulations with respect to any Target
Benefit Plans or (viii) adopt or amend, or accelerate the payment or vesting of
benefits under, any Target Benefit Plan; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) acquire, by merging or consolidating with, or by purchasing
an equity interest in or the assets of, or in any other manner, any business or
Person, exceeding $1,000,000; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) sell, lease, license or otherwise surrender, relinquish or
dispose of any assets with an aggregate fair market value exceeding $1,000,000;
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) transfer, sell, pledge, encumber or dispose of any capital
stock or other equity interest in any Subsidiary, other than in connection with
6.1(h); </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(j) incur or commit to any capital expenditures, or become
bound or obligated to participate in any operation, or consent to participate in
any operation, other than in the ordinary course of business, as contemplated in
current mine plans or as otherwise previously disclosed to Parent; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(k) make any change to any material Tax method of accounting,
make or change any material Tax election, authorize any indemnities for Taxes,
extend any period for assessment of any Tax, file any request for ruling or
determination, amend any material Tax Return (including by way of a claim for
refund) or settle or compromise any material Tax liability, except where such
action would not have a material effect on the Tax position of Target; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(l) (i) except as set forth in clause (ii), pay, discharge or
satisfy any material account payable or other material Liability beyond or in
advance of its due date or the date when such account payable or Liability would
have been paid in the ordinary course of business and consistent with past
practice or (ii) compromise, settle, grant any waiver or release relating to any
action, suit or proceeding, other than settlements or compromises where the
amount paid or to be paid does not exceed $1,000,000 in the aggregate for all
claims;<B> </B></P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(m) make any change in any method of accounting or accounting
practice or procedure except for any such change required by GAAP; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(n) enter into any agreement, understanding or commitment that
materially restrains, limits or impedes its ability, or would materially limit
the ability of the Surviving Entity or any affiliate of the Surviving Entity
after the Effective Time, to compete in or conduct any line of business or
compete with any Person or in any geographic area or during any period of time,
provided that nothing contained herein shall restrict Target from entering into
confidentiality agreements and property acquisition agreements which contain
&#147;area of interest&#148; restrictions typical in the mining industry in connection
with transactions permitted under Section 6.1(g); </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(o) enter into any joint venture, partnership or other similar
arrangement or materially amend or modify the terms of (or waive any material
rights under) any existing joint venture, partnership or other similar
arrangement; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(p) enter into any agreement or transaction that would be
required to be disclosed in the Target Disclosure Letter pursuant to <U>Section
4.21</U> regarding affiliate transactions if such agreement or transaction had
been entered into prior to the Agreement Date; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(q) grant, or change, any severance or termination pay, other
than with respect to employment agreements entered into with new employees in
the ordinary course of business consistent with past practice; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(r) engage in any transaction with, or enter into any
agreement, arrangement, or understanding with, directly or indirectly, any of
its Affiliates, including any transactions, agreements, arrangements or
understandings with any Affiliate or other Person covered under Item 404 of
Regulation S-K under the Securities Act, that would be required to be disclosed
under Item 404; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(s) effectuate a &#147;plant closing&#148; or &#147;mass layoff,&#148; as those
terms are defined in the Worker Adjustment and Retraining Notification Act of
1988 (the &#147;<U>WARN Act</U>&#148;), affecting in whole or in part any site of
employment, facility, operating unit or employee of Target; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(t) adopt a plan of complete or partial liquidation,
dissolution, merger, consolidation, restructuring, recapitalization or
reorganization; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(u) (i) enter into, amend, modify, or terminate, or make any
commitment in respect of, any contract or agreement that is material to the
business, properties, assets, financial condition or results of operations of
Target, including, without limitation, any Material Contract, except in the
ordinary course of business consistent with past practice, or (ii) enter into
any contract or agreement that limits or otherwise restrains Target from
competing in or conducting any line of business or engaging in business in any
significant geographic area; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(v) cause or allow any material insurance policies (or
substantial equivalents thereof) to lapse or terminate; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(w) pay, discharge, settle or satisfy any lawsuit or threat of
any lawsuit or proceeding or other investigation against Target or relating to
its business, properties or assets, other than (i) in the ordinary course of
business for amounts not in excess of $500,000 in any case, and not to exceed
$1,000,000 in the aggregate, (ii) pursuant to existing contractual obligations,
or (iii) worker&#146;s compensation claims in the ordinary course of business;<B>
</B></P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(x) except as may be required by applicable Law, settle any
material audit with respect to Taxes or file any amended Tax return that would
materially alter the Tax obligation of Target or its Subsidiaries; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(y) take any action that would result in the breach of any
representation and warranty of Target hereunder (except for representations and
warranties made as of a specific date) such that Parent would have the right to
terminate this Agreement; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(z) enter into or make any loans to any of its officers,
directors or employees or make any change in its borrowing or lending
arrangements for or on behalf of any of such Persons; or </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(aa) agree to commit to
any of the foregoing. </P>
<P align=justify style="text-indent: 5%">6.2 <I>Conduct of Business by Parent Pending the Merger</I>.
From the Agreement Date until the earlier of the Effective Time and the date, if
any, on which this Agreement is terminated pursuant to <U>Article X</U>, except
as set forth in Section 6.2 of the Parent Disclosure Letter, as otherwise
specifically contemplated by this Agreement, or as required by applicable Law,
by a Governmental Authority of competent jurisdiction or by the rules or
requirements of the TSX, Parent agrees that it shall conduct its business and
the business of its Subsidiaries in all material respects in the ordinary course
consistent with past practice, shall use its commercially reasonable efforts to
preserve intact its business organizations and goodwill, including, keeping
available the services of its officers, employees and consultants and
maintaining reasonably satisfactory relationships with vendors, customers and
others having business relationships with it, subject to the terms of this
Agreement, and, by way of amplification and not limitation, shall not, and shall
cause its Subsidiaries not to (without the prior written consent of Target,
which consent shall not be unreasonably withheld): </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) amend or propose to amend its articles of incorporation or
bylaws or other organizational documents; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) (i) declare, set aside or pay any dividend or other
distribution with respect to any shares of its capital stock, (ii) repurchase,
redeem or otherwise acquire any outstanding shares of its capital stock or other
securities or (iii) split, combine or reclassify any shares of its capital
stock; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) issue, sell, pledge, dispose of or encumber any securities
(whether through the issuance or granting of options, warrants, rights or
otherwise, other than in the ordinary course of business, upon the exercise of
Parent Stock Options outstanding on the Agreement Date and disclosed in the
Parent Disclosure Letter), or enter into any amendment of any term of any
outstanding security, or as otherwise set out in Section 6.2 of the Parent
Disclosure Letter; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) (i)&nbsp;incur or assume any Indebtedness except  Indebtedness incurred in the ordinary course of business and consistent with  past practice and in no event exceeding $1,500,000 in the aggregate or as  otherwise set out in the document titled &ldquo;Energy Fuels Proposed Business Plan  and Budget 2015 Through 2017&rdquo;, dated December 10, 2014, provided by Parent to  Target (the &ldquo;Parent Budget&rdquo;), (ii)&nbsp;modify the terms of any Indebtedness,  (iii)&nbsp;assume, guarantee, endorse or otherwise become liable or responsible  (whether directly, contingently or otherwise) for the obligations of any other  Person (other than a wholly owned Subsidiary of Parent), except in the ordinary  course of business and consistent with past practice and in no event exceeding  $200,000 in the aggregate or as otherwise set out in the Parent Budget,  (iv)&nbsp;make any loans, advances or capital contributions to, or investments  in, any other Person (other than to wholly owned Subsidiaries of Parent, or by  such Subsidiaries to Parent and other than short-term investments of cash in  the ordinary course of business);</P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(e) subject any assets to, incur, create or assume, any Lien
other than a Permitted Lien or any Liability as a guarantor or surety with
respect to the obligations of any Person other than in the ordinary course of
business consistent with past practice; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) (i) engage in any transaction in connection with which
Parent or any of its Subsidiaries could be subject (directly or indirectly) to
either a civil penalty assessed pursuant to subsections (c), (i) or (l) of
Section 502 of ERISA or a Tax imposed pursuant to Chapter 43 of Subtitle D of
the Code, (ii) terminate any of the Parent Benefit Plan that could result in
Liability to any Person, (iii) take any action that could adversely affect a
Parent Benefit Plan&#146;s compliance with the applicable requirements of ERISA, (iv)
fail to make full payment when due of all amounts which, under the provisions of
any Parent Benefit Plans, any agreement relating thereto or applicable Law, such
party is required to pay as contributions thereto, or (v) fail to file, on a
timely basis, all reports and forms required by federal regulations with respect
to any Parent Benefit Plans or (vii) adopt or amend, or accelerate the payment
or vesting of benefits under, any Target Benefit Plan; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) acquire, by merging or consolidating with, or by purchasing
an equity interest in or the assets of, or in any other manner, any business or
Person, exceeding $1,000,000; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) sell, lease, license or otherwise surrender, relinquish or
dispose of any assets with an aggregate fair market value exceeding
$1,000,000;<B> </B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) transfer, sell, pledge, encumber or dispose of any capital
stock or other equity interest in any Subsidiary other than in connection with
Section 6.2(h); </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(j) incur or commit to any capital expenditures, or become
bound or obligated to participate in any operation, or consent to participate in
any operation, other than in the ordinary course or as contemplated in current
mine plans or as otherwise previously disclosed to Target; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(k) make any change to any material Tax method of accounting,
make or change any material Tax election, authorize any indemnities for Taxes,
extend any period for assessment of any Tax, file any request for ruling or
determination, amend any material Tax Return (including by way of a claim for
refund) or settle or compromise any material Tax liability, except where such
action would not have a material effect on the Tax position of Parent and its
Subsidiaries taken as a whole; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(l) (i) except as set forth in clause (ii), pay, discharge or
satisfy any material account payable or other material Liability beyond or in
advance of its due date or the date when such account payable or Liability would
have been paid in the ordinary course of business and consistent with past
practice or (ii) compromise, settle, grant any waiver or release relating to any
action, suit or proceeding, other than settlements or compromises where the
amount paid or to be paid does not exceed $1,000,000 in the aggregate for all
claims; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(m) enter into any agreement, understanding or commitment that
materially restrains, limits or impedes its ability, or would materially limit
the ability of the Surviving Entity or any affiliate of the Surviving Entity
after the Effective Time, to compete in or conduct any line of business or
compete with any Person or in any geographic area or during any period of time,
provided that nothing contained herein shall restrict Parent from entering into
confidentiality agreements and property acquisition agreements which contain
&#147;area of interest&#148; restrictions typical in the mining industry in connection
with transactions permitted under Section 6.2(g);<B> </B> </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(n) enter into any joint venture, partnership or other similar
arrangement or materially amend or modify the terms of (or waive any material
rights under) any existing joint venture, partnership or other similar
arrangement in circumstances where the sum of (i) the assets of Parent involved,
and (ii) the amount of the obligations and liabilities assumed or agreed to by
Parent, is in excess of $5,000,000;<B> </B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(o) make any change in any method of accounting or accounting
practice or procedure except for any such change required by IFRS; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(p) enter into any agreement or transaction that would be
required to be disclosed in the Parent Disclosure Letter pursuant to <U>Section
5.26</U> regarding affiliate transactions if such agreement or transaction had
been entered into prior to the Agreement Date; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(q) engage in any transaction with, or enter into any
agreement, arrangement, or understanding with, directly or indirectly, any of
its Affiliates, including any transactions, agreements, arrangements or
understandings with any Affiliate or other Person covered under Item 404 of
Regulation S-K under the Securities Act, that would be required to be disclosed
under Item 404; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(r) effectuate a &#147;plant closing&#148; or &#147;mass layoff,&#148; as those
terms are defined in the WARN Act, affecting in whole or in part any site of
employment, facility, operating unit or employee of Parent; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(s) adopt a plan of complete or partial liquidation,
dissolution, merger, consolidation, restructuring, recapitalization or
reorganization; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(t) (i) enter into, amend, modify, or terminate, or make any
commitment in respect of, any contract or agreement that is material to the
business, properties, assets, financial condition or results of operations of
Parent, including, without limitation, any Material Contract, except in the
ordinary course of business consistent with past practice and provided that, for
the purposes of this subparagraph (i), a commitment will not be considered
material unless the amount of the obligations or liabilities assumed or agreed
to by Parent under such commitment are in excess of $5,000,000, or (ii) enter
into any contract or agreement that limits or otherwise restrains Parent from
competing in or conducting any line of business or engaging in business in any
significant geographic area; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(u) cause or allow any material insurance policies (or
substantial equivalents thereof) to lapse or terminate; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(v) pay, discharge, settle or satisfy any lawsuit or threat of
any lawsuit or proceeding or other investigation against Parent or relating to
its business, properties or assets, other than (i) in the ordinary course of
business for amounts not in excess of $500,000 in any case, and not to exceed
$1,000,000 in the aggregate, (ii) pursuant to existing contractual obligations,
or (iii) worker&#146;s compensation claims in the ordinary course of business;<B>
</B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(w) except as may be required by applicable Law, settle any
material audit with respect to Taxes or file any amended Tax return that would
materially alter the Tax obligation of Parent or its Subsidiaries; </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(x) take any action that would result in the breach of any
representation and warranty of Parent hereunder (except for representations and
warranties made as of a specific date) such that Target would have the right to
terminate this Agreement; or </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(y) agree to commit to any of the foregoing. </P>
<P align=center><B>ARTICLE VII </B></P>
<P align=center><B>ADDITIONAL AGREEMENTS </B></P>
<P align=justify style="text-indent: 5%">7.1 <I>Access to Information; Confidentiality</I>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Subject to <U>Section 7.1(b)</U>, from the Agreement Date
until the earlier of the Effective Time and the date, if any, on which this
Agreement is terminated pursuant to <U>Article X</U>, Target shall (i) provide
to Parent (and Parent&#146;s officers, directors, employees, accountants,
consultants, legal counsel, agents and other representatives) reasonable access
during normal business hours upon prior notice to the officers, employees,
agents, properties, offices and other facilities of Target to the facilities,
offices, properties, technology, processes, books, business and financial
records, officers, employees, business plans, budget and projections, customers,
suppliers and other information of the Target, and the work papers of its
independent accountants, and otherwise provide such assistance as may be
reasonably requested by such party in order that the other party has a
reasonable opportunity to make such investigation and evaluation as it
reasonably desires to make of the business and affairs of the Target; and (ii)
furnish promptly to Parent such information concerning the business, properties,
contracts, assets, Liabilities, personnel and other aspects of Target as
reasonably requested. Subject to <U>Section 7.1(b)</U>, from the Agreement Date
until the earlier of the Effective Time and the date, if any, on which this
Agreement is terminated pursuant to <U>Article X</U>, Parent shall (i) provide
to Target (and Target&#146;s officers, directors, employees, accountants,
consultants, legal counsel, agents and other representatives) reasonable access
during normal business hours upon prior notice to the officers, employees,
agents, properties, offices and other facilities of Parent and its Subsidiaries
to the facilities, offices, properties, technology, processes, books, business
and financial records, officers, employees, business plans, budget and
projections, customers, suppliers and other information of the Parent and its
Subsidiaries, and the work papers of its independent accountants, and otherwise
provide such assistance as may be reasonably requested by such party in order
that the other party has a reasonable opportunity to make such investigation and
evaluation as it reasonably desires to make of the business and affairs of the
Parent and its Subsidiaries; and (ii) furnish promptly to Target such
information concerning the business, properties, contracts, assets, Liabilities,
personnel and other aspects of Parent and its Subsidiaries as reasonably
requested. Each of Parent and Target shall use its reasonable efforts to give
prompt notice to the other party of any event or circumstance of which it
becomes aware that results in any representation or warranty made by such party
contained in this Agreement being untrue or inaccurate in any material respect
or Target, Parent or Merger Sub, as the case may be, being unable to comply with
or satisfy any of its covenants or agreements hereunder; <I>provided</I>,
<I>however</I>, that the receipt of any information or the delivery of any
notice pursuant hereto shall not limit or otherwise affect either party&#146;s rights
or obligations under this Agreement.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Each of Target and Parent (and each of Target&#146;s and
Parent&#146;s officers, directors, employees, accountants, consultants, legal
counsel, agents and other representatives, respectively) shall hold in
confidence all nonpublic information so received in accordance with the terms of
the Confidentiality Agreement. If this Agreement is terminated, the
Confidentiality Agreement shall continue in full force and effect and shall apply to any
information delivered by either party to the other in connection with this
Agreement. </P>
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<P align=justify style="text-indent: 5%">7.2 <I>Non-Solicitation and Acquisition Proposals</I>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Except as otherwise provided for in this Agreement each of
Parent and Target agrees that neither it nor any of its Subsidiaries shall, and
Parent and Target shall, and shall cause its Subsidiaries to, cause their
respective officers, directors, investment bankers, attorneys, accountants,
financial advisors, agents and other representatives (collectively,
&#147;<U>Representatives</U>&#148;) not to: </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(i) solicit, assist, initiate, knowingly encourage or
facilitate (including by way of discussion (other than to state they are not
permitted to have discussions), negotiation, furnishing information, permitting
any visit to any facilities or properties of Target or Parent or their
respective Subsidiaries, or entering into any form of written or oral agreement,
arrangement or understanding) any inquiries, proposal or offers regarding, or
that may reasonably be expected to lead to, any Acquisition Proposal; </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(ii) engage or participate in any discussions (other than to
state they are not permitted to have discussions) or negotiations regarding, or
provide any information with respect to or otherwise cooperate in any way with
any person (other than Target, Parent, and their Representatives) regarding any
Acquisition Proposal or Potential Acquisition Proposal (as defined below); </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(iii) withdraw, modify or qualify, or propose publicly to
withdraw, modify or qualify, in any manner adverse to the other party, the
approval or recommendation of the Transactions by such party&#146;s board of
directors or any of its committees except where a Material Adverse Effect in
respect of the other party has occurred and such party&#146;s board of directors has
determined that, as a consequence of such Material Adverse Effect, it would be
inconsistent with the fiduciary duties of the directors of such party to
continue to recommend the Transactions; </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(iv) approve or recommend, or remain neutral with respect to,
or propose publicly to approve or recommend, any Acquisition Proposal; </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(v) accept or enter into, or publicly propose to accept or
enter into, any letter of intent, agreement in principle, agreement, arrangement
or undertaking related to any Acquisition Proposal (other than an Acceptable
Confidentiality Agreement entered into in accordance with Section 7.2(e)); or
</P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(vi) release any person from or waive or otherwise forebear in
the enforcement of any confidentiality or standstill agreement or any other
agreement with such person that would facilitate the making or implementation of
any Acquisition Proposal. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Target and Parent shall immediately cease and cause to be
terminated any existing solicitation, discussion, negotiation, encouragement or
activity with any Person (other than Parent, Target, or any of their
Representatives) by Target, Parent, or any of their Representatives with respect
to any Acquisition Proposal or any Potential Acquisition Proposal. Target and
Parent shall immediately cease to provide any Person (other than Parent, Target,
or any of their Representatives) with access to information concerning Target or
Parent in respect of any Acquisition Proposal or any Potential Acquisition Proposal,
and request the return or destruction of all confidential information provided
to any Person (other than Parent, Target, or any of their Representatives) that
has entered into a confidentiality agreement with Target or Parent relating to
any Acquisition Proposal or Potential Acquisition Proposal to the extent
provided for in such confidentiality agreement and shall use all commercially
reasonable efforts to ensure that such requests are honored. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) Target and Parent shall ensure that their Representatives
are aware of the prohibitions in this Section 7.2 and shall be responsible for
any breach of this Section 7.2 by their Representatives. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Parent and Target shall promptly (and in any event within
24 hours) notify the other party, at first orally and then in writing, of any
proposal, inquiry, offer or request received by Target, Parent, or their
Representatives: (i) relating to an Acquisition Proposal or potential
Acquisition Proposal or inquiry that could reasonably lead or be expected to
lead to an Acquisition Proposal (a &#147;<U>Potential Acquisition Proposal</U>&#148;);
(ii) for discussions or negotiations in respect of an Acquisition Proposal or
Potential Acquisition Proposal; or (iii) for non-public information relating to
Target or Parent, or any of their respective Subsidiaries, access to properties,
books and records or a list of the holders of Target's shares, Parent&#146;s shares
or the shareholders of any of their respective Subsidiaries. Such notice shall
include the identity of the person making such proposal, inquiry, offer or
request, a description of the terms and conditions thereof and Target or Parent
shall provide a copy of any Acquisition Proposal and all written communications
with such person and such details of the proposal, inquiry, offer or request
that Parent or Target may reasonably request. Target shall keep Parent, and
Parent shall keep Target promptly and fully informed of the status, including
any change to the material terms, of such proposal, inquiry, offer or request
and shall respond promptly to all inquiries by the other party with respect
thereto. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Notwithstanding Section 7.2(a), following the receipt by
Target or Parent of a bona fide written Acquisition Proposal made after the date
of this Agreement that did not result from any breach of Section 7.2(a), Target,
Parent, or their Representatives may: </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(i) contact the Person making such Acquisition Proposal and its
Representatives solely for the purpose of clarifying the terms and conditions of
such Acquisition Proposal and the likelihood of its consummation so as to
determine whether such Acquisition Proposal is, or is reasonably likely to lead
to, a Superior Proposal; and </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(ii) if the board of directors of Target or Parent, as
applicable, determines, after consultation with its outside legal and financial
advisors, that such Acquisition Proposal is, or is reasonably likely to lead to,
a Superior Proposal: </P>
<P align=justify style="text-indent: 10%; margin-left: 10%">(A) furnish information with respect to Target or Parent and
its Subsidiaries, as applicable, to the Person making such Acquisition Proposal
and its Representatives only if such Person has entered into a confidentiality
agreement that contains provisions that are not less favorable to Target (or
Parent) than those contained in the Confidentiality Agreement, (an
&#147;<U>Acceptable Confidentiality Agreement</U>&#148;), provided that Target or Parent,
as applicable, sends a copy of such confidentiality agreement to Parent or
Target, as applicable, promptly following its execution and Parent or Target, as
applicable, is promptly provided with a list of, and access to (to the extent
not previously provided to Parent or Target, as applicable) the information
provided to such Person; and </P>
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<P align=justify style="text-indent: 10%; margin-left: 10%">(B) engage in discussions and negotiations with the Person
making such Acquisition Proposal and its Representatives provided that all such
information access and discussions shall cease during the Match Period (as
defined below). </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) Notwithstanding Section 7.2(a), Target or Parent may (i)
enter into an agreement (other than an Acceptable Confidentiality Agreement
entered into in accordance with Section 7.2(e)) with respect to an Acquisition
Proposal that is a Superior Proposal and/or (ii) withdraw, modify or qualify its
approval or recommendation of the Transactions and recommend or approve an
Acquisition Proposal that is a Superior Proposal (an &#147;<U>Adverse Recommendation
Change</U>&#148;), provided: </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(i) Target or Parent shall have complied with its obligations
under this Section 7.2; </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(ii) the board of directors of Target or the board of directors
of Parent, as applicable, has determined, after consultation with its outside
legal and financial advisors, that such Acquisition Proposal is a Superior
Proposal; </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(iii) Target or Parent has delivered written notice to the
other party of the determination of the board of directors of Target or the
board of directors or Parent, as applicable, that the Acquisition Proposal is a
Superior Proposal and of the intention of the board of directors of Target or
the board of directors of Parent, as applicable, to approve or recommend such
Superior Proposal and/or of Target or Parent, as applicable, to enter into an
agreement with respect to such Superior Proposal, together with a copy of such
agreement executed by the Person making such Superior Proposal that is capable
of acceptance by Target or Parent, as applicable, and a summary of the valuation
analysis attributed by the board of directors of Target or the board of
directors of Parent, as applicable, in good faith to any non-cash consideration
included in such Acquisition Proposal after consultation with its financial
advisors, and together with a summary analysis articulating why the Acquisition
Proposal is determined by the board of directors of Target or the board of
directors of Parent to be a Superior Proposal (the "<U>Superior</U> <U>Proposal
Notice</U>"); </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(iv) at least five Business Days have elapsed since the date
the Superior Proposal Notice was received by Parent or Target, which five
Business Day period is referred to as the "<U>Match Period</U>"; </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(v) if Parent (or Target) has offered to amend the terms of the
Transaction and this Agreement during the Match Period pursuant to Section
7.2(g) below, such Acquisition Proposal continues to be a Superior Proposal
compared to the amendment to the terms of the Transaction offered by Parent (or
Target) at the termination of the Match Period; and </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(vi) Target or Parent, as applicable, terminates this Agreement
in compliance with the terms of this Section 7.2 and Target or Parent, as
applicable, has previously paid or, concurrently with termination, pays in cash
a break fee of US$5 million to the other party. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) During the Match Period, Parent or Target shall have the
opportunity, but not the obligation, to offer to amend the terms of the
Transaction and this Agreement and Target and Parent shall cooperate with the
other party with respect thereto, including negotiating in good faith with the other party to enable the other party to make
such adjustments to the provisions of the Transaction and this Agreement as the
other party deems appropriate and as would enable the other party to proceed
with the Transaction on such adjusted provisions. The board of directors of
Target or the board of directors of Parent shall review any such offer by the
other party to amend the terms of the Transaction and this Agreement in order to
determine, in good faith in the exercise of its fiduciary duties, whether the
other party&#146;s offer to amend the Transaction and this Agreement, upon its
acceptance, would result in the Acquisition Proposal ceasing to be a Superior
Proposal compared to the amendment to the terms of the Transaction and this
Agreement offered by the other party. If the board of directors of Target or
board of directors of Parent, as applicable, determines that the Acquisition
Proposal would cease to be a Superior Proposal, Target and Parent shall enter
into an amendment to this Agreement reflecting the offer by the other party to

