<SEC-DOCUMENT>0001062993-16-009444.txt : 20160506
<SEC-HEADER>0001062993-16-009444.hdr.sgml : 20160506
<ACCEPTANCE-DATETIME>20160505211157
ACCESSION NUMBER:		0001062993-16-009444
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20160331
FILED AS OF DATE:		20160506
DATE AS OF CHANGE:		20160505

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:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36204
		FILM NUMBER:		161625715

	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>10-Q
<SEQUENCE>1
<FILENAME>form10q.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Form 10-Q - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR><B>Washington, D.C.
20549 </B></P>
<P align=center><B><FONT size=5>FORM 10-Q </FONT></B></P>
<P align=center><B>[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center><B>For the quarterly period ended March 31, 2016 </B></P>
<P align=center><B>OR</B></P>
<P align=center>[&nbsp;&nbsp; ] <B>TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center><B>For the transition period
from&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>to</B>&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></P>
<P align=center><B>Commission file number: <U>001-36204</U></B></P>
<P align=center>
<IMG
src="form10qx1x1.jpg"
border=0 width="212" height="129"> </P>
<P align=center><B><U><FONT size=5>Energy Fuels Inc. </FONT><BR></U></B>(Exact
Name of Registrant as Specified in its Charter) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B><U>Ontario </U></B></TD>
    <TD align=center width="50%"><B><U>98-1067994 </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of
      incorporation or </TD>
    <TD align=center width="50%">(I.R.S. Employer Identification No.)
  </TD></TR>
  <TR vAlign=top>
    <TD align=center>organization) </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>225 Union Blvd., Suite 600 </B></TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><U>Lakewood, Colorado </U></B></TD>
    <TD align=center width="50%"><B><U>80228 </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(Address of Principal Executive Offices) </TD>
    <TD align=center width="50%">(Zip Code) </TD></TR></TABLE>
<P align=center><B><U>(303) 389-4130 </U><BR>
</B>  (Registrant&#146;s
Telephone Number, including Area Code) </P>
<P align=justify>Indicate by checkmark whether the
registrant (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days. <BR>Yes
[X]&nbsp;&nbsp;&nbsp;&nbsp; No [&nbsp;&nbsp; ]</P>
<P align=justify>Indicate by check mark whether the
Registrant has submitted electronically and posted
on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule
405 of Regulation S-T (&#167; 229.405 of this chapter) during the
preceding 12 months (or for such shorter period that
the registrant was required to submit and post such
files). <BR>Yes [&nbsp;&nbsp; ]&nbsp;&nbsp;&nbsp;&nbsp; No [X]
</P>
<P align=justify>Indicate by check mark whether the registrant is
a large accelerated filer, an accelerated filer, or a
non-accelerated filer. See definition of &#147;Accelerated filer and
large accelerated filer&#148; in Rule 12b-2 of the
Exchange Act (Check one): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>Large Accelerated Filer [&nbsp;&nbsp; ]</TD>
    <TD align=center width="25%">Accelerated Filer [X]</TD>
    <TD align=center width="25%">Non-Accelerated Filer
      [&nbsp;&nbsp; ]</TD>
    <TD align=center width="25%">Smaller Reporting Company
  [&nbsp;&nbsp; ]</TD></TR></TABLE>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=justify>Indicate by check mark whether the registrant is
a shell company (as defined in Rule 12b-2 of the Exchange
Act): <BR>Yes [&nbsp;&nbsp; ]&nbsp;&nbsp;&nbsp;&nbsp; No [X]</P>
<P align=justify>Indicate the number of shares outstanding
of each of the issuer&#146;s classes of common stock, as of
the latest practical date: <BR>
51,890,415 common shares,
without par value, outstanding as of May 5, 2016.</P>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>FORM 10-Q</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>For the Quarter Ended March 31, 2016</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>INDEX</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 style="BORDER-BOTTOM: #000000 1px solid" align=center width="5%"
    ><B>Page</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center bgColor=#eeeeee colSpan=2><A
      href="#page_7"><B>PART I &#150; FINANCIAL
      INFORMATION</B></A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_7">ITEM
      1. CONDENSED CONSOLIDATED FINANCIAL
      STATEMENTS </A></TD>
    <TD align=right width="5%" ><A
      href="#page_7">7
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_26">ITEM
      2. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF
      FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><a href="#page_26">25</a></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_36">ITEM
      3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
      MARKET RISK </A></TD>
    <TD align=right width="5%" ><a href="#page_36">35</a></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_38">ITEM
      4. CONTROLS AND PROCEDURES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><a href="#page_38">37</a></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><A
      href="#page_38"><B>PART II &#150; OTHER INFORMATION</B></A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_38">ITEM
      1. LEGAL PROCEEDINGS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><a href="#page_38">37</a></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_38">ITEM