amend the terms of the Transaction and this Agreement. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(h) The board of directors of Target or the board of directors
of Parent, as applicable, shall reaffirm its recommendation of the Transaction
by news release promptly after: (i) any Acquisition Proposal (which is
determined not to be a Superior Proposal) is publicly announced or made, (ii)
the board of directors of Target (or the board of directors of Parent)
determines that a proposed amendment to the terms of the Transaction and this
Agreement would result in the Acquisition Proposal not being a Superior Proposal
and the other party has so amended the terms of the Transaction; or (iii) the
written request of Parent (or Target) given on or within five Business Days
ending the Business Day before a meeting of Target or Parent shareholders called
to consider approving the Transaction. Parent, Target and their legal advisors
shall be given a reasonable opportunity to review and comment on the form and
content of any such news release and Target or Parent shall incorporate all
reasonable comments made by the other party and its legal advisors. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) Each successive material modification of any Acquisition
Proposal shall constitute a new Acquisition Proposal for purposes of this
Section 7.2. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(j) Nothing contained in this Section 7.2 shall prohibit Target
or the Target&#146;s board of directors or Parent or Parent&#146;s board of directors from
(i) disclosing to the shareholders of Target or Parent, as applicable, a
position contemplated by Rule 14e-2(a) or Rule 14d-9 promulgated under the
Exchange Act if the Target&#146;s board of directors or Parent&#146;s board of directors,
as applicable, determines in good faith, after consultation with outside
counsel, that the failure to make such disclosure would be inconsistent with its
fiduciary duties; provided that making such disclosure shall not in any way
limit or modify the effect, if any, that any such action has under this Section
7.2 (for the avoidance of doubt, it being agreed that the issuance by Target or
Target&#146;s board of directors or Parent or Parent&#146;s board of directors, as
applicable, of a &#147;stop, look and listen&#148; statement pending disclosure of its
position, as contemplated by Rules 14d-9(f) promulgated under the Exchange Act,
shall not constitute an Adverse Recommendation Change). </P>
<P align=justify style="text-indent: 5%">7.3 <I>Cooperation</I>. Subject to compliance with applicable
Law, from the Agreement Date until the Effective Time, each of Parent and Target
shall confer on a regular and frequent basis with one or more representatives of
the other to report on their respective material operational matters and the
general status of ongoing operations and each party shall promptly provide the
other party or its counsel with copies of all filings made by such party with
any Governmental Authority in connection with this Agreement and the
Transactions.<B> </B></P>
<P align=justify style="text-indent: 5%">7.4 <I>Publicity</I>. Neither Target, Parent nor any of their
respective affiliates or representatives shall issue or cause the publication of
any press release or other announcement with respect to the Transactions other than a joint press release of Target and
Parent announcing the execution of this Agreement or without the prior
consultation of the other party, except as may be required by applicable Law,
and each party shall use its reasonable efforts to provide copies of such
release or other announcement to the other party hereto, and give due
consideration to such comments as each such other party may have, prior to such
release or other announcement. For the avoidance of doubt, the provisions of
this Section 7.4 do not apply to (i) any announcement, document or publication
in connection with an Acquisition Proposal, Superior Proposal or Adverse
Recommendation Change or (ii) any disclosure by Target or Parent of any
information concerning this Agreement or the Transactions in connection with any
dispute between the parties regarding this Agreement, the Merger or the
Transactions. </P>
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<P align=justify style="text-indent: 5%">7.5 <I>Filings</I>. Each party shall make all filings such
party is required to make in connection herewith or desirable to achieve the
purposes contemplated hereby, including all required or advisable filings under
or relating to the HSR Act, or the rules and regulations promulgated by the
United States Nuclear Regulatory Commission, shall respond as promptly as
practicable to all inquiries or requests for information received from a
Governmental Authority in relation to such filings or notices for additional
information or documentation and shall cooperate as needed with respect to any
such filings by any other party. Each party shall use its commercially
reasonable efforts to take, or cause to be taken, all actions and to do, or
cause to be done, all other things necessary, proper or appropriate to resolve
the objections, if any, as may be asserted by the agencies or any other
authority with respect to the transactions contemplated by this Agreement under
any antitrust or competition laws or regulations; provided that no party shall
be required to take any action under this Section 7.5 that would, or would be
reasonably likely to, materially frustrate the financial or other business
benefits reasonably expected to be derived by such party from the transactions
contemplated by this Agreement. Notwithstanding the foregoing, neither Parent
nor Target shall be required to accept, as a condition to obtaining any required
approval or resolving any objection of any Governmental Authority, any
requirement to divest or hold separate or in trust (or the imposition of any
other material condition or restriction with respect to) any of the respective
businesses or assets of Parent, Merger Sub, Target or any of their respective
Subsidiaries. </P>
<P align=justify style="text-indent: 5%">7.6 <I>Employee Matters</I> </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) On and after the Closing, until at least the 90th day after
the Closing, Parent shall cause the Surviving Entity to provide each employee of
Target or any of its affiliates who is retained by the Surviving Entity or any
of their affiliates following the Closing (each, a &#147;<U>Continuing Employee</U>&#148;)
with (i) salary that is not less than the Continuing Employee&#146;s salary
immediately prior to the Closing, and (ii) the benefit plans, programs and
arrangements that are currently provided to the Parent&#146;s employees under
Parent&#146;s benefit plans, programs and arrangements. Each Continuing Employee
shall be given credit under such plan for the last continuous period of service
with Target and its affiliates prior to the Closing for purposes of determining
eligibility to participate, vesting in benefits and vacation and severance
benefits, but for no other purpose (including, without limiting the generality
of the foregoing, the accrual of benefits); </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Parent agrees that, upon the Closing, each Continuing
Employee shall be immediately eligible to participate in Parent&#146;s group health
plan (as defined in Section 5000(b)(1) of the Code) (and Parent shall cause to
be waived any eligibility waiting periods, any evidence of insurability
requirements and the application of any pre- existing condition limitations
under such plan), and such Continuing Employee shall be credited towards the
deductibles, coinsurance and maximum out-of-pocket provisions, imposed under
such group health plan, for the calendar year during which the Closing Date
occurs, with any applicable expenses already incurred during the portion of the
year preceding the Closing Date under the applicable group health plans of the
Company; provided, however, such obligation of Parent is contingent on Target
furnishing sufficient information in sufficiently usable form to enable
Parent to reasonably administer its plan. As of the Closing Date, Parent shall
or shall cause the Surviving Entity or relevant affiliate to, credit to the
Continuing Employees the amount of vacation time that such employees had accrued
under any of Target&#146;s vacation policies as of the Closing Date; </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) Parent shall, or shall cause the Surviving Entity or
relevant affiliate to, assume and honor in accordance with their terms all
change in control and termination agreements (including any change in control
provisions therein) set forth in Section 4.17 of the Target Disclosure Letter
applicable to employees of the Target arising from completion of the
Transactions in the same manner and to the same extent that Target would be
required to perform and honor such agreements if the transactions contemplated
by this Agreement had not been consummated. Provided, however, that to the
extent that Parent or the Surviving Entity or any other affiliate of Parent
offers employment to any employee of the Target following completion of the
Merger, such employment shall be on terms concerning future changes of control
and termination agreed to between the employee and Parent or its affiliate that
are consistent with the terms currently in effect for the employees of the
Parent and its affiliates.</P>
<P align=justify style="text-indent: 5%">7.7 <I>Preparation of the Form F-4 and Proxy
Statement/Prospectus</I>.<B> </B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) As soon as practicable following the date of this
Agreement, Parent and Target shall each promptly prepare and file with the SEC a
preliminary version of the Proxy Statement/Prospectus and the Parent will
prepare and file with the SEC the Form F-4, in which the Proxy
Statement/Prospectus will be included as a prospectus. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Each of Parent and Target will use its commercially
reasonable efforts to respond to any comments of the SEC in connection therewith
and to furnish all information required to prepare the definitive Proxy
Statement/Prospectus and the final Form F-4. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) Each of Parent and Target shall use its commercially
reasonable best efforts to have the Form F-4 declared effective under the
Securities Act as promptly as practicable after such filing.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Parent shall also take any action (other than qualifying to
do business in any jurisdiction in which it is not now so qualified or filing a
general consent to service of process in any jurisdiction) required to be taken
under any applicable state securities laws in connection with the issuance of
the Parent Common Shares in the Merger and Target shall furnish all information
concerning Target and the holders of shares of Target capital stock as may be
reasonably requested in connection with any such action.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Promptly after the effectiveness of the Form F-4, Target
shall cause the Proxy Statement/Prospectus to be published, sent or given to
Target&#146;s shareholders, and if necessary, after the definitive Proxy
Statement/Prospectus has been published, sent or given, promptly circulate
amended, supplemented or supplemental proxy materials and, if required in
connection therewith, re-solicit proxies.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) Each party shall cooperate and provide the other party with
a reasonable opportunity to review and comment on any amendment or supplement to
the Form F-4 or the Proxy Statement or any filing with the SEC incorporated by
reference in the Form F-4 or the Proxy Statement, in each case prior to filing
such with the SEC, <I>except</I> where doing so would cause the filing to not be
filed timely, without regard to any extension pursuant to Rule 12b-25 of the
Exchange Act; <I>provided</I>, <I>however</I>, that each party shall be deemed
to have consented to the inclusion in the Form F-4, the Proxy Statement or any filing
with the SEC incorporated by reference in the Form F-4 or the Proxy Statement of
any information, language or content specifically agreed to by such party or its
counsel on or prior to the date hereof for inclusion therein.</P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(g) Parent will advise the Target promptly after it receives
notice of (i) the time when the Form F-4 has become effective or any supplement
or amendment has been filed, (ii) the issuance or threat of any stop order,
(iii) the suspension of the qualification of the Parent Common Share issuable in
connection with this Agreement for offering or sale in any jurisdiction, or (iv)
any request by the SEC for amendment of the Proxy Statement/Prospectus or the
Form F-4 or comments thereon and responses thereto or requests by the SEC for
additional information (and shall deliver a copy of such comments and requests
to the Target).</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) Target will advise Parent, and Parent will advise Target,
promptly after it receives notice of the issuance by the SEC, any Canadian
Securities Regulatory Authority, as applicable, any other securities regulatory
authority, the TSX, NYSE MKT or by any other competent authority of any order to
cease or suspend trading of any securities of Target or Parent, as applicable,
or of the institution or threat of institution of any proceedings for that
purpose.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) If at any time prior to the Effective Time any information
relating to Target or Parent, or any of their respective affiliates, officers or
directors, should be discovered by Target or Parent which should be set forth in
an amendment or supplement to either of the Form F-4 or the Proxy
Statement/Prospectus, so that any of such documents would not include any
misstatement of a material fact or omit to state any material fact necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading, the party which discovers such information shall promptly
notify the other parties hereto and an appropriate amendment or supplement,
including, where appropriate, a filing pursuant to Rules 165 and 425 of the
Securities Act, describing such information shall promptly be filed with the SEC
and, to the extent required by law, disseminated to the shareholders of Target
or Parent. </P>
<P align=justify style="text-indent: 5%">7.8 <I>Target Shareholders&#146; Meeting</I>. Target shall, as
promptly as reasonably practicable after receiving notice from Parent that the
Form F-4 has been declared effective under the Securities Act, (i) take all
action necessary in accordance with applicable Law and the articles of
incorporation and bylaws of Target duly to give notice of, convene and hold a
meeting of its shareholders to be held as promptly as practicable to consider
the approval of this Agreement and the Merger (the &#147;<U>Target Meeting</U>&#148;);
(ii) engage a proxy solicitation agent, which is approved by the Parent (such
approval not to be unreasonably withheld), to advise on and assist with the
solicitation of proxies in connection with the Target Shareholder Approvals;
(iii) use commercially reasonable efforts to solicit from its shareholders
proxies in favor of the Target Shareholder Approvals and (iv) will take all
other action reasonably necessary or advisable to secure the vote of its
shareholders required by the rules of the NYSE MKT, the TSX or applicable Law to
obtain such approvals. Notwithstanding anything to the contrary contained in
this Agreement, Target may adjourn or postpone the Target Meeting to the extent
necessary to ensure that any necessary supplement or amendment to the Proxy
Statement/Prospectus is provided to its shareholders in advance of a vote on the
approval of this Agreement and the Merger, or, if as of the time for which the
Target Meeting is originally scheduled, there are insufficient Target Common
Shares, as the case may be, represented (either in person or by proxy) to
constitute a quorum necessary to conduct the business of such meeting. Target
shall use commercially reasonable efforts such that the Target Meeting is
called, noticed, convened, held and conducted, and that all proxies solicited in
connection with the Target Meeting are solicited in compliance with applicable
Law, the rules of the NYSE MKT, the TSX and the articles of incorporation and
bylaws of Target. Notwithstanding anything contained herein to the contrary, Target shall not be required to hold the Target Meeting if this
Agreement is terminated or if there is an Adverse Recommendation Change by
Target before the Target Meeting is held.
</P>
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<P align=justify style="text-indent: 5%">7.9 <I>Stock Exchange Listing</I>. Parent shall use its
reasonable best efforts to cause the Parent Common Shares to be issued in the
Merger and upon exercise of the Substituted Options and the Assumed Warrants to
be approved for listing on each of the NYSE MKT and the TSX at or prior to the
Effective Time, subject to official notice of issuance.</P>
<P align=justify style="text-indent: 5%">7.10 <I>Notice of Certain Events</I>. Target shall give prompt
notice to Parent of any fact, event or circumstance as to which Target obtains
Knowledge that would be reasonably likely to result in a failure of a condition
set forth in <U>Section 8.2(a)</U> or <U>(b)</U>. Parent shall give prompt
notice to Target of any fact, event or circumstance as to which Parent obtains
Knowledge that would be reasonably likely to result in a failure of a condition
set forth in <U>Section 8.3(a)</U> or <U>(b)</U>. Prior to the Closing, Target
may deliver to Parent a supplement or update to the Target Disclosure Letter
that reflects any event, condition or circumstance occurring or arising after
the Agreement Date that is not otherwise prohibited pursuant to this Agreement
and which, in the aggregate taking into account all supplemental disclosures
(the &#147;<U>Target Supplemental</U> <U>Disclosures</U>&#148;) provided pursuant to this
Section 7.10, have not had and would not reasonably be expected to have a
Material Adverse Effect on Target, in which case, prior to the Closing, the
specified representations and warranties made by Target will be deemed modified
to reflect such event as of the date that such event occurs or arises for
purposes of determining whether the conditions set forth in Section 8.2 have
been satisfied. Prior to the Closing, Parent may deliver to Target a supplement
or update to the Parent Disclosure Letter that reflects any event, condition or
circumstance occurring or arising after the Agreement Date that is not otherwise
prohibited pursuant to this Agreement and which, in the aggregate taking into
account all supplemental disclosures (the &#147;<U>Parent Supplemental
Disclosures</U>&#148;) provided pursuant to this Section 7.10, have not had and would
not reasonably be expected to have a Material Adverse Effect on Parent, in which
case, prior to the Closing, the specified representations and warranties made by
Parent will be deemed modified to reflect such event as of the date that such
event occurs or arises for purposes of determining whether the conditions set
forth in Section 8.3 have been satisfied. </P>
<P align=justify style="text-indent: 5%">7.11 <I>Section 16</I>. Prior to the Effective Time, the Target
shall take all such steps as may be required to cause to be exempt under Rule
16b-3 promulgated under the Exchange Act any dispositions of Target Common
Shares (including derivative securities with respect to such shares) that are
treated as dispositions under such rule and result from the transactions
contemplated by this Agreement by each director or officer of the Target who is
subject to the reporting requirements of Section 16(a) of the Exchange Act with
respect to the Target. </P>
<P align=justify style="text-indent: 5%">7.12 <I>Takeover Statutes</I>. Target and Parent shall (i) take
all action necessary to ensure that no state takeover statute or similar statute
or regulation is or becomes applicable to this Agreement, the Merger or any of
the transactions contemplated hereby and (ii) if any state takeover statute or
similar statute or regulation becomes applicable to this Agreement or any of the
transactions contemplated hereby, take all action necessary to ensure that such
transactions may be consummated as promptly as practicable on the terms required
by, or provided for, in this Agreement and otherwise to minimize the effect of
such statute or regulation on the Merger and the other transactions contemplated
by this Agreement. </P>
<P align=justify style="text-indent: 5%">7.13 <I>Parent Shareholders&#146; Meeting</I>. Parent shall, as
promptly as reasonably practicable after the Form F-4 has been declared
effective under the Securities Act, (i) take all steps reasonably necessary to
call, give notice of, convene and hold a special (or annual and special) meeting
of its shareholders (the &#147;<U>Parent Meeting</U>&#148;) for the purpose of securing
the Parent Shareholders&#146; Approval, (ii) distribute to its shareholders a
management information circular in accordance with applicable Law (the
&#147;<U>Parent MIC</U>&#148;), which Parent MIC shall contain the recommendation of the Parent
board of directors that its shareholders approve this Agreement, (iii) use its
commercially reasonable efforts to solicit from its shareholders proxies in
favor of the approval of this Agreement and to secure the Parent Shareholders&#146;
Approval and (iv) cooperate and consult with Target with respect to each of the
foregoing matters. Notwithstanding any Adverse Recommendation Change by the
Target board of directors or the commencement, public proposal, public
disclosure or communication to Parent by Target of any Acquisition Proposal with
respect to Target or any of its Subsidiaries, or any other fact or circumstance
(except for termination of this Agreement pursuant to Article X), this Agreement
shall be submitted to the shareholders of Parent at the Parent Meeting for the
purpose of adopting this Agreement, with such disclosures as shall be required
by applicable Law. As of the Effective Time, and subject to applicable Law,
Parent shall appoint Dennis Higgs, Glenn Catchpole and Paul Saxton, each of
which are existing members of the board of directors of Target, to the board of
directors of Parent which shall be comprised of at least nine (9) members. </P>
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<P align=justify style="text-indent: 5%">7.14 <I>Consents of Accountants</I>. Target and Parent will
each use commercially reasonable efforts to cause to be delivered to each other
consents from their respective independent auditors, dated as of the date on
which the Form F-4 is filed with the SEC, as amended or supplemented, or becomes
effective or a date not more than two days prior to such date, in form
reasonably satisfactory to the recipient and customary in scope and substance
for consents delivered by independent public accountants in connection with
registration statements on Form F-4 under the Securities Act.<B> </B></P>
<P align=justify style="text-indent: 5%">7.15 <I>Commercially Reasonable Efforts</I>. Upon the terms and
subject to the conditions set forth in this Agreement but subject to Section
7.2, each of the parties agrees to use commercially reasonable efforts to take,
or cause to be taken, all actions, and to do, or cause to be done, and to assist
and cooperate with the other parties in doing, all things necessary, proper or
advisable to consummate and make effective, in the most expeditious manner
practicable, the Merger and the other transactions contemplated by this
Agreement, including commercially reasonable efforts to accomplish the
following: (i) the taking of all acts necessary to cause the conditions to the
Closing to be satisfied (but in no event shall a party be required to waive any
such condition) as promptly as practicable; (ii) the obtaining of all necessary
actions or nonactions, waivers, consents, clearances and approvals from
Governmental Authorities and the making of all necessary registrations and
filings, and the taking of all steps as may be necessary to obtain an approval,
clearance or waiver from, or to avoid an action or proceeding by, any
Governmental Authority, including under the HSR Act, or any foreign competition
laws, in each case to the extent determined to be applicable to the Merger and
the parties hereto, (iii) the obtaining of all necessary consents, approvals or
waivers from third parties, (iv) taking all steps as may be necessary to obtain
all such waiting period expirations or terminations, consents, clearances,
waivers, licenses, registrations, permits, authorizations, orders and
approvals.</P>
<P align=justify style="text-indent: 5%">7.16 <I>Shareholder Rights Plan</I><B>. </B>Target will take
steps to cause the Target Shareholder Rights Plan to terminate as of the
Effective Time and each Target Right issued under the Target Shareholder Rights
Plan will terminate and be of no further force or effect effective as of the
Effective Time without any payment to any holder of such Target Rights.</P>
<P align=justify style="text-indent: 5%">7.17 <I>Obligation to Indemnify and Maintain Insurance</I>.
Prior to the Effective Time, Target shall purchase customary &#147;tail&#148; policies of
directors&#146; and officers&#146; liability insurance providing protection no less
favourable in the aggregate to the protection provided by the policies
maintained by Target that are in effect immediately prior to the Effective Time
and providing protection in respect of claims arising from facts or events which
occurred on or prior to the Effective Time and Parent will, or will cause
Surviving Entity and its subsidiaries to, maintain such tail policies in effect
without any reduction in scope or coverage for six (6) years from the Effective
Time. If a tail policy is not available, then Parent agrees that for the period
of two years following the Effective Time, Parent shall cause Surviving Entity
or any successor to Surviving Entity (including any successor resulting from any
winding-up or liquidation or dissolution of any of them) to maintain Target&#146;s
current directors&#146; and officers&#146; insurance policies or substantially equivalent
policies subject in either case to terms and conditions no less advantageous to
the directors and officers of Target than those contained in the policies in
effect on the date of this Agreement, for all present and former directors and
officers of Target, covering claims made prior to or within such two year
period, provided the Parent shall not be required to spend annual premiums in
excess of 300% of the premiums paid by Target. Parent and Surviving Entity will
assume and perform the obligations of Target under each indemnification
agreement entered into between Target and the Indemnified Parties that is in
effect immediately prior to the Effective Time and will delivery on Closing the
written agreement of Parent and Surviving Corporation to assume and perform such
obligations. Parent shall cause the Surviving Entity to reimburse all expenses,
including reasonable attorney&#146;s fees, incurred by any Person to enforce the
obligations of Parent and Surviving Entity under this Section 7.17. </P>
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<P align=justify style="text-indent: 5%">7.18 <I>NI 43-101 Technical Reports.</I></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Target shall take all steps necessary to ensure that, as of
the date (in this subsection the &#147;<U>Filing Date</U>&#148;) which Target files on
SEDAR pursuant to NI 71-102 a Form 10-K in respect of its financial year ended
December 31, 2014, it has filed a technical report in respect of each mineral
property which is material to Target as of the Filing Date which complies with
the requirements of NI 43-101 and which is current as of the Filing Date.
Subject to Parent&#146;s prior approval of all independent qualified persons selected
by Target in connection with the preparation of such technical report, Parent
shall pay fifty percent of the cost for the preparation of any such technical
report. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Parent shall take all steps necessary to ensure that as of
the date on which Parent files on SEDAR an annual information form in respect of
its financial year ended December 31, 2014, Parent has filed a technical report
in respect of each mineral property which is material to Parent as of such
Filing Date which complies with the requirements of NI 43-101 and which is
current as of the Filing Date. </P>
<P align=center><B>ARTICLE VIII </B></P>
<P align=center><B>CONDITIONS TO CONSUMMATION OF THE MERGER </B></P>
<P align=justify style="text-indent: 5%">8.1 <I>Conditions to the Obligation of Each Party</I>. The
respective obligations of each party to effect the Merger shall be subject to
the fulfillment at or prior to the Effective Time of the following conditions:
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) The Target Shareholder Approvals: </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(i) The Target Shareholders&#146; Approval shall have been obtained.
</P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(ii) The Unaffiliated Shareholders&#146; Approval shall have been
obtained. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) No action, suit or proceeding instituted by any
Governmental Authority of competent jurisdiction shall be pending and no
statute, rule, order, decree or regulation and no injunction, order, decree or
judgment of any court or Governmental Authority of competent jurisdiction may be
in effect, in each case, that would prohibit, restrain, enjoin or restrict the
consummation of the Transactions; <I>provided, however</I>, that, subject to
<U>Section 7.5</U>, the party seeking to terminate this Agreement pursuant to
this <U>Section 8.1(b)</U> must have used its reasonable best efforts to cause
this condition to be satisfied. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) The Form F-4 shall have become effective in accordance with
the provisions of the Securities Act and no stop order suspending the
effectiveness of the Form F-4 shall be in effect and no proceeding for such
purpose shall be pending before or threatened by the SEC. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) The Parent Common Shares to be issued in the Merger and
upon exercise of the Substituted Options and the Assumed Warrants shall have
been approved (or conditionally approved, as applicable) for listing on the NYSE
MKT and the TSX, subject to official notice of issuance or customary
conditions.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Any applicable waiting period under the HSR Act shall have
expired or been terminated. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) All filings with, and all consents, approvals and
authorizations of, any Governmental Authority required to be made or obtained by
the Parent Parties, the Target or any of their subsidiaries to consummate the
Merger, including, without limitation, any required filings and or approvals of
the United States Nuclear Regulatory Commission and the State of Utah Division
of Radiation Control, shall have been made or obtained, other than those that if
not made or obtained would not, individually or in the aggregate, have a
Material Adverse Effect on the Target, Parent or Surviving Entity (in each case,
determined, for purposes of this clause, after giving effect to the Merger).<B>
</B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) There shall not be any suit, action, investigation, inquiry
or other proceeding instituted, pending or threatened by any governmental or
other regulatory or administrative agency or commission that seeks to enjoin,
prevent, materially delay or otherwise impose material limitations on the
consummation of the transactions contemplated by this Agreement. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) The Parent Shareholders&#146; Approval shall have been obtained.
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) CFIUS Approval shall have been obtained.</P>
<P align=justify style="text-indent: 5%">8.2 <I>Conditions to the Obligations of the Parent Parties</I>.
The obligation of the Parent Parties to effect the Merger is subject to the
satisfaction at or prior to the Effective Time of the following conditions: </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) The representations and warranties of Target that are not
subject to materiality or Material Adverse Effect set forth in this Agreement
shall be true and correct as of the Agreement Date and as of the Closing Date,
as if made at and as of such time (except to the extent expressly made as of an
earlier date, in which case as of such date), except where the failure of such
representations and warranties that are not subject to materiality or Material
Adverse Effect to be so true and correct individually or in the aggregate has
not had, and would not be reasonably likely to have or result in, a Material
Adverse Effect with respect to Target, and the representations and warranties of
Target that are subject to materiality or Material Adverse Effect set forth in
this Agreement shall be true and correct as of the Agreement Date and as of the
Closing Date, as if made at and as of such time (except to the extent expressly
made as of an earlier date, in which case as of such date). Parent shall have
received a certificate signed on behalf of Target by its Chief Executive Officer
and Chief Financial Officer to the foregoing effect. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Target shall have performed or complied in all material
respects with each of its obligations under this Agreement and any Ancillary
Agreement to which it is a party required to be performed or complied with by it
at or prior to the Effective Time pursuant to the terms of such Agreement. Parent shall have received a certificate signed
on behalf of Target by its Chief Executive Officer and Chief Financial Officer
to the foregoing effect. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) From the Agreement Date through the Effective Time, there
shall not have occurred any Material Adverse Effect with respect to Target or
any event, change or circumstance that would reasonably be likely to result in a
Material Adverse Effect with respect to Target.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Parent shall have received an opinion, dated the Closing
Date, of counsel to Target, in form and substance reasonably satisfactory to
Parent, based upon facts, representations and assumptions set forth in such
opinion which are consistent with the state of facts at the Effective Time, to
the effect that the Target Common Shares shall be regularly traded on an
established securities exchange within the meaning of Treasury Regulation
Section 1.897 -9T(d) as of the Closing Date. In rendering such opinion, counsel
may require and rely upon factual representations contained in certificates of
the officers of the Parent Parties and Target.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Parent shall have received evidence reasonably satisfactory
to it that the aggregate amount of all unpaid costs and expenses incurred by
Target or its Subsidiaries in connection with this Agreement and the
Transactions is not in excess of $1,500,000 (excluding commissions and fees paid
to Haywood or Euro Pacific)(it being understood and agreed that any costs and
expenses that Target shall pay from its available cash at Closing shall be
considered paid from such available cash for purposes of this <U>Section
8.2(f)</U>).<B> </B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) Taxes required to be withheld by Parent or Merger Sub under
Section 1445 of the Code shall not exceed $2,000,000. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) Each consent, waiver and approval set forth in <U>Section
4.4</U> of this Agreement must have been obtained, and Target must have provided
Parent with copies thereof. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) The number of Dissenting Shares held by stockholders
of Target who have exercised dissent rights granted in accordance with Section
3.4 of this Agreement will comprise less than 5% of the issued and outstanding
Target Common Shares. </P>
<P align=justify style="text-indent: 5%">8.3 <I>Conditions to the Obligations of Target</I>. The
obligation of Target to effect the Merger is subject to the satisfaction at or
prior to the Effective Time of the following conditions: </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) The representations and warranties of Parent and Merger Sub
set forth in this Agreement shall be true and correct (without giving effect to
any limitation as to &#147;materiality&#148; or &#147;Material Adverse Effect&#148; set forth
therein) as of the Agreement Date and as of the Closing Date, as if made at and
as of such time (except to the extent expressly made as of an earlier date, in
which case as of such date), except where the failure of such representations
and warranties to be so true and correct (without giving effect to any
limitation as to &#147;materiality&#148; or &#147;Material Adverse Effect&#148; set forth therein)
individually or in the aggregate has not had, and would not be reasonably likely
to have or result in, a Material Adverse Effect with respect to Parent;
<I>provided, however</I>, that the representations and warranties of Parent set
forth in <U>Sections 5.1</U> and <U>5.2</U> shall be true and correct at such
times in all material respects without giving effect to any limitation as to
&#147;materiality&#148; or &#147;Material Adverse Effect&#148; set forth therein. Target shall have
received a certificate signed on behalf of Parent by an authorized officer to
the foregoing effect. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Each of Parent and Merger Sub shall have performed or
complied in all material respects with each of its obligations under this
Agreement and any Ancillary Agreement to which it is a party required to be
performed or complied with by it at or prior to the Effective Time pursuant to the terms of such Agreement. Target shall have
received a certificate signed on behalf of Parent by an authorized officer to
the foregoing effect. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(c) From the Agreement Date through the Effective Time, there
shall not have occurred any Material Adverse Effect with respect to Parent or
any event, change or circumstance that would reasonably be likely to result in a
Material Adverse Effect with respect to Parent. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) The Target Board Nominees will have been appointed to the
board of directors of Parent to be effective immediately after the Effective
Time, and the board of directors of Parent will be constituted as provided in
<U>Section 7.13</U> of this Agreement. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Each consent, waiver and approval set forth in Section 5.4
of this Agreement must have been obtained, and Parent must have provided target
with copies thereof. </P>
<P align=center><B>ARTICLE IX </B></P>
<P align=center><B>SURVIVAL </B></P>
<P align=justify style="text-indent: 5%">9.1 <I>Survival of Representations and Warranties</I>. The
representations and warranties of the parties contained in this Agreement shall
not survive the Effective Time. </P>
<P align=justify style="text-indent: 5%">9.2 <I>Survival of Covenants and Agreements</I>. The covenants
and agreements of the parties to be performed after the Effective Time contained
in this Agreement shall survive the Effective Time. </P>
<P align=center><B>ARTICLE X </B></P>
<P align=center><B>TERMINATION, AMENDMENT AND WAIVER </B></P>
<P align=justify style="text-indent: 5%">10.1 <I>Term and Termination</I>. This Agreement shall be
effective from the date hereof until the earlier of (i) the Effective Time, and
(ii) the termination of this Agreement in accordance with its terms. This
Agreement may be terminated at any time prior to the Effective Time, whether
before or after its approval by the shareholders of Target or Parent: </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) by the mutual written agreement of Parent and Target; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) by either Parent or Target, if the Effective Time has not
occurred on or before July 31, 2015 (the &#147;<U>Termination Date</U>&#148;);
<I>provided, however</I>, that the right to terminate this Agreement pursuant to
this <U>Section 10.1(b)</U> shall not be available to a party whose failure to
fulfill any obligation under this Agreement or breach of any of its
representations and warranties under this Agreement has been the cause of, or
resulted in, the failure of the Merger to have been consummated on or before
such date; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) by either Target or Parent, if after the date hereof, there
shall be enacted or made any applicable Law that makes consummation of the
Merger illegal or otherwise prohibited or if any judgment, injunction, order or
decree of a court or other Governmental Authority of competent jurisdiction
restrains, enjoins or prohibits the consummation of the Merger, and such
judgment, injunction, order or decree becomes final and non-appealable;
<I>provided, however</I>, that, subject to <U>Section 7.5</U>, the right to
terminate pursuant to this <U>Section 10.1(c)</U> shall not be available to any
party whose failure to fulfill any obligation under this Agreement has been the
cause of or resulted in such action; </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(d) by Target, if there has been a breach by Parent or Merger
Sub of any representation, warranty, covenant or agreement set forth in this
Agreement which breach (i) would give rise to the failure of a condition set
forth in <U>Section 8.3(a)</U> or <U>8.3(b)</U> and (ii) if susceptible to cure,
has not been cured in all material respects prior to the earlier to occur of (x)
20 Business Days following delivery by Target and receipt by Parent of written
notice of such breach or (y) the Termination Date; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) by Parent, if there has been a breach by Target of any
representation, warranty, covenant or agreement set forth in this Agreement
which breach (i) would give rise to the failure of a condition set forth in
<U>Section 8.2(a)</U> or <U>8.2(b)</U> and (ii) if susceptible to cure, has not
been cured in all material respects prior to the earlier to occur of (x) 20
Business Days following delivery by Parent and receipt by Target of written
notice of such breach and (y) the Termination Date; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) by either Target or Parent, if the Target Shareholder
Approvals are not obtained because of the failure to obtain such approval upon a
vote at the Target Meeting; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) by either Target or Parent, if the Parent Shareholders&#146;
Approval is not obtained because of the failure to obtain such approval upon a
vote at the Parent Meeting; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) (i) by Parent or Target, if the other respective party
shall have breached or failed to perform in any material respect any of its
covenants or other agreements contained in <U>Section 7.2,</U> (ii) by Parent if
Target shall have failed to hold or otherwise be in material breach of its
obligations to hold the Target Meeting in accordance with its obligations under
<U>Section 7.8</U>, (iii) by Target if Parent shall have failed to hold or
otherwise be in material breach of its obligations to hold the Parent Meeting in
accordance with its obligations under <U>Section 7.13</U>, or (iv) by Parent or
Target, if the board of directors of the other party or any committee thereof
shall have made an Adverse Recommendation Change; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) by Target or Parent, if Target or Parent, as applicable,
will have delivered to Target or Parent, as applicable, the Superior Proposal
Notice of such party&#146;s intent to enter into a merger, acquisition or other
agreement (including an agreement in principle) to effect a Superior Proposal
received by such party in accordance with the provisions of Section 7.2(f)
including the payment by Target to Parent or Parent to Target, as applicable,
the termination fee specified in <U>Section 11.1(b)</U> or <U>Section
11.1(c)</U>, as applicable. It is understood and agreed that, prior to any
termination pursuant to this <U>Section 10.1(i)</U> taking effect, any amendment
to the price or any other material term of a Superior Proposal (such amended
Superior Proposal, a &#147;<U>Modified Superior</U> <U>Proposal</U>&#148;) shall require a
new Superior Proposal Notice and a new five Business Day Match Period with
respect to such Modified Superior Proposal. </P>
<P align=justify style="text-indent: 5%">10.2 <I>Effect of Termination</I>. In the event of the
termination of this Agreement as provided in <U>Section 10.1</U>, written notice
thereof shall forthwith be given by the terminating party to the other party
specifying the provision of this Agreement pursuant to which such termination is
made, and except with respect to the last sentence of each of <U>Section
7.1(a)</U> and <U>Section 7.1(b)</U>, this <U>Section 10.2</U> and <U>Article
XI</U> (and any related definitions contained in any such Sections or Article),
this Agreement shall forthwith become null and void after such termination and
there shall be no liability on the part of Parent, Merger Sub or Target;
<I>provided, however</I>, that nothing herein shall relieve any party from any
liability with respect to any willful, knowing or fraudulent breach of any
representation, warranty, covenant or other obligation under this Agreement.
</P>
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<P align=center><B>ARTICLE XI </B></P>
<P align=center><B>MISCELLANEOUS </B></P>
<P align=justify style="text-indent: 5%">11.1 <I>Expenses</I>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) Whether or not the Merger is consummated, all costs and
expenses incurred in connection with this Agreement and the Transactions shall
be paid by the party incurring such costs or expenses, except as provided in
this <U>Section 11.1</U>. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) Target shall pay Parent a termination fee in the amount of
$5,000,000 (the &#147;<U>Target Termination Fee</U>&#148;), in any of the following
circumstances: </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(i) Parent terminates this Agreement pursuant to Section
10.1(h) (breach by Target of Sections 7.2 or 7.8 or in the event of an Adverse
Recommendation Change by the board of directors of Target), except in the event
of an Adverse Recommendation Change by the board of directors of Target
resulting from the occurrence of a Material Adverse Effect in respect of Parent
as contemplated in Section 7.2(a)(iii); or </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(ii) Target terminates this Agreement pursuant to Section
10.1(i) (Superior Proposal); or </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(iii) (A) Parent terminates this Agreement pursuant to Section
10.1(b) (failure to complete by Termination Date), or (B) either Parent or
Target terminates this Agreement pursuant to Section 10.1(f) (failure to obtain
the Target Shareholders&#146; Approval), and, after the date hereof and prior to such
termination, an Acquisition Proposal with respect to Target is publicly proposed
by any Person (other than Parent or any of its affiliates) or any Person
publicly announces its intention (whether or not conditional) to make an
Acquisition Proposal with respect to Target or such intention has otherwise
become known to Target&#146;s shareholders generally; <I>provided</I>,
<I>however</I>, that Target shall not be required to pay the Termination Fee to
Parent pursuant to this <U>Section</U> <U>11.1(b)(iii)</U> prior to entering
into a definitive agreement and consummating a transaction constituting an
Acquisition Proposal, and shall in no event be required to pay such Termination
Fee if such consummation occurs more than twelve months after the termination of
this Agreement; </P>
<P align=justify style="margin-left: 10%">For the purposes of the foregoing, the term &#147;Acquisition
Proposal&#148; shall have the meaning specified in Section 12.1(b), except that
references to &#147;20% or more&#148; in the definition of &#147;Acquisition Proposal&#148; shall be
deemed to be references to &#147;50% or more&#148;. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) Parent shall pay Target a termination fee in the amount of
$5,000,000 (the &#147;<U>Parent Termination Fee</U>&#148;), in any of the following
circumstances: </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(i) Target terminates this Agreement pursuant to Section
10.1(h) (breach by Parent of Sections 7.2 or 7.13, as applicable, or in the
event of an Adverse Recommendation Change by the board of directors of Parent),
except in the event of an Adverse Recommendation Change by the board of
directors of Parent resulting from the occurrence of a Material Adverse Effect
in respect of Target as contemplated in Section 7.2(a)(iii); or </P>
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<P align=justify style="text-indent: 5%; margin-left: 10%">(ii) Parent terminates this Agreement pursuant to Section
10.1(i) (Superior Proposal); or </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(iii) (A) Target terminates this Agreement pursuant to Section
10.1(b) (failure to complete by Termination Date), or (B) either Parent or
Target terminates this Agreement pursuant to Section 10.1(g) (failure to obtain
the Parent Shareholders&#146; Approval), and, after the date hereof and prior to such
termination, an Acquisition Proposal with respect to Parent is publicly proposed
by any Person (other than Target or any of its affiliates) or any Person
publicly announces its intention (whether or not conditional) to make an
Acquisition Proposal with respect to Parent or such intention has otherwise
become known to Parent&#146;s shareholders generally; provided, however, that Parent
shall not be required to pay the Termination Fee to Target pursuant to this
Section 11.1(c)(iii) prior to entering into a definitive agreement and
consummating a transaction constituting an Acquisition Proposal, and shall in no
event be required to pay such Termination Fee if such consummation occurs more
than twelve months after the termination of this Agreement. </P>
<P align=justify style="margin-left: 10%">For the purposes of the foregoing, the term &#147;Acquisition
Proposal&#148; shall have the meaning specified in Section 12.1(b), except that
references to &#147;20% or more&#148; in the definition of &#147;Acquisition Proposal&#148; shall be
deemed to be references to &#147;50% or more&#148;. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(d) Except as otherwise set forth above, any payment required
pursuant to this <U>Section 11.1</U> shall be made within one Business Day after
termination of this Agreement by wire transfer of immediately available funds to
an account designated by Parent. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) Each of Target and Parent acknowledges that the agreements
contained in this <U>Section 11.1</U> are an integral part of the Transactions
and that, without these agreements, neither Parent nor Target would enter into
this Agreement. Each of Target and Parent acknowledges that the payments of the
amounts set out in this <U>Section 11.1</U> are a genuine pre-estimate of the
damages, which the party entitled to such damages will suffer or incur as a
result of the event giving rise to such payment and the resultant termination of
this Agreement and accordingly are not penalties. If Target or Parent fails
promptly to pay any amount due pursuant to this <U>Section 11.1</U>, and, in
order to obtain such payment, Parent or Target commences a suit that results in
a judgment against Target or Parent for such payment, Target or Parent, as
applicable, shall pay to Parent or Target, as applicable, its costs and expenses
(including attorneys&#146; fees and expenses) in connection with such suit, together
with interest on the amount of the payment at a rate of 10% per annum. For
greater certainty, each of Target and Parent agrees that, upon any termination
of this Agreement under circumstances where Target or Parent is entitled to a
Termination Fee and such Termination Fee is paid in full, Target or Parent, as
the case may be, shall be precluded from any other remedy against the other
party at Law or in equity or otherwise (including, without limitation, an order
for specific performance), and shall not seek to obtain any recovery, judgment,
or damages of any kind, including consequential, indirect, or punitive damages,
against the other party or any of its Subsidiaries or any of their respective
directors, officers, employees, partners, managers, members, shareholders or
affiliates or their respective representatives in connection with this Agreement
or the transactions contemplated hereby, provided, however, that payment by a
party of a Termination Fee shall not be in lieu of any damages or any other
payment or remedy available (including, without limitation, an order for
specific performance) in the event of any wilful or intentional breach by such
party of any of its obligations under this Agreement. </P>
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<P align=justify style="text-indent: 5%">11.2 <I>Notices</I>. All notices or communications hereunder
shall be in writing (including facsimile or similar writing) addressed as
follows: </P>
<P style="MARGIN-LEFT: 5%" align=justify>To Parent or Merger Sub: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Energy Fuels Inc. <BR>225 Union Blvd.
<BR>Suite 600 <BR>Lakewood, Colorado 80228 <BR>Attention: Stephen P. Antony,
Chief Executive Officer <BR>Facsimile: (303) 974-2141 </P>
<P style="MARGIN-LEFT: 5%" align=justify>With a copy (which shall not constitute
notice) to: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Dorsey &amp; Whitney LLP <BR>TD Canada
Trust Tower, Brookfield Place <BR>161 Bay Street <BR>Suite 4310 <BR>Toronto,
Ontario M5J 2S1 <BR>Attention: Richard B. Raymer <BR>Facsimile: (416) 367-7371
</P>
<P style="MARGIN-LEFT: 5%" align=justify>And (which shall not constitute notice)
to: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Borden Ladner Gervais LLP <BR>Scotia
Plaza <BR>40 King Street West, 44<SUP>th</SUP> Floor <BR>Toronto, Ontario M5H
3Y4 <BR>Attention: Mark Wheeler <BR>Facsimile: (416) 361-7376 </P>
<P style="MARGIN-LEFT: 5%" align=justify>To Target: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Uranerz Energy Corporation <BR>1701
East &#147;E&#148; Street <BR>PO Box 50850 <BR>Casper, WY 82605 <BR>Attention: Glenn
Catchpole, Chief Executive Officer <BR>Facsimile: (307) 265-8904 </P>
<P style="MARGIN-LEFT: 5%" align=justify>With a copy (which shall not constitute
notice) to: </P>
<P style="MARGIN-LEFT: 10%" align=justify>McMillan LLP <BR>Royal Centre <BR>1055
W. Georgia Street, Suite 1500 <BR>PO Box 11117 <BR>Vancouver, BC V6E 4N7
<BR>Attention: Michael Taylor <BR>Facsimile: (604) 685-7084 </P>
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<P align=justify style="text-indent: 5%">Any such notice or communication shall be deemed given (a) when
made, if made by hand delivery, and upon confirmation of receipt, if made by
facsimile, (b) one Business Day after being deposited with a next-day courier,
postage prepaid or (c) three Business Days after being sent certified or
registered mail, return receipt requested, postage prepaid, in each case
addressed as above (or to such other address as such party may designate in
writing from time to time). </P>
<P align=justify style="text-indent: 5%">11.3 <I>Severability</I>. If any provision of this Agreement
shall be declared to be invalid or unenforceable, in whole or in part, such
invalidity or unenforceability shall not affect the remaining provisions hereof,
which shall remain in full force and effect. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the
parties shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the Transactions may be consummated as
originally contemplated to the fullest extent possible. </P>
<P align=justify style="text-indent: 5%">11.4 <I>Assignment</I>. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective heirs, legal
representatives, successors, and assigns; <I>provided, however</I>, that, except
for Merger Sub, the rights of which may be assigned to another wholly owned
Subsidiary of Parent, neither this Agreement nor any rights hereunder shall be
assignable or otherwise subject to hypothecation and any assignment in violation
hereof shall be null and void. </P>
<P align=justify style="text-indent: 5%">11.5 <I>Interpretation</I>. The headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. All references to &#147;dollars&#148; or &#147;$&#148;
shall mean United States dollars. Whenever the words &#147;include,&#148; &#147;includes&#148; or
&#147;including&#148; are used in this Agreement, they shall be deemed to be followed by
the words &#147;without limitation.&#148; This Agreement shall be construed without regard
to any presumption or rule requiring construction or interpretation against the
drafting party. </P>
<P align=justify style="text-indent: 5%">11.6 <I>Knowledge</I>. References to &#147;Knowledge&#148; of Target
shall mean the actual knowledge of the executive officers or general counsel of
Target. References to &#147;Knowledge&#148; of Parent shall mean the actual knowledge of
the executive officers or general counsel of Parent.</P>
<P align=justify style="text-indent: 5%">11.7 <I>Counterparts</I>. This Agreement may be executed in one
or more counterparts, all of which shall be considered one and the same
Agreement, and shall become effective when one or more such counterparts have
been signed by each of the parties and delivered to each party. </P>
<P align=justify style="text-indent: 5%">11.8 <I>Entire Agreement</I>. This Agreement, together with all
documents contemplated herein or required hereby and the Confidentiality
Agreement, represent the entire agreement of the parties with respect to the
subject matter hereof and shall supersede any and all previous contracts,
arrangements or understandings between the parties with respect to the subject
matter hereof. </P>
<P align=justify style="text-indent: 5%">11.9 <I>Governing Law</I>. This Agreement shall be construed,
interpreted, and governed in accordance with the laws of the state of<B>
</B>Nevada, without reference to rules relating to conflicts of law. </P>
<P align=justify style="text-indent: 5%">11.10 <I>Submission to Jurisdiction</I>. Each party to this
Agreement submits to the exclusive jurisdiction of any state or federal court
sitting in the State of Nevada in any dispute or action arising out of or
relating to this Agreement and agrees that all claims in respect of such dispute
or action may be heard and determined in any such court. Each party also agrees
not to bring any dispute or action arising out of or relating to this Agreement
in any other court. Each party agrees that a final judgment in any dispute or
action so brought will be conclusive and may be enforced by dispute or action on
the judgment or in any other manner provided at law (common, statutory or other)
or in equity. Each party waives any defense of inconvenient forum to the maintenance of any dispute
or action so brought and waives any bond, surety, or other security that might
be required of any other party with respect thereto. </P>
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<P align=justify style="text-indent: 5%">11.11 <I>Waiver of Jury Trial</I>. Each of Target and Parent
acknowledges and agrees that any controversy which may arise under this
Agreement is likely to involve complicated and difficult issues and, therefore,
each such party irrevocably and unconditionally waives any right it may have to
a trial by jury in respect of any legal action arising out of or relating to
this Agreement or the Transactions contemplated by this Agreement. Each of the
Target and Parent certifies and acknowledges that (i) no representative of any
other party to this Agreement has represented, expressly or otherwise, that such
other party would not seek to enforce the foregoing waiver in the event of a
legal action, (ii) such party has considered the implications of this waiver,
(iii) such party makes this waiver voluntarily, and (iv) such party has been
induced to enter into this Agreement by, among other things, the mutual waivers
and certifications of this <U>Section 11.10</U>.</P>
<P align=justify style="text-indent: 5%">11.12 <I>Attorneys&#146; Fees</I>. If any action at law or equity,
including an action for declaratory relief, is brought to enforce or interpret
any provision of this Agreement, the prevailing party shall be entitled to
recover reasonable attorneys&#146; fees and expenses from the other party, which fees
and expenses shall be in addition to any other relief which may be awarded. </P>
<P align=justify style="text-indent: 5%">11.13 <I>No Third Party Beneficiaries</I>. No Person other than
the parties is an intended beneficiary of this Agreement or any portion hereof.
</P>
<P align=justify style="text-indent: 5%">11.14 <I>Disclosure Letters</I>. The disclosures made on any
disclosure letter, including the Target Disclosure Letter, with respect to any
representation or warranty, shall be deemed to be made with respect to any other
representation or warranty requiring the same or similar disclosure to the
extent that the relevance of such disclosure to other representations and
warranties is reasonably apparent from the face of the disclosure letter. The
inclusion of any matter on any disclosure letter will not be deemed an admission
by any party that such listed matter is material or that such listed matter has
or would have a Material Adverse Effect with respect to Parent or Target, as
applicable, or would otherwise be material to any party. </P>
<P align=justify style="text-indent: 5%">11.15 <I>Amendments and Supplements</I>. At any time before or
after approval of the matters presented in connection with the Merger by the
shareholders of Target and prior to the Effective Time, this Agreement may be
amended or supplemented in writing by Parent and Target with respect to any of
the terms contained in this Agreement, except as otherwise provided by Law;
<I>provided</I>, <I>however</I>, that following approval of this Agreement by
the shareholders of Target, there shall be no amendment or change to the
provisions hereof unless permitted by the Merger Act without further approval by
the shareholders of Target. </P>
<P align=justify style="text-indent: 5%">11.16 <I>Extensions, Waivers, Etc</I>. At any time prior to the
Effective Time, either party may extend the time for the performance of any of
the obligations or acts of the other party; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) waive any inaccuracies in the representations and
warranties of the other party contained herein or in any document delivered
pursuant hereto; or </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) subject to the proviso of <U>Section 11.14</U>, waive
compliance with any of the agreements or conditions of the other party contained
herein. </P>
<P align=justify style="text-indent: 5%">Notwithstanding the foregoing, no failure or delay by Parent or
Target in exercising any right hereunder shall operate as a waiver thereof nor
shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right hereunder. Any agreement on
the part of a party hereto to any such extension or waiver shall be
valid only if set forth in an instrument in writing signed on behalf of such
party. </P>
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<P align=center><B>ARTICLE XII </B></P>
<P align=center><B>DEFINITIONS </B></P>
<P align=justify style="text-indent: 5%">12.1 <I>Defined Terms</I>. The following terms shall have the
following meanings for the purposes of this Agreement: </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(a) &#147;<U>Ancillary Agreement</U>&#148; means each Voting Agreement
and any other agreement, document or instrument to be entered into by any party
hereto in connection with the Merger, any other Transaction or this Agreement.
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(b) &#147;<U>Acquisition Proposal</U>&#148; means, with respect to Target
or the Parent, any proposal or offer, or public announcement of an intention to
make a proposal or offer, to such party or its security holders from any Person
or group of Persons "acting jointly or in concert" (within the meaning of
Multilateral Instrument 62-104 &#150; Take-Over Bids and Issuer Bids) which
constitutes, or may be reasonably expected to lead to (in either case whether in
one transaction or a series of transactions): </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(i) any take-over bid, issuer bid, amalgamation, plan of
arrangement, business combination, merger, tender offer, exchange offer,
consolidation, recapitalization or reorganization resulting in any Person or
group of Persons owning 20% or more of the issued and outstanding equity or
voting interests of Target or the Parent; </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(ii) any sale of assets (or any lease, long-term supply
arrangement, licence or other arrangement having the same economic effect as a
sale) of Target or the Parent representing 20% or more of the consolidated
assets (based on the fair market value thereof), revenues or earnings of Target
or the Parent and for clarity includes (but not limited to) the sale of (1) with
respect to the Target, any one of the Nichols Ranch project (and/or processing
plant), the Hank project, the Jane Dough project and (2) with respect to the
Parent, any one of the White Mesa Mill and any surrounding mineral properties
described in Parent&#146;s latest filed annual report on Form 40-F (other than
properties described as being non-material in such annual report on Form 40-F),
the Roca Honda Project, Gas Hills project or the Sheep Mountain project; and
</P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(iii) any sale or issuance of shares or other equity interests
(or securities convertible into or exercisable for such shares or interests) in
Target or the Parent representing 20% or more of the issued and outstanding
equity or voting interests of Target or the Parent; and </P>
<P align=justify style="text-indent: 5%; margin-left: 10%">(iv) any arrangement whereby effective operating control of
Target or Parent is granted to another party or Person. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(c) &#147;<U>Audit</U>&#148; means any audit, assessment of Taxes, other
examination by any Tax Authority, proceeding or appeal of such proceeding
relating to Taxes. </P>
<P align=center>69 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(d) &#147;<U>Business Day</U>&#148; means a day, other than a Saturday or
Sunday, on which the principal commercial banks located in Toronto, Ontario or
Las Vegas, Nevads are open for the conduct of business. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(e) &#147;<U>CFIUS</U>&#148; means the Committee on Foreign Investment in
the United States. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(f) <U>&#147;CFIUS Approval</U>&#148; means (i) the Target and Parent
shall have received a written notification issued by CFIUS that it has
determined that (A) it lacks jurisdiction over the transaction; (B) it has
concluded its review under Section 721 and has determined that there are no
unresolved national security concerns with respect to the transaction; or (C) if
CFIUS undertakes investigation of the transaction, Parent and Target shall have
received notification that the U.S. government has concluded all action under
Section 721 and has determined that there are no unresolved national security
concerns with respect to the transaction and no Material Mitigation Measure has
been imposed on either Target or Parents by CFIUS as a condition to proceeding
with the transaction.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(g) &#147;<U>Code</U>&#148; means Internal Revenue Code of 1986, as
amended, and the Treasury Regulations promulgated thereunder.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(h) &#147;<U>Confidentiality Agreement</U>&#148; means the
confidentiality agreement between Energy Fuels Inc. and Uranerz Energy
Corporation dated June 30, 2014, as amended on December 4, 2014. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(i) &#147;<U>Environmental Laws</U>&#148; means all applicable federal,
state and local laws and regulations, as amended, relating to pollution or
protection of human health or the environment (including ambient air, surface
water, groundwater, land surface, or subsurface strata) and which are
administered, interpreted, or enforced by the United States Environmental
Protection Agency, other federal agencies, and state and local agencies with
jurisdiction over and including common law in respect of, pollution or
protection of the environment, including without limitation the Clean Air Act,
the Federal Water Pollution Control Act (also known as the Clean Water Act), the
Oil Pollution Act of 1990, the Rivers and Harbors Act of 1899, the Safe Drinking
Water Act, the Emergency Planning and Community Right-to-Know Act, the Superfund
Amendments and Reauthorization Act of 1986, the Resource Conservation and
Recovery Act, the Comprehensive Environmental Response Compensation and
Liability Act, the Hazardous and Solid Waste Amendments Act of 1984, the Toxic
Substances Control Act, the Occupational Safety and Health Act, the Hazardous
Materials Transportation Act, the National Environmental Policy Act, the Mine
Safety and Health Act, Atomic Energy Act, Federal Land Policy and Management
Act, 1897 Organic Act, and National Historic Preservation Act, each as amended,
and other federal and applicable state, local and foreign laws and regulations
relating to emissions, discharges, releases, or threatened releases of any
Hazardous Substances, or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport, or handling of any
Hazardous Substances.</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(j) &#147;<U>Exchange Act</U>&#148; means the United States Securities
Exchange Act of 1934, as amended. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(k) &#147;<U>Form F-4</U>&#148; means the registration statement on Form
F-4 to be filed by Parent with the SEC in order to register (i) the Parent
Common Shares issuable upon completion of the Merger, and (ii) the Parent Common
Shares issuable upon exercise of the Assumed Warrants. </P>
<P align=center>70 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(l) &#147;<U>Governmental Authority</U>&#148; means (i) any governmental
department, commission, board, bureau, agency, court or other instrumentality,
whether foreign or domestic, of any country, nation, republic, federation or
similar entity or any state, county, parish or municipality, jurisdiction, (ii)
any political subdivision or authority of any of the above, (iii) any
quasi-governmental or private body exercising any regulatory, expropriation or
taxing authority under or for the account of any of the foregoing, and (iv) any
self-regulatory organization or stock exchange, including the TSX and NYSE MKT.
</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(m) &#147;<U>Hazardous Substances</U>&#148; means any chemicals,
pollutants, contaminants, wastes, toxic substances, hazardous substances,
petroleum, petroleum products or any substance regulated under any Environmental
Law. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(n) &#147;<U>Hedging Agreement</U>&#148; means, with respect to any
Person, any interest rate swap agreement, interest rate cap agreement, interest
rate collar agreement, commodity price protection agreement, foreign exchange
protection agreement, and any other agreement or arrangement designed to protect
such Person against fluctuations in interest rates, commodity prices or foreign
exchange rates, as any such agreement is amended, supplemented or modified from
time to time. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(o) &#147;<U>Indebtedness</U>&#148; means, with respect to any Person,
(a) all indebtedness of such party or any of its Subsidiaries for the repayment
of borrowed money, whether or not represented by bonds, debentures, notes or
similar instruments, (b) all other indebtedness and obligations of such party or
any of its Subsidiaries evidenced by bonds, debentures, notes or similar
instruments, under loan agreements, security agreements, mortgages, deeds of
trust, Hedging Agreements or letter of credit reimbursement agreements, (c)
other commitments or obligations by which such party or any of its Subsidiaries
assures against loss (including contingent reimbursement obligations with
respect to letters of credit, bankers&#146; acceptances or similar instruments), (d)
commitments (contingent or otherwise) of such party or any of its Subsidiaries
to pay deferred purchase amounts for property or services, including all notes,
&#147;earn-out&#148; payments, purchase price adjustment payments and non-competition
payments and (e) guarantees or similar contingent liabilities of such party or
any of its Subsidiaries (including so called take-or-pay or keep-well
agreements) with respect to any indebtedness, obligation, claim or Liability of
any other Person. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(p) &#147;<U>Law</U>&#148; means any applicable laws, including
international, national, provincial, state, municipal and local laws, treaties,
statutes, ordinances, judgments, decrees, injunctions, writs, certificates and
orders, by-laws, rules, regulations, ordinances, or other requirements of any
Governmental Authority having the force of law or any listing rule of any
applicable stock exchange. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(q) &#147;<U>Liabilities</U>&#148; means, with respect to any Person, any
liability or obligation of such Person of any kind, character or description,
whether known or unknown, absolute or contingent, accrued or unaccrued, disputed
or undisputed, liquidated or unliquidated, secured or unsecured, joint or
several, due or to become due, vested or unvested, executory, determined,
determinable or otherwise, and whether or not the same is required to be accrued
on the financial statements of such Person. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(r) &#147;<U>Liens</U>&#148; means liens, pledges, voting agreements,
voting trusts, proxy agreements, security interests, mortgages, and other
possessory interests, conditional sale or other title retention agreements,
assessments, easements, rights of way, covenants, restrictions, rights of first
refusal by any third parties, encroachments, and other burdens, options or
encumbrances of any kind. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(s) &#147;<U>List</U>&#148; means the United States Environmental
Protection Agency&#146;s National Priorities List (NPL) of Hazardous Substance Sites
or CERCLA Information System (CERCLIS) or any similar list maintained by any
state regulatory agency with respect to sites from which there has been a
release of Hazardous Substances. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(t) &#147;<U>Material Adverse Effect</U>&#148; means any effect that is,
or could reasonably be expected to be, material and adverse to the business,
condition (financial or otherwise), properties, assets (tangible or intangible),
liabilities (whether absolute, accrued, conditional or otherwise), operations or
results of operations of such party and its subsidiaries taken as a whole, other
than any effect: (i) relating to the Canadian or United States economies,
political conditions or securities markets in general; (ii) affecting the
uranium mining or milling industry or nuclear power generation industry in
general; (iii) resulting from changes in the price of uranium; (iv) relating to
a change in the market trading price of shares of Target or Parent, either (a)
related to this Agreement and the Merger or the announcement thereof or (b)
related to such a change in the market trading price primarily resulting from a
change, effect, event or occurrence excluded from this definition of Material
Adverse Effect referred to in clause (i), (ii), (iii) above, or (v), below or
(v) relating to any generally applicable change in applicable laws (other than
orders, judgments or decrees against such person or any of its subsidiaries) or
in accounting principles or standards applicable to Target or Parent;
<I>provided, however</I>, that the effect referred to in (i), (ii) or (v) above
does not primarily relate only to (or have the effect of primarily relating only
to) the Target, the Parent or any Subsidiary of Parent, taken as a whole, or
disproportionately adversely the Target, the Parent or any Subsidiary of Parent,
taken as a whole, compared to other companies of similar size operating in the
industry in which it and its subsidiaries operate. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(u) &#147;<U>Material Contract</U>&#148; means, with respect to a party,
any contract, arrangement, commitment or understanding (whether written or
oral), that (i) is a material contract (as defined in Item 601(b)(10) of SEC
Regulation S-K) with respect to the party to be performed after the Agreement
Date, (ii) materially restrains, limits or impedes the ability of the party or
any of its Subsidiaries or other affiliates to compete with or conduct any
business or any line of business (including (A) agreements that impose
geographic limitations on activities, (B) agreements that impose restraints on
the right to solicit employees and (C) any confidentiality agreement, area of
mutual interest or standstill agreement with any Person (or any agent thereof)
that contains any exclusivity or standstill provisions that are or will be
binding on a party or any of its Subsidiaries or other affiliates (including,
after the Effective Time,)), (iii) contains a provision of the type commonly
referred to as a &#147;most favored nation&#148; provision for the benefit of a party
other than the party or its Subsidiaries, (iv) contains a put, call or other
right of acquisition or disposition pursuant to which the party or any of its
Subsidiaries could be required to purchase or sell, as applicable, any equity
interests (including licensing or leasehold interests) of any Person or assets
that have a market value or purchase price of more than $100,000, (v) entitles
any current or former officer, employee, director or other independent
contractor of the a party or any Subsidiary to any change in control payment or
benefit, transaction bonus, severance pay or similar benefit, (vi) is a
partnership or joint venture relating to the formation, creation, operation,
management or control of any material partnership or joint venture, or (vii)
relates to Indebtedness in excess of $100,000 of Target, or (viii) relates to
the sale of uranium concentrates where the value of the uranium concentrates to
be sold is in excess of $100,000. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(v) &#147;<U>Material Mitigation Measure</U>" means any mitigation
measure proposed by CFIUS that (i) requires Parent to hold its ownership
interests in Target indirectly, such as through proxy holders or in a voting
trust; (ii) materially interferes with Parent&#146;s ability to participate in the
management of Target; (iii) requires the exclusion of any material asset from
the scope of the transaction or Parent or Target to dispose of any material
portion of its businesses, operations, assets or product lines (or any combination thereof); or (iv)
otherwise is reasonably likely to result in a Material Adverse Effect on Target
or Parent. </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(w) &#147;<U>NI 43-101</U>&#148; means National Instrument 43-101 &#150;
<I>Standards of Disclosure for Mineral Projects </I>adopted by the Canadian
Securities Administrators. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(x) &#147;<U>Parent Common Shares</U>&#148; means common shares in the
capital of Parent, no par value, as constituted on the Agreement Date. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(y) &#147;<U>Parent Material Subsidiaries</U>&#148; means each of Energy
Fuels Holdings Corp., Titan Uranium Inc., Uranium Power Corp., Energy Fuels
Wyoming Inc., Magnum Uranium Corp., Magnum Mineral USA Corp., Colorado Plateau
Partners LLC, EFR White Canyon Corp., EFR White Mesa LLC, EFR Arizona Strip LLC,
EFR Henry Mountains LLC, EFR Colorado Plateau LLC, Energy Fuels Resources (USA)
Inc., and Strathmore Minerals Corp., Strathmore Resources (US) Ltd., Roca Honda
Resources LLC, Wyoming Gold Mining Company, CK Mining Corp., Saratoga Gold
Company Ltd.<B> </B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(z) &#147;<U>Permitted Lien</U>&#148; means (i) Liens for Taxes and other
governmental charges and assessments (except assessments for public improvements
levied, pending or deferred against the Real Property) that are not yet due and
payable or which are being contested in good faith by appropriate proceedings
(provided required payments have been made in connection with any such contest),
(ii) Liens of carriers, warehousemen, mechanics&#146; and materialmen and other like
Liens arising in the ordinary course of business (provided lien statements have
not been filed as of the Closing Date), (iii) easements, rights of way and
restrictions, zoning ordinances and other similar Liens affecting the Real
Property and which do not adversely affect title to, detract from the value of,
or impair the existing or proposed use of, the property affected by such lien or
imperfection, (iv) statutory Liens in favor of lessors arising in connection
with any property leased to Target or any Subsidiary and (v) liens granted by
Uranerz under the Wyoming Bond Financing Agreement, including the mortgage,
assignment of revenues, security agreement, fixture filing and financing
statement between Target, as mortgagor, and UMB Bank, n.a., as trustee and
mortgagee dated as of November 26, 2013 with respect to the $20,000,000 Johnson
County, Wyoming Taxable Industrial Development Revenue Bond (Uranerz Energy
Corporation Project) Series 2013.<B> </B></P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(aa) &#147;<U>Person</U>&#148; means an individual, a corporation, a
limited liability company, a partnership, an association, a trust or any other
entity or organization, including any Governmental Authority. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(bb) &#147;<U>Section 721</U>&#148; means Section 721 of the Defense
Production Act of 1950, as amended by the Foreign Investment and National
Security Act of 2007. </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(cc) &#147;<U>Securities Act</U>&#148; means the United States Securities
Act of 1933, as amended; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(dd) &#147;<U>Subsidiary</U>&#148; means, with respect to any Person,
another Person in which such first Person owns, directly or indirectly, an
amount of the voting securities, other voting ownership or voting partnership
interests of which is sufficient to elect at least a majority of its board of
directors or other governing body (or, if there are no such voting interests,
fifty percent (50%) or more of the equity interests of such Person).</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(ee) &#147;<U>Superior Proposal</U>&#148; means a bona fide Acquisition
Proposal that is made in writing after the date hereof and did not result from
the breach of Section 7.2 by Target, Parent, or their Representatives and that the board of directors of
Target or the board of directors of Parent determines in good faith after
consultation with its legal and financial advisors: </P>