      1A. RISK FACTORS </A></TD>
    <TD align=right width="5%" ><a href="#page_38">37</a></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_38">ITEM
      2. UNREGISTERED SALES OF EQUITY SECURITIES AND
      USE OF PROCEEDS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><a href="#page_38">37</a></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_39">ITEM
      3. DEFAULTS UPON SENIOR SECURITIES </A></TD>
    <TD align=right width="5%" ><a href="#page_39">38</a></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_39">ITEM
      4. MINE SAFETY DISCLOSURE </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><a href="#page_39">38</a></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_39">ITEM
      5. OTHER INFORMATION </A></TD>
    <TD align=right width="5%" ><a href="#page_39">38</a></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_40">ITEM
      6. EXHIBITS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><a href="#page_40">39</a></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><A
      href="#page_42"><B>SIGNATURES</B></A></TD></TR></TABLE>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=justify><B>Cautionary Statement Regarding Forward-Looking
Information</B></P>
<P align=justify>This Quarterly Report and the exhibits attached
hereto (the &#147;Quarterly Report&#148;) contain
&#147;forward-looking statements&#148; within the meaning of
applicable US and Canadian securities laws. Such forward-looking
statements concern Energy Fuels Inc.&#146;s (the &#147;Company&#146;s&#148; or
&#147;Energy Fuels&#146;&#148;) anticipated results and progress of the
Company&#146;s operations in future periods, planned
exploration, and, if warranted, development of its
properties, plans related to its business, and other
matters that may occur in the future. These statements
relate to analyses and other information that are
based on forecasts of future results, estimates of
amounts not yet determinable and assumptions of
management.</P>
<P align=justify>Any statements that express or involve
discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives,
schedules, assumptions, future events, or performance
(often, but not always, using words or phrases such
as &#147;expects&#148; or &#147;does not expect&#148;, &#147;is expected&#148;,
&#147;anticipates&#148; or &#147;does not anticipate&#148;, &#147;plans&#148;,
&#147;estimates&#148; or &#147;intends&#148;, or stating that certain actions, events
or results &#147;may&#148;, &#147;could&#148;, &#147;would&#148;, &#147;might&#148; or
&#147;will&#148; be &#147;taken, occur or be achieved&#148;) are not statements
of historical fact and may be forward-looking statements.</P>
<P align=justify>Forward-looking statements are based on
the opinions and estimates of management as of the date such
statements are made. Energy Fuels believes that the
expectations reflected in this forward-looking
information are reasonable, but no assurance can be given
that these expectations will prove to be correct,
and such forward-looking information included in, or
incorporated by reference into, this Quarterly
Report should not be unduly relied upon. This
information speaks only as of the date of this Quarterly
Report. </P>
<P align=justify>Readers are cautioned that it would be
unreasonable to rely on any such forward-looking
statements and information as creating any legal rights, and that
the statements and information are not guarantees and
may involve known and unknown risks and
uncertainties, and that actual results are likely to differ
(and may differ materially) and objectives and strategies
may differ or change from those expressed or implied in the
forward-looking statements or information as a result of
various factors. Such risks and uncertainties include risks
generally encountered in the exploration,
development, operation, and closure of mineral properties
and processing facilities. Forward-looking
statements are subject to a variety of known and unknown
risks, uncertainties and other factors which could cause actual
events or results to differ from those expressed or implied
by the forward-looking statements, including, without
limitation: </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 >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>risks associated with mineral reserves and
      resource estimates, including the risk of errors in
  assumptions or methodologies; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>risks associated with estimating mineral
      extraction and recovery, forecasting future price levels
      necessary to support mineral extraction and recovery, and
      the Company&#146;s ability to increase mineral
      extraction and recovery in response to any
      increases in commodity prices or other market
  conditions; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>uncertainties and liabilities inherent
      to conventional mineral extraction and
      recovery and/or in-situ uranium recovery
  operations; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>geological, technical and processing
      problems, including unanticipated metallurgical
      difficulties, less than expected recoveries, ground
      control problems, process upsets, and/or equipment
  malfunctions; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>risks associated with labor costs, labor
      disturbances, and unavailability of skilled labor;
  </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>risks associated with the availability
      and/or fluctuations in the costs of raw materials
      and consumables used in the Company's production
  processes; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>risks associated with environmental
      compliance and permitting, including those
      created by changes in environmental
      legislation and regulation, and delays in obtaining
      permits and licenses that could impact expected mineral extraction
  and recovery levels and costs;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>actions taken by regulatory
      authorities with respect to mineral extraction and
  recovery activities; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>risks associated with the Company&#146;s
      dependence on third parties in the provision of
      transportation and other critical services;
  </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>risks associated with the ability of the
      Company to extend or renew land tenure, including
      mineral leases and surface use agreements, on
  favorable terms or at all; </P></TD></TR></TABLE>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks associated with the ability of the
      Company to negotiate access rights on certain properties on favorable
      terms or at all; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">the adequacy of insurance coverage; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">uncertainty as to reclamation and
      decommissioning liabilities; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>the ability of the Company&#146;s bonding companies to require
      increases in the collateral required to secure reclamation obligations;
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>the potential for, and outcome of, litigation and other
      legal proceedings, including potential injunctions pending the outcome of
      such litigation and proceedings; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">the ability of the Company to meet its
      obligations to its creditors; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks associated with paying off indebtedness
      at its maturity; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks associated with the Company&#146;s
      relationships with its business and joint venture partners; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">failure to obtain industry partner, government,
      and other third party consents and approvals, when required; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">competition for, among other things, capital,
      mineral properties, and skilled personnel; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">failure to complete proposed acquisitions and
      incorrect assessments of the value of completed acquisitions; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks posed by fluctuations in share price
      levels, exchange rates and interest rates, and general economic
      conditions; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks inherent in the Company&#146;s and industry
      analysts&#146; forecasts or predictions of future uranium and vanadium price
      levels; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">fluctuations in the market prices of uranium
      and vanadium, which are cyclical and subject to substantial price
      fluctuations; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">failure to obtain suitable uranium sales terms,
      including spot and term sale contracts; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks associated with asset impairment as a
      result of market conditions; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks associated with lack of access to markets
      and the ability to access capital; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">the market price of Energy Fuels&#146; securities;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">public resistance to nuclear energy or uranium
      extraction and recovery; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">uranium industry competition and international
      trade restrictions; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to higher than expected costs
      related to our Nichols Ranch Project and Canyon Project; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to securities regulations; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to stock price and volume
      volatility; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to our ability to maintain our
      listing on the NYSE MKT and Toronto Stock Exchanges; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to our ability to maintain our
      inclusion in various stock indices; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to dilution of currently
      outstanding shares; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to our lack of dividends; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to recent market events; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to our issuance of additional
      common shares; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to acquisition and integration
      issues; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to defects in title to our
      mineral properties; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to our outstanding debt; and
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">risks related to our securities.