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<P align=justify style="text-indent: 5%; margin-left: 5%">(i) is made to Target (or Parent) or all the Target common
shareholders (or Parent common shareholders) and in compliance with applicable
securities Laws, and is made for all or substantially all of the assets of
Target or Parent or all Target shares, or Parent shares not owned by the person
making the Acquisition Proposal; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(ii) that funds or other consideration necessary for the
consummation of such Acquisition Proposal are available to ensure that the third
party will have the funds or other consideration necessary for the consummation
of the Acquisition Proposal; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(iii) if consummated in accordance with its terms (but not
assuming away any risk of non-completion), would result in a transaction
financially superior for Target or Parent and its security holders than the
transaction contemplated by this Agreement, taking into account the form and
amount of consideration, the likelihood and timing of completion and the other
terms thereof (after due consideration of the legal, financial, regulatory and
other aspects of such proposal and other factors deemed relevant by the board of
directors of Target or the board of directors of Parent); </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(iv) is reasonably capable of completion in accordance with its
terms taking into account all legal, financial, regulatory and other aspects of
such Acquisition Proposal; </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(v) is not subject to approval by the board of directors or the
equivalent of the third party, is not subject to the third party receiving a
fairness opinion or similar evaluation, and is not subject to a due diligence
condition; and </P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(vi) that the taking of action in respect of such Acquisition
Proposal is necessary for the board of directors of Target or board of directors
of Parent in the discharge of its fiduciary duties under applicable Laws. </P>
<P align=justify style="text-indent: 5%">(ff) &#147;<U>Target Book-Entry Shares</U>&#148; means uncertificated
book-entry Target Common Shares outstanding immediately prior to the Effective
Time; </P>
<P align=justify style="text-indent: 5%">(gg) &#147;<U>Target Common Shares</U>&#148; means shares of common stock
of Target, $0.001 par value, as constituted on the Agreement Date; </P>
<P align=justify style="text-indent: 5%">(hh) &#147;<U>Target Physical Shares</U>&#148; means Target Common Shares
represented by definitive physical share certificates immediately prior to the
Effective Time; </P>
<P align=justify style="text-indent: 5%">(ii) &#147;<U>Tax Authority</U>&#148; means the Internal Revenue Service
and any other domestic or foreign Governmental Authority responsible for the
administration of any Taxes. </P>
<P align=justify style="text-indent: 5%">(jj) &#147;<U>Tax Returns</U>&#148; means all federal, state, local and
foreign tax returns, declarations, statements, reports, schedules, forms and
information returns and any amended Tax Return relating to Taxes. </P>
<P align=justify style="text-indent: 5%">(kk) &#147;<U>Taxes</U>&#148; means all federal, state, local and foreign
taxes, and other assessments of a similar nature (whether imposed directly or
through withholding), including any interest, additions to tax, or penalties applicable thereto and including
any obligations to indemnify or otherwise assume or succeed to the Tax liability
of any other Person.</P>
<P align=center>74 </P>
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<P align=justify style="text-indent: 5%; margin-left: 5%">(ll) &#147;<U>Wyoming Bond Financing Agreement</U>&#148; means the
financing agreement between Target and Johnson County, Wyoming dated as of
November 2, 2013 with respect to the $20,000,000 Johnson County, Wyoming Taxable
Industrial Development Revenue Bond (Uranerz Energy Corporation Project) Series
2013. </P>
<P align=justify style="text-indent: 5%">12.2 <I>Additional Defined Terms</I>. </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><U>Term</U></B> </TD>
    <TD align=right width="15%"><B><U>Section</U></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>2013Parent Balance Sheet </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>5.7 </TD></TR>
  <TR vAlign=top>
    <TD align=left>2013Target Balance Sheet </TD>
    <TD noWrap align=right width="15%">4.7 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Acceptable Confidentiality Agreement </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>7.2(e)(ii)(A) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Adverse Recommendation Change </TD>
    <TD noWrap align=right width="15%">7.2(f) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Agreement </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>Preamble </TD></TR>
  <TR vAlign=top>
    <TD align=left>Agreement Date </TD>
    <TD noWrap align=right width="15%">Preamble </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Articles of Merger </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>1.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Assumed Warrants </TD>
    <TD noWrap align=right width="15%">3.3(d) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Canadian Securities Regulatory Authorities
    </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>5.5(b) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cantor </TD>
    <TD noWrap align=right width="15%">5.27 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Closing Date </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>3.5 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Closing </TD>
    <TD noWrap align=right width="15%">3.5 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Corporations Act </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>2.1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dissenting Shares </TD>
    <TD noWrap align=right width="15%">3.4(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>EDGAR </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>Preamble to Article IV
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Effective Time </TD>
    <TD noWrap align=right width="15%">1.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Enforceability Exception </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Exchange Agent </TD>
    <TD noWrap align=right width="15%">3.2(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exchange Fund </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>3.2(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Exchange Instructions </TD>
    <TD noWrap align=right width="15%">3.2(b) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exchange Ratio </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>3.1(b) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Euro Pacific </TD>
    <TD noWrap align=right width="15%">4.22 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>GAAP </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.6 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Haywood </TD>
    <TD noWrap align=right width="15%">4.22 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>HSR Act </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.4(b) </TD></TR>
  <TR vAlign=top>
    <TD align=left>IFRS </TD>
    <TD noWrap align=right width="15%">5.6 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Knowledge </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>11.6 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Match Period </TD>
    <TD noWrap align=right width="15%">7.2(f)(iv) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Merger </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>Preamble </TD></TR>
  <TR vAlign=top>
    <TD align=left>Merger Act </TD>
    <TD noWrap align=right width="15%">1.1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Merger Sub </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>Preamble </TD></TR>
  <TR vAlign=top>
    <TD align=left>Modified Superior Proposal </TD>
    <TD noWrap align=right width="15%">10.1(i) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>NRS </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>1.1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>NYSE MKT </TD>
    <TD noWrap align=right width="15%">1.3 </TD></TR></TABLE>
<P align=center>75 </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><U>Term</U></B> </TD>
    <TD align=right width="15%"><B><U>Section</U></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent </TD>
    <TD align=right width="15%" bgColor=#e6efff>Preamble </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent 43-101 Technical Reports </TD>
    <TD noWrap align=right width="15%">5.16(k) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Benefit Plan </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>5.12(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent Debentures </TD>
    <TD noWrap align=right width="15%">5.2(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Disclosure Letter </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>Preamble to Article V
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent ERISA Affiliate </TD>
    <TD noWrap align=right width="15%">5.12(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Fee Property </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>5.16(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent Improvements </TD>
    <TD noWrap align=right width="15%">5.16(f) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Intellectual Property </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>5.25 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent Listed Personal Property </TD>
    <TD noWrap align=right width="15%">5.16(f) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Meeting </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>7.13 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent MIC </TD>
    <TD noWrap align=right width="15%">7.13 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Mining Claims </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>5.16(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent Options </TD>
    <TD noWrap align=right width="15%">5.2(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Parties </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>Preamble </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent Permits </TD>
    <TD noWrap align=right width="15%">5.14 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Preferred Shares </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>5.2(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent Property Contracts </TD>
    <TD noWrap align=right width="15%">5.16(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Real Property </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>5.16(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent Rights Plan </TD>
    <TD noWrap align=right width="15%">5.2(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent SEC Reports </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>5.5(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent SEDAR Reports </TD>
    <TD noWrap align=right width="15%">5.5(b) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Shareholders&#146; Approval </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>5.18 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent Stock Option Plan </TD>
    <TD noWrap align=right width="15%">5.2(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Supplemental Disclosures </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>7.10 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent Termination Fee </TD>
    <TD noWrap align=right width="15%">11.1(c) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Voting Agreements </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>Preamble </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parent Warrants </TD>
    <TD noWrap align=right width="15%">5.2(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Parent Water Rights </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>5.16(e) </TD></TR>
  <TR vAlign=top>
    <TD align=left>PCBs </TD>
    <TD noWrap align=right width="15%">4.13(e) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Potential Acquisition Proposal </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>7.2(d) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Proxy Statement/Prospectus </TD>
    <TD noWrap align=right width="15%">4.19 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Representatives </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>7.2(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Roth </TD>
    <TD noWrap align=right width="15%">5.21 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Sarbanes-Oxley Act </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.5(c) </TD></TR>
  <TR vAlign=top>
    <TD align=left>SEC </TD>
    <TD noWrap align=right width="15%">4.4(b) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>SEDAR </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>Preamble to Article IV
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>September 30, 2014 Parent Balance Sheet </TD>
    <TD noWrap align=right width="15%">5.7 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>September 30, 2014 Target Balance Sheet </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.7 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Substituted Options </TD>
    <TD noWrap align=right width="15%">3.3(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Superior Proposal Notice </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>7.2(f)(iii) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Surviving Entity </TD>
    <TD noWrap align=right width="15%">1.1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>Preamble </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target 43-101 Technical Reports </TD>
    <TD noWrap align=right width="15%">4.16(k) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target Benefit Plan </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.12(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target Disclosure Letter </TD>
    <TD noWrap align=right width="15%">Preamble to Article IV </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target ERISA Affiliate </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.12(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target Fee Property </TD>
    <TD noWrap align=right width="15%">4.16(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target Improvements </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.16(f) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target Intellectual Property </TD>
    <TD noWrap align=right width="15%">4.20 </TD></TR></TABLE>
<P align=center>76 </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><U>Term</U></B> </TD>
    <TD align=right width="15%"><B><U>Section</U></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target Listed Personal Property </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.16(f) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target Meeting </TD>
    <TD noWrap align=right width="15%">7.8 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target Mining Claims </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.16(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target Permits </TD>
    <TD noWrap align=right width="15%">4.14 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target Preferred Shares </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.2(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target Property Contracts </TD>
    <TD noWrap align=right width="15%">4.16(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target Real Property </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.16(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target Rights Plan </TD>
    <TD noWrap align=right width="15%">4.2(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target SEC Reports </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.5(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target SEDAR Reports </TD>
    <TD noWrap align=right width="15%">4.5(b) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target Shareholders&#146; Approval </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.18 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target Shareholder Approvals </TD>
    <TD noWrap align=right width="15%">4.18 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target Stock Option </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>3.3(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target Stock Option Plan </TD>
    <TD noWrap align=right width="15%">3.3(a) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target Supplemental Disclosures </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>7.10 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target Termination Fee </TD>
    <TD noWrap align=right width="15%">11.1(b) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target Voting Agreements </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>Preamble </TD></TR>
  <TR vAlign=top>
    <TD align=left>Target Warrants </TD>
    <TD noWrap align=right width="15%">3.3(b) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Target Warrant Indentures </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>3.3(b) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Termination Date </TD>
    <TD noWrap align=right width="15%">10.1(b) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Transactions </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>3.5 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Unaffiliated Shareholders&#146; Approval </TD>
    <TD noWrap align=right width="15%">4.18 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Voting Agreements </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>Preamble </TD></TR>
  <TR vAlign=top>
    <TD align=left>WARN Act </TD>
    <TD noWrap align=right width="15%">6.1(s) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Water Rights </TD>
    <TD noWrap align=right width="15%" bgColor=#e6efff>4.16(e)
</TD></TR></TABLE>
<P align=center><B>[SIGNATURE PAGE FOLLOWS] </B></P>
<P align=center>77 </P>
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<P align=justify style="text-indent: 5%">IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first above written. </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 colSpan=2><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%">/s/
      Stephen P. Antony </TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Stephen P. Antony </TD></TR>
  <TR vAlign=top>
    <TD align=left >Title: </TD>
    <TD align=left width="90%">Chief Executive Officer </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>EFR NEVADA CORP.</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >/s/ Stephen P. Antony </TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Stephen P. Antony </TD></TR>
  <TR vAlign=top>
    <TD align=left >Title: </TD>
    <TD align=left width="90%">President </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>URANERZ ENERGY CORPORATION</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >/s/ Glenn Catchpole </TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Glenn Catchpole </TD></TR>
  <TR vAlign=top>
    <TD align=left >Title: </TD>
    <TD align=left width="90%">Chief Executive Officer
</TD></TR></TABLE></DIV>
<P align=center>&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=right><B><U>EXHIBIT A-1</U> </B></P>
<P align=center><B><U>Signatories to Target Voting Agreements</U> </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>Peter W. Bell </TD></TR>
  <TR vAlign=top>
    <TD align=left>Glenn Catchpole </TD></TR>
  <TR vAlign=top>
    <TD align=left>Arnold J. Dyck </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul Goranson </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dennis Higgs </TD></TR>
  <TR vAlign=top>
    <TD align=left>Doug Hirschman </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dr. Gerhard F. Kirchner </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce Larson </TD></TR>
  <TR vAlign=top>
    <TD align=left>Benjamin D. Leboe </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul Saxton </TD></TR>
  <TR vAlign=top>
    <TD align=left>Glenda Thomas </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mike Thomas </TD></TR></TABLE>
<P align=right><B><U>EXHIBIT A-2</U> </B></P>
<P align=center><B><U>Signatories to Parent Voting Agreements</U> </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>Stephen P. Antony </TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul A. Carroll </TD></TR>
  <TR vAlign=top>
    <TD align=left>David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left>Larry Goldberg </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark Goodman </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce Hansen </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ron F. Hochstein </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tae Hwan Kim </TD></TR>
  <TR vAlign=top>
    <TD align=left>Richard J. Patricio </TD></TR>
  <TR vAlign=top>
    <TD align=left>Harold R. Roberts </TD></TR>
  <TR vAlign=top>
    <TD align=left>Daniel G. Zang </TD></TR></TABLE><BR>
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<P align=center><B>AMENDMENT TO THE AGREEMENT AND PLAN OF MERGER </B></P>
<P align=justify style="text-indent: 5%">THIS AMENDMENT TO THE AGREEMENT AND PLAN OF MERGER dated as of
May 8, 2015 (this &#147;<B>Amendment</B>&#148;), is by and among Uranerz Energy
Corporation, a corporation organized under the laws of the state of Nevada (the
&#147;<B>Target</B>&#148;), Energy Fuels Inc., a corporation organized under the laws of
the province of Ontario, Canada (&#147;<B>Parent</B>&#148;), and EFR Nevada Corp., a
corporation organized under the laws of the state of Nevada and an indirect
wholly owned subsidiary of Parent (&#147;<B>Merger Sub</B>&#148;) (each a &#147;<B>Party</B>&#148;
and together the &#147;<B>Parties</B>&#148;). </P>
<P align=justify style="text-indent: 5%">WHEREAS, the Parties previously entered into that certain
Agreement and Plan of Merger dated as of January 4, 2015 (the &#147;<B>Merger</B>
<B>Agreement</B>&#148;), pursuant to which, among other things, Merger Sub shall
merge with and into the Target (the &#147;<B>Merger</B>&#148;) and the Target shall
continue as the surviving corporation in such Merger (capitalized terms used
herein and not defined herein shall have the meanings ascribed to them in the
Merger Agreement);</P>
<P align=justify style="text-indent: 5%">WHEREAS, Section 11.15 of the Merger Agreement permits the
Parties to amend the Merger Agreement; and </P>
<P align=justify style="text-indent: 5%">WHEREAS, the Parties desire to amend the Merger Agreement as
set forth below. </P>
<P align=justify style="text-indent: 5%">NOW, THEREFORE, in consideration of the mutual covenants and
agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereto
agree as follows: </P>
<P align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Amendment to Section 1.3 of the Merger Agreement</U>.
Section 1.3 of the Merger Agreement shall be deleted in its entirety and
replaced with the following: </P>
<P align=justify style="margin-left: 5%; margin-right: 5%">&#147;1.3 <I>Governance of Parent</I>. The Parent shall, in
accordance with all applicable corporate, NYSE MKT LLC (&#147;<U>NYSE MKT</U>&#148;) and
TSX laws, rules and regulations, take all actions necessary to cause the
appointment of two (2) existing members of the board of directors of Target to
the board of directors of Parent such that the board of directors of Parent is
constituted as provided in Section 7.13 of this Agreement as of the Effective
Time.&#148; </P>
<P align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Amendment to Section 3.2(h) of the Merger Agreement</U>.
Section 3.2(h) of the Merger Agreement shall be deleted in its entirety and
replaced with the following: </P>
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<P align=justify style="margin-left: 5%; margin-right: 5%">&#147;(h) <I>Withholding</I>. Each of Parent, the Surviving Entity
and the Exchange Agent shall be entitled to deduct and withhold from the
consideration otherwise payable pursuant to this Agreement to any holder of
Target Common Shares or Target Warrants such amounts as Parent, the Surviving
Entity or the Exchange Agent determine are required to be deducted and withheld under the Code or any provision of
state, local, or foreign Tax Law (the &#147;<B>Withholding Amount</B>&#148;). With respect
to the making of such payment, such withholding of Parent Common Shares issued
to any holder of Target Warrants shall be an amount determined by Parent to be
reasonably necessary to satisfy the Parent&#146;s withholding obligation. To the
extent that amounts are withheld by Parent, the Surviving Entity or the Exchange
Agent, such withheld amounts shall be treated for all purposes of this Agreement
as having been paid to the holder of Target Common Shares or Target Warrants in
respect of which such deduction and withholding was made by Parent, the
Surviving Entity or the Exchange Agent, as the case may be. Parent and Target
shall cooperate with and assist each other with efforts to reduce or eliminate
such withholding Taxes. At the Closing, Parent and any holder of Target Common
Shares (who does not also hold Target Warrants) subject to withholding under
this section will direct the Exchange Agent to deliver 90% of the Parent Common
Shares to such holder (or as it may otherwise direct) and to sell to a third
person (and under no circumstances shall the Parent redeem, acquire, or cancel
such Parent Common Shares) 10% of the Parent Common Shares to be received in the
Transaction (the &#147;<B>Withholding Shares</B>&#148;) by such holder to satisfy the
withholding obligation as soon as reasonably possible after the Closing and to
deliver all of the proceeds from selling of the Withholding Shares to Parent.
Parent will then remit the Withholding Amount to the appropriate Government
Authorities for the account of such holders within the time limits prescribed by
applicable Tax Laws. Parent will have no further recourse against such holders
with respect to the Withholding Amount and, upon remittance of the required
Withholding Amount under applicable Tax Laws, such holders will have no further
recourse against Parent with respect to such Withholding Shares. If, (a) the
proceeds from the sale of the Withholding Shares is less than the Withholding
Amount, such holder shall have no liability to Parent to pay such difference,
and (b) the proceeds from the sale of the Withholding Shares is greater than the
Withholding Amount, the holder shall have no entitlement to such excess amount.&#148; </P>
<P align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Amendment to Section 4.23 of the Merger Agreement</U>.
Section 4.23 of the Merger Agreement shall be deleted in its entirety and
replaced with the following: </P>
<P align=justify style="margin-left: 5%; margin-right: 5%">&#147;4.23 <I>FIRPTA</I>. The Target Common Shares shall be
&#147;regularly traded&#148; on an established securities market within the meaning of
Treasury Regulation section 1.897 -9T(d). Other than as disclosed in Section
4.23 of the Target Disclosure Letter, no Target shareholder or Target Warrant
holder who is a &#147;foreign person&#148; (as defined in Section 1445(f)(3) of the Code)
holds or has held (pursuant to the constructive ownership rules of Section
318(a) of the Code): (i) more than 5% of Target Common Shares at any time during
the 5-year period ending on Closing Date; (ii) Target Warrants with a fair
market value on the date acquired by such Target Warrant holder greater than the
fair market value on that date of 5% of the Target Common Shares; or (iii)
aggregate equity securities of Target with a fair market value on the date
acquired in excess of 5% of the fair market value of Target Common Shares on
such date.&#148; </P>
<P align=center>2 </P>
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<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Amendment to Section 7.13 of the Merger Agreement</U>.
Section 7.13 of the Merger Agreement shall be deleted in its entirety and
replaced with the following: </P>
<P align=justify style="margin-left: 5%; margin-right: 5%">&#147;7.13 <I>Parent Shareholders&#146; Meeting</I>. Parent shall, as
promptly as reasonably practicable after the Form F-4 has been declared
effective under the Securities Act, (i) take all steps reasonably necessary to
call, give notice of, convene and hold a special (or annual and special) meeting
of its shareholders (the &#147;<U>Parent Meeting</U>&#148;) for the purpose of securing
the Parent Shareholders&#146; Approval, (ii) distribute to its shareholders a
management information circular in accordance with applicable Law (the
&#147;<U>Parent MIC</U>&#148;), which Parent MIC shall contain the recommendation of the
Parent board of directors that its shareholders approve this Agreement, (iii)
use its commercially reasonable efforts to solicit from its shareholders proxies
in favor of the approval of this Agreement and to secure the Parent
Shareholders&#146; Approval and (iv) cooperate and consult with Target with respect
to each of the foregoing matters. Notwithstanding any Adverse Recommendation
Change by the Target board of directors or the commencement, public proposal,
public disclosure or communication to Parent by Target of any Acquisition
Proposal with respect to Target or any of its Subsidiaries, or any other fact or
circumstance (except for termination of this Agreement pursuant to Article X),
this Agreement shall be submitted to the shareholders of Parent at the Parent
Meeting for the purpose of adopting this Agreement, with such disclosures as
shall be required by applicable Law. As of the Effective Time, and subject to
applicable Law, Parent shall appoint Dennis Higgs and Glenn Catchpole, each of
which are existing members of the board of directors of Target, to the board of
directors of Parent which shall be comprised of eight (8) members.&#148; </P>
<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>No Other Amendments</U>. The Parties each hereby
acknowledge, agree and understand that except as expressly set forth above, this
Amendment (i) shall not amend, modify or otherwise impact any provision of the
Merger Agreement, all of which shall remain in effect, and (ii) shall not serve
as a waiver of, and shall be without prejudice to, any rights, remedies, claims
or defenses of any Party under the Merger Agreement or otherwise, all of which
are expressly reserved by the respective Parties.</P>
<P align=center>3 </P>
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<P align=justify>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Applicable Law.</U> This Amendment shall be construed,
interpreted, and governed in accordance with the laws of the state of<B>
</B>Nevada, without reference to rules relating to conflicts of law. </P>
<P align=justify>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Counterparts</U>. This Amendment may be executed in two
or more counterparts, all of which shall be considered one and the same
agreement and shall become effective when one or more counterparts have been
signed by each of the Parties and delivered to the other Parties. A signed copy
of this Amendment delivered by facsimile, e-mail or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an
original signed copy of this Amendment. </P>
<P align=center>[SIGNATURE PAGE FOLLOWS] </P>
<P align=center>4 </P>
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<P align=justify><B>IN WITNESS WHEREOF</B>, Parent, Merger Sub and the Target
have caused this Amendment to be executed by their respective officers thereunto
duly authorized, all as of the date first written above. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>ENERGY FUELS INC. </B></P>
<P style="MARGIN-LEFT: 50%" align=justify>By: <u>/s/ Stephen P. Antony </u><BR>
  Name:
Stephen P. Antony <BR>
Title: President and CEO</P>
<P style="MARGIN-LEFT: 50%" align=justify><B>EFR NEVADA CORP. </B></P>
<P style="MARGIN-LEFT: 50%" align=justify>By: <u>/s/ David Frydenlund </u><BR>
Name: David Frydenlund <BR>
Title: Secretary</P>
<P style="MARGIN-LEFT: 50%" align=justify><B>URANERZ ENERGY CORPORATION </B></P>
<P style="MARGIN-LEFT: 50%" align=justify>By: <u>/s/ Glenn Catchpole</u><BR>Name: Glenn Catchpole
<BR>Title: Chief Executive Officer</P>
<P align=center><I>[Signature Page to Amendment of Merger Agreement]</I></P>
<P align=center>5 <BR>
</P>
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<P align="right">
<B>ANNEX B </B></P>
<P align="center">
<B>NEVADA REVISED STATUTES </B></P>
<div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
<P align="center">
<B>SECTION 92A.300 THROUGH 92A.500 </B></P>
</div>
<P align="center">
<B>RIGHTS OF DISSENTING OWNERS </B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.300</B><B>  Definitions.  </B>As used in <U>NRS 92A.300</U> to <U>92A.500</U>, inclusive, unless the context otherwise requires, the words and terms defined in <U>NRS 92A.305</U> to <U>92A.335</U>, inclusive,
have the meanings ascribed to them in those sections. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.305  &ldquo;Beneficial stockholder&rdquo; defined.  </B>&ldquo;Beneficial stockholder&rdquo; means a person who is a beneficial owner of shares held in a voting trust or by a nominee as the stockholder of
record. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.310  &ldquo;Corporate action&rdquo; defined.  </B>&ldquo;Corporate action&rdquo; means the action of a domestic corporation. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.315  &ldquo;Dissenter&rdquo; defined.  </B>&ldquo;Dissenter&rdquo; means a stockholder who is entitled to dissent from a domestic corporation&rsquo;s action under <U>NRS 92A.380</U> and who exercises that
right when and in the manner required by <U>NRS 92A.400</U> to <U>92A.480</U>, inclusive. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.320  &ldquo;Fair value&rdquo; defined.  </B>&ldquo;Fair value,&rdquo; with respect to a dissenter&rsquo;s shares, means the value of the shares determined: </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  Immediately before the effectuation of the corporate action to which the dissenter objects, excluding any appreciation or depreciation in anticipation of the corporate action unless exclusion would be inequitable;
</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Using customary and current valuation concepts and techniques generally
employed for similar businesses in the context of the transaction requiring
appraisal; and </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Without discounting for lack of marketability or minority status. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.325  &ldquo;Stockholder&rdquo; defined.  </B>&ldquo;Stockholder&rdquo; means a stockholder of record or a beneficial stockholder of a domestic corporation. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.330  &ldquo;Stockholder of record&rdquo; defined.  </B>&ldquo;Stockholder of record&rdquo; means the person in whose name shares are registered in the records of a domestic corporation or the beneficial owner
of shares to the extent of the rights granted by a nominee&rsquo;s certificate on file with the domestic corporation. </P>
<P align="center">
B-1</P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.335 &#147;Subject corporation&#148; defined</B><B>.</B><B>  </B>&ldquo;Subject corporation&rdquo; means the domestic corporation which is the issuer of the shares held by a dissenter before the
corporate action creating the dissenter&rsquo;s rights becomes effective or the surviving or acquiring entity of that issuer after the corporate action becomes effective. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.340  Computation of interest.  </B>Interest payable pursuant to <U>NRS 92A.300</U> to <U>92A.500</U>, inclusive, must be computed from the effective date of the action until the date of payment, at the rate
of interest most recently established pursuant to <U>NRS 99.040</U>. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.350  Rights of dissenting partner of domestic limited partnership.  </B>A partnership agreement of a domestic limited partnership or, unless otherwise provided in the partnership agreement, an agreement of
merger or exchange, may provide that contractual rights with respect to the partnership interest of a dissenting general or limited partner of a domestic limited partnership are available for any class or group of partnership interests in connection
with any merger or exchange in which the domestic limited partnership is a constituent entity. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.360  Rights of dissenting member of domestic limited-liability company.  </B>The articles of organization or operating agreement of a domestic limited-liability company or, unless otherwise provided in the articles of organization or operating agreement, an agreement of merger or exchange, may provide that contractual rights
with respect to the interest of a dissenting member are available in connection with any merger or exchange in which the domestic limited-liability company is a constituent entity. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.370  Rights of dissenting member of domestic nonprofit corporation.</B> </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  Except as otherwise provided in subsection 2, and unless otherwise provided in the articles or bylaws, any member of any constituent
domestic nonprofit corporation who voted against the merger may, without prior notice, but within 30 days after the effective date of the merger, resign from membership and is thereby excused from all contractual obligations to the constituent or
surviving corporations which did not occur before the member&rsquo;s resignation and is thereby entitled to those rights, if any, which would have existed if there had been no merger and the membership had been terminated or the member had been
expelled. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  Unless otherwise provided in its articles of incorporation or bylaws, no member of a domestic nonprofit corporation, including, but not limited to, a cooperative corporation, which supplies services described in
<U>chapter 704</U> of NRS to its members only, and no person who is a member of a domestic nonprofit corporation as a condition of or by reason of the ownership of an interest in real property, may resign and dissent pursuant to subsection 1. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.380  Right of stockholder to dissent from certain corporate actions and to obtain payment for shares.</B> </P>
<P align="center">
2</P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  Except as otherwise provided in <U>NRS 92A.370</U> and <U>92A.390</U> and subject to the limitation in paragraph (f), any stockholder is entitled to dissent from, and obtain payment of the fair value of the
stockholder&rsquo;s shares in the event of any of the following corporate actions: </P>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consummation of a plan of merger to which the domestic corporation is a constituent entity: </P>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If approval by the stockholders is required for the merger by
<U>NRS 92A.120</U> to <U>92A.160</U>, inclusive, or the articles of incorporation, regardless of whether the stockholder is entitled to vote on the plan of merger; or </P>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the domestic corporation is a subsidiary and is merged with its parent
pursuant to <U>NRS 92A.180</U>. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Consummation of a plan of conversion to which the domestic corporation is a constituent entity as the corporation whose subject owner&rsquo;s interests will be converted. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consummation of a plan of exchange to which the domestic corporation is a constituent entity as the corporation whose subject owner&rsquo;s interests will be acquired, if the stockholder&rsquo;s shares are to be
acquired in the plan of exchange. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any corporate action taken pursuant to a vote of the stockholders to the extent that the articles of incorporation, bylaws or a resolution of the board of directors provides that voting or nonvoting stockholders are
entitled to dissent and obtain payment for their shares. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Accordance of full voting rights to control shares, as defined in <U>NRS 78.3784</U>, only to the extent provided for pursuant to <U>NRS 78.3793</U>. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any corporate action not described in this subsection that will result in the stockholder receiving money or scrip instead of a fraction of a share except where the stockholder would not be entitled to receive such
payment pursuant to <U>NRS 78.205</U>, <U>78.2055</U> or <U>78.207</U>. A dissent pursuant to this paragraph applies only to the fraction of a share, and the stockholder is entitled only to obtain payment of the fair value of the fraction of a
share. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  A stockholder who is entitled to dissent and obtain payment pursuant to <U>NRS 92A.300</U> to <U>92A.500</U>, inclusive, may not challenge the corporate action creating the entitlement unless the action is unlawful
or fraudulent with respect to the stockholder or the domestic corporation. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  Subject to the limitations in this subsection, from and after the effective date of any corporate action described in subsection 1, no stockholder who has exercised the right to dissent pursuant to <U>NRS
92A.300</U> to <U>92A.500</U>, inclusive, is entitled to vote his or her shares for any purpose or to receive payment of dividends or any other distributions on shares. This subsection does not apply to dividends or other distributions payable to
stockholders on a date before the effective date of any corporate action from which the stockholder has dissented. If a stockholder
exercises the right to dissent with respect to a corporate action described in paragraph (f) of subsection 1, the restrictions of this subsection apply only to the shares to be converted into a fraction of a share and the dividends and distributions
to those shares. </P>
<P align="center">
3</P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS</B><B> 92A.390  Limitations on right of dissent: Stockholders of certain classes or series; action of stockholders not required for plan of merger.</B> </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  There is no right of dissent with respect to a plan of merger, conversion or exchange in favor of stockholders of any class or series which is: </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A covered security under section 18(b)(1)(A) or (B) of the Securities Act of 1933, 15
U.S.C. &sect; 77r(b)(1)(A) or (B), as amended; </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Traded in an organized market and has at least 2,000 stockholders and a market value of
at least &#36;20,000,000, exclusive of the value of such shares held by the corporation&rsquo;s subsidiaries, senior executives, directors and beneficial stockholders owning more than 10 percent of such shares; or </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Issued by an open end
management investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940, 15 U.S.C.
&#167;&#167; 80a-1 et seq., as amended, and which may be redeemed at the option of the
holder at net asset value, &#202; unless the articles of incorporation of the
corporation issuing the class or series or the resolution of the board of
directors approving the plan of merger, conversion or exchange expressly provide
otherwise. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  The applicability of subsection 1 must be determined as of: </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The record date fixed to determine the stockholders entitled to receive
notice of and to vote at the meeting of stockholders to act upon the corporate
action requiring dissenter&#146;s rights; or </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The day before the effective date of such corporate action if there is
no meeting of stockholders. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  Subsection 1 is not applicable and dissenter&rsquo;s rights are available pursuant to <U>NRS</U> <U>92A.380</U> for the holders of any class or series of shares who are required by the terms of the corporate action
requiring dissenter&rsquo;s rights to accept for such shares anything other than cash or shares of any class or any series of shares of any corporation, or any other proprietary interest of any other entity, that satisfies the standards set forth in
subsection 1 at the time the corporate action becomes effective. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  There is no right of dissent for any holders of stock of the surviving domestic corporation if the plan of merger does not require action of the stockholders of the surviving domestic corporation under <U>NRS
92A.130</U>. </P>
<P align="center">
4</P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  There is no right of dissent for any holders of stock of the parent domestic corporation if the plan of merger does not require action of the stockholders of the parent domestic corporation under <U>NRS 92A.180</U>.
</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.400  Limitations on right of dissent: Assertion as to portions only to shares registered to stockholder; assertion by beneficial stockholder.</B> </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  A stockholder of record may assert dissenter&rsquo;s rights as to fewer than all of the shares registered in his or her name only if the stockholder of record dissents with respect to all shares of the class or
series beneficially owned by any one person and notifies the subject corporation in writing of the name and address of each person on whose behalf the stockholder of record asserts dissenter&rsquo;s rights. The rights of a partial dissenter under
this subsection are determined as if the shares as to which the partial dissenter dissents and his or her other shares were registered in the names of different stockholders. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A beneficial stockholder may assert dissenter&#146;s rights as to shares held
on his or her behalf only if the beneficial stockholder: </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Submits to the subject corporation the written consent of the
stockholder of record to the dissent not later than the time the beneficial
stockholder asserts dissenter&#146;s rights; and </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Does so with respect to all shares of which he or she is the beneficial
stockholder or over which he or she has power to direct the vote. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.410  Notification of stockholders regarding right of dissent.</B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  If a proposed corporate action creating dissenter&rsquo;s rights is submitted to a vote at a stockholders&rsquo; meeting, the notice of the meeting must state that stockholders are, are not or may be entitled to
assert dissenter&rsquo;s rights under <U>NRS 92A.300</U> to <U>92A.500</U>, inclusive. If the domestic corporation concludes that dissenter&rsquo;s rights are or may be available, a copy of <U>NRS 92A.300</U> to <U>92A.500</U>, inclusive, must
accompany the meeting notice sent to those record stockholders entitled to exercise dissenter&rsquo;s rights. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  If the corporate action creating dissenter&rsquo;s rights is taken by written consent of the stockholders or without a vote of the stockholders, the domestic corporation shall notify in writing all stockholders
entitled to assert dissenter&rsquo;s rights that the action was taken and send them the dissenter&rsquo;s notice described in <U>NRS 92A.430</U>. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.420  Prerequisites to demand for payment for shares.</B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  If a proposed corporate action creating dissenter&rsquo;s rights is submitted to a vote at a stockholders&rsquo; meeting, a stockholder who wishes to assert dissenter&rsquo;s rights with respect to any class or
series of shares: </P>
<P align="center">
5</P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Must deliver to the subject corporation, before the vote is taken,
written notice of the stockholder's intent to demand payment for his or her
shares if the proposed action is effectuated; and </P>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Must not vote, or cause or permit to be voted, any of his or her shares
of such class or series in favor of the proposed action. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  If a proposed corporate action creating dissenter&rsquo;s rights is taken by written consent of the stockholders, a stockholder who wishes to assert dissenter&rsquo;s rights with respect to any class or series of
shares must not consent to or approve the proposed corporate action with respect to such class or series. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  A stockholder who does not satisfy the requirements of subsection 1 or 2 and <U>NRS</U> <U>92A.</U><U>400</U> is not entitled to payment for his or her shares under this chapter. </P>
<P align="justify">
 <B>NRS 92A.430  Dissenter&rsquo;s notice: Delivery to stockholders entitled to assert rights; contents.</B> </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  The subject corporation shall deliver a written dissenter&rsquo;s notice to all stockholders of record entitled to assert dissenter&rsquo;s rights in whole or in part, and any beneficial stockholder who has
previously asserted dissenter&rsquo;s rights pursuant to <U>NRS 92A.400</U>. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  The dissenter&rsquo;s notice must be sent no later than 10 days after the effective date of the corporate action specified in <U>NRS 92A.380</U>,
and must: </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) State where the demand for payment must be sent and where and when
certificates, if any, for shares must be deposited; </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Inform the holders of shares not represented by certificates to what
extent the transfer of the shares will be restricted after the demand for
payment is received; </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Supply a form for demanding payment that includes the date of the first
announcement to the news media or to the stockholders of the terms of the
proposed action and requires that the person asserting dissenter&#146;s rights
certify whether or not the person acquired beneficial ownership of the shares
before that date; </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Set a date by which the subject corporation must receive the demand for
payment, which may not be less than 30 nor more than 60 days after the date the
notice is delivered and state that the stockholder shall be deemed to have
waived the right to demand payment with respect to the shares unless the form is
received by the subject corporation by such specified date; and </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Be accompanied by a copy of <U>NRS 92A.300</U> to <U>92A.500</U>, inclusive. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.440  Demand for payment and deposit of certificates; loss of rights of stockholder; withdrawal from appraisal process.</B> </P>
<P align="center">
6</P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A stockholder who receives a dissenter's notice pursuant to <U>NRS 92A.430</U> and who wishes to exercise dissenter&rsquo;s rights must: </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Demand payment; </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certify whether the stockholder or the beneficial owner on whose behalf
he or she is dissenting, as the case may be, acquired beneficial ownership of
the shares before the date required to be set forth in the dissenter's notice
for this certification; and </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Deposit the stockholder's certificates, if any, in accordance with the
terms of the notice. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  If a stockholder fails to make the certification required by paragraph (b) of subsection 1, the subject corporation may elect to treat the stockholder&rsquo;s shares as after-acquired shares under <U>NRS
92A.470</U>. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  Once a stockholder deposits that stockholder&rsquo;s certificates or, in the case of uncertified shares makes demand for payment, that stockholder loses all rights as a stockholder, unless the stockholder withdraws
pursuant to subsection 4. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  A stockholder who has complied with subsection 1 may nevertheless decline to exercise dissenter&rsquo;s rights and withdraw from the appraisal process by so notifying the subject corporation in writing by the date
set forth in the dissenter&rsquo;s notice pursuant to <U>NRS 92A.430</U>. A stockholder who fails to so withdraw from the appraisal process may not thereafter withdraw without the subject corporation&rsquo;s written consent. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  The stockholder who does not demand payment or deposit his or her certificates where required, each by the date set forth in the dissenter&rsquo;s notice, is not entitled to payment for his or her shares under this
chapter. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.450  Uncertificated shares: Authority to restrict transfer after demand for payment.  </B>The subject corporation may restrict the transfer of shares not represented by a certificate from the date the demand
for their payment is received. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.460  Payment for shares: General requirements.</B> </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  Except as otherwise provided in <U>NRS 92A.470</U>, within 30 days after receipt of a demand for payment pursuant to <U>NRS 92A.440</U>, the subject corporation shall pay in cash to each dissenter who complied with
<U>NRS 92A.440</U> the amount the subject corporation estimates to be the fair value of the dissenter&rsquo;s shares, plus accrued interest. The obligation of the subject corporation under this subsection may be enforced by the district court: </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Of the county where the subject corporation&rsquo;s principal office is located; </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the subject corporation&rsquo;s principal office is not located in this State, in the county in
which the corporation&rsquo;s registered office is located; or</P>
<P align="center">
7</P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the election of any dissenter residing or having its principal or registered office in this State, of the county where the dissenter resides or has its principal or registered office. </P>
<P align="justify">
&#202; The court shall dispose of the complaint promptly. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The payment must be accompanied by: </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The subject corporation&rsquo;s balance sheet as of the end of a fiscal year ending not more than 16 months before the date of payment, a statement of income for that year, a statement of changes in the
stockholders&rsquo; equity for that year or, where such financial statements are not reasonably available, then such reasonably equivalent financial information and the latest available quarterly financial statements, if any; </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A statement of the subject corporation&rsquo;s estimate of the fair value of the shares; and  </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A statement of the dissenter&rsquo;s rights to demand payment under <U>NRS 92A.480</U> and that if
any such stockholder does not do so within the period specified, such stockholder shall be deemed to have accepted such payment in full satisfaction of the corporation&rsquo;s obligations under this chapter. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.470  Withholding payment for shares acquired on or after date of dissenter&rsquo;s notice: General requirements.</B> </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  A subject corporation may elect to withhold payment from a dissenter unless the dissenter was the beneficial owner of the shares before the date set forth in the dissenter&rsquo;s notice as the first date of any
announcement to the news media or to the stockholders of the terms of the proposed action. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  To the extent the subject corporation elects to withhold payment, within 30 days after receipt of a demand for payment pursuant to <U>NRS 92A.440</U>, the subject corporation shall notify the dissenters described in
subsection 1: </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Of the information required by paragraph (a) of subsection 2 of <U>NRS 92A.460</U>; </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Of the subject corporation&#146;s estimate of fair value pursuant to
paragraph (b) of
subsection 2 of <U>NRS 92A.460</U>;<BR>
</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) That they may accept the subject corporation&rsquo;s estimate of fair value, plus interest, in full satisfaction of their demands or demand appraisal under <U>NRS 92A.480</U>; </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) That those stockholders who wish to
accept such an offer must so notify the subject corporation of their acceptance of the offer within 30 days after receipt of such offer; and </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) That those stockholders who do not satisfy the requirements for demanding appraisal under <U>NRS
92A.480</U> shall be deemed to have accepted the subject corporation&rsquo;s offer. </P>
<P align="center">
8</P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Within 10 days after receiving the stockholder's acceptance pursuant to
subsection 2, the subject corporation shall pay in cash the amount offered under
paragraph (b) of subsection 2 to each stockholder who agreed to accept the
subject corporation's offer in full satisfaction of the stockholder's demand. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  Within 40 days after sending the notice described in subsection 2, the subject corporation shall pay in cash the amount offered under paragraph (b) of subsection 2 to each stockholder described in paragraph (e) of
subsection 2. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS</B><B> 92A.480 Dissenter's estimate of fair value: Notification of subject corporation; demand for payment of estimate.</B> </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  A dissenter paid pursuant to <U></U><U>NRS 92A.460</U> who is dissatisfied with the amount of the payment may notify the subject corporation in writing of the dissenter&rsquo;s own estimate of the fair value of his
or her shares and the amount of interest due, and demand payment of such estimate, less any payment pursuant to <U>NRS 92A.460</U>. A dissenter offered payment pursuant to <U>NRS</U> <U>92A.</U><U>470</U> who is dissatisfied with the offer may
reject the offer pursuant to <U>NRS </U><U>92A.470</U> and demand payment of the fair value of his or her shares and interest due. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  A dissenter waives the right to demand payment pursuant to this section unless the dissenter notifies the subject corporation of his or her demand to be paid the dissenter&rsquo;s stated estimate of fair value plus
interest under subsection 1 in writing within 30 days after receiving the subject corporation&rsquo;s payment or offer of payment under <U>NRS 92A.460</U> or <U>92A.470</U> and is entitled only to the payment made or offered. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.490  Legal proceeding to determine fair value: Duties of subject corporation; powers of court; rights of dissenter.</B> </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  If a demand for payment pursuant to <U></U><U>NRS 92A.480</U> remains unsettled, the subject corporation shall commence a proceeding within 60 days after receiving the demand and petition the court to determine the
fair value of the shares and accrued interest. If the subject corporation does not commence the proceeding within the 60-day period, it shall pay each dissenter whose demand remains unsettled the amount demanded by each dissenter pursuant to <U>NRS
92A.480</U> plus interest. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  A subject corporation shall commence the proceeding in the district court of the county where its principal office is located in this State. If the principal office of the subject corporation is not located in this
State, the right to dissent arose from a merger, conversion or exchange and the principal office of the surviving entity, resulting entity or the entity whose shares were acquired, whichever is applicable, is located in this State, it shall commence
the proceeding in the county where the principal office of the surviving entity, resulting entity or the entity whose shares were acquired is located. In all other cases, if the principal office of the subject
corporation is not located in this State, the subject corporation shall commence
the proceeding in the district court in the county in which the corporation's registered office is located. </P>
<P align="center">
9</P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  The subject corporation shall make all dissenters, whether or not residents of Nevada, whose demands remain unsettled, parties to the proceeding as in an action against their shares. All parties must be served with
a copy of the petition. Nonresidents may be served by registered or certified mail or by publication as provided by law. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  The jurisdiction of the court in which the proceeding is commenced under subsection 2 is plenary and exclusive. The court may appoint one or more persons as appraisers to receive evidence and recommend a decision on
the question of fair value. The appraisers have the powers described in the order appointing them, or any amendment thereto. The dissenters are entitled to the same discovery rights as parties in other civil proceedings. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  Each dissenter who is made a party to the proceeding is entitled to a judgment: </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the amount, if any, by which the court finds the fair value of the dissenter&rsquo;s shares, plus interest, exceeds the amount
paid by the subject corporation; or </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the fair value, plus accrued interest, of the dissenter&rsquo;s after-acquired shares for which the subject corporation elected to withhold payment pursuant to <U>NRS 92A.470</U>. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NRS 92A.500  Assessment of costs and fees in certain legal proceedings.</B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  The court in a proceeding to determine fair value shall determine all of the costs of the proceeding, including the reasonable compensation and expenses of any appraisers appointed by the court. The court shall
assess the costs against the subject corporation, except that the court may assess costs against all or some of the dissenters, in amounts the court finds equitable, to the extent the court finds the dissenters acted arbitrarily, vexatiously or not
in good faith in demanding payment. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  The court may also assess the fees and expenses of the counsel and experts for the respective parties, in amounts the court finds equitable: </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Against the subject corporation and in favor of all dissenters if the
court finds the subject corporation did not substantially comply with the requirements of <U>NRS 92A.300</U> to <U>92A.500</U>, inclusive; or </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Against either the subject corporation or a dissenter in favor of any other party, if the court finds
that the party against whom the fees and expenses are assessed acted arbitrarily, vexatiously or not in good faith with respect to the rights provided by <U>NRS 92A.300</U> to <U>92A.500</U>, inclusive. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  If the court finds that the services of counsel for any dissenter were of substantial benefit to other dissenters similarly situated, and that the fees for those services should not be assessed
against the subject corporation, the court may award to those counsel reasonable fees to be paid out of the amounts awarded to the dissenters who were benefited. </P>
<P align="center">
10</P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  In a proceeding commenced pursuant to <U>NRS</U><U> 92A.460</U>, the court may assess the costs against the subject corporation, except that the court may assess costs against all or some of the dissenters who are
parties to the proceeding, in amounts the court finds equitable, to the extent the court finds that such parties did not act in good faith in instituting the proceeding. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  To the extent the subject corporation fails to make a required payment pursuant to <U>NRS</U> <U>92A.460</U>, <U>92A.470</U> or <U>92A.480</U>, the dissenter may bring a cause of action directly for the amount owed
and, to the extent the dissenter prevails, is entitled to recover all expenses of the suit. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  This section does not preclude any party in a proceeding commenced pursuant to <U>NRS</U> <U>92A.460</U> or <U>92A.490</U> from applying the provisions of <U>N.R.C.P. 68</U> or <U>NRS 17.115</U>. </P>
<P align="center">
11</P>