</TD></TR></TABLE>
<P align=justify>Although we have attempted to identify important factors that
could cause actual results to differ materially from those described in
forward-looking statements, there may be other factors that cause results not to
be as anticipated, estimated or intended. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, believed, estimated,
or expected. We caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made. Except as
required by law, we disclaim any obligation to subsequently revise any
forward-looking statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or unanticipated
events. Statements relating to &#147;Mineral Reserves&#148; or &#147;Mineral Resources&#148; are
deemed to be forward-looking information, as they involve the implied
assessment, based on certain estimates and assumptions, that the Mineral
Reserves and Mineral Resources described may be profitably extracted in the
future. </P>
<P align=center>5 </P>
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<A name=page_6></A>
<P align=justify><I><B>We qualify all the forward-looking statements contained
in this Quarterly Report by the foregoing cautionary
statements</B></I><I>.</I></P>
<P align=justify><B>Cautionary Note to United States Investors Concerning
Disclosure of Mineral Resources </B></P>
<P align=justify>This Quarterly Report contains certain disclosure that has been
prepared in accordance with the requirements of Canadian securities laws, which
differ from the requirements of United States&#146; securities laws. Unless otherwise
indicated, all reserve and resource estimates included in this Quarterly Report,
and in the documents incorporated by reference herein, have been prepared in
accordance with Canadian National Instrument 43-101 - <I>S</I><I>tandards of
D</I><I>i</I><I>sclosure for Mineral Projects </I>(&#147;NI 43-101&#148;) and the Canadian
Institute of Mining, Metallurgy and Petroleum (&#147;CIM&#148;) classification system. NI
43-101 is a rule developed by the Canadian Securities Administrators (the
&#147;CSA&#148;) which establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects. As a company
incorporated in Canada, we estimate and report our resources and our current
reserves according to the definitions set forth in NI 43-101.<B><I> </I></B></P>
<P align=justify>Canadian standards, including NI 43-101, differ significantly
from the requirements of the United States Securities and Exchange Commission
(the &#147;SEC&#148;), and reserve and resource information contained herein, or
incorporated by reference in this Quarterly Report, and in the documents
incorporated by reference herein, may not be comparable to similar information
disclosed by companies reporting under only United States standards. In
particular, and without limiting the generality of the foregoing, the term
&#147;resource&#148; does not equate to the term &#147;reserve&#148; under SEC Industry Guide 7.
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, to the extent possible, 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>The SEC&#146;s disclosure standards under Industry Guide 7 normally
do not permit the inclusion of information concerning &#147;measured mineral
resources&#148;, &#147;indicated mineral resources&#148; or &#147;inferred mineral resources&#148; or
other descriptions of the amount of mineralization in mineral deposits that do
not constitute &#147;reserves&#148; by United States standards in documents filed with the
SEC. United States investors should also understand that &#147;inferred mineral
resources&#148; have a great amount of uncertainty as to their existence and as to
their economic and legal feasibility. It cannot be assumed that all or any part
of an &#147;inferred mineral resource&#148; will ever be upgraded to a higher category.
Under Canadian rules, estimated &#147;inferred mineral resources&#148; may not form the
basis of feasibility or prefeasibility studies. <I>United States investors are
cautioned not to assume that all or any part of measured or indicated mineral
resources will ever be converted into mineral reserves. Investors are cautioned
not to assume that all or any part of an &#147;inferred mineral resource&#148; exists or
is economically or legally mineable.</I></P>
<P align=justify>Disclosure of &#147;contained pounds&#148; or &#147;contained ounces&#148; in a
resource estimate 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 standards as in-place tonnage and grade without
reference to unit measures. The requirements of NI 43-101 for identification of
&#147;reserves&#148; are also not the same as those of the SEC, and reserves reported by
the Company in compliance with NI 43-101 may not qualify as &#147;reserves&#148; under SEC
Industry Guide 7 standards. Accordingly, information concerning mineral deposits
set forth herein may not be comparable to information made public by companies
that report in accordance with United States standards.</P>
<P align=center>6 </P>
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<P align=center><B>PART I </B></P>
<P align=center><B>ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. </B></P>
<P align=justify>&nbsp;</P>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

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

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="27%" colSpan=4><B>For the
      three months ended</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="27%" colSpan=4><B>March 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Revenue (Note 12)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;17,996</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;7,600</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Costs and expenses applicable to
      revenue </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">12,143 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,844 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Development, permitting
      and land holding </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>7,442 </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>196 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Standby costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,166 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,539 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Accretion of asset
      retirement obligation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>175 </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>103 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Selling costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">74 </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%">68 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Intangible asset
      amortization </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>219 </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>545 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;General and administration </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,828 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,711 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Costs directly attributable to acquisitions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>326 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>469 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Total operating loss</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(8,377</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(1,875</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Interest expense </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(576</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%">(378</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Other income (expense) (Note 12) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>88</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Net loss</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(8,865</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(1,203</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Items that may be reclassified in the
      future to profit and loss</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Foreign currency translation
      adjustment </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(801</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>1,234 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Unrealized gain on available-for-sale assets </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%">83 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(30</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Other comprehensive income (loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(718</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>1,204</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
      align=left><B>Comprehensive income (loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%"><B>&nbsp;(9,583</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%"><B>&nbsp;1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Net loss attributable to:</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Owners of the Company </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;(8,808</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;(1,203</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Non-controlling interests </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%">(57</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(8,865</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(1,203</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Comprehensive income (loss) attributable
      to:</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Owners of the Company </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;(9,526</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>&nbsp;1</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Non-controlling interests </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%">(57</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(9,583</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    bgColor=#e6efff><B>Basic and diluted loss per share (Note 10)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>($0.19</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>($0.06</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD></TR></TABLE>
<P align=justify>See accompanying notes to the consolidated financial
statements.</P>
<p align="center">8</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

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

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="27%" colSpan=4><B>As at</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>March 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left></TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>(unaudited)</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=left
      bgColor=#e6efff><STRONG>ASSETS</STRONG> </TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Current assets</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;16,503</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;12,965 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Trade and other
      receivables (Note 3) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>9,270</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,617 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Inventories (Note 4) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>23,081</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">30,671 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Prepaid expenses and
      other assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>1,369</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,433 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Mineral properties held for sale </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">1,301 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Total current assets</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>50,223</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>48,987 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Notes receivable and
      other (Note 3) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>1,209</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,096 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Plant and equipment (Note 6) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>27,915</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">29,069 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Mineral properties
      (Note 6) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>91,000</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>91,031 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Intangible assets (Note 5) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>8,899</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">9,117 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Restricted cash </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>12,982</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>12,980 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
      align=left><B>Total assets</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%"><B>&nbsp;192,228</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%">&nbsp;192,280 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>LIABILITIES &amp; EQUITY</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Current liabilities</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Accounts payable and
      accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;6,578</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;9,274 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Warrant liabilities (Note 9) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><b>2,116</b> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">262 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Current portion of
      asset retirement obligation (Note 7) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>751</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Current portion of loans and borrowings (Note 8) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>3,309</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">3,582 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Total current
      liabilities</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>12,754</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>14,118 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Deferred revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>2,397</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,165 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Asset retirement obligation (Note 7)
</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>7,749</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">7,573 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Loans and borrowings (Note 8) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>29,306</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>28,937 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>Total liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>52,206</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">52,793 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Equity</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Share capital (Note
      9)&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares, without par
      value, unlimited shares authorized; shares issued and
      outstanding&nbsp;<BR>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,890,415 at March 31,
      2016 and 46,519,132 at December 31, 2015 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>384,052</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>373,934 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Accumulated Deficit </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(250,916</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(242,108</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Accumulated other comprehensive income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>2,787</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>3,505 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Total shareholders' equity</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>135,923</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>135,331</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Non-controlling interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>4,099</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>4,156 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>Total equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>140,022</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>139,487</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    bgColor=#e6efff><B>Total liabilities and equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;192,228</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;192,280</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Commitments and contingencies (Note 13)</P>
<P align=justify>See accompanying notes to the consolidated financial
statements.</P>
<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>

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

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="27%" colSpan=4><B>For the
      three months ended</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="27%" colSpan=4><B>March 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>OPERATING ACTIVITIES</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Net loss for the period </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;(8,865</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;(1,203</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Items not involving
      cash: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Depletion, depreciation
      and amortization </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>318</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>572</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;