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noShade SIZE=5>

<!--$$/page=--><A name=page_1></A>
<P align=right><b>ANNEX C</b></P>
<P align=center><B><U>SUPPORT AGREEMENT</U></B><B> </B></P>
<P align=justify>January____ , 2015 </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left >TO: </TD>
    <TD width="95%" align=left><B>[</B><B><I>Name of
      Securityholder</I></B><B>]</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="95%" align=left>(the &#147;<B>Securityholder</B>&#148;)
</TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms and subject
to the conditions of an Agreement and Plan of Merger dated as of January ___,
2015 (the &#147;<B>Merger Agreement</B>&#148;), among Energy Fuels Inc. (&#147;<B>EFI</B>&#148;),
Uranerz Energy Corporation (&#147;<B>Uranerz</B>&#148;) and EFR Nevada Corp.
(&#147;<B>Subco</B>&#148;), Subco and Uranerz will merge and the shareholders of Uranerz
will receive common shares of EFI in consideration of the indirect acquisition
by EFI of their shares of Uranerz, all by way of a Plan of Merger (the
&#147;<B>Merger</B>&#148;) under Section 92A.250 of Nevada Revised Statutes. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used in this
support agreement (&#147;<B>Support Agreement</B>&#148;) and not otherwise defined herein
that are defined in the Merger Agreement shall have the respective meanings
ascribed thereto in the Merger Agreement, as it may be amended from time to
time. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Support Agreement sets out
the terms and conditions on which the Securityholder agrees: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to support the Merger;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>to vote in favour of the resolutions put forth at the
      Target Meeting to approve the Merger and other related matters to be
      considered at the Target Meeting, all of the Uranerz Common Shares
      beneficially owned or controlled by the Securityholder, as listed
      immediately below the signature of the Securityholder evidencing the
      Securityholder&#146;s acceptance of this Support Agreement (the
      &#147;<B>Acceptance</B>&#148;), any additional Uranerz Common Shares which the
      Securityholder may acquire after the date hereof but prior to the record
      date for the Target Meeting, including on the exercise, conversion or
      exchange of all outstanding options of Uranerz and warrants of Uranerz
      (the &#147;<B>Convertible Securities</B>&#148;) as listed immediately below the
      Securityholder&#146;s Acceptance, and any other securities which are otherwise
      entitled to be voted at the Target Meeting beneficially owned or
      controlled by the Securityholder, (collectively, all such Uranerz Common
      Shares being referred to as &#147;<B>Subject Shares</B>&#148;); and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>to comply with the restrictions, obligations and
      covenants of the Securityholder set forth herein.</P></TD></TR></TABLE>
<P align=center><B>ARTICLE 1<BR></B><B><U>COVENANTS OF THE
SECURITYHOLDER</U></B><B> </B></P>
<P align=justify>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securityholder
acknowledges and agrees that he, she or it has received a copy of the Merger
Agreement and, in particular, has been made aware of the provisions of Article
VII of the Merger Agreement </P>
<P align=center>C-1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_2></A>
<P align=center>- 2 - </P>
<P align=justify>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securityholder hereby
covenants and agrees, from the date hereof until the earlier of: (i) the
termination of this Support Agreement pursuant to Article 3 hereof; and (ii) the
Effective Date, except in accordance with the terms of this Support Agreement:
</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>to irrevocably vote or cause to be voted at the Target
      Meeting (including at any adjournment or postponement thereof) the Subject
      Shares in favour of any resolutions approving the Merger and other related
      matters or resolutions necessary or desirable to implement the Merger to
      be considered at the Target Meeting and to deliver a proxy, or to the
      extent that the Securityholder is a beneficial owner, a voting instruction
      form, in each case duly completed and executed in respect of all of the
      Subject Shares, giving effect to such vote no later than 10 business days
      prior to the Target Meeting;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>not to exercise any dissent rights or any other rights
      available to the Securityholder to delay, upset or challenge the
      Merger;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>not to exercise any shareholder rights or remedies
      available at common law pursuant to applicable securities or other laws to
      delay, hinder, upset or challenge the Merger;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>not to option, sell, assign, transfer, alienate, dispose
      of, gift, grant, pledge, create or permit an encumbrance on, grant a
      security interest in or otherwise convey any Subject Shares or any voting
      rights attached thereto or any other right or interest therein, or agree
      to do any of the foregoing, provided that, for the avoidance of doubt: (i)
      the Securityholder shall be entitled to exercise any Convertible
      Securities held by the Securityholder during the term of this Support
      Agreement, and (ii) any Subject Shares issued on exercise of Convertible
      Securities during the term of this Support Agreement shall be subject to
      the terms of this Support Agreement;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>not to grant or agree to grant any proxy or other right
      to the Subject Shares, or enter into any voting trust or pooling agreement
      or Merger or enter into or subject any of such Subject Shares to any other
      agreement, Merger, understanding or commitment, formal or informal, with
      respect to or relating to the voting thereof, other than in support of the
      resolution approving the Merger and other related matters to be considered
      at the Target Meeting;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>not to requisition or join in the requisition of any
      meeting of the shareholders of Uranerz for the purpose of considering any
      resolution;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>not to, in any manner, directly or indirectly, including
      through any Representative, solicit, initiate, or knowingly encourage any
      inquiries, proposals, offers or public announcements (or the submission or
      initiation of any of the foregoing) from any person regarding any
      Acquisition Proposal, engage in any negotiations concerning, or provide
      any information to, or have any discussions with or otherwise cooperate
      with, any person relating to an Acquisition Proposal, or otherwise
      knowingly facilitate or knowingly encourage any effort or attempt to make
      or implement an Acquisition Proposal;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_3></A>
<P align=center>- 3 - </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>not to solicit or arrange or provide assistance to any
      other person to arrange for the solicitation of, purchases of or offers to
      sell Uranerz Common Shares or act in concert or jointly with any other
      person for the purpose of acquiring Uranerz Common Shares for the purpose
      of affecting the control of Uranerz;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>not to deposit or cause to be deposited the
      Securityholder&#146;s Subject Shares under any Acquisition Proposal;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>not to take any action of any kind, directly or
      indirectly, which might reasonably be regarded as likely to reduce the
      success of, or delay or interfere with the completion of, the transactions
      contemplated by the Merger Agreement;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>to immediately cease, cause its Representatives to cease
      and cause to be terminated any existing solicitations, discussions or
      negotiations with any parties (other than with EFI or Uranerz or any
      Representative of EFI or Uranerz) with respect to any Acquisition Proposal
      or any potential Acquisition Proposal;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>to promptly notify EFI, at first orally and then in
      writing, of all Acquisition Proposals currently under consideration or of
      which the Securityholder is aware;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>to immediately notify EFI of any proposal, inquiry, offer
      or request of which the Securityholder, to the knowledge of the
      Securityholder, any of its directors, officers, employees, representatives
      or agents becomes, directly or indirectly, aware: relating to an
      Acquisition Proposal or potential Acquisition Proposal; for discussions or
      negotiations in respect of an Acquisition Proposal or potential
      Acquisition Proposal; for non-public information relating to Uranerz; or
      any material amendments to the foregoing. Such notice shall include the
      identity of the person making such proposal, inquiry, offer or request, a
      description of the terms and conditions of, and the identity of the person
      making, such proposal, inquiry, offer or request and such other details of
      the proposal, inquiry, offer or request as EFI may reasonably request;
      and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>not to take any action to encourage or assist any other
      person to do any of the prohibited acts referred to in the foregoing
      provisions of this Section 1.2.</P></TD></TR></TABLE>
<P align=justify>1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nothing in this Article 1
shall prevent a Securityholder who is a member of the board of directors of
Uranerz or is a senior officer of Uranerz from engaging, in the Securityholder&#146;s
capacity as a director or senior officer of Uranerz, in discussions or
negotiations with a person in response to an Acquisition Proposal in
circumstances where Uranerz is permitted by Section 7.2 of the Merger Agreement
to engage in such discussions or negotiations, and provided further that no
disclosure or notification is required under clauses 1.2(l) or (m) if the board
of directors of Uranerz has determined that disclosure or notification of such
Acquisition Proposal, proposal, inquiry, offer or request would not be required
by Uranerz under Section 7.2 of the Merger Agreement. For greater certainty, the
Securityholder acknowledges that this Section 1.3 shall not affect the
Securityholder&#146;s obligation to vote the Subject Shares in favour of the Uranerz
Resolution in accordance with the terms and conditions of this Support
Agreement. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_4></A>
<P align=center>- 4 - </P>
<P align=center><B>ARTICLE 2 <BR></B><B><U>REPRESENTATIONS AND
WARRANTIES</U></B><B> </B></P>
<P align=justify>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securityholder by its
acceptance hereof represents and warrants as follows and acknowledges that EFI
is relying upon such representations and warranties in connection with entering
into this Support Agreement and the Merger Agreement: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Securityholder is the beneficial owner of or controls
      all of the Subject Shares set forth immediately below the Securityholder&#146;s
      Acceptance and the Securityholder is the registered or beneficial owner of
      such Subject Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>as of the date of execution of this Support Agreement,
      (i) the only securities of Uranerz beneficially owned, directly or
      indirectly, or over which control or direction is exercised by the
      Securityholder are those listed immediately below the Securityholder&#146;s
      Acceptance, and (ii) other than any Convertible Securities listed
      immediately below the Securityholder&#146;s Acceptance and Uranerz Common
      Shares issuable on the exercise or conversion of such Convertible
      Securities, the Securityholder does not own, directly or indirectly, or
      control any convertible securities and has no other agreement or option,
      or right or privilege (whether by law, pre-emptive or contractual) capable
      of becoming an agreement or option, for the purchase or acquisition by the
      Securityholder or transfer to the Securityholder of additional securities
      of Uranerz;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Securityholder has the sole right to vote all the
      Subject Shares now beneficially owned or controlled;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>all the Subject Shares held by the Securityholder, set
      forth immediately below the Securityholder&#146;s Acceptance, will, immediately
      prior to the Effective Date, be beneficially owned by the Securityholder
      with good and marketable title thereto, free and clear of any and all
      encumbrances and are and will at such time be issued and outstanding as
      fully paid and non-assessable shares in the capital of Uranerz;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the Securityholder has no agreement, option, or any right
      or privilege (whether by law, pre-emptive or contractual) capable of
      becoming an agreement or option, for the purchase, acquisition or transfer
      from the Securityholder of any of the Subject Shares or any interest
      therein or right thereto, except pursuant to this Support
  Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>the Securityholder has no voting trust, pooling or
      shareholder agreement, or any right or privilege (whether by law,
      pre-emptive or contractual) capable of becoming a voting trust or pooling
      agreement, or other agreement or Merger affecting the Subject Shares or
      the ability of the Securityholder to exercise all ownership rights
      thereto, including the voting of the Subject
Shares;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_5></A>
<P align=center>- 5 - </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD colSpan=2>
      <P align=justify>there are no legal proceedings in progress before any
      public body, court or authority or, to the knowledge of the
      Securityholder, pending or threatened against the Securityholder that
      would adversely affect in any manner the ability of the Securityholder to
      enter into this Support Agreement and to perform its obligations hereunder
      or the title of the Securityholder to any of the Subject Shares, as set
      forth immediately below the Securityholder&#146;s Acceptance, and there is no
      judgment, decree or order against the Securityholder that would adversely
      affect in any manner the ability of the Securityholder to enter into this
      Support Agreement and to perform its obligations hereunder or the title of
      the Securityholder to any of the Subject Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD colSpan=2>
      <P align=justify>if the Securityholder is a corporation, the
      Securityholder is validly existing under the laws of its jurisdiction of
      organization;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>the execution and delivery by the Securityholder of this
      Support Agreement, the authorization of this Support Agreement by the
      Securityholder, and the performance by the Securityholder of its
      obligations under this Support Agreement:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>do not require any authorization to be obtained by the
      Securityholder (other than such authorizations as have been obtained by
      the Securityholder on or before the date hereof); and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>will not result (with or without notice or the passage of
      time) in a violation or breach of or constitute a default under any
      provision of: (A) any applicable laws; (B) any note, bond, mortgage,
      indenture, contract or agreement to which the Securityholder is party or
      by which the Securityholder or its assets is bound; (C) any judgment,
      decree, order or award of any governmental entity having jurisdiction over
      the Securityholder; or (D) if the Securityholder is a corporation, the
      constating documents, by-laws or resolutions of the board of directors or
      shareholders thereof;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD colSpan=2>
      <P align=justify>the Securityholder has independently and without reliance
      upon EFI, and based on such information as the Securityholder has deemed
      appropriate, made its own analysis and decision to enter into this Support
      Agreement; the Securityholder acknowledges that EFI has made and makes no
      representation or warranty, whether express or implied, of any kind or
      character except as expressly set forth in this Support Agreement and the
      Merger Agreeement; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD colSpan=2>
      <P align=justify>this Support Agreement has been duly executed and
      delivered by the Securityholder and constitutes a legal, valid and binding
      obligation of the Securityholder, enforceable against the Securityholder
      in accordance with its terms, subject to bankruptcy, insolvency and other
      applicable laws affecting creditors&#146; rights generally, and to general
      principles of equity.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_6></A>
<P align=center>- 6 - </P>
<P align=justify>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFI represents and warrants
to the Securityholder as follows and acknowledges that the Securityholder is
relying upon such representations and warranties in connection with entering
into this Support Agreement: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>EFI is a corporation duly incorporated and validly
      existing under the laws of its jurisdiction of incorporation or
      continuance and has the requisite corporate power and capacity to execute
      and deliver this Support Agreement, to enter into the Merger Agreement and
      to perform its obligations hereunder and under the Merger
  Agreement;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>this Support Agreement has been duly executed and
      delivered by EFI and constitutes a legal, valid and binding obligation of
      EFI, enforceable against it in accordance with its terms, subject to
      bankruptcy, insolvency and other applicable laws affecting creditors&#146;
      rights generally, and general principles of equity; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>neither the execution and delivery by EFI of this Support
      Agreement or the Merger Agreement, nor the performance by EFI of its
      obligations under this Support Agreement or the Merger Agreement shall
      result in the breach or violation of, or constitute a default under, or
      conflict with any provision of:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the constating documents, by-laws or resolutions of the
      board of directors (or any committee thereof) of EFI; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>any laws to which EFI is subject or by which EFI is
      bound,</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>except where such breach or violation individually or in
      the aggregate would not reasonably be expected to materially adversely
      affect EFI&#146;s ability to perform its obligations under this Support
      Agreement or the Merger Agreement.</P></TD></TR></TABLE>
<P align=center><B>ARTICLE 3 <BR></B><B><U>TERMINATION</U></B><B> </B></P>
<P align=justify>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Support Agreement will
automatically terminate on the first to occur of: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>at any time by mutual consent of EFI and the
      Securityholder;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>completion of the Merger in accordance with the Merger
      Agreement;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>termination of the Merger Agreement in accordance with
      its terms;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>by written notice of the Securityholder if EFI has not
      complied in any material respect with its covenants contained in this
      Support Agreement or if any representation or warranty of EFI herein is
      untrue or incorrect in any material respect and, in each case, such
      non-compliance or inaccuracy is reasonably likely to prevent consummation
      of the Merger and is not curable or, if curable, is not cured by the
      earlier of: (A) the date which is five days from the date of written
      notice of such breach; and (B) the Business Day prior to the Effective
      Date; provided that at the time of such termination pursuant to this
      Section 3.1(d) by the Securityholder, the Securityholder is not in default
      in any material respect in the performance of its obligations under this
      Support Agreement;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_7></A>
<P align=center>- 7 - </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>by written notice of EFI if the resolution approving the
      Merger is not approved by the requisite majority of Uranerz
      Shareholders.</P></TD></TR></TABLE>
<P align=justify>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon termination pursuant to
Section 3.1 the provisions of this Agreement will become void and no party shall
have any liability to the other party, provided that no termination pursuant to
Section 3.1 shall prejudice the rights of a party as a result of any breach by
any other party of its obligations hereunder. </P>
<P align=center><B>ARTICLE 4 <BR></B><B><U>GENERAL</U></B><B> </B></P>
<P align=justify>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In this Support Agreement,
unless otherwise expressly stated or the context otherwise requires: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>references to &#147;herein&#148;, &#147;hereby&#148;, &#147;hereunder&#148;, &#147;hereof&#148;
      and similar expressions are references to this Support Agreement and not
      to any particular Section of or Schedule to this Support
  Agreement;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>references to an &#147;Article&#148; or a &#147;Section&#148; are references
      to an Article or a Section of this Support Agreement;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>words importing the singular shall include the plural and
      vice versa, and words importing gender shall include the masculine,
      feminine and neuter genders;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the term &#147;Business Day&#148; shall have the meanings ascribed
      thereto in the Merger Agreement;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the use of headings is for convenience of reference only
      and shall not affect the construction or interpretation hereof;
  and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>wherever the term &#147;includes&#148; or &#147;including&#148; is used, it
      shall be deemed to mean &#147;includes, without limitation&#148; or &#147;including,
      without limitation&#148;, respectively.</P></TD></TR></TABLE>
<P align=justify>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties waive the
application of any rule of law which otherwise would be applicable in connection
with the construction of this Support Agreement that ambiguous or conflicting
terms or provisions should be construed against the party who (or whose counsel)
prepared the executed agreement or any earlier draft of the same. </P>
<P align=justify>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Support Agreement shall
become effective in respect of the Securityholder upon both: (a) execution and
delivery thereof by the Securityholder; and (b) the execution and delivery of
the Merger Agreement by EFI and Uranerz. </P>
<P align=justify>4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Support Agreement may be
executed by facsimile or electronically and in any number of counterparts, each
of which shall be deemed to be original and all of which taken together shall be
deemed to constitute one and the same instrument, and it shall not be necessary
in making proof of this Support Agreement to produce more than one counterpart.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_8></A>
<P align=center>- 8 - </P>
<P align=justify>4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securityholder consents
to the disclosure of the substance of this Support Agreement in any press
release or any circular relating to the Merger and to the filing of this Support
Agreement as may be required pursuant to applicable laws. </P>
<P align=justify>4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Support Agreement shall
be binding upon and shall enure to the benefit of and be enforceable by each of
the parties hereto and their respective successors, permitted assigns, heirs,
executors and personal representatives. This Support Agreement shall not be
assignable by any party except in accordance with Section 4.7. </P>
<P align=justify>4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Support Agreement and
the rights hereunder are not transferable or assignable by the Securityholder or
EFI, as applicable, without the prior written consent of the other (which
consent may be withheld at the discretion of the other). </P>
<P align=justify>4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time shall be of the essence
of this Support Agreement. </P>
<P align=justify>4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any term, provision,
covenant or restriction of this Support Agreement is held by a court of
competent jurisdiction to be invalid, void or unenforceable, the remainder of
the terms, provisions, covenants and restrictions of this Support Agreement
shall remain in full force and effect and shall in no way be affected, impaired
or invalidated and the parties shall negotiate in good faith to modify the
agreement to preserve each party&#146;s anticipated benefits under this Support
Agreement. </P>
<P align=justify>4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securityholder
acknowledges that it: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>has been advised by EFI to seek independent legal
      advice;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>has sought such independent legal advice or deliberately
      decided not to do so;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>understands its rights and obligations under this Support
      Agreement; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>is executing this Support Agreement
  voluntarily.</P></TD></TR></TABLE>
<P align=justify>4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any notice or other
communication required or permitted to be given hereunder shall be sufficiently
given if delivered or sent by facsimile transmission as follows: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>in the case of a Securityholder, to the address set forth
      opposite the Securityholder&#146;s Acceptance; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>if to EFI:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>225 Union Blvd., Suite 600
<BR>Lakewood, CO 80228 <BR>Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stephen P.
Antony, President and Chief Executive Officer
<BR>Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303-974-2141 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_9></A>
<P align=center>- 9 - </P>
<P style="MARGIN-LEFT: 10%" align=justify>With a copy to: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Borden Ladner Gervais LLP <BR>Scotia
Plaza, 40 King Street West <BR>Toronto, ON M5H 3Y4
<BR>Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark F. Wheeler
<BR>Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416-361-7376 </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>or at such other address as the party to which such
      notice or other communication is to be given has last notified the party
      giving the same in the manner provided in this
Section,</P></TD></TR></TABLE>
<P align=justify>and if so given shall be deemed to have been given on the date
on which it was actually received at the address provided herein (if received on
a Business Day, if not, the next succeeding Business Day) and if sent by
facsimile transmission be deemed to have been given at the time of actual
receipt of the complete facsimile transmission at the fax number provided herein
(if actually received prior to 4:30 p.m. (local time at the point of receipt) on
a Business Day, if not the next succeeding Business Day). </P>
<P align=justify>4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Support Agreement
(together with all other documents and instruments referred to herein)
constitutes the entire agreement between the parties with respect to the subject
matter hereof and supersedes all other agreements and undertakings, both written
and oral, among the parties with respect to the subject matter hereof. </P>
<P align=justify>4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Support Agreement shall
be governed in all respects, including validity, interpretation and effect, by
the laws of the State of Nevada, without giving effect to any principles of
conflict of laws thereof which would result in the application of the laws of
any other jurisdiction, and all actions and proceedings arising out of or
relating to this Support Agreement shall be heard and determined exclusively in
the courts of the State of Nevada. </P>
<P align=justify>4.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securityholder
recognizes and acknowledges that this Support Agreement is an integral part of
EFI entering into the Merger Agreement, and that EFI would not contemplate
proceeding with entering into the Merger Agreement unless this Support Agreement
was entered into by the Securityholder, and that a breach by the Securityholder
of any covenants or other commitments contained in this Support Agreement will
cause EFI to sustain injury for which it would not have an adequate remedy at
law for money damages. Therefore, the Securityholder agrees that, in the event
of any such breach, EFI shall be entitled to the remedy of specific performance
of such covenants or commitments and preliminary and permanent injunctive and
other equitable relief in addition to any other remedy to which they may be
entitled, at law or in equity, and the Securityholder further agrees to waive
any requirement for the securing or posting of any bond in connection with the
obtaining of any such injunctive or other equitable relief. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_10></A>
<P align=center>- 10 - </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing accurately
reflects the terms and conditions of our agreement, would you kindly indicate
your acceptance hereof by signing, dating and returning to the undersigned the
enclosed Support Agreement by facsimile or otherwise. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>ENERGY FUELS INC. </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="3%" align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="47%" align=left>&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="3%" align=left></TD>
    <TD width="47%" align=left>Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stephen P.
      Antony </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="3%" align=left></TD>
    <TD width="47%"
      align=left>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President
      &amp; Chief Executive </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="3%" align=left>&nbsp; </TD>
    <TD width="47%"
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Officer </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_11></A>
<P align=center>- S1 - </P>
<P align=center><B>SECURITYHOLDER&#146;S ACCEPTANCE </B></P>
<P align=justify>Irrevocably accepted and agreed January ______, 2015. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>Address for Notice: </TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="50%" align=left>Name of Securityholder: </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="50%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="50%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="50%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="50%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="50%" align=left>Signature: </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="50%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="30%" align=left >&nbsp; </TD>
    <TD width="40%" colSpan=2 align=center><B>Number of Convertible</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B><U>Registered or</U></B> </TD>
    <TD width="30%" align=center ><B>Number of</B> </TD>
    <TD width="40%" colSpan=2 align=center><B><U>Securities</U></B> </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B><U>Beneficial Holder</U></B> </TD>
    <TD width="30%" align=center ><B><U>Common Shares</U></B> </TD>
    <TD width="20%" align=center><B><U>Warrants</U></B> </TD>
    <TD width="20%" align=center>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B><U>Options</U></B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="30%" >&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="30%" >&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="30%" >&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="30%" >&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Total:</B> </TD>
    <TD width="30%" align=left >&nbsp; </TD>
    <TD width="20%" align=left>&nbsp; </TD>
    <TD width="20%" align=left>&nbsp; </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>


<p align="right"><b>ANNEX D</b><br>
</p>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%">
  <tr>
    <td width="50%" style="border-style: none; border-width: medium">

<IMG src="annex_dx1x1.jpg" border=0 width="281" height="95"></td>
    <td width="50%" style="border-style: none; border-width: medium">
<IMG src="annex_dx1x2.jpg" border=0 width="159" height="53" align="right"></td>
  </tr>
</table>
<A name="page_1"></A>

&nbsp;<BR>
January 3, 2015
<P align="justify">
Special Committee of the Board of Directors of Uranerz Energy Corporation (&ldquo;<B>Special Committee</B>&rdquo;)
<br>
Suite 1410 - 800 West Pender Street  <br>
Vancouver, BC<br>
V6C 2V6 </P>
<P align="justify">
Dear Special Committee: </P>
<P align="justify">
<B>Re: Fairness opinion regarding the proposed transaction between Energy Fuels Inc. and Uranerz Energy Corporation </B></P>
<P align="justify">
Euro Pacific Canada Inc. (&ldquo;<B>Euro Pacific</B>&rdquo;) understands that Energy Fuels Inc. (&ldquo;<B>Energy Fuels</B>&rdquo;) and Uranerz Energy Corporation (&ldquo;<B>Uranerz</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) propose to enter
into a merger agreement (&ldquo;<B>Merger Agreement</B>&rdquo;) pursuant to which Energy Fuels will acquire all of the issued and outstanding common shares Uranerz (the "<B>Transaction</B>"). Under the terms of the Merger Agreement, shareholders of
Uranerz will receive 0.255 common shares of Energy Fuels for each common share of Uranerz held (the &ldquo;<B>Consideration</B>&rdquo;) and Uranerz' outstanding options and warrants will be adjusted in accordance with their terms, such that the
number of Energy Fuels shares received upon exercise and the exercise price will reflect the exchange ratio described above. It is proposed that the Transaction will be carried out by way of a merger of Uranerz with, and into, a subsidiary of Energy
Fuels under Nevada law. </P>
<P align="justify">
Euro Pacific also understands that based on the current common shares outstanding of both Energy Fuels and Uranerz, Energy Fuels 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. Based on the December 31, 2014 closing prices on the Toronto Stock Exchange (&ldquo;<B>TSX</B>&rdquo;) and the 90-day volume-weighted average prices on the TSX through to
December 31, 2014, the Transaction represents a 44.5% and 40.1% premium, respectively, to Uranerz shareholders.</P>
<P align="justify">
Euro Pacific has been engaged by the Special Committee to provide Euro Pacific&rsquo;s financial and strategic advice about the proposed Transaction and to prepare an opinion as to the fairness of the Consideration, from a financial point of view,
to the holders of Uranerz&rsquo; common shares. Euro Pacific has not prepared a formal valuation of Uranerz or Energy Fuels or any of their assets or liabilities, including contingent liabilities that may arise pursuant to the Transaction and this
Fairness Opinion should not be construed as such.</P>
<P align="justify">
Euro Pacific understands that the terms of the Merger Agreement and details regarding the Transaction will be fully described in a management information circular (&ldquo;<B>Circular</B>&rdquo;) to be prepared by Uranerz, which will be mailed to
Uranerz&rsquo; shareholders in connection with the Transaction. </P>
<P align="center">
D-1 </P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">



<!--$$/page=-->
<A name="page_2"></A>

<P align="justify">
ENGAGEMENT OF EURO PACIFIC </P>
<P align="justify">
Euro Pacific was formally engaged by the Special Committee pursuant to an engagement letter agreement (the &ldquo;<B>Engagement Agreement</B>&rdquo;) dated December 18, 2014 to provide the Special Committee with financial and strategic advice about
the proposed Transaction. The terms of the Engagement Agreement provide that Euro Pacific is to be paid a fixed rate fee for the Fairness Opinion and advisory services. In addition, Euro Pacific is to be reimbursed for its reasonable out-of-pocket
expenses and be indemnified by Uranerz in respect of certain liabilities which may be incurred by Euro Pacific in connection with the provision of its services. No part of Euro Pacific&rsquo;s fee is contingent upon the conclusions reached in the
Fairness Opinion or on the successful completion of the Transaction. Subject to the terms of the Engagement Agreement, Euro Pacific consents to the inclusion of the Fairness Opinion in the Circular to be mailed to Uranerz&rsquo; shareholders. </P>
<P align="justify">
CREDENTIALS OF EURO PACIFIC </P>
<P align="justify">
Euro Pacific is a Canadian registered investment dealer and investment banking firm headquartered in Toronto, with offices in Montreal, Vancouver and Tokyo, Japan. Euro Pacific is a member or participating organization of the TSX and TSX Venture
Exchange. The firm offers an integrated platform of equity research, institutional sales and trading, investment banking and private client services. Euro Pacific&rsquo;s Capital Markets department provides investment banking services in the areas
of business and securities valuations, fairness opinions, corporate finance transactions, and strategic advice regarding acquisitions, divestitures and mergers of middle-market companies in a variety of sectors, including metals and mining. Euro
Pacific has experience in transactions involving valuations and fairness opinions of stock exchange listed companies. </P>
<P align="justify">
The Fairness Opinion represents the opinion of Euro Pacific and its form and content have been approved by senior investment banking professionals of Euro Pacific, each of whom is experienced in merger, acquisition, divestiture, valuation and
fairness opinion matters. </P>
<P align="justify">
INDEPENDENCE OF EURO PACIFIC </P>
<P align="justify">
Euro Pacific is not an insider, associate or affiliate (as such terms are defined in the <I>Securities Act</I> (Ontario)) of Uranerz, Energy Fuels or any of their associates or affiliates (collectively the &ldquo;<B>Interested Parties</B>&rdquo;).
Except for as described herein, neither Euro Pacific nor any of its associates or affiliates is an advisor of the Interested Parties in respect of the Transaction. </P>
<P align="justify">
Euro Pacific does not have any agreements, commitments or understandings in respect of any future business involving any of the Interested Parties. However, Euro Pacific may, from time to time in the future, seek or be provided with assignments from
one or more of the Interested Parties. </P>
<P align="justify">
Euro Pacific is a financial services firm engaged in the securities, investment management and individual wealth management businesses. Euro Pacific&rsquo;s securities business is engaged in
securities underwriting, trading and brokerage activities, as well as providing investment banking, financing and financial advisory services. Euro Pacific, its affiliates, directors and officers may at any time invest on a principal basis or manage
funds that invest, hold long or short positions, finance positions, and may trade or otherwise structure and effect transactions, for their own account or the accounts of its customers, in debt or equity securities or loans of Uranerz, Energy Fuels,
or any other company, or any currency or commodity, that may be involved or affected by the Transaction, or any related derivative instrument. </P>
<P align="center">
2 </P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">



<!--$$/page=-->
<A name="page_3"></A>

<P align="justify">
SCOPE OF REVIEW </P>
<P align="justify">
In connection with the Fairness Opinion, Euro Pacific reviewed and relied upon, among other things, the following:</P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
1) 	</TD>
	<TD>
<P align="justify">the most recent draft of the Merger Agreement (draft dated December 31, 2014);</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
2) 	</TD>
	<TD>
<P align="justify">audited financial statements and management&rsquo;s discussion and analysis of Uranerz for the 12 months ended December 31 for each of 2009, 2010, 2011, 2012, 2013;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
3) 	</TD>
	<TD>
<P align="justify">quarterly interim reports of Uranerz, including the unaudited financial statements and management&rsquo;s discussion and analysis for the three month periods ended March 31, 2010 through to September 30, 2014;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
4) 	</TD>
	<TD>
<P align="justify">audited financial statements and management&rsquo;s discussion and analysis of Energy Fuels for the 15 months ended December 31, 2013, the 12 months ended September 30, 2012, and the interim quarterly periods between September 30,
2012 and September 30, 2014;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
5) 	</TD>
	<TD>
<P align="justify">National Instrument 43- 101 (&ldquo;<B>NI 43-101</B>&rdquo;) technical reports regarding Uranerz&rsquo; Reno Creek Property, North Rolling Pin Property, South Doughstick Property, Doughstick Property, Nichols Ranch Property, West
North Butte Satellite Properties, Hank Unit Property, Arkose Mining Venture Project, and the combined Preliminary Economic Assessment regarding the Nichols Ranch and Hank Unit Properties;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
6) 	</TD>
	<TD>
<P align="justify">Energy Fuels&rsquo; Preliminary Feasibility Study for its Sheep Mountain Project, as well as NI 43- 101 technical reports of for Energy Fuel&rsquo;s Arizona Strip Uranium Project, Daneros Mine Project, Roca Honda Project, Gas
Hills Project, La Sal Complex, Juniper Ridge Project, Sage Plain Project, Henry Mountains Complex, Whirlwind, EZ1 and EZ2 Complex, Marquez Uranium Property, Torbyn Property, and Nose Rock Uranium Property;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
7) 	</TD>
	<TD>
<P align="justify">press releases, material change reports, information circulars and other material documents issued or filed on SEDAR by Uranerz and Energy Fuels since January 1, 2013;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
8) 	</TD>
	<TD>
<P align="justify">a pro-forma 5-year consolidated corporate-level budget and plan prepared by senior management of Energy Fuels;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
9) 	</TD>
	<TD>
<P align="justify">various due diligence reports prepared for Uranerz by its advisors;</P>
	</TD>
</TR>
</TABLE>
<P align="center">
3 </P>

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<BR><TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
10) 	</TD>
	<TD>
<P align="justify">various equity research analysts&rsquo; reports on Uranerz and Energy Fuels;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
11) 	</TD>
	<TD>
<P align="justify">selected other corporate, uranium sector and mining industry research publications published by equity research analysts or commentators that Euro Pacific considered to be relevant;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
12) 	</TD>
	<TD>
<P align="justify">Uranerz&rsquo; corporate investor relations presentation dated December 2, 2014 and Energy Fuels&rsquo; corporate investor relations presentation dated November 2014;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
13) 	</TD>
	<TD>
<P align="justify">certain other financial, legal and operating information prepared by or for senior management of Uranerz;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
14) 	</TD>
	<TD>
<P align="justify">discussions with members of the Special Committee regarding the current operations and financial condition and the prospects of Uranerz and Energy Fuels, including information relating to certain strategic, financial and
operational benefits and risks anticipated to result or arise from the Transaction;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
15) 	</TD>
	<TD>
<P align="justify">discussions with senior management of Uranerz and Energy Fuels with respect to the information referred to herein and other issues Euro Pacific considered to be relevant;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
16) 	</TD>
	<TD>
<P align="justify">public information relating to the business, operations, financial performance and stock trading history of Uranerz, Energy Fuels and other selected public companies that Euro Pacific considered to be relevant;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
17) 	</TD>
	<TD>
<P align="justify">public information with respect to certain other transactions of a comparable nature that Euro Pacific considered to be relevant; and</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
18) 	</TD>
	<TD>
<P align="justify">such other information, analysis and inquiries as Euro Pacific considered appropriate.</P>
	</TD>
</TR>
</TABLE>
<P align="justify">
Euro Pacific&rsquo;s review consisted primarily of inquiry, review, analysis and discussion of this information. As well, Euro Pacific has referred to and made use of limited general industry and economic information obtained from other sources as
considered reliable and necessary in the circumstances. Euro Pacific has not, to the best of its knowledge, been denied access by Uranerz to any information requested by Euro Pacific. </P>
<P align="center">
4 </P>

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<P align="justify">
ASSUMPTIONS AND LIMITATIONS </P>
<P align="justify">
The Fairness Opinion has been prepared for the Special Committee and, except as explicitly permitted herein, is not to be used for any purpose other than stated herein and is not intended for general circulation, nor is it to be published or made
available to other parties in whole or in part without Euro Pacific&rsquo;s prior written consent. Euro Pacific does not assume any responsibility for losses resulting from the unauthorized or improper use of the Fairness Opinion. Subject to the
terms of the Engagement Agreement, Euro Pacific consents to the inclusion of the Fairness Opinion in the Circular, with a summary thereof, in a form reasonably acceptable to Euro Pacific, to be mailed by Uranerz to Uranerz&rsquo; shareholders and to
the filing thereof by Uranerz with the applicable securities regulatory authorities.</P>
<P align="justify">
The financial statements and other information provided by Uranerz or its representatives have been accepted, without further verification, as correctly reflecting the business conditions and operating results for the respective periods, except as
noted herein. The Fairness Opinion is based on the assumption that no material changes have taken place in Uranerz or Energy Fuels&rsquo; business, operations, asset positions or prospects that have not been brought to Euro Pacific&rsquo;s attention
since the date of the financial information utilized by Euro Pacific. </P>
<P align="justify">
In preparing the Fairness Opinion, Euro Pacific has made several assumptions, including that all final versions of all agreements and documents to be executed and delivered in respect of or in connection with the Transaction will not differ in any
material respect from the drafts provided to Euro Pacific, that all of the conditions required to complete the Transaction will be met, that the procedures being followed to implement the Transaction are valid and effective, that all required
documents will be distributed to Uranerz and Energy Fuels&rsquo; shareholders in accordance with all applicable laws and that all forms of consideration, both direct and indirect, to be received, or that has already been received, by Uranerz&rsquo;
shareholders in connection with the Arrangement Agreement have been disclosed to Euro Pacific.</P>
<P align="justify">
For purposes of rendering the Fairness Opinion, Euro Pacific has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the information, data, opinions and other materials
(collectively, the &ldquo;<B>Information</B>&rdquo;) provided to, discussed with or reviewed by, Euro Pacific; and Euro Pacific does not assume any responsibility for any such Information.<B><I> </I></B></P>
<P align="justify">
Euro Pacific is not commenting on the trading prices or marketability of Uranerz or Energy Fuels&rsquo; common shares on the public markets (as at the date hereof or following the consummation of the Transaction or at any time) and Euro Pacific
expresses no opinion or recommendation to any securities holders of Uranerz or Energy Fuels as to how to vote at any shareholders meetings to be held in connection with the Transaction.  Euro Pacific&rsquo;s opinion does not address the relative
merits of the Transaction as compared to alternative transactions or strategies that might be available to Uranerz, nor should Euro Pacific&rsquo;s opinion be interpreted as an endorsement of the merits of the Transaction. </P>
<P align="justify">
Euro Pacific has not independently verified the accuracy and completeness of the Information supplied to Euro Pacific with respect to Uranerz or the Transaction and does not assume any
responsibility with respect to it. Euro Pacific has not made any physical inspection or independent appraisal of any of the properties or assets of Uranerz or Energy Fuels. </P>
<P align="center">
5 </P>

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<P align="justify">
The Fairness Opinion is rendered as of January 3, 2015 on the basis of securities markets, economic and general business and financial conditions prevailing and the condition and prospects, financial and otherwise, of Uranerz as they were reflected
in the Information and documents reviewed by Euro Pacific and as they were represented to Euro Pacific in discussions with Management. Public information and industry and statistical information are from sources Euro Pacific considers to be
reliable. Euro Pacific has relied upon the completeness, accuracy and fair presentation of all such information without further verification.</P>
<P align="justify">
Euro Pacific does not provide legal, tax or regulatory advice.  No opinion, counsel or interpretation is intended in matters that require legal or other appropriate professional advice. It is assumed that such opinions, counsel or interpretations
have been or will be obtained from the appropriate professional sources. Euro Pacific expresses no opinion with respect to the fairness of the amount or nature of the compensation to any of Uranerz&rsquo; officers, directors or employees, or any
class of such persons, relative to the Consideration to be received by the holders of Uranerz common shares pursuant to the Transaction. </P>
<P align="justify">
Euro Pacific disclaims any undertaking or obligation to advise any person of any change in any fact or matter affecting the Fairness Opinion which may come or be brought to Euro Pacific&rsquo;s attention after the date hereof. In addition, the
Fairness Opinion is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Euro Pacific as of, the date hereof and Euro Pacific assumes no responsibility for updating or revising
the Fairness Opinion based on circumstances, developments or events occurring after the date hereof.</P>
<P align="justify">
APPROACH TO FAIRNESS </P>
<P align="justify">
The assessment of fairness from a financial point of view must be determined in the context of a particular transaction. Euro Pacific has based its opinion on methods and techniques that it considered appropriate in the circumstances and considered
a number of factors in its review of the Transaction, including a net asset value analysis (based on project-level discounted cash flow analyses), a price to net asset value multiple analysis, comparable companies analysis, comparable transactions
analysis, a survey of analysts&rsquo; estimates and targets, as well as factors relevant to the potential for alternate transactions and sensitivities related to a range of possible future uranium prices. The preparation of a fairness opinion is a
complex process and is not necessarily amenable to partial analysis or summary description. Euro Pacific believes that its analyses must be considered as a whole and that selecting portions of the analyses or the factors considered by it, without
considering all factors and analyses together, could create an incomplete view of the process underlying the Fairness Opinion. The Fairness Opinion should be read in its entirety. </P>
<P align="center">
6 </P>

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<P align="justify">
CONCLUSION </P>
<P align="justify">
Based upon, and subject to, the foregoing and such other matters as Euro Pacific considered relevant, Euro Pacific is of the opinion that, as of the date hereof, the Consideration to be provided to Uranerz&rsquo; common shareholders pursuant to the
proposed Transaction is fair, from a financial point of view, to such shareholders. </P>
<P align="justify">
Sincerely,</P>
<P align="justify">
EURO PACIFIC CANADA INC. </P>
<P align="justify">&nbsp;
</P>
<P align="center">
7 </P>