      &nbsp;Stock-based compensation (Note 9) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>666</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>125</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Change in value of
      convertible debentures (Note 8) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>561</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(709</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Accretion
      of asset retirement obligation (Note 7) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>175</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>103</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Unrealized foreign gains
      (losses) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(207</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>456</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;
      &nbsp;Miscellaneous non-cash income (expenses) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(697</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>92</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Change in value of
      investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(38</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(38</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Changes in assets and
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;(Increase) decrease in
      inventories </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>8,736</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>245</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;
      &nbsp;(Increase) decrease in trade and other receivables </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(6,501</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(942</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;(Increase) decrease in
      prepaid expenses and other assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>370</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(250</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Increase
      (decrease) in accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(3,205</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(1,573</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Changes in deferred revenue </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>232</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>91</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Cash paid for reclamation and remediation activities
      (Note 7) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(248</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(8,703</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(3,031</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>INVESTING ACTIVITIES</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Purchase of mineral properties and
      property, plant and equipment </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(93</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(719</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Sale of mineral properties held for sale </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>845</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>752</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(719</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>FINANCING ACTIVITIES</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Issuance of common shares for cash </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>11,503</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Option and warrant
      exercises </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>3</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Repayment of loans and borrowings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(808</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(17</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>10,698</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(17</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>INCREASE IN CASH AND CASH
      EQUIVALENTS DURING THE PERIOD</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>2,747</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(3,767</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Effect of exchange rate fluctuations on
      cash held in foreign currencies </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>791</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(101</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Cash and cash equivalents - beginning of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>12,965</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>10,411</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
      align=left><B>CASH AND CASH EQUIVALENTS - END OF PERIOD</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%"><B>&nbsp;16,503</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%"><B>&nbsp;6,543</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Non-cash investing and financing
      transactions:</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Issuance of secured
      notes for acquisition of mineral properties </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>446 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>See accompanying notes to the consolidated financial
statements</P>
<p align="center">10</p>
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noShade SIZE=5>
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<A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B>1. THE COMPANY AND DESCRIPTION OF BUSINESS</B></P>
<P align=justify>Energy Fuels Inc. was incorporated under the laws of the
Province of Alberta and was continued under the Business Corporations Act
(Ontario).</P>
<P align=justify>Energy Fuels Inc. and its subsidiary companies (collectively
&#147;the Company&#148; or &#147;EFI&#148;) are engaged in uranium extraction, recovery and sales of
uranium from mineral properties and the recycling of uranium bearing materials
generated by third parties. As a part of these activities the Company also
acquires, explores, evaluates and, if warranted, permits uranium properties. The
Company&#146;s final uranium product, uranium oxide concentrates
(&#147;U<SUB>3</SUB>O<SUB>8</SUB>&#148; or &#147;uranium concentrates&#148;), is sold to customers
for further processing into fuel for nuclear reactors.</P>
<P align=justify>The Company is an exploration stage mining company as defined
by the United States (&#147;US&#148;) Securities and Exchange Commission (&#147;SEC&#148;) Industry
Guide 7 (the &#147;SEC Industry Guide 7&#148;) as it has not established the existence of
proven or probable reserves on any of our properties. </P>
<P align=justify><B>2. BASIS OF PRESENTATION</B></P>
<P align=justify>The consolidated financial statements have been prepared in
accordance with accounting principles generally accepted in the United States
(&#147;US GAAP&#148;) and are presented in thousands of US dollars (&#147;USD&#148;) except per
share amounts. Certain footnote disclosures have share prices which are
presented in Canadian dollars (&#147;Cdn$&#148;).</P>
<P align=justify>The interim consolidated financial statements included herein
have been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission (&#147;SEC&#148;). Certain
information and note disclosures normally included in financial statements
prepared in accordance with  U.S. GAAP has been condensed or omitted pursuant to
such rules and regulations, although the Company believes that the disclosures
included are adequate to make the information presented not misleading. </P>
<P align=justify>In management&#146;s opinion, these unaudited interim financial
reflect all adjustments, consisting solely of normal recurring items, which are
necessary for the fair presentation of the Company&#146;s financial position, results
of operations and cash flows on a basis consistent with that of the Company&#146;s
prior audited consolidated financial statements. However, the results of
operations for the interim periods may not be indicative of results to be
expected for the full fiscal year. Therefore these unaudited interim financial
statements should be read in conjunction with the audited financial statements
and notes thereto and summary of significant accounting policies included in the
Company&#146;s annual report on Form 10-K for the year ended December 31, 2015. </P>
<P align=justify>The consolidated financial statements include the accounts of
the Company and its wholly-owned subsidiaries. All inter-company accounts and
transactions have been eliminated. </P>
<P align=justify><B>Recently Adopted Accounting Pronouncements </B></P>
<P align=justify><B><I>Fair value measurement </I></B></P>
<P align=justify>In May 2015, ASU No. 2015-07 was issued related to investments
for which fair value is measured, or are eligible to be measured, using the net
asset value per share practical expedient. This update removes the requirement
to categorize within the fair value hierarchy all investments for which fair
value is measured using the net asset value per share practical expedient. The
amendment also removes certain disclosure requirements for these investments.