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<p align="right"><b>ANNEX E</b></p>
<P align=center><B>SUMMARY OF URANERZ MATERIAL MINERAL PROPERTIES</B> </P>
<P align=justify>The following information concerning Uranerz Energy
Corporation&#146;s (&#147;<B>Uranerz</B>&#148;) material mineral properties is supplementary to
the information set out in Uranerz&#146; Annual Report on Form 10-K filed with the
United States Securities and Exchange Commission on March 16, 2015, and should
be read in conjunction with the information set out in Item 2 of such Form 10-K.
The following information is presented in accordance with NI 43-101- Standards
of Disclosure for Mineral Projects (&#147;<B>NI 43-101</B>&#148;) of the Canadian
Securities Administrators. See &#147;Cautionary Notes to United States Investors
Concerning Mineral Reserve and Resource Estimates&#148; contained in the accompanying
proxy statement/prospectus. Certain assumptions used in preparing technical
information in this Annex E, including certain pricing, production and cost
assumptions differ from those used when preparing the pro forma financial
statements included in this proxy statement/prospectus.</P>
<P align=justify>The mineral properties which are currently considered to be
material to Uranerz are (i) the Nichols Ranch Property; (ii) the Arkose
Property; (iii) the West North Butte Satellite Properties; (iv) the North
Rolling Pin Property; and (v) the Reno Creek Property. Each of these properties,
is located within the Powder River Basin area of Wyoming. </P>
<P align=justify><B><U>Nichols Ranch Property</U></B> </P>
<P align=justify>The following information concerning the Nichols Ranch Property
is based on a technical report prepared for Uranerz titled &#147;Nichols Ranch
Uranium Project, 43-101 Technical Report, Preliminary Economic Assessment&#148; dated
February 28, 2015 and authored by Douglas L. Beahm, P.E., P.G. and Paul
Goranson, P.E. (the &#147;<B>Nichols Ranch Technical Report</B>&#148;). Mr. Beahm is
independent of Uranerz and Energy Fuels, but Mr. Goranson is the President and
COO of Uranerz. Accordingly, the Nichols Ranch Technical Report is not
&#147;independent&#148; within the meaning of NI 43-101. A copy of the Nichols Ranch
Technical Report is available on Uranerz&#146; website at www.uranerz.com and on the
SEDAR website under Uranerz&#146; profile at www.sedar.com. The content of these
websites and information accessible through these websites do not form part of
the accompanying proxy statement/prospectus. </P>
<P align=justify><U>Project Description and Location</U> </P>
<P align=justify>The Nichols Ranch Project is comprised of three units: the
Nichols Ranch, Jane Dough, and Hank. Mineral tenure consists of unpatented
mining lode claims and mineral leases covering approximately 5,434 acres, as
described below. </P>
<P align=justify>The Nichols Ranch Area is located at approximately 43&#176; 42&#146;
North Latitude and 106&#176; 01&#146; West Longitude, and consists of 36 unpatented lode
mining claims, two fee mineral leases, and one Surface Use Agreement (an
&#147;<B>SUA</B>&#148;). The claims and fee leases encompass approximately 920 acres. All
lode mining claims and fee leases in the Nichols Ranch Area are subject to
royalties. There is an overriding royalty interest burden on the fee leases, and
the lode mining claims, which is 6% or 8% depending on the price of uranium. The
fee leases have a 6% to 8% royalty depending on the sales price of uranium.
Surface owners have a set rate for reimbursement of any land taken out of
service for mining activities. </P>
<P align=center>E - 1 </P>
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<P align=justify>The Jane Dough Area is located at approximately 43&#176; 41&#146; North
Latitude and 106&#176; 01&#146; West Longitude, and consists of 115 unpatented lode mining
claims, three SUAs, and 16 fee mineral leases, encompassing approximately
3,121.43 acres. Portions of the Jane Dough area were formerly held separately by
Uranerz and the Arkose Joint Venture, as described below under &#147;Arkose
Property&#148;. These holdings have been combined. Uranerz retains 100% of the
mineral rights for that portion they originally held and 81% of the mineral
rights for the Arkose Joint Venture portion of Jane Dough. Mineral resources for
Jane Dough reflect this partition of mineral ownership. In Section 21 and the
north portion of Section 28 and the east portion of Section 20 and the northeast
quarter of Section 29, unpatented lode mining claims have an overriding royalty
interest burden of 6% or 8% depending on the sale price of uranium. In the south
portion of Section 32, twenty (20) of the unpatented lode mining claims have an
overriding royalty of 0.25% based on production. In the southern part of Section
28 where North Jane is located, 14 fee mineral leases have royalties ranging
from 2% to 10% depending on the sale price of uranium. In the west half of
Section 29 two mineral leases have a royalty of 6% or 8% depending on the sale
price of uranium. Surface owners have a set rate for reimbursement of any land
taken out of service for mining activities and two of the Surface Owners could
receive an extraction fee on production with a burden of 1% or 2% depending on
the sale price of uranium. </P>
<P align=justify>The Hank Area is located at approximately 43&#176; 44&#146; North
Latitude and 105&#176; 55&#146; West Longitude, and consists of 66 unpatented lode mining
claims, two fee surface and mineral leases, and one SUA comprising approximately
1,392.58 acres. Of the 66 unpatented lode mining claims, 56 of the claims have
an overriding royalty interest burden of 6% or 8% depending on the selling price
of uranium. </P>
<P align=justify>All of the unpatented lode mining claims included in the
Nichols Ranch Property have annual filing requirements ($155 per claim) with the
Bureau of Land Management (&#147;<B>BLM</B>&#148;), to be paid on or before September 1 of
each year. </P>
<P align=justify>The current Wyoming severance tax is four percent but after the
allowable wellhead deduction the effective severance tax rate is approximately
3% of gross sales. In addition, the ad valorum (gross products) tax varies by
county assessment but is approximately 6.5% . </P>
<P align=justify>Nichols Ranch is permitted for in-situ recovery (&#147;<B>ISR</B>&#148;)
mining and recovery of uranium with both the Nuclear Regulatory Commission
(&#147;<B>NRC</B>&#148;) and the State of Wyoming Department of Environmental Quality
(&#147;<B>WDEQ</B>&#148;). This includes the Nichols Ranch area and plant site as well as
the Hank satellite area. Amendments to these permits are need for the Jane Dough
Area and amendment applications have been submitted for Jane Dough. </P>
<P align=justify>There are no known environmental liabilities which are not
included in current bonds held by the jurisdictional regulatory agencies.
Financial assurance instruments are held by the State of Wyoming for drilling,
ISR mining, and uranium processing under a Memorandum of Understanding
(&#147;<B>MOU</B>&#148;) with the NRC. The bonds are required to insure reclamation and
restoration of the affected lands and aquifers in accordance with state
regulations and permit requirements. WDEQ regulations require an annual review
of the bonding and bonds may be adjusted annually to reflect changes in
conditions at the mine. </P>
<P align=center>E - 2 </P>
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<P align=justify><U>Accessibility, Climate, Local Resources, Infrastructure and
Physiography</U> </P>
<P align=justify>Johnson and Campbell Counties, in which the Nichols Ranch
Property are located, are generally rural. Most of the workers for the operation
are from the local area and nearby communities such as Casper, Wyoming,
approximately 80 miles southeast of the Nichols Ranch Project. The Uranerz main
office is located in Casper as are numerous industrial supply and service
companies. </P>
<P align=justify>The Nichols Ranch Uranium Project is located within the Wyoming
Basin physiographic province in the western portion of the Powder River Basin.
The site is within the Pumpkin Buttes, a series of small buttes rising several
hundred feet above the surrounding plains. The area is a low-lying plain,
roughly 4,650 feet in elevation. The site is accessible via 2-wheel drive on
existing county and/or private gravel and dirt roads. </P>
<P align=justify>In the vicinity of the Nichols Ranch property, the weather may
limit the time periods for capital construction but should not significantly
affect the operation of an ISR facility. The climate is semiarid and receives an
annual precipitation of approximately 13 inches, the majority of which falls
from February to April as snow. </P>
<P align=justify>The basic infrastructure (power, water, and transportation)
necessary to support an ISR mining operation has been established at Nichols
Ranch and is located within reasonable proximity of Hank. Existing
infrastructure is associated with local oil, gas, and coal bed methane
(&#147;<B>CBM</B>&#148;) development. Non-potable water is and/or will be supplied by
wells developed at or near the sites. Water extracted as part of ISR operations
will be recycled for reinjection. Typical ISR mining operations also require a
disposal well for limited quantities of fluids that cannot be returned to the
production aquifers. Two deep disposal wells have been permitted and are
operational at the Nichols Ranch ISR processing facility. </P>
<P align=justify>Tailings storage areas, waste disposal areas, heap leach pad(s)
are not part of the required infrastructure for the Nichols Ranch property, as
ISR operations do not require these types of facilities. Waste disposal is
accomplished via deep well injection. Uranerz has two such wells permitted and
in operation at Nichols Ranch. </P>
<P align=justify><U>History</U> </P>
<P align=justify>The Nichols Ranch Property is located within the Pumpkin Buttes
Mining District, which was the first commercial uranium production district in
Wyoming. Uranium was first discovered in the Pumpkin Buttes in 1951.
Intermittent production from some 55 small mines through 1967 is reported to
have produced 36,737 tons of ore containing 208,143 pounds of uranium. This
early mining focused on shallow oxidized ores exploited by small open pit mines.
Modern mining in the district has focused on deeper reduced mineralization.
Cogema&#146;s Christensen Ranch and Irigary Ranch in situ leach uranium mining areas
and processing facilities are located within the Pumpkin Buttes Mining District,
approximately 7 and 13 air miles respectively from Nichols Ranch. </P>
<P align=justify>In December 2005, Uranerz purchased the Nichols Ranch, Jane
Dough, and Hank claims groups as part of a six property agreement to option from
Excalibur Industries. Uranerz then expanded the properties by staking additional
claims in the immediate and surrounding areas. In January, 2008 Uranerz entered
into a joint venture on the Arkose Project and controls an 81% undivided
interest to the mineral rights controlled by the Arkose Joint Venture. Uranerz
commenced exploration on the Arkose Project in 2008. A portion of the
Arkose holdings were subsequently incorporated into the Jane Dough portion of
the Nichols Ranch Project and remain subject to the 81% ownership under the
Arkose Joint Venture Agreement. </P>
<P align=center>E - 3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>Construction of the processing facility at Nichols Ranch began
in 2011. Plant construction and initial wellfield installation was competed in
2014 and operations were initiated in June, 2014. Production of approximately
200,000 pounds of uranium oxide has been reported for 2014 via In Situ Recovery
(&#147;<B>ISR</B>&#148;) mining. The Nichols Ranch facility is licensed at an annual
capacity of 2 million pounds uranium oxide and is currently operating and
producing uranium oxide. The Hank Area is included in the Nichols Ranch permit
as a satellite operation, however, no production has occurred at Hank. Permit
amendments have been submitted for the portion of the Jane Dough Area with
delineated mineral resources. Jane Dough has no past production. </P>
<P align=justify><U>Geological Setting</U> </P>
<P align=justify>The Nichols Ranch Project is located in the Powder River Basin
(&#147;<B>PRB</B>&#148;) which is a large structural and topographic depression which is
sub-parallel to the trend of the Rocky Mountains. The PRB is an asymmetrical
syncline with its axis closely paralleling the western basin margin. The PRB
hosts a sedimentary rock sequence that has a maximum thickness of about 15,000
ft along the synclinal axis. The sediments range in age from Recent (Holocene)
to early Paleozoic (Cambrian - 500 million to 600 million years ago) and overlie
a basement complex of Precambrian-age (more than a billion years old) igneous
and metamorphic rocks. </P>
<P align=justify>The White River Formation is the youngest Tertiary unit that
still exists in the PRB. Locally, its only known remnants are found on top of
the Pumpkin Buttes. The Wasatch Formation is the next underlying unit and
consists of interbedded mudstones, carbonaceous shales, silty sandstones, and
relatively clean sandstones. In the vicinity of the Pumpkin Buttes, the Wasatch
Formation is reported to be 1,575 ft thick. The interbedded mudstones,
siltstones, and relatively clean sandstones in the Wasatch vary in degree of
lithification from uncemented to moderately well-cemented sandstones, and from
weakly compacted and cemented mudstones to fissile shales. The Wasatch Formation
hosts significant uranium mineralization. The next underlying unit is the Fort
Union Formation. In the PRB this unit is lithologically similar to the Wasatch
Formation. The total thickness of the Fort Union in this area is approximately
3,000 ft. The Fort Union contains significant uranium mineralization at various
locations in the basin. </P>
<P align=justify>The Wasatch Formation is the host formation at Nichols Ranch,
Jane Dough and Hank. However, the various sandstone units of the Fort Union
Formation host mineralization in other areas within the PRB. Wyoming uranium
deposits are typically sandstone roll front uranium deposits. </P>
<P align=justify>The Eocene Wasatch Formation hosts uranium mineralization at
the Nichols Ranch Project. The Wasatch Formation in this area was deposited in a
multi-channel fluvial and flood plain environment. Within the Nichols Ranch
Project area, there is a repetitive transgressive/regressive sequence of
sandstones separated by fine-grained horizons composed of siltstone, mudstone,
carbonaceous shale and poorly developed thin coal seams.</P>
<P align=justify>At Nichols Ranch the Eocene Wasatch Formation is exposed at the
surface with limited areas of quaternary alluvial and colluvial deposits. The
primary mineralized sand horizons (100 Sand) are in the lower part of the Wasatch, at an approximate average
depth of 550 ft. The Hank Area is approximately six miles east-northeast of the
Nichols Ranch. Eocene Wasatch Formation is exposed at the surface with limited
areas of quaternary alluvial and colluvial deposits. The mineralized sand
horizon (150 Sand) is in the lower part of the Wasatch at an approximate average
depth of 365 ft. </P>
<P align=center>E - 4 </P>
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<P align=justify><U>Mineralization</U> </P>
<P align=justify>Mineralization within the Nichols Ranch Project is interpreted
  to be dominantly roll front type mineralization. Roll fronts are formed along an
  interface between oxidizing ground water solutions which encounter reducing
  conditions within the host sandstone unit. Parameters controlling the deposition
  and consequent thickness and grade of mineralization include the host rock
  lithology and permeability, available reducing agents, ground water chemistry,
  and time in that ground water/geochemical system responsible for leaching.
  Transportation and re-deposition of uranium must be stable long enough to
  concentrate the uranium to potentially economic grades and thicknesses. The
  uranium mineralization is composed of amorphous uranium oxide, sooty
  pitchblende, and coffinite, and is deposited in void spaces between detrital
sand grains and within minor authigenic clays. </P>
<P align=justify><U>Exploration</U> </P>
<P align=justify>Uranium mineralization was discovered in the Pumpkin Buttes in
1951. Early mining focused on shallow oxidized areas by small open pit mines.
Primary exploration methods included geologic mapping and ground radiometric
surveys. Modern exploration and mining in the district has focused on deeper
reduced mineralization. Exploration is primarily conducted by drilling, as
described below. </P>
<P align=justify><U>Drilling</U> </P>
<P align=justify>Uranerz has conducted its own exploration of the Nichols Ranch
Project and is continuing with delineation drilling on the Nichols Ranch
Project. The drill hole data demonstrates that mineralization is present and is
of sufficient quality and density to support mineral resource estimation.
Drill hole data is dominantly based on interpretation of downhole geophysical
logs typically consisting of natural gamma, resistivity, and SP (Spontaneous
Potential). Resistivity and SP were utilized for defining lithology and
correlating the logs. Geophysical logging was historically completed by
commercial geophysical logging companies. Recent and current geophysical logging
is being completed by Uranerz personnel using modern logging units owned by
Uranerz. </P>
<P align=justify>The drill hole database used for the Nichols Ranch Technical
Report has an effective date of January 1, 2015, and is summarized below: </P>
<P align=center><B>Drill hole Summary </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 vAlign=bottom noWrap align=center><U>Area</U> </TD>
    <TD vAlign=bottom noWrap align=center width="25%"><U>Historic Drill
      Holes</U> </TD>
    <TD vAlign=bottom noWrap align=center width="25%"><U>Recent Drill
      Holes</U> </TD>
    <TD vAlign=bottom noWrap align=center width="25%"><U>Total</U> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bgcolor="#E6EFFF">Nichols Ranch </TD>
    <TD vAlign=bottom align=center width="25%" bgcolor="#E6EFFF">143 </TD>
    <TD vAlign=bottom align=center width="25%" bgcolor="#E6EFFF">761 </TD>
    <TD vAlign=bottom align=center width="25%" bgcolor="#E6EFFF">904 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>Jane Dough </TD>
    <TD vAlign=bottom align=center width="25%">0 </TD>
    <TD vAlign=bottom align=center width="25%">786 </TD>
    <TD vAlign=bottom align=center width="25%">786 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bgcolor="#E6EFFF">Hank </TD>
    <TD vAlign=bottom align=center width="25%" bgcolor="#E6EFFF"><U>203</U> </TD>
    <TD vAlign=bottom align=center width="25%" bgcolor="#E6EFFF"><U>86</U> </TD>
    <TD vAlign=bottom align=center width="25%" bgcolor="#E6EFFF"><U>289</U> </TD></TR>
    <TR vAlign=top>
    <TD vAlign=bottom align=center>TOTAL </TD>
    <TD vAlign=bottom align=center width="25%">346 </TD>
    <TD vAlign=bottom align=center width="25%">1,633 </TD>
    <TD vAlign=bottom align=center width="25%">1,979 </TD></TR></TABLE>
<P align=center>E - 5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>In addition there are 94 monitor wells at Nichols Ranch and
Jane Dough and 16 monitor wells at Hank. </P>
<P align=justify>General drill hole results are summarized in the following
table. The tabulation shows the difference between the Nichols Ranch Area, which
is being fully delineated, and the Jane Dough and Hank Areas, which are in an
advanced exploration stage. </P>
<P align=center><B>Drill hole Results </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD colSpan=4 align=center vAlign=center bgcolor="#eeeeee">NICHOLS RANCH </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Barren or Trace Mineralization </TD>
    <TD vAlign=center align=center width="25%">&gt; .02 e%U<SUB>3</SUB>O<SUB>8</SUB> - &lt;0.2 GT
</TD>
    <TD vAlign=center align=center width="25%">0.2 &#150; 0.5 GT </TD>
    <TD vAlign=center align=center width="25%">&gt; 0.5 GT </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>141 </TD>
    <TD vAlign=center align=center width="25%">16 </TD>
    <TD vAlign=center align=center width="25%">66 </TD>
    <TD vAlign=center align=center width="25%">681 </TD></TR>
  <TR vAlign=top>
    <TD colSpan=4 align=center vAlign=center bgcolor="#eeeeee">JANE DOUGH </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Barren or Trace Mineralization </TD>
    <TD vAlign=center align=center width="25%">&gt; .02 e%U<SUB>3</SUB>O<SUB>8</SUB> - &lt;0.2 GT
</TD>
    <TD vAlign=center align=center width="25%">0.2 &#150; 0.5 GT </TD>
    <TD vAlign=center align=center width="25%">&gt; 0.5 GT </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>433 </TD>
    <TD vAlign=center align=center width="25%">160 </TD>
    <TD vAlign=center align=center width="25%">87 </TD>
    <TD vAlign=center align=center width="25%">106 </TD></TR>
  <TR vAlign=top>
    <TD colSpan=4 align=center vAlign=center bgcolor="#eeeeee">HANK </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Barren or Trace Mineralization </TD>
    <TD vAlign=center align=center width="25%">&gt; .02 e%U<SUB>3</SUB>O<SUB>8</SUB> - &lt;0.2 GT
</TD>
    <TD vAlign=center align=center width="25%">0.2 &#150; 0.5 GT </TD>
    <TD vAlign=center align=center width="25%">&gt; 0.5 GT </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>168 </TD>
    <TD vAlign=center align=center width="25%">21 </TD>
    <TD vAlign=center align=center width="25%">37 </TD>
    <TD vAlign=center align=center width="25%">63 </TD></TR></TABLE></DIV>
<P align=justify>Specific drill data summaries showing, the range and averages
for thickness of mineralization and grade thickness (&#147;<B>GT</B>&#148;), for Nichols
Ranch, Jane Dough, and Hank are provided in the following table: </P>
<P align=center><B>GT Summaries </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=bottom>
    <TD colSpan=7 align=center bgcolor="#eeeeee">JANE DOUGH</TD></TR>
  <TR vAlign=top>
    <TD align=center>CUTOFF </TD>
    <TD align=center width="14%">AVERAGE GT </TD>
    <TD align=center width="14%">AVERAGE T </TD>
    <TD align=center width="14%">MIN GT </TD>
    <TD align=center width="14%">MAX GT </TD>
    <TD align=center width="14%">MIN T </TD>
    <TD align=center width="14%">MAX T </TD></TR>
  <TR vAlign=top>
    <TD align=center>0.2 </TD>
    <TD align=center width="14%">0.78 </TD>
    <TD align=center width="14%">7.0 </TD>
    <TD align=center width="14%">0.20 </TD>
    <TD align=center width="14%">6.33 </TD>
    <TD align=center width="14%">1.00 </TD>
    <TD align=center width="14%">42.00 </TD></TR>
  <TR vAlign=top>
    <TD align=center>0.5 </TD>
    <TD align=center width="14%">1.16 </TD>
    <TD align=center width="14%">9.0 </TD>
    <TD align=center width="14%">0.50 </TD>
    <TD align=center width="14%">6.33 </TD>
    <TD align=center width="14%">1.00 </TD>
    <TD align=center width="14%">42.00 </TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=center bgcolor="#eeeeee">NICHOLS RANCH A1
    SAND</TD></TR>
  <TR vAlign=top>
    <TD align=center>CUTOFF </TD>
    <TD align=center width="14%">AVERAGE GT </TD>
    <TD align=center width="14%">AVERAGE T </TD>
    <TD align=center width="14%">MIN GT </TD>
    <TD align=center width="14%">MAX GT </TD>
    <TD align=center width="14%">MIN T </TD>
    <TD align=center width="14%">MAX T </TD></TR>
  <TR vAlign=top>
    <TD align=center>0.2 </TD>
    <TD align=center width="14%">1.11 </TD>
    <TD align=center width="14%">8.5 </TD>
    <TD align=center width="14%">0.20 </TD>
    <TD align=center width="14%">7.05 </TD>
    <TD align=center width="14%">1.00 </TD>
    <TD align=center width="14%">40.00 </TD></TR>
  <TR vAlign=top>
    <TD align=center>0.5 </TD>
    <TD align=center width="14%">1.51 </TD>
    <TD align=center width="14%">10.2 </TD>
    <TD align=center width="14%">0.50 </TD>
    <TD align=center width="14%">7.05 </TD>
    <TD align=center width="14%">1.00 </TD>
    <TD align=center width="14%">40.00 </TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=center bgcolor="#eeeeee">&nbsp;NICHOLS RANCH A2
    SAND</TD></TR>
  <TR vAlign=top>
    <TD align=center>CUTOFF </TD>
    <TD align=center width="14%">AVERAGE GT </TD>
    <TD align=center width="14%">AVERAGE T </TD>
    <TD align=center width="14%">MIN GT </TD>
    <TD align=center width="14%">MAX GT </TD>
    <TD align=center width="14%">MIN T </TD>
    <TD align=center width="14%">MAX T </TD></TR>
  <TR vAlign=top>
    <TD align=center>0.2 </TD>
    <TD align=center width="14%">1.15 </TD>
    <TD align=center width="14%">8.4 </TD>
    <TD align=center width="14%">0.20 </TD>
    <TD align=center width="14%">7.01 </TD>
    <TD align=center width="14%">1.50 </TD>
    <TD align=center width="14%">28.00 </TD></TR>
  <TR vAlign=top>
    <TD align=center>0.5 </TD>
    <TD align=center width="14%">1.61 </TD>
    <TD align=center width="14%">10.4 </TD>
    <TD align=center width="14%">0.50 </TD>
    <TD align=center width="14%">7.01 </TD>
    <TD align=center width="14%">1.50 </TD>
    <TD align=center width="14%">28.00 </TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=center bgcolor="#eeeeee">HANK</TD></TR>
  <TR vAlign=top>
    <TD align=center>CUTOFF </TD>
    <TD align=center width="14%">AVERAGE GT </TD>
    <TD align=center width="14%">AVERAGE T </TD>
    <TD align=center width="14%">MIN GT </TD>
    <TD align=center width="14%">MAX GT </TD>
    <TD align=center width="14%">MIN T </TD>
    <TD align=center width="14%">MAX T </TD></TR>
  <TR vAlign=top>
    <TD align=center>0.2 </TD>
    <TD align=center width="14%">0.72 </TD>
    <TD align=center width="14%">7.6 </TD>
    <TD align=center width="14%">0.20 </TD>
    <TD align=center width="14%">3.22 </TD>
    <TD align=center width="14%">1.00 </TD>
    <TD align=center width="14%">27.50 </TD></TR>
  <TR vAlign=top>
    <TD align=center>0.5 </TD>
    <TD align=center width="14%">1.13 </TD>
    <TD align=center width="14%">10.3 </TD>
    <TD align=center width="14%">0.20 </TD>
    <TD align=center width="14%">3.22 </TD>
    <TD align=center width="14%">2.00 </TD>
    <TD align=center width="14%">27.50 </TD></TR></TABLE></DIV>
<P align=center>E - 6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><U>Sampling and Analysis</U> </P>
<P align=justify>The primary assay data for the Nichols Ranch Project is
downhole geophysical log. Additional data includes limited core assays and
Prompt Fission Neutron (&#147;<B>PFN</B>&#148;) geophysical logging. PFN logging provides
a direct measurement of uranium content in the borehole. PFN use a neutron
radiation source in the borehole which causes the uranium atoms to respond by
releasing a specific wave length which can be measured. In this way PFN is
essentially equivalent to other common uranium assay methods such as X-ray
diffraction (XRF) completed in a laboratory or field environment and is thus
considered to provide direct assay results. </P>
<P align=justify>Uranerz has written procedures for the collection of drill data
including lithological logging, natural gamma logging. Uranerz also has standard
procedures for the interpretation of natural gamma logging employing the half
amplitude method for the interpretation of historic analog data. For all recent
drilling, Compulog&#153; software was utilized to convert natural gamma measurement
to equivalent % U<SUB>3</SUB>O<SUB>8</SUB> (%eU<SUB>3</SUB>O<SUB>8</SUB>). This grade data is then summed for thickness and
GT for the appropriate mineralized intervals. This procedure is the current
industry standard method. </P>
<P align=justify>In the opinion of the author of the Nichols Ranch Technical
Report, the data collection, assay procedures (geophysical logging), database
maintenance, and storage and security for all relevant data are adequate.
Further it is the author&#146;s opinion that the data is suitable for the purposes of
the mineral resource estimation in the Nichols Ranch Technical Report. </P>
<P align=justify><U>Mineral Resource and Mineral Reserve Estimates</U> </P>
<P align=justify>Mineral resource calculations are based on chemically
equivalent uranium grades. A minimum grade cutoff of 0.02 % U<SUB>3</SUB>O<SUB>8</SUB> and minimum GT
of 0.20 was used in the calculations along with a bulk dry density of 16 cubic
feet per ton, as subsequently discussed. Measured and Indicated mineral
resources where estimated using the GT contour method in accordance with
Canadian Institute of Mining, Metallurgy and Petroleum (&#147;<B>CIM</B>&#148;) guidance.
Inferred mineral resources were estimated by projecting average width and GT
along a measured REDOX trend defined by drill holes. Appropriate average width
and GT applied to each specific mineral resource area was determined from
drill hole data. Wellfield recovery factors were not applied to the indicated and
inferred mineral resource estimates. </P>
<P align=justify>The cutoff criteria used by Uranerz at their operating ISR
facility at Nichols Ranch is a minimum grade cutoff of 0.02 % U<SUB>3</SUB>O<SUB>8</SUB> and minimum
GT of 0.20. The author of the Nichols Ranch Technical Report is familiar with
cutoff criteria as applied for similar operations and concurs that a minimum GT
cutoff of 0.20 does meet criteria for reasonable economic extraction via ISR
given the depths and general operating conditions at the Nichols Ranch Project.
Based on the available data and the geologic setting of the mineral deposits at
Nichols ranch, Jane Dough, and Hank, the author of the Nichols Ranch Technical
Report recommends using a disequilibrium factor (&#147;DEF&#148;) of 1. </P>
<P align=justify>The mineral resource estimates for the Nichols Ranch Property
as set out in the Nichols Ranch Technical Report are summarized as follows: </P>
<P align=center>E - 7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center rowSpan=13>
      <P align=center><B>Cautionary Note to Investors Concerning Estimates of
      Measured, Indicated and Inferred Resources </B></P>
      <P align=justify>The
      following table uses the term &#147;measured recourses&#148;, &#147;indicated resources&#148;
      and &#147;inferred resources&#148;. Uranerz advises investors that while this term
      is recognized and required by Canadian securities regulations (under
      National Instrument 43-101 <I>Standards of Disclosure for </I><I>Mineral
      Projects</I>), the U.S. Securities and Exchange Commission does not
      recognize this term. </P>
      <P align=justify>Further, &#145;inferred resources&#146; have a great amount of
      uncertainty as to their existence, and great uncertainty 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 pre-feasibility studies, except
      in rare cases. <B>Investors are cautioned not to assume that part or all
      of an </B><B>inferred resource exists, or is economically or legally
      mineable. </B></P></TD></TR>
  <TR vAlign=bottom></TR>
  <TR></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR></TABLE></DIV>
<P align=center><B>Mineral Resource Summary </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=bottom>
    <TD colSpan=6 align=center valign="bottom" bgcolor="#eeeeee">Nichols Ranch Total Remaining Mineral
    Resources<SUP>(1)</SUP></TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD align=center valign="bottom" width="16%">&nbsp; </TD>
    <TD width="16%" align=center valign="bottom">Tons </TD>
    <TD width="16%" align=center valign="bottom">%eU<SUB>3</SUB>O<SUB>8 </SUB></TD>
    <TD width="16%" align=center valign="bottom">Pounds </TD>
    <TD width="16%" align=center valign="bottom">URZ Pounds<SUP>(2) </SUP></TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">Measured </TD>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD width="16%" align=center valign="bottom">641,000 </TD>
    <TD width="16%" align=center valign="bottom">0.132 </TD>
    <TD width="16%" align=center valign="bottom">1,694,000 </TD>
    <TD width="16%" align=center valign="bottom">1,694,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">Indicated </TD>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD width="16%" align=center valign="bottom">428,000 </TD>
    <TD width="16%" align=center valign="bottom">0.126 </TD>
    <TD width="16%" align=center valign="bottom">1,079,000 </TD>
    <TD width="16%" align=center valign="bottom">1,079,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD align=center valign="bottom" width="16%">M&amp;I Total </TD>
    <TD width="16%" align=center valign="bottom">1,069,000 </TD>
    <TD width="16%" align=center valign="bottom">0.130 </TD>
    <TD width="16%" align=center valign="bottom">2,773,000 </TD>
    <TD width="16%" align=center valign="bottom">2,773,000 </TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=center valign="bottom" bgcolor="#eeeeee">Jane Dough Mineral Resources </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD align=center valign="bottom" width="16%">&nbsp; </TD>
    <TD width="16%" align=center valign="bottom">Tons </TD>
    <TD width="16%" align=center valign="bottom">%eU<SUB>3</SUB>O<SUB>8 </SUB></TD>
    <TD width="16%" align=center valign="bottom">Pounds </TD>
    <TD width="16%" align=center valign="bottom">URZ Pounds<SUP>(2) </SUP></TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">Indicated </TD>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD width="16%" align=center valign="bottom">1,892,000 </TD>
    <TD width="16%" align=center valign="bottom">0.112 </TD>
    <TD width="16%" align=center valign="bottom">4,237,000 </TD>
    <TD width="16%" align=center valign="bottom">3,567,000 </TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=center valign="bottom" bgcolor="#eeeeee">Hank Mineral Resources</TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD align=center valign="bottom" width="16%">&nbsp; </TD>
    <TD width="16%" align=center valign="bottom">Tons </TD>
    <TD width="16%" align=center valign="bottom">%eU<SUB>3</SUB>O<SUB>8 </SUB></TD>
    <TD width="16%" align=center valign="bottom">Pounds </TD>
    <TD width="16%" align=center valign="bottom">URZ Pounds<SUP>(2) </SUP></TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">Indicated </TD>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD width="16%" align=center valign="bottom">450,000 </TD>
    <TD width="16%" align=center valign="bottom">0.095 </TD>
    <TD width="16%" align=center valign="bottom">855,000 </TD>
    <TD width="16%" align=center valign="bottom">855,000 </TD></TR>
  <TR>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD align=center valign="bottom" width="16%">&nbsp; </TD>
    <TD width="16%" align=center valign="bottom">&nbsp; </TD>
    <TD width="16%" align=center valign="bottom">&nbsp; </TD>
    <TD width="16%" align=center valign="bottom">&nbsp; </TD>
    <TD width="16%" align=center valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=center valign="bottom" bgcolor="#eeeeee">Project Total Remaining Measured and Indicated
    Mineral Resources </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD align=center valign="bottom" width="16%">&nbsp; </TD>
    <TD width="16%" align=center valign="bottom">Tons </TD>
    <TD width="16%" align=center valign="bottom">%eU<SUB>3</SUB>O<SUB>8 </SUB></TD>
    <TD width="16%" align=center valign="bottom">Pounds </TD>
    <TD width="16%" align=center valign="bottom">URZ Pounds<SUP>(2) </SUP></TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">Measured </TD>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD width="16%" align=center valign="bottom">640,000 </TD>
    <TD width="16%" align=center valign="bottom">0.132 </TD>
    <TD width="16%" align=center valign="bottom">1,694,000 </TD>
    <TD width="16%" align=center valign="bottom">1,694,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">Indicated </TD>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD width="16%" align=center valign="bottom">2,770,000 </TD>
    <TD width="16%" align=center valign="bottom">0.111 </TD>
    <TD width="16%" align=center valign="bottom">6,171,000 </TD>
    <TD width="16%" align=center valign="bottom">5,500,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD align=center valign="bottom" width="16%">M&amp;I Total </TD>
    <TD width="16%" align=center valign="bottom">3,410,000 </TD>
    <TD width="16%" align=center valign="bottom">0.115 </TD>
    <TD width="16%" align=center valign="bottom">7,865,000 </TD>
    <TD width="16%" align=center valign="bottom">7,194,000 </TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=center valign="bottom" bgcolor="#eeeeee">&nbsp;Project Total Inferred Resources&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD align=center valign="bottom" width="16%">&nbsp; </TD>
    <TD width="16%" align=center valign="bottom">Tons </TD>
    <TD width="16%" align=center valign="bottom">%eU<SUB>3</SUB>O<SUB>8 </SUB></TD>
    <TD width="16%" align=center valign="bottom">Pounds </TD>
    <TD width="16%" align=center valign="bottom">URZ Pounds<SUP>(2) </SUP></TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">Hank </TD>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD width="16%" align=center valign="bottom">423,000 </TD>
    <TD width="16%" align=center valign="bottom">0.095 </TD>
    <TD width="16%" align=center valign="bottom">803,000 </TD>
    <TD width="16%" align=center valign="bottom">803,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">Jane Dough </TD>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD width="16%" align=center valign="bottom">170,000 </TD>
    <TD width="16%" align=center valign="bottom">0.112 </TD>
    <TD width="16%" align=center valign="bottom">381,000 </TD>
    <TD width="16%" align=center valign="bottom">309,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" width="16%">&nbsp;</TD>
    <TD align=center valign="bottom" width="16%">Inferred Total </TD>
    <TD width="16%" align=center valign="bottom">593,000 </TD>
    <TD width="16%" align=center valign="bottom">0.100 </TD>
    <TD width="16%" align=center valign="bottom">1,184,000 </TD>
<TD width="16%" align=center valign="bottom">1,112,000 </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 align=center width="5%">(1) </TD>
    <TD>
      <P align=justify>Remaining Measured Mineral Resources includes for
      production to January 1, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">(2) </TD>
    <TD>
      <P align=justify>Uranerz Pounds are 100% of Nichols Ranch and Hank; Jane
      Dough 100% in part and 81% in part.</P></TD></TR></TABLE>
<P align=center>E - 8 </P>
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<P align=justify>Mineral resources are not mineral reserves and do not have
demonstrated economic viability in accordance with CIM standards. Inferred
mineral resources are too speculative to have the economic considerations
applied to them which would enable them to be categorized as mineral reserves.
</P>
<P align=justify>No mineral reserves have been estimated for the Nichols Ranch
Property, as a preliminary feasibility study has not been completed. </P>
<P align=justify><U>Mining Operations</U> </P>
<P align=justify>Uranerz is currently conducting ISR mining at Nichols Ranch.
ISR is an injected-solution mining process that reverses the natural processes
that originally deposited the uranium in the sandstones. On-site ground water is
being fortified with gaseous oxygen and introduced to the zones of uranium
mineralization through a pattern of injection wells. The solution dissolves the
uranium from the sandstone host. The uranium-bearing solution is brought back to
surface through production wells where the uranium is concentrated at a central
processing plant and dried into yellowcake for market. </P>
<P align=justify>The major surface facilities for ISR mining include the central
processing plant, satellite plant (as planned for the Hank Area), wellfields,
and deep disposal wells. The current and proposed wellfield and disturbance area
for Nichols Ranch Area will contain approximately 113 acres, Jane Dough will
contain approximately 101 acres, and Hank will contain approximately 155 acres.
The deep disposal wells will be designed for at least 100 gpm flow rate each and
have a maximum injection pressure less than the fracture pressure of the
formation. </P>
<P align=justify>The mineralized zones at the Nichols Ranch Unit, Jane Dough
Unit and the Hank Unit will be divided into individual production areas where
injection and recovery wells will be installed. As typical with existing
commercial operations, the wells will be arranged in variations of 5-spot or
7-spot patterns. In some situations, a line-drive pattern or staggered
line-drive pattern may be employed. Horizontal and vertical excursion monitor
wells will be installed at each well field as dictated by geologic and
hydro-geologic parameters, and as approved by the WDEQ and the NRC. </P>
<P align=justify>The Nichols Ranch Unit consists of the Nichols Ranch Unit
processing facility and two production areas, PA #1 and PA #2. PA #1 currently
has a monitor well network and is currently in production with 4 active
production header houses. Two permitted and constructed deep disposal wells are
also located on the Nichols Ranch Unit. The Jane Dough Unit is adjacent to the
south of the Nichols Ranch Unit and contains properties held 100% by Uranerz and
by the Arkose Mining Venture. It contains two production areas that are
currently in the license and permit to mine amendment process. The Hank Unit is
100% Uranerz owned and is located approximately 6 miles east of the Nichols
Ranch Unit. The Hank Unit is fully licensed and permitted by the NRC and WDEQ to
operate as a satellite to the Nichols Ranch Unit, and contains two production
areas, and it may be developed as an adjacent property through a pipeline to the
Nichols Ranch Unit. </P>
<P align=justify>The mine life can be described as production followed by
restoration and reclamation. Production activities which include development,
drilling, construction, and production, are planned to continue through 2023. Restoration, reclamation, and
decommissioning activities are scheduled soon after production is completed
within a production area. It is planned that these activities would commence in
2017 and continue until 2026. Final decommissioning is planned to occur with the
completion of restoration with the final production area. </P>
<P align=center>E - 9 </P>
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<P align=justify>Within a production wellfield, the basic component of mine
development and production is the production pattern. A pattern consists of one
recovery well and one or more injection wells that feed it. Injection wells can
be and often are shared by multiple recovery wells and function as distribution
points for injection flow. In a similar manner, the recovery wells act as
collection points for production solutions that are gathered at the header
houses prior to transfer by pipeline to the processing facility. The Hank Unit
will be developed in a similar manner with two production areas. However, it is
currently planned to be constructed with a pipeline connecting the Hank and the
Nichols Ranch Unit. The Hank Unit is licensed as a satellite recovery facility
that remains an option, and its design throughput of 2,500 GPM would be additive
to the throughput generated from the Nichols Ranch and Jane Dough Units. In the
current life of mine plan, Hank is currently planned to start production in 2022
and continue through 2024 with restoration continuing until 2025. </P>
<P align=justify>The Nichols Ranch Unit processing facility and the allocation
  of resources to the production areas within Nichols Ranch, Jane Dough and Hank
  Units are designed to generate between 500,000 and 1,000,000 lbs U<SUB>3</SUB>O<SUB>8</SUB> per year
  of production for several years. Production rate ramped up starting in 2014.
  According to the current schedule, production will begin ramping down in 2024
  for an approximate total 6.5 million lbs recovered from all three Units of the
Nichols Ranch Project. </P>
<P align=justify>The Nichols Ranch Unit processing plant is licensed and
designed to have three major solution circuits: 1) the recovery/ extraction
circuit, 2) the elution circuit, and typically 3) a yellowcake slurry production
circuit. The Nichols Ranch Unit processing plant is currently constructed and
operated with only the first solution circuit installed. Currently, Uranerz
maintains a toll resin processing agreement with Power Resources Inc., (d/b/a
Cameco Resources), a wholly owned subsidiary of Cameco Corporation. This toll
resin processing agreement allows for processing of solutions for second and
third solution circuit at Cameco Resources&#146; Smith Ranch-Highland facility. The
toll resin processing is performed by Cameco Resources on a fixed unit cost
basis ($/lb U<SUB>3</SUB>O<SUB>8</SUB>) that is adjusted by inflation, as measured using CPI. Uranerz
retains the option to construct and operate the second and third solution
circuits at its Nichols Ranch Unit processing facility at a later date if
desired. </P>
<P align=justify>The basic infrastructure (power, water, and transportation)
necessary to support an ISR mining operation has been established at the Nichols
Ranch Area site. This basic infrastructure will also support Jane Dough and
Hank. Jane Dough is immediately proximate to Nichols Ranch. Hank is
approximately 6 miles northeast of Nichols Ranch and would require additional
infrastructure. Non-potable water is be supplied by wells. Water extracted as
part of ISR operations will be recycled for reinjection. Typical ISR mining
operations also require a disposal well for limited quantities of fluids that
cannot be returned to the production aquifers. Deep disposal wells are permitted
and installed for the Nichols Ranch ISR processing facility. </P>
<P align=justify>Tailings storage areas, waste disposal areas, heap leach pad(s)
will not be a part of the infrastructure for the Nichols Ranch property, as ISR
operations do not require these types of facilities. Solutions from the wellfields are recirculated
within the wellfield. The waste stream bleed from the system is injected into
the deep disposal wells. </P>
<P align=center>E - 10 </P>
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<P align=justify>If constructed, the Hank Unit Satellite facility will require
infrastructure similar to that at Nichols Ranch. The permitted option for Hank
includes construction and operation of a satellite facility which would consist
of an ion exchange circuit and lixiviant make-up circuit, bleed treatment and
disposal well. The other major option for the development of Hank would be to
convey fluids from Hank to the Nichols Ranch processing facility. This option
would have additional permitting requirements for the pipeline and capital
expenditures and operating expenditures related to the transfer of solutions
between Nichols Ranch and Hank. These costs would be offset by reduced capital
expenditures and operating expenditures related to the construction and
operation of the satellite plant and disposal well(s). Uranerz current preferred
alternative is to operate the Hank Unit as an adjacent property through
pipelines to the Nichols Ranch Unit processing facility. </P>
<P align=justify>Capital costs (&#147;<B>CAPEX</B>&#148;) and operating costs
  (&#147;<B>OPEX</B>&#148;) are based on actual and estimated costs for Nichols Ranch.
  Significant CAPEX have already been incurred during the construction and
  development of the project&#146;s plant and initial wellfields. A summary of the
  costs incurred through December 31, 2014 are detailed in the following table:
</P>
<P align=center><B>Incurred Capital Costs</B> </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=center valign="bottom" noWrap bgcolor="#eeeeee" >Equipment </TD>
    <TD width="40%" align=center valign="bottom" noWrap bgcolor="#eeeeee">Cost (US$) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Plant </TD>
    <TD width="40%" align=center valign="bottom">19,043,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Office and Lab Building </TD>
    <TD width="40%" align=center valign="bottom">2,862,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Wellfield Development </TD>
    <TD width="40%" align=center valign="bottom">16,252,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Deep Disposal Wells </TD>
    <TD width="40%" align=center valign="bottom">7,391,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Infrastructure </TD>
    <TD width="40%" align=center valign="bottom">5,068,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Trunk Line </TD>
    <TD width="40%" align=center valign="bottom">927,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Rolling Stock </TD>
    <TD width="40%" align=center valign="bottom">1,944,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Total Capital Costs </TD>
<TD width="40%" align=center valign="bottom">53,487,000 </TD></TR></TABLE></DIV>
<P align=justify>Future CAPEX will include the development of wellfields in the
Nichols Ranch, Jane Dough and Hank Areas, additional trunk lines, central
processing plant completion at Nichols Ranch, pipeline network to Hank. The
following table summarizes the additional CAPEX for the projects: </P>
<P align=center><B>Forward CAPEX</B> </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=center valign="bottom" noWrap bgcolor="#eeeeee" >CAPEX </TD>
    <TD width="40%" align=center valign="bottom" noWrap bgcolor="#eeeeee">Cost (US$) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Wellfield Development </TD>
    <TD width="40%" align=center valign="bottom">67,596,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Trunk line </TD>
    <TD width="40%" align=center valign="bottom">250,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >CPP Buildout </TD>
    <TD width="40%" align=center valign="bottom">5,500,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Hank Trunk line </TD>
    <TD width="40%" align=center valign="bottom">2,400,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Ancillary Costs (labour, equipment) </TD>
    <TD width="40%" align=center valign="bottom">14,021,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Total Capital Costs </TD>
<TD width="40%" align=center valign="bottom">89,767,000 </TD></TR></TABLE></DIV>
<P align=center>E - 11 </P>
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<P align=justify>OPEX costs are based on actual results from operating in 2014.
OPEX cost centers include mining, processing, mine administration, production
taxes, royalties, and selling expenses. Specific components of the costs centers
labor, chemicals, maintenance, and utilities to mine and process uranium. Total
expected OPEX costs have been estimated at US$135.7 million or US$20.76/pound.
Production taxes and royalties account for US$61.5 million of the total
estimated OPEX or US$9.41/pound. </P>
<P align=justify>A cash flow model has been developed by Uranerz based on the
CAPEX, OPEX and closure cost estimates. The sale price per pound for 2015-2020
is the weighted average of contracted sales and spot sales. The spot price is
assumed to be US$65/pound for 2016-2026. Uranerz files federal tax returns in
the United States and had a tax loss carryforward of US$56.7 million at the end
of 2014. This loss carryforward will be utilized in future years as profits
offset the prior losses. Federal income taxes have not been included in the cash
flow model due to the uncertain timing and extent of the tax. </P>
<P align=justify>Uranium recovery is assumed to be 70% of the mineral resource.
Total production over the life of the projects is estimated to be 6.5 million
pounds, of which approximately 200 thousand pounds were produced in 2014. </P>
<P align=justify>As the project has been constructed and is in operation, the
initial capital is a sunk cost. Additional CAPEX related to wellfield
development will be incurred throughout the operating life of the mine. Under
the base case assumptions the project would be capable of paying back all sunk
costs in five years or less. </P>
<P align=justify><B><U>Arkose Property</U></B><B> </B></P>
<P align=justify>The following information concerning the Arkose Property is
based on the technical report prepared for Uranerz titled &#147;Arkose Uranium
Project, Mineral Resource and Exploration Target, 43-101 Technical Report&#148; dated
February 28, 2015 (the &#147;<B>Arkose Technical Report</B>&#148;). The Arkose Technical
Report is authored by Douglas L. Beahm, P.E., P.G., who is a &#147;qualified person&#148;
and independent of Uranerz and Energy Fuels for purposes of NI 43-101. </P>
<P align=justify><U>Project Description and Location</U> </P>
<P align=justify>On January 15, 2008, Uranerz acquired an undivided 81% interest
in the Arkose Property, and in connection with the acquisition, formed the
Arkose Mining Venture with United Nuclear, LLC. </P>
<P align=justify>The total area of the Arkose
Property is approximately 49,138 acres. The Arkose Property is located in
various sections of Townships 41-44 North, Ranges 74-78 West, and falls between
Latitudes 43&#176; 47&#146; and 43&#176; 31&#148; North, and Longitudes 106&#176; 10&#146; and 105&#176; 18&#146; West,
approximately 60 air miles north from Casper, Wyoming. </P>
<P align=justify>Mineral tenure consists of unpatented mining claims, mineral
leases (fee and state), and Surface Use Agreements. Uranerz has a possessory
right to explore, develop and produce on the unpatented lode mining claims and
must pay an annual maintenance fee to the Bureau of Land Management of $155.00
per claim on or before September 1. Portions of the fee land within the joint venture boundary are covered by 60 mining leases that
require annual payments or in the case of paid up leases payments every 5 years.
The mining leases and state leases have primary terms of 10 years and so long
thereafter as the property is in production. The three State of Wyoming leases
are due to expire in 2015 and decisions will be forthcoming as to whether or not
to get an extension of the leases or let them expire. Some of the mining leases
will expire in 2016 and it is Uranerz&#146;s intention to negotiate extensions to the
primary term of these leases. </P>
<P align=center>E - 12 </P>
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<P align=justify>Uranerz has a Drilling Notification approved by the State of
Wyoming Department of Environmental Quality, Land Quality Division
(&#147;<B>WDEQ/LQD</B>&#148;) and the BLM which allows surface use for the purposes of
exploration by drilling. Although not required at this stage, mine development
would require a number of permits depending on the type and extent of
development, the most significant permits being the Permit to Mine issued by the
WDEQ/LQD and the Source Materials License from the NRC required for mineral
processing of natural uranium. Any injection or pumping operations will require
permits from the WDEQ. </P>
<P align=justify>There are no known environmental liabilities at the Arkose
  Property, with the exception of the DN bond for exploration WDEQ/LQD Drilling
  Notification DN378, in the amount of $659,165 effective July 2, 2014. This bond
is subject to annual renewal and updating. </P>
<P align=justify>The mining leases have a variety of production royalty payments
based on a two tier system, or a sliding scale system. One of the leases has
two-tier royalty based on the price of U308 at the time of the sale, and they
are 6% for a U308 price less than $75 per lb.; and 8% for U308 price equal to or
greater than $75 per lb. Some of the leases have a sliding scale royalty that
runs from a low of 2% at a U308 price of $25 per lb. up to a high of 10% for a
U308 price of equal to or greater than $100 per lb. Some leases have a sliding
scale royalty that runs from a low of 4.0% at a U308 price of $40 per lb. up to
a high of 10% for a U308 price of equal to or greater than $100 per lb. Other
leases have a sliding scale royalty that runs from a low of 4.5% at a U308 price
of $49.99 per lb. up to a high of 10% for a U308 price of equal to or greater
than $100 per lb. Some of the Surface Use Agreements have a two tiered royalty
based on the sales price of the U308 received by Uranerz and they are 1 % for a
sales price of less than $50 per lb; and 2% for a sales price of equal to or
greater than $50 per lb. A couple of the Surface Use Agreements have a fixed
royalty percentage of 3% of gross sales of U308. Of the total of 2,321 mining
claims, 662 claims have an overriding royalty of 0.25% . This overriding royalty
interest is based on production of uranium on said claims. The State of Wyoming
Leases carry a royalty rate of 5% of the gross value. </P>
<P align=justify>The current Wyoming severance tax is four percent but after the
allowable wellhead deduction the effective severance tax rate is approximately
3% of gross sales. In addition, the ad valorum (gross products) tax varies by
county assessment but is approximately 6.5% . </P>
<P align=justify><U>Accessibility, Climate, Local Resources, Infrastructure and
Physiography</U> </P>
<P align=justify>The Arkose Property is located within the Wyoming Basin
physiographic province in the western portion of the Powder River Basin. Access,
climate, local resources, infrastructure and physiography are similar to those
for the Nichols Ranch Property, as described above. </P>
<P align=justify><U>History</U> </P>
<P align=justify>The project is located within the Pumpkin Buttes Mining
District within the Powder River Basin which was the first commercial uranium
production center in Wyoming. Uranium was discovered in the area in 1951 and production from small open
pit mines proceeded intermittently from 1953 through 1967. Beginning in the
1970&#146;s and operating into the 1980&#146;s several large scale open pit and
underground mines with conventional uranium processing facilities (mills) were
developed and operated in the Powder River Basin. With falling uranium prices in
the 1980&#146;s the conventional operations ceased and the first uranium production
using ISR methods was developed in the Powder River Basin. </P>
<P align=center>E - 13 </P>
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<P align=justify>Historically, mineral rights in the project area were held by
several mining companies who explored the area by drilling. NAMMCO commenced
acquiring rights to the properties comprising the Arkose Property in 2005, and
continued to do so through 2006 and 2007. On January 15, 2008, Uranerz completed
an acquisition of an undivided 81% interest in the Arkose Property and formed
the Arkose Mining Venture with United Nuclear, LLC successor in interest to the
vendors of these properties, NAMMCO. </P>
<P align=justify><U>Geological Setting</U> </P>
<P align=justify>The Arkose Property is located within the Powder River Basin.
Regional geology is the same as for the Nichols Ranch Property, as described
above. </P>
<P align=justify><U>Exploration</U> </P>
<P align=justify>The Arkose Technical Report identified those portions of the
Arkose project which could be identified as exploration targets on the basis
that there is sufficient geologic evidence from limited drilling to interpret
that mineralization may extend from areas of resource production and/or defined
mineral resources and/or is present within the drill holes themselves. In these
areas favorable conditions for the occurrence of mineralization was determined
based on the presence of host sand units and evidence of REDOX interfaces within
those host sand units. No estimate of mineral resources or reserves in
accordance with CIM guidelines has been made for exploration target areas. The
Arkose Technical Report includes a quantification of the exploration target
portions of the Arkose Project, as allowed under NI 43-101. All tonnages, grade,
and contained pounds of uranium associated with the exploration targets, as
stated in the Arkose Technical Report, should not be construed to reflect a
calculated mineral resource (inferred, indicated, or measured). The potential
quantities and grades, as stated in the Arkose Technical Report, are conceptual
in nature and there has been insufficient work to date to define a NI 43-101
compliant resource. Furthermore, it is uncertain if additional exploration will
result in discovery of an economic mineral resource on the property. </P>
<P align=justify>The Arkose Technical Report identifies nine exploration areas
within the Arkose Property, and recommends additional exploration work,
consisting of delination drilling, on these areas. </P>
<P align=justify><U>Mineralization</U> </P>
<P align=justify>In the project area uranium mineralization is hosted by
sandstone units within the Tertiary Wasatch and Fort Union Formations. Uranium
deposits which have been delineated within the Arkose Project are classified
sandstone roll front uranium deposits. Mineralization is interpreted to be
dominantly roll front type mineralization which was deposited along an interface
between oxidizing ground water solutions and reducing conditions within the host
sandstone unit. This boundary between oxidizing and reducing conditions is often
referred to as the REDOX interface or front. </P>
<P align=center>E - 14 </P>
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<P align=justify>Roll front mineralization tends to be continuous for thousands
of feet along the REDOX front but may have limited width and continuity
perpendicular to the front. Roll fronts are often present in multiple sand
horizons and may occur as multiple or stacked fronts. </P>
<P align=justify>Uranium mineralization is hosted within the Arkose project area
within sand horizons of the Tertiary Wasatch and Fort Union formations. The
stratigraphic section provides the naming convention used for Arkose with the
sand horizons in the Wasatch beginning with the lowest sand designated as the
100 sand and increasing by increments of 10 upward in the section to the 150
sand. Sand horizons in the Fort Union begin with the 90 sand in the upper
portions of the formation and count downward by increments of 10 to the 50 sand.
The boundary between the Wasatch and Fort Union Formation is marked by a coal
and/or lignite horizon. The Arkose project focuses primarily on the 50 to 140
sands. </P>
<P align=justify><U>Drilling</U> </P>
<P align=justify>Uranerz conducted exploration of the Arkose Project from 2008
through 2013 but not in 2014. The drill hole data demonstrates that
mineralization is present and is of sufficient quality and density to support
mineral resource estimation and to define exploration targets. Drill hole data is
dominantly based on interpretation of downhole geophysical logs typically
consisting of natural gamma, resistivity, and SP (Spontaneous Potential).
Resistivity and SP were utilized for defining lithology and correlating the
logs. Geophysical was completed by Uranerz personnel using modern logging units
owned by Uranerz. It is industry standard practice to calibrate the logging
trucks routinely at Department of Energy facilities. Data in the possession of
Uranerz includes 100% of the total original geophysical and lithologic logs.
</P>
<P align=justify>The drill hole database used for the Arkose Technical Report has
an effective date of January 1, 2015. Uranerz provided drill hole locations for
some 2,136 drill holes completed within the project area. However, a portion of
these drill holes are now included in what is referred to as the Jane Dough area
of the Nichols Ranch Property, and were not used in the Arkose Technical Report.
No historic drill data or other data such as CBM drilling was used in the Arkose
Technical Report. </P>
<P align=justify><U>Sampling and Analysis</U> </P>
<P align=justify>The primary assay data for the Arkose Property is downhole
geophysical log. Only limited coring has been completed. Uranerz has written
procedures for the collection of drill data including lithological logging,
natural gamma logging. Hard copies of all original drill hole data are maintained
by Uranerz and are secure. Uranerz has standard procedures for the
interpretation of natural gamma logging employing the half amplitude method for
the interpretation of historic analog data. For all recent drilling, Compulog&#153;
software is utilized to convert natural gamma measurement to equivalent % U<SUB>3</SUB>O<SUB>8</SUB>
(%eU<SUB>3</SUB>O<SUB>8</SUB>). The output data is provided both electronically and in hard copy by &#189;
foot intervals. This grade data is then summed for thickness and GT for the
appropriate mineralized intervals. This procedure is the current industry
standard method. </P>
<P align=justify>In the opinion of the author of the Arkose Technical Report,
the data collection, assay procedures (geophysical logging), database
maintenance, and storage and security for all relevant data are adequate.
Further it is the author&#146;s opinion that the data is suitable for the purposes of
resource estimation as necessary for the Arkose Technical Report. </P>
<P align=center>E - 15 </P>
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<P align=justify><U>Mineral Resource and Mineral Reserve Estimates</U> </P>
<P align=justify>For the resource estimate set out in the Arkose Technical
Report, drill data was available in over 2,000 drill holes. Inferred mineral
resources were estimated by projecting average width and GT along a measured
REDOX trend defined by drill holes. The effective date of the mineral resource
estimate is February 28, 2015. Radiometric equilibrium was evaluated and a DEF
of 1 was used. The minimum uranium grade included in the estimate was 0.02
%eU<SUB>3</SUB>O<SUB>8</SUB>. Mineral resources are reported at a cutoff of 0.20 GT, along with a bulk
dry density of 16 cubic feet per ton. The following table provides a summary of
estimated mineral resources by classification following CIM guidelines. Detailed
mineral resource estimates are provided in the Arkose Technical Report.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center rowSpan=5><B>Cautionary Note to Investors Concerning
      Estimates of Inferred Resources</B> <BR><BR>
      <P align=justify>The following table uses the term &#147;inferred resources&#148;.
      Uranerz advises investors that while this term is recognized and required
      by Canadian securities regulations (under National Instrument 43-101
      <I>Standards of Disclosure for Mineral Projects</I>), the U.S. Securities
      and Exchange Commission does not recognize this term. </P>
      <P align=justify>Further, &#145;inferred resources&#146; have a great amount of
      uncertainty as to their existence, and great uncertainty 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 pre-feasibility studies, except
      in rare cases. <B>Investors are cautioned not to assume that part or all
      of an</B> <B>inferred resource exists, or is economically or legally
      mineable.</B> </P></TD></TR>
  <TR></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top></TR></TABLE></DIV>
<P align=center><B>Inferred Mineral Resources</B>** </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=center valign="bottom" noWrap bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="20%" align=center valign="bottom" noWrap bgcolor="#eeeeee">Tons </TD>
    <TD width="20%" align=center valign="bottom" noWrap bgcolor="#eeeeee">%eU<SUB>3</SUB>O<SUB>8</SUB> </TD>
    <TD width="20%" align=center valign="bottom" noWrap bgcolor="#eeeeee">Pounds </TD>
    <TD width="20%" align=center valign="bottom" noWrap bgcolor="#eeeeee">URZ Pounds* </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">Inferred Total </TD>
    <TD width="20%" align=center valign="bottom">&nbsp;2,058.000 </TD>
    <TD width="20%" align=center valign="bottom">0.100 </TD>
    <TD width="20%" align=center valign="bottom">4,066,000 </TD>
<TD width="20%" align=center valign="bottom">3,294,000 </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 10%" align=justify>*Uranerz Pounds 81% of total.
<BR>**All numbers are rounded.</P>
<P align=justify>Mineral resources are not mineral reserves and do not have
demonstrated economic viability in accordance with CIM standards. Inferred
mineral resources are too speculative geologically to have the economic
considerations applied to them which would enable them to be categorized as
mineral reserves. </P>
<P align=justify><U>Exploration and Development</U> </P>
<P align=justify>The author of the Arkose Technical Report recommends that
exploration and development of the Arkose Project be continued. The areas
considered of highest priority for development would 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 width="5%" >&nbsp;</TD>
    <TD align=left><B>&#149;</B></TD>
    <TD align=left width="90%">The South Doughstick area as it is adjacent to
      the Jane Dough area which is currently being permitted for ISR mining as
      part of the Nichols Ranch facility. </TD></TR></TABLE>
<P align=center>E - 16 </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 width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B></TD>
    <TD align=left width="90%">The Monument area as it has a significant
      exploration target. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B></TD>
    <TD align=left width="90%">The East Buck area which has both estimated
      inferred mineral resources and exploration targets which are significant.
    </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B></TD>
    <TD align=left width="90%">The Little Butte area which has both estimated
      inferred mineral resources and exploration targets which are significant.
    </TD></TR></TABLE>
<P align=justify>Expenditures for exploration and development of the Arkose
Property will be significant as the primary exploration method will consist of
drilling and the area to be explored is extensive. Average depths of
mineralization defined be drilling to date are in the range of 500 to 1,000
feet. It is recommended that the drilling be done in phases with each phase
evaluated as work progresses before proceeding to the next phase. Recommended
exploration drilling costs are estimated at US$3 million and delineation of two
of the target areas at US$3.3 million. The decision to act on those
recommendations, including scope and timing, has yet to be reached by Uranerz.
Factors such as available resources to focus on the work and available funding
remain a strong influence on that decision. </P>
<P align=justify>The other areas within Arkose remain prospective. Exploration
targets have been estimated for Kermit, Sand Rock, South Collins Draw, Cedar
Canyon, and Beecher Creek. Drilling at Lone Bull, Stage, and House Creek to date
is insufficient to define an exploration target but these areas remain
perspective. </P>
<P align=justify><B><U>West North Butte Satellite Properties</U></B> </P>
<P align=justify>The following information concerning the West North Butte
Satellite Properties is based on the technical report prepared for Uranerz
titled &#147;Technical Report, West North Butte Satellite Properties, Campbell
County, Wyoming, U.S.A.&#148; dated December 9, 2008 (the &#147;<B>WNB Technical
Report</B>&#148;). The WNB Technical Report was authored by Douglass H. Graves, P.E.
and Don R. Woody, P.G., each of whom is a &#147;qualified person&#148; and independent of
Uranerz and Energy Fuels for purposes of NI 43-101. </P>
<P align=justify><U>Project Description and Location</U> </P>
<P align=justify>The West North Butte Satellite Properties (the &#147;<B>Satellite
Properties</B>&#148;) include the West North Butte (&#147;<B>WNB&#148;</B>) Area, the East
North Butte (&#147;<B>ENB&#148;</B>) Area and the Willow Creek (&#147;<B>WC</B>&#148;) Area, which
are located in the Pumpkin Buttes Uranium Mining District of the Powder River
Basin in the state of Wyoming. </P>
<P align=justify>The WNB Area is located within Campbell County, Wyoming in
Township 44N, Range 76W, Sections 10, 11, 12, 13, 14, 15, 23, 24, 25, and 26, of
the 6th Prime Meridian. The WNB Area covers approximately 2,160 acres of land. Uranerz controls the mineral rights of the WNB Area with unpatented lode mining
claims. Within the WNB Area, Uranerz has 108 unpatented lode mining claims and
one Surface Use Agreement. </P>
<P align=justify>The ENB Area is located within Campbell County, Wyoming in
Township 44N, Range 76W, Section 24 and Township 44 North, Range 75 West,
Section 19 of the 6th Prime Meridian. The ENB Area covers approximately
325.acres of land. Uranerz controls the mineral rights of the ENB Area with unpatented lode mining claims. Within the ENB
Area, Uranerz has 17 unpatented lode mining claims and one Surface Use
Agreement. </P>
<P align=center>E - 17 </P>
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<P align=justify>The WC Area is located within Campbell County, Wyoming in
Township 44N, Range 76W, Section 35 of the 6th Prime Meridian. The WC Area
property covers approximately 220 acres of land. Uranerz controls the mineral
rights of the WC Area with unpatented lode mining claims. Within the WC Area,
Uranerz has 11 unpatented lode mining claims and one Surface Use Agreement. </P>
<P align=justify>The claims were acquired by Uranerz and none of the unpatented
  lode claims in the ENB Area are subject to a royalty. The lode claims in the WC
  Area are subject to a royalty; for the WNB Area, 6 of the 118 unpatented lode
  mining claims have a royalty interest burden of 6% to 8% depending on the price
  of uranium. This royalty interest is based on produced uranium from such
  unpatented lode claims. All of the unpatented lode claims have annual filing
  requirements ($155 per claim) with the BLM, to be paid on or before September 1
of each year. </P>
<P align=justify>Uranerz&#146; only known, existing potential environmental liability
is restoration of exploration drill sites and exploration access roads. </P>
<P align=justify>Exploration drilling has been completed at the Satellite
Properties. Additional exploratory drilling may be conducted by Uranerz to
better define mineralization within specified areas of interest. However, no
future exploration is planned at this time. Uranerz has a Notification to Drill
permit (336DN) from WDEQ/LQD for additional drilling. Mine development will
require a number of licenses/permits with the two most significant being (a) the
Permit to Mine, issued by the WDEQ/LQD, and (b) the Source Material License,
required and issued by the U.S. Nuclear Regulatory Commission (NRC) for mineral
processing of natural uranium. </P>
<P align=justify><U>Accessibility, Climate, Local Resources, Infrastructure and
Physiography</U> </P>
<P align=justify>The Satellite Properties are located within the Wyoming Basin
physiographic province, in the Central portion of the Powder River Basin, within
the Pumpkin Buttes Mining District. Access, climate, local resources,
infrastructure and physiography are similar to those for the Nichols Ranch
Property, as described above. </P>
<P align=justify><U>History</U> </P>
<P align=justify>The Satellite Properties were originally part of a large
exploration area encompassing Townships 33 through 50 North of Ranges 69 through
79 West, on the 6th principal meridian. In 1966, Mountain West Mines Inc. (MWM,
now Excalibur Industries) began a successful drilling exploration program in a
portion of this area. In 1967, MWM entered into an agreement with Cleveland and
Cliffs Iron Company (&#147;<B>CCI</B>&#148;) for further exploration and option if
suitable resources were found. CCI exercised its option in 1976 with plans to
begin underground mining operations in the vicinity of North Butte. Changing
economic conditions and the development of ISR mining technology reportedly
ended much of CCI&#146;s interest in the area. </P>
<P align=justify>The locators of the claims acquired rights to the properties
comprising the WNB and ENB Areas in 1987. In January 2007, Uranerz completed an
acquisition of an undivided 100% interest in the claims comprising the WNB and
ENB Areas. The locators of the claims acquired rights to the properties
comprising the WC Area in the 1960&#146;s. In December 2005, Uranerz entered into an
option agreement to acquire an undivided 100% interest in the
claims comprising the WC Area. The terms of the option agreement were satisfied
in 2007 and the transfer of the claims to Uranerz was completed. </P>
<P align=center>E - 18 </P>
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<P align=justify><U>Geological Setting</U> </P>
<P align=justify>The Satellite Properties are located within the Powder River
  Basin. Regional geology is the same as for the Nichols Ranch Property, as
described above. </P>
<P align=justify>At the Satellite Properties, the mineralized sand horizons
occur within the lower part of the Wasatch, at an approximate depth ranging from
482 to 1,012 feet (WNB), 540 to 660 feet (ENB) and 172 to 567 feet (WC). The
host sands are primarily arkosic in composition, friable, and contain trace
carbonaceous material and organic debris. There are local sandy
mudstone/siltstone intervals with the sandstones, and the sands may thicken or
pinch-out in some locations. In the WNB and WC Area, the dip of the host
formation is approximately at one to two degrees since the claims are on the
east side of the synclinal axis. </P>
<P align=justify><U>Exploration</U> </P>
<P align=justify>Between 1968 and 1985, CCI drilled approximately 380
exploratory holes with the Satellite Properties. From 1983 to 1985, Texas
Eastern Nuclear drilled approximately 12 exploratory holes in the Satellite
Properties and from approximately 1990 to 1992 Rio Algom Mining Corporation
drilled approximately 5 exploratory holes. In 2006, Uranerz completed an
acquisition of the Satellite Properties, and in 2007 and 2008, drilled
approximately 127 exploratory holes. <B></B></P>
<P align=justify><U>Mineralization</U> </P>
<P align=justify>Mineral resources within the Satellite Properties occur in
sands of the Eocene age Wasatch Formation. The uranium mineralization at the
Satellite Properties is typical of the Wyoming roll-front sandstone deposits.
Mineral resources within the Satellite Properties occur primarily in the A, B, C
and F host sand units of the WNB Area, the A and B host sand units of the ENB
Area and in the A and F host sand units of the WC Area, as originally designated
by CCI in the 1970&#146;s. The sand units are typically one to four miles wide and
range in thickness from 70 to 130 feet. The depths to the mineralized zones
range from 100 to 1,400 feet below the ground surface depending on the
topography and changes in the formation elevation and stratigraphic horizon.
</P>
<P align=justify><U>Drilling</U> </P>
<P align=justify>Common practice for uranium exploration drilling is to drill
exploration holes vertically using conventional rotary drill rigs circulating
drilling mud and using approximately five-inch diameter bits. The cuttings are
typically collected from five-foot vertical intervals and laid out on the ground
in rows of 20 samples (each row represented 100 feet in boring depth) by the
driller. The site geologist typically examines and documents the cuttings in the
field to determine lithology and geochemical alteration, i.e., oxidized or
reduced geochemistry. </P>
<P align=justify>Upon completion of the drilling, the drill holes are logged,
from the bottom of the hole upward, with a gamma-ray, spontaneous-potential, and
resistivity tool by either a contract logging company or a company-owned logging truck. The locations of the
holes are recorded in the field by the site geologist using a Global Positioning
System (GPS) unit. </P>
<P align=center>E - 19 </P>
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<P align=justify>In the opinion of the authors of the WNB Technical Report, the
data collected within the Satellite Properties has been collected in a reliable
manner consistent with standard industry practices, and the authors have relied
upon such available data to prepare the mineral resource estimate. </P>
<P align=justify><U>Sampling and Analysis</U> </P>
<P align=justify>Downhole geophysical logs, both historical and recent, were
used as the primary source of data for defining the Satellite Properties
mineralization. Approximately 285 exploratory drill holes were drilled in the
WNB Area, 127 in the ENB Area and 164 in the WC Area. Approximately 573 were
used for developing the mineral resource estimate. The holes were typically
spaced approximately 25 feet apart perpendicular to the trend and approximately
400 feet apart parallel to the trend.</P>
<P align=justify>Quality control for coring and field sampling performed by
Uranerz utilizes training, demonstration of basic geological abilities by field
personnel and management oversite. Exploratory drill hole cutting samples are
recovered in a wet or damp condition and soon after they are described by a
field geologist. Down hole electric logging is checked against the driller&#146;s
logs and the gamma detection instruments are calibrated in the Casper, Wyoming
United States Department of Energy test pits approximately every 60 days.
Records are kept on all these activities. </P>
<P align=justify>Historical data were assumed to have been collected in a manner
consistent with standard industry practices at the time, and the authors of the
WNB Technical Report considered the historical information accurate and reliable
for the purposes of completing a mineral resource estimate. </P>
<P align=justify><U>Security of Samples</U> </P>
<P align=justify>The core samples were obtained by previous operators in
1979/1980. No sample preparation was performed by Uranerz staff and the sample
preparation and handling cannot be confirmed. The chemical test results were not
used in the mineral resource estimate, however the dry bulk density was used in
the calculation of resource quantities. </P>
<P align=justify><U>Mineral Resource and Mineral Reserve Estimates</U> </P>
<P align=justify>The following table sets out the mineral resource estimate for
the Satellite Properties, as set out in the WNB Technical Report. Mineral
resources are not mineral reserves and do not have demonstrated economic
viability.</P>
<P align=justify>The mineral resource estimates shown below were calculated
using the GT (Grade x Thickness) contour method. The GT values of the subject
sand intervals for each hole were plotted on a drill hole map and contour lines
were drawn. The areas within the GT contour boundaries were used for calculating
resource estimates utilizing the following criteria: </P>
<P align=justify>Measured Resource: area is capped at 10,000 ft<SUP>2</SUP>.
</P>
<P align=center>E - 20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<P align=justify>Indicated Resource: area is capped at 40,000 ft<SUP>2</SUP>.
The Indicated resource is computed by subtracting the Measured area resource.
</P>
<P align=justify>Inferred Resource: area is calculated using the GT contour
boundary value of 0.2, and is capped at 80,000 ft<SUP>2 </SUP></P>
<P align=justify>The mineral resources are reported in the WNB Technical Report
based on grade thickness (GT) cutoffs of 0.10, 0.20 and 0.50. The 0.20 GT cutoff
is recommended for reporting purposes and is presented in the following table.
</P>
<P align=justify>The current estimate of mineral resources for the Satellite
Properties, by Area and host sand unit, and as prepared by the authors of the
WNB Technical Report is as follows: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center rowSpan=5><B>Cautionary Note to Investors Concerning
      Estimates of Measured, Indicated and Inferred </B><B>Resources
</B><BR><BR>
      <P align=justify>The following table uses the term &#147;measured resources&#148;,
      &#147;indicated resources&#148; and &#147;inferred resources&#148;. Uranerz advises investors
      that while this term is recognized and required by Canadian securities
      regulations (under National Instrument 43-101 <I>Standards of Disclosure
      for </I><I>Mineral Projects</I>), the U.S. Securities and Exchange
      Commission does not recognize this term. </P>
      <P align=justify>Further, &#145;inferred resources&#146; have a great amount of
      uncertainty as to their existence, and great uncertainty 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 pre-feasibility studies, except
      in rare cases. <B>Investors are cautioned not to assume that part or all
      of an </B><B>inferred resource exists, or is economically or legally
      mineable. </B></P></TD></TR>
  <TR></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Area </B></TD>
    <TD width="14%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Sand
</B></TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"
      ><B>Resource </B><BR><B>(GT Minimum 0.20) </B></TD>
    <TD width="14%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>eU</B><B><SUB>3</SUB></B><B>O</B><B><SUB>8
      </SUB></B><BR><B>Pounds </B></TD>
    <TD width="14%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Tons
</B></TD>
    <TD width="14%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Average
      </B><BR><B>Grade </B><BR><B>%
    eU<B><SUB>3</SUB></B><B>O</B><B><SUB>8</SUB></B></B><B> </B></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>WNB </TD>
    <TD vAlign=bottom align=center width="14%">F </TD>
    <TD vAlign=bottom align=center width="25%" >Measured and
      Indicated </TD>
    <TD vAlign=bottom align=center width="14%">344,758 </TD>
    <TD vAlign=bottom align=center width="14%">126,439 </TD>
    <TD vAlign=bottom align=center width="14%">0.136 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="14%">F </TD>
    <TD vAlign=bottom align=center width="25%" >Inferred </TD>
    <TD vAlign=bottom align=center width="14%">329,383 </TD>
    <TD vAlign=bottom align=center width="14%">182,858 </TD>
    <TD vAlign=bottom align=center width="14%">0.090 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="14%">C </TD>
    <TD vAlign=bottom align=center width="25%" >Measured and
      Indicated </TD>
    <TD vAlign=bottom align=center width="14%">275,475 </TD>
    <TD vAlign=bottom align=center width="14%">78,569 </TD>
    <TD vAlign=bottom align=center width="14%">0.175 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="14%">C </TD>
    <TD vAlign=bottom align=center width="25%" >Inferred </TD>
    <TD vAlign=bottom align=center width="14%">177,323 </TD>
    <TD vAlign=bottom align=center width="14%">81,262 </TD>
    <TD vAlign=bottom align=center width="14%">0.109 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="14%">B/LB </TD>
    <TD vAlign=bottom align=center width="25%" >Measured and
      Indicated </TD>
    <TD vAlign=bottom align=center width="14%">1,246,808 </TD>
    <TD vAlign=bottom align=center width="14%">329,475 </TD>
    <TD vAlign=bottom align=center width="14%">0.189 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="14%">B/LB </TD>
    <TD vAlign=bottom align=center width="25%" >Inferred </TD>
    <TD vAlign=bottom align=center width="14%">1,443,284 </TD>
    <TD vAlign=bottom align=center width="14%">449,063 </TD>
    <TD vAlign=bottom align=center width="14%">0.161 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="14%">A </TD>
    <TD vAlign=bottom align=center width="25%" >Measured and
      Indicated </TD>
    <TD vAlign=bottom align=center width="14%">195,591 </TD>
    <TD vAlign=bottom align=center width="14%">77,582 </TD>
    <TD vAlign=bottom align=center width="14%">0.126 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="14%">A </TD>
    <TD vAlign=bottom align=center width="25%" >Inferred </TD>
    <TD vAlign=bottom align=center width="14%">189,086 </TD>
    <TD vAlign=bottom align=center width="14%">71,787 </TD>
    <TD vAlign=bottom align=center width="14%">0.132 </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="25%" >&nbsp; </TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>ENB </TD>
    <TD vAlign=bottom align=center width="14%">B </TD>
    <TD vAlign=bottom align=center width="25%" >Measured and
      Indicated </TD>
    <TD vAlign=bottom align=center width="14%">293,811 </TD>
    <TD vAlign=bottom align=center width="14%">84,865 </TD>
    <TD vAlign=bottom align=center width="14%">0.173 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="14%">B </TD>
    <TD vAlign=bottom align=center width="25%" >Inferred </TD>
    <TD vAlign=bottom align=center width="14%">394,122 </TD>
    <TD vAlign=bottom align=center width="14%">244,569 </TD>
    <TD vAlign=bottom align=center width="14%">0.081 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="14%">A </TD>
    <TD vAlign=bottom align=center width="25%" >Measured and
      Indicated </TD>
    <TD vAlign=bottom align=center width="14%">150,707 </TD>
    <TD vAlign=bottom align=center width="14%">54,570 </TD>
    <TD vAlign=bottom align=center width="14%">0.138 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="14%">A </TD>
    <TD vAlign=bottom align=center width="25%" >Inferred </TD>
    <TD vAlign=bottom align=center width="14%">83,792 </TD>
    <TD vAlign=bottom align=center width="14%">41,075 </TD>
    <TD vAlign=bottom align=center width="14%">0.102
</TD></TR></TABLE></DIV>
<P align=center>E - 21 </P>
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noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center vAlign=bottom noWrap bgcolor="#eeeeee"><BR><BR><B>Area</B> </TD>
    <TD width="16%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><BR><BR><B>Sand</B> </TD>
    <TD width="16%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><BR><B>Resource</B> <BR><B>(GT Minimum 0.20)</B> </TD>
    <TD width="16%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><BR><B>eU<B><SUB>3</SUB></B><B>O</B><B><SUB>8</SUB></B></B><BR><B>Pounds</B>
    </TD>
    <TD width="16%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><BR><BR><B>Tons</B> </TD>
    <TD width="16%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Average</B>
      <BR><B>Grade</B> <BR><B>%
    eU<B><SUB>3</SUB></B><B>O</B><B><SUB>8</SUB></B></B></TD></TR>
  <TR>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">F </TD>
    <TD vAlign=bottom align=center width="16%">Measured and Indicated </TD>
    <TD vAlign=bottom align=center width="16%">90,607 </TD>
    <TD vAlign=bottom align=center width="16%">38,505 </TD>
    <TD vAlign=bottom align=center width="16%">0.118 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">F </TD>
    <TD vAlign=bottom align=center width="16%">Inferred </TD>
    <TD vAlign=bottom align=center width="16%">34,748 </TD>
    <TD vAlign=bottom align=center width="16%">19,191 </TD>
    <TD vAlign=bottom align=center width="16%">0.091 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">A </TD>
    <TD vAlign=bottom align=center width="16%">Measured and Indicated </TD>
    <TD vAlign=bottom align=center width="16%">239,258 </TD>
    <TD vAlign=bottom align=center width="16%">136,377 </TD>
    <TD vAlign=bottom align=center width="16%">0.088 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">A </TD>
    <TD vAlign=bottom align=center width="16%">Inferred </TD>
    <TD vAlign=bottom align=center width="16%">30,190 </TD>
    <TD vAlign=bottom align=center width="16%">27,164 </TD>
    <TD vAlign=bottom align=center width="16%">0.056 </TD></TR>
  <TR>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>All </TD>
    <TD vAlign=bottom align=center width="16%">All </TD>
    <TD vAlign=bottom align=center width="16%">Measured and Indicated </TD>
    <TD vAlign=bottom align=center width="16%">2,837,015 </TD>
    <TD vAlign=bottom align=center width="16%">926,293 </TD>
    <TD vAlign=bottom align=center width="16%">0.153 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom align=center width="16%">All </TD>
    <TD vAlign=bottom align=center width="16%">Inferred </TD>
    <TD vAlign=bottom align=center width="16%">2,681,928 </TD>
    <TD vAlign=bottom align=center width="16%">1,116,968 </TD>
    <TD vAlign=bottom align=center width="16%">0.120
</TD></TR></TABLE></DIV>
<P align=justify><U>Exploration and Development</U> </P>
<P align=justify>In the event that economics are favorable and the capital
becomes available, the West North Butte Satellite properties will require
additional drilling. The identified mineralization has been generally been
defined by lines of drill holes which are approximately 400 feet apart. The
holes in the lines are approximately 50 feet apart. Infill drilling on
approximately a 100 foot grid will be needed to situate production well
patterns.</P>
<P align=justify>If previously unrecognized mineralized trends are discovered
these will be drilled out on 400 foot spaced fences which are composed of
exploration holes spaced 50 feet apart.<B> </B></P>
<P align=justify><B><U>North Rolling Pin Property</U></B> </P>
<P align=justify>The following information concerning the North Rolling Pin
Property is based on the technical report prepared for Uranerz titled &#147;Technical
Report, North Rolling Pin Property, Campbell County, Wyoming, U.S.A.&#148; dated June
4, 2010 (the &#147;<B>NRP Technical Report</B>&#148;). The NRP Technical Report was
authored by Douglass H. Graves, P.E., who is a &#147;qualified person&#148; and
independent of Uranerz and Energy Fuels for purposes of NI 43-101. </P>
<P align=justify><U>Project Description and Location</U> </P>
<P align=justify>The North Rolling Pin Property is located in the Pumpkin Buttes
region of the Powder River Basin in the state of Wyoming, approximately 62 air
miles northeast of the city of Casper. The NorthRolling Pin Property is located
within Campbell County, Wyoming in Township 43N, Range 76W, in the SE&#188; of SE&#188;
Section 10, Section 11, NW &#188; Section 14, and NE&#188;, NW&#188; of SE&#188; Section 15, of the
6th Prime Meridian. The North Rolling Property is comprised of 54 unpatented
lode mining claims and one SUA. There are no mineral fee leases associated with
the North Rolling Pin Property and the claims and unclaimed area encompass
approximately 1,080 acres. The SUA has a term of 10 years and has set provisions
for reimbursement to the surface owner for disturbances resulting from Uranerz
operations. </P>
<P align=center>E - 22 </P>
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<P align=justify>The lode mining claims in the North Rolling Pin area are not
subject to royalties. All of the unpatented lode mining claims have annual
filing requirements ($155 per claim) with the BLM, to be paid on or before
September 1 of each year. </P>
<P align=justify>The only activities that have occurred on the North Rolling Pin
Property are exploration drilling for uranium, the development and operation of
an in-situ uranium pilot plant, exploration for oil and gas, and production of
CBM gas. The NRC terminated the source materials license for the uranium pilot
plant based on successful completion of groundwater restoration and surface
reclamation on November 5, 1982. Uranerz&#146; only known existing potential
liability is restoration of exploration drill sites and exploration access
roads. </P>
<P align=justify>Uranerz has a Notification to Drill permit (336DN) from the
WDEQ/LQD for all exploration drilling. Future mining development will require a
number of licenses/permits with the two most significant being (a) the Permit to
Mine, issued by the WDEQ/LQD and (b) the Source Material License, required and
issued by the NRC for mineral processing of natural uranium. </P>
<P align=justify><U>Accessibility, Climate, Local Resources, Infrastructure and
Physiography</U> </P>
<P align=justify>The North Rolling Pin Property is located within the Wyoming
Basin physiographic province, in the Central portion of the Powder River Basin,
within the Pumpkin Buttes Mining District. Access, climate, local resources,
infrastructure and physiography are similar to those for the Nichols Ranch
Property, as described above. </P>
<P align=justify><U>History</U> </P>
<P align=justify>The North Rolling Pin Property is located within a large
exploration area encompassing Townships 33 through 50 North of Ranges 69 through
79 West, on the 6th principal meridian. In 1966, Mountain West Mines Inc.
(&#147;<B>MWM</B>&#148;, now Excalibur Industries) began a successful drilling exploration
program in a portion of the larger area. In 1967, MWM entered into an agreement
with CCI for further exploration and option if suitable resources were found.
CCI exercised its option in 1976 with plans to begin underground mining
operations in the vicinity of North Butte. Changing economic conditions and the
development of ISR mining technology reportedly ended much of CCI&#146;s interest in
the area. </P>
<P align=justify>In February 2007, Uranerz purchased the North Rolling Pin
claims group from Robert Shook as part of a larger 138 Federal mining claims
acquisition. Uranerz subsequently expanded the properties by staking additional
claims in the immediate area. </P>
<P align=justify><U>Geological Setting</U> </P>
<P align=justify>The North Rolling Pin Property is located within the Powder
River Basin. Regional geology is the same as for the Nichols Ranch Property, as
described above. </P>
<P align=justify>The mineralized zones at the North Rolling Pin Property are
typical Powder River Basin rollfront deposits. Uranium mineralization, where
present, is found at the interface of naturally occurring chemical boundary
between reduced and oxidized sandstone facies. Due to the nature of fluvial
sandstone composition, an individual sand member may have several vertically
superimposed subsidiary roll fronts. This is caused by small permeability
differences in the sandstone or the occasional vertical contact between sand members resulting in
development of multiple roll fronts that overlie each other (stacked) in complex
patterns. </P>
<P align=center>E - 23 </P>
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<P align=justify><U>Exploration</U> </P>
<P align=justify>Mining claims were first staked in the North Rolling Pin
  Project area by MWM sometime before 1968. Exploration drilling was conducted in
  the North Rolling Pin Project area Sections 11, 14 and 15, T43N, R76W, between
  1968 and 1982 by CCI. A total of 476 exploration holes were drilled including 10
  core holes. CCI was reported to be investigating the project area for open pit
  mining potential but never carried those plans past the exploration phase. CCI
  core data was not available for use in preparing the mineral resource estimate
contained in the NRP Technical Report. </P>
<P align=justify>In 2008 and 2009 Uranerz drilled 18 exploration holes in
Sections 11 and 14. This drilling was performed to evaluate the potential for
mineralization below the zones explored by CCI and for confirmation of the
previously identified mineralization.</P>
<P align=justify><U>Mineralization</U> </P>
<P align=justify>At the North Rolling Pin Property, the mineralized sand horizon
(F Sand) occurs within the Wasatch at an approximate depth from surface ranging
from 51 to 403 feet and averaging 282 feet to the top of the mineralization.
Generally the depth of mineralization decreases from the northeast to the
southwest due mainly to topography along which the surface elevation decreases
from approximately 5,180 feet to around 4,800 feet. The F Sand ranges in
thickness from approximately 30 feet to 60 feet and generally increases in
thickness in the southwest portion of Section 11 and thins toward the northeast
and southwest in the project area. The F Sand primarily consists of two stacked
sand sets, termed the Upper and Lower F Sands that average 20 to 25 feet thick
each and the nature of these sand sets, as described above, is a major control
on the mineralization occurring at North Rolling Pin. </P>
<P align=justify>The host sand is primarily arkosic in composition, friable, and
contains trace carbonaceous material and organic debris. There are local sandy
mudstone/siltstone intervals with the sandstone, and the sand may thicken or
pinch-out in some locations. The North Rolling Pin Property area lies east of
the synclinal axis of the Powder River Basin, and the host Wasatch Formation
dips approximately 1 to 2 degrees to the west. </P>
<P align=justify><U>Drilling</U> </P>
<P align=justify>Conventional water based mud drilling methods were used to
drill the approximately 494 boreholes (historical CCI and Uranerz) at North
Rolling Pin. The geophysical and lithologic log data from 386 of the 494 CCI and
Uranerz drill holes were used in the evaluation of the North Rolling Pin
Property. Data from several CCI drill holes (108) were missing but it can be
concluded that the majority of these drill holes were left out of the sequence
and were not drilled. Of the data from 386 CCI and Uranerz drill holes, 198 of
the holes had mineralization with a GT of 0.2 or greater. Data from the 198
drill holes were used to determine the grade, thickness, and GT for the stated
mineral resource. </P>
<P align=center>E - 24 </P>
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<P align=justify><U>Sampling and Analysis</U> </P>
<P align=justify>Downhole geophysical logs and grade calculations provided by
Uranerz were used by the author of the NRP Technical Report as the primary
source of data for defining the North Rolling Pin Property mineralization. Data
was obtained from approximately 386 historic and recent drill holes, including
18 holes that were drilled by Uranerz in the North Rolling Pin area. The
exploration drill holes were spaced approximately 25 to 50 feet apart in rows
orientated perpendicular to the mineralization trend or in clusters of close
spaced drilling. Additional fences were then drilled approximately every 400 to
600 feet along the length of the trend. </P>
<P align=justify>Historical data were assumed to have been collected in a manner
consistent with standard industry practices at the time. Logging of each drill
hole utilized the same basic methodology that has been used for over 40 years in
the uranium industry. The historical logs were generally run with analog
equipment and more recent logging utilizes digital equipment. The historical
information is considered accurate and reliable by the author of the NRP
Technical Report for the purpose of developing the resource estimate. It is
assumed that the appropriate logging tool &#147;k&#148; factor was developed for the
historic geophysical logging equipment. </P>
<P align=justify><U>Security of Samples</U> </P>
<P align=justify>Quality control for recent field sampling performed by Uranerz
utilizes training, demonstration of basic geological abilities by field
personnel and management oversight. Exploratory drill hole cutting samples are
recovered in a wet or damp condition and soon after they are described by a
field geologist. Down hole electric logging is checked against the driller&#146;s
logs and the gamma detection instruments are calibrated in the Casper, Wyoming
United States Department of Energy test pits approximately every 60 days.
Records are kept on all these activities. The data was considered accurate and
reliable by the author of the NRP Technical Report for the purpose of completing
a mineral resource estimate of the North Rolling Pin Property. </P>
<P align=justify>Core sampling was performed by, CCI, a previous operator. No
core sample preparation was performed by Uranerz staff and the sample
preparation and handling of the historic coring cannot be confirmed. The test
results from the historical CCI coring program at North Rolling Pin were not
available for review, thus were not included in the calculation of resource
quantities. </P>
<P align=justify><U>Mineral Resource and Mineral Reserve Estimates</U> </P>
<P align=justify>Various economic and mining parameters enter into the final
cutoff grade and/or grade-thickness (GT) to calculate the in-ground mineral
resources during the economic evaluation stage of the North Rolling Pin
Property. Two GT cutoff grades were used to evaluate the reported resources,
both using a minimum grade cutoff of 0.03% eU<SUB>3</SUB>O<SUB>8</SUB>. The 0.20 GT was used to
present an appropriate value relative to current ISR operations and is
recommended for reporting purposes. The 0.50 GT has been used to highlight the
areas of highest mineralization and value if economics dictate the need for
lower operating costs. The estimated GT, quantity, and grade for measured,
indicated, and inferred resources of the total Upper and Lower F Sand unit for
the North Rolling Pin Property is presented in the following table. </P>
<P align=center>E - 25 </P>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center rowSpan=5><B>Cautionary Note to Investors Concerning
      Estimates of Measured, Indicated and Inferred</B> <B>Resources</B>
<BR><BR>
      <P align=justify>The following table uses the term &#147;measured resources&#148;,
      &#147;indicated resources&#148; and &#147;inferred resources&#148;. Uranerz advises investors
      that while this term is recognized and required by Canadian securities
      regulations (under National Instrument 43-101 <I>Standards of Disclosure
      for</I> <I>Mineral Projects</I>), the U.S. Securities and Exchange
      Commission does not recognize this term. </P>
      <P align=justify>Further, &#145;inferred resources&#146; have a great amount of
      uncertainty as to their existence, and great uncertainty 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 pre-feasibility studies, except
      in rare cases. <B>Investors are cautioned not to assume that part or all
      of an</B> <B>inferred resource exists, or is economically or legally
      mineable.</B> </P></TD></TR>
  <TR></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top></TR></TABLE></DIV>
<P align=center>Measured Mineral Resource </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>GT</B>
      <BR><B>Minimum</B> </TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>eU<B><SUB>3</SUB></B><B>O</B><B><SUB>8</SUB></B></B><B>
      </B><B>Pounds</B> </TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Tons</B>
</TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Average
      Grade</B> <BR><B>% eU<B><SUB>3</SUB></B><B>O</B><B><SUB>8</SUB></B></B>
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>0.20 </TD>
    <TD vAlign=bottom align=center width="25%">386,898 </TD>
    <TD vAlign=bottom align=center width="25%">310,051 </TD>
    <TD vAlign=bottom align=center width="25%">0.062 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>0.50 </TD>
    <TD vAlign=bottom align=center width="25%">255,163 </TD>
    <TD vAlign=bottom align=center width="25%">153,712 </TD>
    <TD vAlign=bottom align=center width="25%">0.083
</TD></TR></TABLE></DIV>
<P align=center>Indicated Mineral Resource </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>GT</B>
      <BR><B>Minimum</B> </TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>eU<B><SUB>3</SUB></B><B>O</B><B><SUB>8</SUB></B></B><B>
      </B><B>Pounds</B> </TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Tons</B>
</TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Average
      Grade</B> <BR><B>% eU<B><SUB>3</SUB></B><B>O</B><B><SUB>8</SUB></B></B>
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>0.20 </TD>
    <TD vAlign=bottom align=center width="25%">277,623 </TD>
    <TD vAlign=bottom align=center width="25%">271,881 </TD>
    <TD vAlign=bottom align=center width="25%">0.052 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>0.50 </TD>
    <TD vAlign=bottom align=center width="25%">135,161 </TD>
    <TD vAlign=bottom align=center width="25%">97,513 </TD>
    <TD vAlign=bottom align=center width="25%">0.070
</TD></TR></TABLE></DIV>
<P align=center>Measured + Indicated Resource </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>GT</B>
      <BR><B>Minimum</B> </TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>eU<B><SUB>3</SUB></B><B>O</B><B><SUB>8</SUB></B></B><B>
      </B><B>Pounds</B> </TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Tons</B>
</TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Average
      Grade</B> <BR><B>%
  eU<B><SUB>3</SUB></B><B>O</B><B><SUB>8</SUB></B></B></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>0.20 </TD>
    <TD vAlign=bottom align=center width="25%">664,521 </TD>
    <TD vAlign=bottom align=center width="25%">581,932 </TD>
    <TD vAlign=bottom align=center width="25%">0.058 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>0.50 </TD>
    <TD vAlign=bottom align=center width="25%">390,324 </TD>
    <TD vAlign=bottom align=center width="25%">251,225 </TD>
    <TD vAlign=bottom align=center width="25%">0.078
</TD></TR></TABLE></DIV>
<P align=center>Inferred Mineral Resource </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>GT</B>
      <BR><B>Minimum</B> </TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>eU<B><SUB>3</SUB></B><B>O</B><B><SUB>8</SUB></B></B><B>
      </B><B>Pounds</B> </TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Tons</B>
</TD>
    <TD width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Average
      Grade</B> <BR><B>% eU<B><SUB>3</SUB></B><B>O</B><B><SUB>8</SUB></B></B>
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>0.20 </TD>
    <TD vAlign=bottom align=center width="25%">32,522 </TD>
    <TD vAlign=bottom align=center width="25%">38,874 </TD>
    <TD vAlign=bottom align=center width="25%">0.042
</TD></TR></TABLE></DIV>
<P align=center>E - 26 </P>
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<P align=justify><U>Exploration and Development</U> </P>
<P align=justify>In the event that economics are favorable and the capital
becomes available, the North Rolling Pin property will require additional
drilling. The identified mineralization has been generally been defined by lines
of drill holes which are approximately 400 feet apart. The holes in the lines
are approximately 50 feet apart. Infill drilling on approximately a 100 foot
grid will be needed to situate production well patterns.</P>
<P align=justify>If previously unrecognized mineralized trends are discovered
these will be drilled out on 400 foot spaced fences which are composed of
exploration holes spaced 50 feet apart.<B> </B></P>
<P align=justify><B><U>Reno Creek Property</U></B> </P>
<P align=justify>The following information concerning the Reno Creek Property is
based on the technical report prepared for Uranerz titled &#147;Technical Report,
Reno Creek Property, Campbell County, Wyoming, U.S.A.&#148; dated October 13, 2010
(the &#147;<B>Reno Creek Technical Report</B>&#148;). The Reno Creek Technical Report was
authored by Douglass H. Graves, P.E., who is a &#147;qualified person&#148; and
independent of Uranerz and Energy Fuels for purposes of NI 43-101. </P>
<P align=justify><U>Project Description and Location</U> </P>
<P align=justify>The Reno Creek Property is located in the southeastern extent
of the Pumpkin Buttes region of the Powder River Basin in the state of Wyoming,
approximately 80 highway miles northeast of the city of Casper, 40 miles south
of Gillette and 9 miles southwest of Wright. The Reno Creek Property is located
within Campbell County, Wyoming in Township 43N, Range 73W, in the S &#189; of
Section 21, SW &#188; of Section 22, E &#189; of Section 28, NE &#188; of Section 29, NE &#188; of
Section 31 and SW &#188; of Section 33 of the 6th Prime Meridian. Uranerz has three
unpatented lode mining claims and three SUA and 18 fee mineral leases associated
with the Reno Creek Property. The area encompassing the claims and fee mineral
leases is approximately 1,312 acres. </P>
<P align=justify>Lode mining claims in the Reno Creek area are not subject to
royalties. The 18 fee mineral leases have variable royalties that are dependent
on the sale price of uranium. Surface owners have a set rate for reimbursement
in respect of any land taken out of service for mining activities. All of the
unpatented lode mining claims have annual filing requirements ($155 per claim)
with the BLM, to be paid on or before September 1 of each year. </P>
<P align=justify>The only activities that have occurred on the Reno Creek
Property are exploration drilling for uranium, exploration for oil and gas and
production of CBM gas. Uranerz&#146; only known existing potential environmental
liability is reclamation of exploration drill sites and exploration access
roads. </P>
<P align=justify>Uranerz has a Notification to Drill permit (336DN) from the
WDEQ/LQD for all exploration drilling. Future mining development will require a
number of licenses/permits with the two most significant being (a) the Permit to
Mine, issued by the WDEQ/LQD and (b) the Source Material License, required and
issued by the NRC for mineral processing of natural uranium. </P>
<P align=center>E - 27 </P>
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<P align=justify><U>Accessibility, Climate, Local Resources, Infrastructure and
Physiography</U> </P>
<P align=justify>The Reno Creek Property is located within the Wyoming Basin
physiographic province, in the central portion of the Powder River Basin, within
the Pumpkin Buttes Mining District. Access, climate, local resources,
infrastructure and physiography are similar to those for the Nichols Ranch
Property, as described above. </P>
<P align=justify><U>History</U> </P>
<P align=justify>In 1968, Rocky Mountain Energy (&#147;<B>RME</B>&#148;, a subsidiary of
Union Pacific Corporation) began a successful drilling exploration program in
the region. In the mid 1970&#146;s RME formed a joint venture with Mono Power and
Halliburton Company to develop the property for mining. The joint venture
applied for and received a research and development test pilot license in 1978
from the NRC and DEQ. Following the successful restoration of the test pilot,
RME began application for a deep disposal well and conducted feasibility studies
for the property. Changing economic conditions eventually resulted in RME&#146;s sale
of the property in 1992 to Energy Fuels Nuclear (&#147;<B>EFN</B>&#148;). In 1993 and 1994
EFN drilled several hundred pre-mining development holes and selected a location
for the processing plant. In 1996 EFN requested NRC to start the license
application process. In 1998, EFN was acquired by International Uranium USA
Corporation (IUC). IUC evaluated the project and decided in 1999 to withdraw the
license application. Then in 2001, IUC sold the property to Rio Algom. Rio Algom
held the property until 2002. </P>
<P align=justify>In 2002, Power Resources Inc., the U.S. subsidiary of what is
now Cameco Resources Inc., acquired the Reno Creek property. Power Resources
Inc. held the state permit to mine until it was terminated in 2007 . Beginning
in 2003 Power Resources began to relinquish their federal claims and leases. In
2004, Strathmore Minerals Corporation (&#147;<B>SMC</B>&#148;) acquired the Federal
minerals portion of the Reno Creek property by staking claims. SMC formed an
operating company, American Uranium Corporation which was sold jointly to
Bayswater Uranium Corporation (&#147;<B>BAYS</B>&#148;) and Pacific Road Capital in 2010.
A subsidiary of BAYS, NCA Nuclear, is currently operator for the federal
minerals portion of the property.</P>
<P align=justify>The private minerals and surface portion of the Reno Creek
property was leased by Uranerz between 2006 and 2009. A total of 1,312 acres and
18 mineral owners were involved in the acquisition. The federal and private
mineral leases are interspersed throughout the Reno Creek property. </P>
<P align=justify><U>Geological Setting</U> </P>
<P align=justify>The Reno Creek Property is located within the Powder River
Basin. Regional geology is the same as for the Nichols Ranch Property, as
described above. </P>
<P align=justify>The mineralized zones at the Reno Creek Property are typical
Powder River Basin roll-front deposits. Uranium mineralization, where present,
is found at the interface of a naturally occurring chemical boundary between
reduced and oxidized sandstone facies. Due to the nature of fluvial sandstone
composition, an individual sand member may have several vertically superimposed
subsidiary roll fronts. This is caused by small permeability differences in the
sandstone or the occasional vertical contact between sand members resulting in
development of multiple roll fronts that overlie each other (stacked) in complex
patterns. </P>
<P align=center>E - 28 </P>
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<P align=justify><U>Exploration</U> </P>
<P align=justify>A total of 768 exploration &#150; development drill holes and 31
wells were completed on the Reno Creek Property between 1968 and 1994. The
geologic data available from 747 of the 768 exploration drill holes and all 31
wells include electric logs, lithology descriptions, tabulated mineralization
intercepts, and location maps. These data were used in the estimation of the
mineral resource. Data from 21 exploration drill holes located in the SW &#188; of
Section 33 were not available for the development of the resource estimate. In
addition Uranerz drilled 49 holes and one water well throughout the project area
in 2010 to confirm the validity of the historic drilling. Data from the RME, EFN
and Uranerz geophysical and lithological logs are considered reliable for the
purposes of the mineral resource estimate set out in the Reno Creek Technical
Report. The following summarizes the exploration activities that have occurred
at the Reno Creek Property: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="90%">501 exploratory drill holes completed by RME
      from 1968 to 1991; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="90%">267 exploratory drill holes completed by EFN
      from 1993 to 1994; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="90%">49 exploratory drill holes completed by Uranerz
      in 2010. </TD></TR></TABLE>
<P align=justify>The results of the RME and EFN drilling programs are the
primary source of information used in the mineral resource estimate,
supplemented with data from the Uranerz exploration program. Uranerz drilling
data (geophysical and lithologic) were compared with data from nearby historic
drill holes. The recent drill hole data correlated consistently with the
historic data with respect to log characteristics, geologic characteristics and
mineralization trends within the individual horizons. Thus the recent Uranerz
drilling provided information that confirmed data from historic drilling.
Collectively, these data demonstrate that mineralization is present on the
property and the data define the spatial attributes of the mineralization. </P>
<P align=justify><U>Mineralization</U> </P>
<P align=justify>At the Reno Creek Property, the mineralized sand horizon (Reno
Creek Target Sand) occurs within the Wasatch at an approximate depth from
surface ranging from 129 to 441 feet and averaging 329 feet to the top of the
mineralization. Generally the depth of mineralization is related to topography,
being greater in Section 28 where elevations are generally higher than in other
mineralized portions of the project area. </P>
<P align=justify>The Reno Creek Target Sand ranges in thickness from about 20
feet up to 220 feet, with an average thickness of approximately 100 feet. The
Reno Creek Target Sand generally occurs as a single sand body in the northern
and eastern portions of the property and occurs as upper and lower sand units
bifurcated by siltstones and shales that are 10 to 50 feet thick, towards the
southern and western parts of the property. Primary mineralization in the Reno
Creek Target Sand occurs within five horizons, designated from shallowest to
deepest, as the &#147;Green&#148;, &#147;Purple&#148;, &#147;Red&#148;, &#147;Orange&#148; and &#147;Blue&#148; horizons, and the
nature of these sand sets is a major control on the mineralization occurring at
Reno Creek. </P>
<P align=center>E - 29 </P>
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<P align=justify><U>Drilling</U> </P>
<P align=justify>Conventional water based mud drilling methods were used to
drill the approximately 817 exploratory boreholes and an additional 31 monitor
or water wells (historical RME and EFN and recent Uranerz) at the Reno Creek
Property. All the geophysical and lithologic log data from 796 RME, EFN and
Uranerz drill holes were used in the evaluation of the Reno Creek Property. Only
data from drill holes with individual mineralization intercepts of GT 0.2 or
greater were used to determine the grade, thickness, and GT for the mineral
resource estimate presented in the Reno Creek Technical Report. </P>
<P align=justify>In the opinion of the author of the Reno Creek Technical Report
, the data collected within the Reno Creek Property have been collected in a
reliable manner consistent with standard industry practices, and the author has
relied upon these available data to prepare the mineral resource estimate. </P>
<P align=justify><U>Sampling and Analysis</U> </P>
<P align=justify>Downhole geophysical logs and grade calculations provided by
Uranerz were used as the primary source of data for defining the Reno Creek
Property mineralization. As described above, data were obtained from
approximately 848 historic and recent exploratory drill holes and wells
including 49 holes and one water well that were drilled by Uranerz in the Reno
Creek area. The exploration drill holes were spaced approximately 25 to 100 feet
apart, generally in rows (fences) oriented perpendicular to the mineralization
trend or in clusters of close spaced grid drilling. Additional fences were then
drilled by Uranerz in pre-detemined locations along the mineral trend to
validate historical drilling. </P>
<P align=justify>Historical data were assumed to have been collected in a manner
consistent with standard industry practices at the time. Logging of each drill
hole utilized the same basic methodology that has been used for over 40 years in
the uranium industry. The historical logs were generally run with analog
equipment and more recent logging utilizes digital equipment. The historical
information is considered accurate and reliable by the author of the Reno Creek
Technical Report for the purpose of developing the mineral resource estimate.
</P>
<P align=justify><U>Security of Samples</U> </P>
<P align=justify>Quality control for recent field sampling performed by Uranerz
utilizes training, demonstration of basic geological abilities by field
personnel and management oversight. Exploratory drill hole cutting samples are
recovered in a wet or damp condition and soon after recovery they are described
by a field geologist. Down hole electric logging is checked against the
driller&#146;s logs. The gamma detection instruments are calibrated in the Casper,
Wyoming United States Department of Energy test pits approximately every 60
days. Records are kept on all these activities. These data are considered
accurate and reliable for the purpose of completing a mineral resource estimate
for the Reno Creek Property. </P>
<P align=justify>Core sampling was performed at Reno Creek by previous operators
RME and EFN. RME drilled and sampled 52 core holes in the general Reno Creek
area. Core sample preparation from the RME operations was performed by RME staff
and the sample preparation and handling of the historic coring cannot be
confirmed. </P>
<P align=center>E - 30 </P>
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<P align=justify><U>Mineral Resource and Mineral Reserve Estimates</U> </P>
<P align=justify>The mineral resource estimates shown below were calculated by
GT (Grade x Thickness) contour method using a minimum grade cutoff of 0.03%
eU<SUB>3</SUB>O<SUB>8</SUB> and a minimum mineralization thickness of 1.0 feet. The GT values of the
subject sand intervals for each hole were plotted on a drill hole map and
contour lines were drawn along the general mineralization trend. The areas
within the GT = 0.2 contour boundaries were used for calculating resource
estimates. Based on results of Uranerz confirmation drilling which validated
historic drilling data, measured resources were determined within the area of
influence of all historic and recent drill hole locations. The mineral resources
are reported based on GT cutoffs of 0.20 and 0.50. The 0.20 GT cutoff is
recommended for reporting purposes and is presented in the following table. The
0.5 GT cutoff has been used to highlight areas of highest mineralization. </P>
<P align=justify>The estimate of mineral resources for the Reno Creek Property
set out in the Reno Creek Technical Report is as follows: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center rowSpan=5><B>Cautionary Note to Investors Concerning
      Estimates of Measured, Indicated and Inferred</B> <B>Resources</B>
<BR><BR>
      <P align=justify>The following table uses the term &#147;measured resources&#148;,
      &#147;indicated resources&#148; and &#147;inferred resources&#148;. Uranerz advises investors
      that while this term is recognized and required by Canadian securities
      regulations (under National Instrument 43-101 <I>Standards of Disclosure
      for</I> <I>Mineral Projects</I>), the U.S. Securities and Exchange
      Commission does not recognize this term. </P>
      <P align=justify>Further, &#145;inferred resources&#146; have a great amount of
      uncertainty as to their existence, and great uncertainty 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 pre-feasibility studies, except
      in rare cases. <B>Investors are cautioned not to assume that part or all
      of an</B> <B>inferred resource exists, or is economically or legally
      mineable.</B> </P></TD></TR>
  <TR></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=bottom>
    <TD colSpan=13 align=center valign="bottom" bgcolor="#eeeeee">Measured Mineral
    Resource</TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Horizon ID </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Green </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Purple </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Red </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Orange </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Blue </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">TOTAL </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >GT </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; &nbsp;0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; &nbsp;0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Minimum </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >eU<SUB>3 </SUB>O<SUB>8</SUB> Pounds </TD>
    <TD width="7%" align=center valign="bottom">239,594 </TD>
    <TD width="7%" align=center valign="bottom">122,530 </TD>
    <TD width="7%" align=center valign="bottom">443,675</TD>
    <TD width="7%" align=center valign="bottom">283,653</TD>
    <TD width="7%" align=center valign="bottom">1,452,243 </TD>
    <TD width="7%" align=center valign="bottom">1,163,885 </TD>
    <TD width="7%" align=center valign="bottom">569,376</TD>
    <TD width="7%" align=center valign="bottom">358,445</TD>
    <TD width="7%" align=center valign="bottom">77,320 </TD>
    <TD width="7%" align=center valign="bottom">44,910 </TD>
    <TD width="7%" align=center valign="bottom">2,782,208</TD>
    <TD width="7%" align=center valign="bottom">1,973,423</TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Tons </TD>
    <TD width="7%" align=center valign="bottom">196,338 </TD>
    <TD width="7%" align=center valign="bottom">80,612 </TD>
    <TD width="7%" align=center valign="bottom">346,621</TD>
    <TD width="7%" align=center valign="bottom">170,876</TD>
    <TD width="7%" align=center valign="bottom">1,171,164 </TD>
    <TD width="7%" align=center valign="bottom">855,798 </TD>
    <TD width="7%" align=center valign="bottom">499,453</TD>
    <TD width="7%" align=center valign="bottom">238,963</TD>
    <TD width="7%" align=center valign="bottom">67,825 </TD>
    <TD width="7%" align=center valign="bottom">34,023 </TD>
    <TD width="7%" align=center valign="bottom">2,281,451</TD>
    <TD width="7%" align=center valign="bottom">1,380,272</TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Avg. Grade (% eU<SUB>3 </SUB>O<SUB>8
    </SUB>)</TD>
    <TD width="7%" align=center valign="bottom">0.061 </TD>
    <TD width="7%" align=center valign="bottom">0.076 </TD>
    <TD width="7%" align=center valign="bottom">0.064</TD>
    <TD width="7%" align=center valign="bottom">0.083</TD>
    <TD width="7%" align=center valign="bottom">0.062 </TD>
    <TD width="7%" align=center valign="bottom">0.068 </TD>
    <TD width="7%" align=center valign="bottom">0.057</TD>
    <TD width="7%" align=center valign="bottom">0.075</TD>
    <TD width="7%" align=center valign="bottom">0.057 </TD>
    <TD width="7%" align=center valign="bottom">0.066 </TD>
    <TD width="7%" align=center valign="bottom">0.061 </TD>
<TD width="7%" align=center valign="bottom">0.071 </TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=bottom>
    <TD colSpan=13 align=center valign="bottom" bgcolor="#eeeeee">Indicated Mineral
    Resource</TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Horizon ID </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Green </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Purple </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Red </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Orange </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Blue </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">TOTAL </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >GT Minimum </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >eU<SUB>3 </SUB>O<SUB>8 </SUB>Pounds </TD>
    <TD width="7%" align=center valign="bottom">120,265 </TD>
    <TD width="7%" align=center valign="bottom">25,659 </TD>
    <TD width="7%" align=center valign="bottom">177,616 </TD>
    <TD width="7%" align=center valign="bottom">49,732 </TD>
    <TD width="7%" align=center valign="bottom">663,342 </TD>
    <TD width="7%" align=center valign="bottom">457,241 </TD>
    <TD width="7%" align=center valign="bottom">454,667 </TD>
    <TD width="7%" align=center valign="bottom">233,138 </TD>
    <TD width="7%" align=center valign="bottom">94,850 </TD>
    <TD width="7%" align=center valign="bottom">39,939 </TD>
    <TD width="7%" align=center valign="bottom">1,510,740 </TD>
    <TD width="7%" align=center valign="bottom">805,709 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Tons </TD>
    <TD width="7%" align=center valign="bottom">130,723 </TD>
    <TD width="7%" align=center valign="bottom">21,032 </TD>
    <TD width="7%" align=center valign="bottom">188,954 </TD>
    <TD width="7%" align=center valign="bottom">32,293 </TD>
    <TD width="7%" align=center valign="bottom">676,880 </TD>
    <TD width="7%" align=center valign="bottom">408,251 </TD>
    <TD width="7%" align=center valign="bottom">454,667 </TD>
    <TD width="7%" align=center valign="bottom">191,097 </TD>
    <TD width="7%" align=center valign="bottom">98,802 </TD>
    <TD width="7%" align=center valign="bottom">38,403 </TD>
    <TD width="7%" align=center valign="bottom">1,550,026 </TD>
    <TD width="7%" align=center valign="bottom">691,076 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Avg. Grade (% eU<SUB>3 </SUB>O<SUB>8
      </SUB>) </TD>
    <TD width="7%" align=center valign="bottom">0.046 </TD>
    <TD width="7%" align=center valign="bottom">0.061 </TD>
    <TD width="7%" align=center valign="bottom">0.047 </TD>
    <TD width="7%" align=center valign="bottom">0.077 </TD>
    <TD width="7%" align=center valign="bottom">0.049 </TD>
    <TD width="7%" align=center valign="bottom">0.056 </TD>
    <TD width="7%" align=center valign="bottom">0.050 </TD>
    <TD width="7%" align=center valign="bottom">0.061 </TD>
    <TD width="7%" align=center valign="bottom">0.048 </TD>
    <TD width="7%" align=center valign="bottom">0.052 </TD>
    <TD width="7%" align=center valign="bottom">0.049 </TD>
<TD width="7%" align=center valign="bottom">0.058 </TD></TR></TABLE></DIV>
<P align=center>E - 31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=bottom>
    <TD colSpan=13 align=center valign="bottom" bgcolor="#eeeeee">Measured + Indicated Mineral
    Resource</TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Horizon ID </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Green </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Purple </TD>
    <TD width="14%" align=center valign="bottom" colspan="2">Red </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Orange </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Blue </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">TOTAL </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >GT Minimum </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >eU<SUB>3 </SUB>O<SUB>8</SUB> Pounds </TD>
    <TD width="7%" align=center valign="bottom">359,859 </TD>
    <TD width="7%" align=center valign="bottom">148,189 </TD>
    <TD width="7%" align=center valign="bottom">621,291 </TD>
    <TD width="7%" align=center valign="bottom">333,385 </TD>
    <TD width="7%" align=center valign="bottom">2,115,585 </TD>
    <TD width="7%" align=center valign="bottom" >1,621,126 </TD>
    <TD width="7%" align=center valign="bottom" >1,024,043 </TD>
    <TD width="7%" align=center valign="bottom" >591,583 </TD>
    <TD width="7%" align=center valign="bottom">172,170 </TD>
    <TD width="7%" align=center valign="bottom">84,849 </TD>
    <TD width="7%" align=center valign="bottom">4,292,948 </TD>
    <TD width="7%" align=center valign="bottom" >2,779,132 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Tons </TD>
    <TD width="7%" align=center valign="bottom">327,111 </TD>
    <TD width="7%" align=center valign="bottom">101,644 </TD>
    <TD width="7%" align=center valign="bottom">535,575 </TD>
    <TD width="7%" align=center valign="bottom">203,169 </TD>
    <TD width="7%" align=center valign="bottom">1,848,044 </TD>
    <TD width="7%" align=center valign="bottom" >&nbsp;1,264,049 </TD>
    <TD width="7%" align=center valign="bottom">954,120 </TD>
    <TD width="7%" align=center valign="bottom">430,060 </TD>
    <TD width="7%" align=center valign="bottom">166,627 </TD>
    <TD width="7%" align=center valign="bottom">72,426 </TD>
    <TD width="7%" align=center valign="bottom">3,831,477 </TD>
    <TD width="7%" align=center valign="bottom" >&nbsp;2,071,348 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Avg. Grade (% eU<SUB>3 </SUB>O<SUB>8
      </SUB>) </TD>
    <TD width="7%" align=center valign="bottom">0.055 </TD>
    <TD width="7%" align=center valign="bottom">0.073 </TD>
    <TD width="7%" align=center valign="bottom">0.058 </TD>
    <TD width="7%" align=center valign="bottom">0.082 </TD>
    <TD width="7%" align=center valign="bottom">0.057 </TD>
    <TD width="7%" align=center valign="bottom">0.064 </TD>
    <TD width="7%" align=center valign="bottom">0.054 </TD>
    <TD width="7%" align=center valign="bottom">0.069 </TD>
    <TD width="7%" align=center valign="bottom">0.052 </TD>
    <TD width="7%" align=center valign="bottom">0.059 </TD>
    <TD width="7%" align=center valign="bottom">0.056 </TD>
<TD width="7%" align=center valign="bottom">0.067 </TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=bottom>
    <TD colSpan=13 align=center valign="bottom" bgcolor="#eeeeee">Inferred Mineral
    Resource</TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Horizon ID </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Green </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Purple </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Red </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Orange </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">Blue </TD>
    <TD width="14%" colSpan=2 align=center valign="bottom">TOTAL </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >GT Minimum </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD>
    <TD width="7%" align=center valign="bottom">0.2 </TD>
    <TD width="7%" align=center valign="bottom">0.5 </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >eU<SUB>3 </SUB>O<SUB>8 </SUB>Pounds </TD>
    <TD width="7%" align=center valign="bottom">12,712 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">17,614 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">39,821 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">50,442 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">21,578 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">142,167 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Tons </TD>
    <TD width="7%" align=center valign="bottom">15,889 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">16,031 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">64,228 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">66,371 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">27,664 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD>
    <TD width="7%" align=center valign="bottom">190,183 </TD>
    <TD width="7%" align=center valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" >Avg. Grade (% eU<SUB>3 </SUB>O<SUB>8
      </SUB>) </TD>
    <TD width="7%" align=center valign="bottom">0.040 </TD>
    <TD width="7%" align=center valign="bottom"></TD>
    <TD width="7%" align=center valign="bottom">0.055 </TD>
    <TD width="7%" align=center valign="bottom"></TD>
    <TD width="7%" align=center valign="bottom">0.031 </TD>
    <TD width="7%" align=center valign="bottom"></TD>
    <TD width="7%" align=center valign="bottom">0.038 </TD>
    <TD width="7%" align=center valign="bottom"></TD>
    <TD width="7%" align=center valign="bottom">0.039 </TD>
    <TD width="7%" align=center valign="bottom"></TD>
    <TD width="7%" align=center valign="bottom">0.039 </TD>
<TD width="7%" align=center valign="bottom"></TD></TR></TABLE></DIV>
<P align=justify><U>Exploration and Development</U> </P>
<P align=justify>The bulk of the mineralized trend in Section 29, T44N R74W has
been drilled on 100 foot spaced offset holes and is largely well enough defined
to plan production well patterns. The mineralization in sections 20, 21, and 28
is less well developed but with minimal delineation drilling could be brought
into production planning rather quickly. The mineral trend in section 31 will
require additional delineation drilling but the trends are well established and
the grades from the existing holes are significant.<B> </B></P>
<P align=center>E - 32 </P>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>2
<FILENAME>exhibit23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>



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<HEAD>
   <TITLE> Energy Fuels Inc.: Exhibit 23.2 - 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 border="0" src="exhibi1.jpg" width="623" height="53"></p>
<p align="center"><u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</u></p>
<p align="justify">We hereby consent to the incorporation by reference into this
Registration Statement on Form F-4 Amendment No.1 of Energy Fuels Inc. being
filed with the United States Securities and Exchange Commission of our reports
dated March 11, 2015 relating to the financial statements, and the effectiveness
of internal control over financial reporting of Uranerz Energy Corporation,
which appear in Uranerz Energy Corporation&#146;s Annual Report on Form 10-K for the
year ended December 31, 2014. We also consent to the reference to us under the
heading &#147;Experts&#148; in such Registration Statement. </p>
<p><i>/s/Manning Elliott LLP</i></p>
<p>CHARTERED ACCOUNTANTS <br>
Vancouver, Canada <br>
May 26, 2015 </p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>3
<FILENAME>exhibit23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>


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<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.3 - 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">
<!--$$/page=--><A name=page_1></A>
<img border="0" src="exhibi2.jpg" width="95" height="49"><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="20%" rowSpan=5 >&nbsp;</TD>
    <TD noWrap align=left rowSpan=5><B>KPMG LLP</B> <BR>Bay Adelaide Centre
      <BR>333 Bay Street Suite 4600 <BR>Toronto ON M5H 2S5 <BR>Canada </TD>
    <TD noWrap align=left width="15%" rowSpan=5><BR>Telephone <BR>Fax
      <BR>Internet <BR></TD>
    <TD noWrap align=left width="15%" rowSpan=5><BR>(416) 777-8500 <BR>(416)
      777-8818 <BR>www.kpmg.ca <BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR></TABLE>
<P align=center><B>Consent of Independent Registered Public Accounting Firm
</B></P>
<P align=justify>The Board of Directors Energy Fuels Inc. </P>
<P align=justify>We consent to the use of our report dated March 18, 2015, with
respect to the consolidated financial statements, which comprise the
consolidated statements of financial position as at December 31, 2014 and
December 31, 2013, the consolidated statements of comprehensive loss,
shareholders&#146; equity and cash flows for the year ended December 31, 2014 and the
fifteen month period ended December 31, 2013, and notes, comprising a summary of
significant accounting policies and other explanatory information, incorporated
herein by reference and to the reference to our firm under the heading &#147;Experts&#148;
in this Registration Statement No. 333-203996 of Energy Fuels Inc. on Form
F-4/A. </P>
<P align=justify>/s/ KPMG LLP </P>
<P align=justify>Chartered Professional Accountants, Licensed Public Accountants
</P>
<P align=justify>Toronto, Canada <BR>May 26, 2015 </P>
<P align=center>
<img border="0" src="exhibi5.gif" width="263" height="50"><BR></P>
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<DOCUMENT>
<TYPE>EX-23.26
<SEQUENCE>4
<FILENAME>exhibit23-26.htm
<DESCRIPTION>EXHIBIT 23.26
<TEXT>



<HTML>
<HEAD>
   <TITLE> Energy Fuels Inc.: Exhibit 23.26 - 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><B>CONSENT OF STEPHEN P. ANTONY </B></P>
<P align=justify>The undersigned hereby consents to:</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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the disclosure of scientific or technical
      information concerning mineral projects in the Management Discussion and
      Analysis for the period ended December 31, 2014 (the &#147;2014 MD&amp;A&#148;) of
      Energy Fuels Inc. (the &#147;Company&#148;) filed as an exhibit to the Company&#146;s
      Form 40-F Annual Report for the period ended December 31, 2014, and any
      amendments thereto (the &#147;Form 40-F&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the filing of the disclosure of scientific or technical
      information concerning mineral projects in the Management Discussion and
      Analysis for the period ended March 31, 2015 (the &#147;March MD&amp;A&#148;) of the
      Company included as an exhibit to the Company&#146;s Form 6-K filed with the
      United States Securities and Exchange Commission (the &#147;SEC&#148;) on May 11,
      2015;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the filing of the technical disclosure regarding the
      Company in the news release of the Company included as an exhibit to the
      Form 6-K of the Company dated January 5, 2015 (the &#147;January
  6-K&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the filing of the technical disclosure regarding the
      Company in the news releases of the Company dated March 19, 2015 and March
      20, 2015 included as exhibits to the Form 6- Ks of the Company dated March
      20, 2015 (the &#147;March 6-Ks&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>the filing of the technical disclosure regarding the
      Company in the news release of the Company included as an exhibit to the
      Current Report on Form 8-K of Uranerz Energy Corp. dated January 5, 2015
      (the &#147;8-K&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>the incorporation by reference of the applicable
      technical disclosure from the Form 40-F, the 2014 MD&amp;A, the March
      MD&amp;A, the 8-K and the January 6-K, the March 6-Ks into the Company&#146;s
      Form F-4 Registration Statement being filed with the SEC, and any
      amendments thereto (File No. 333-203996)(the &#147;F-4&#148;); and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>the use of my name in the Form 40-F, the March MD&amp;A,
      the 2014 MD&amp;A, the 8-K, the January 6-K, the March 6-Ks and the
      F-4.</P></TD></TR></TABLE>
<P align=justify style="margin-left: 50%"><U>/s/ Stephen P.
Antony&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<BR></U>Name: Stephen P. Antony, P.E. <BR>Title: President and Chief
Executive Officer, <BR>Energy Fuels Inc. </P>
<P align=justify>Date: May 26, 2015 </P>
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<DOCUMENT>
<TYPE>EX-23.38
<SEQUENCE>5
<FILENAME>exhibit23-38.htm
<DESCRIPTION>EXHIBIT 23.38
<TEXT>



<HTML>
<HEAD>
   <TITLE> Energy Fuels Inc.: Exhibit 23.38 - 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><B>CONSENT OF BRUCE LARSON </B></P>
<P align=justify>The undersigned hereby consents to:</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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the technical disclosure contained in the news
      release dated January 5, 2015 related to Uranerz Energy Corp. (&#147;Uranerz&#148;)
      included as an exhibit to the Current Report on Form 8-K of Uranerz dated
      January 5, 2015 (the &#147;8-K&#148;) which is incorporated by reference into the
      Form F-4 Registration Statement of Energy Fuels Inc., and any amendment
      thereto (File No. 333- 203996), being filed with the United States
      Securities and Exchange Commission; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the use of my name in the 8-K and the
  F-4.</P></TD></TR></TABLE>
<P align=justify style="margin-left: 50%"><B><U>/s/ Bruce
Larson&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;
<BR></U></B>Bruce Larson, P.G., <BR>Vice President, <BR>Exploration for Uranerz
Energy Corp.</P>
<P align=justify>Date: <U>May 26, 2015</U> </P>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>exhibi1.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