This update will impact the annual disclosure related to pension plan assets
measured at fair value. This update is effective in fiscal years, including
interim periods, beginning after December 15, 2015. Adoption of this guidance
effective January 1, 2016 had no impact on the Consolidated Financial
Statements. </P>
<P align=justify><B><I>Debt issuance costs </I></B></P>
<P align=justify>In April 2015, ASU No. 2015-03 was issued related to debt
issuance costs. This update simplifies the presentation of debt issuance costs
by requiring debt issuance costs to be presented as a deduction from the
corresponding debt liability. The update is effective in fiscal years, including
interim periods, beginning after December 15, 2015. Adoption of this guidance
effective January 1, 2016 had no impact on the Consolidated Financial
Statements. </P>
<p align="center">11</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><B>ENERGY FUELS INC. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>Consolidations </I></B></P>
<P align=justify>In February 2015, ASU No. 2015-02 was issued related to
consolidations. This update makes some targeted changes to current consolidation
guidance and impacts both the voting and the variable interest consolidation
models. In particular, the update changes how companies determine whether
limited partnerships or similar entities are variable interest entities. The
update is effective in fiscal years, including interim periods, beginning after
December 15, 2015. The adoption of this guidance effective January 1, 2016 had
no impact on the Consolidated Financial Statements or disclosures. </P>
<P align=justify><B>Recently Issued Accounting Pronouncements not yet
adopted</B> </P>
<P align=justify>The FASB issued the following new and revised standards and
amendments, which are not yet effective which may have future applicability to
the Company: </P>
<P align=justify><B><I>Inventory</I></B><I> </I></P>
<P align=justify>In July 2015, ASU 2015-11 was issued related to inventory
simplifying the subsequent measurement of inventories by replacing the lower of
cost or market test with a lower of cost and net realizable value test. The
update is effective in fiscal years, including interim periods, beginning after
December 15, 2016, and early adoption is permitted. The Company is currently
evaluating this guidance and the impact it will have on the financial
statements. </P>
<P align=justify><B><I>Investments </I></B></P>
<P align=justify>In January 2016, ASU No. 2016-01 was issued related to
financial instruments. The new guidance requires entities to measure equity
investments that do not result in consolidation and are not accounted for under
the equity method at fair value and recognize any changes in fair value in net
income. This new guidance also updates certain disclosure requirements for these
investments. This update is effective in fiscal years, including interim
periods, beginning after December 15, 2017, and early adoption is not permitted.
The Company is currently evaluating this guidance and the impact it will have on
the financial statements. </P>
<P align=justify><B><I>Leases </I></B></P>
<P align=justify>In February 2016, the FASB issued ASU 2016-02 which core
principle is that a lessee should recognize the assets and the liabilities that
arise from leases, including operating leases. Under the new requirements, a
lessee will recognize in the statement of financial position a liability to make
lease payments (the lease liability) and the right-of-use asset representing the
right to the underlying asset for the lease term. For leases with a term of
twelve months or less, the lessee is permitted to make an accounting policy
election by class of underlying asset not to recognize lease assets and lease
liabilities. The recognition, measurement, and presentation of expenses and cash
flows arising from a lease by a lessee have not significantly changed from the
previous GAAP. The standard is effective for fiscal years beginning after
December 15, 2018, including interim periods within such fiscal year, with early
adoption permitted. The ASU requires a modified retrospective transition method
with the option to elect a package of practical expedients. The Company is
evaluating the effect of this amendment and the impact it will have on the
Company&#146;s financial statements. </P>
<P align=justify><B><I>Revenue recognition</I></B><I> </I></P>
<P align=justify>In May 2014, ASU 2015-14 was issued related to revenue from
contracts with customers. The new standard provides a five-step approach to be
applied to all contracts with customers and also requires expanded disclosures
about revenue recognition. In August 2015, the effective date was deferred to
reporting periods, including interim periods, beginning after December 15, 2017,
and will be applied retrospectively. Early adoption is not permitted. The
Company is currently evaluating this guidance and the impact it will have on the
Company&#146;s financial statements. </P>
<P align=justify><B><I>Deferred Income Taxes</I></B> </P>
<P align=justify>In November 2015, the ASU 2015-17 related to the presentation
of deferred income taxes in the statement of financial position by requiring
that deferred tax liabilities and assets be classified as noncurrent. The update
is effective in fiscal years, including interim periods beginning
on or after December 15, 2016. The Company does not expect the updated guidance
to have an impact on the Company&#146;s financial statements. </P>
<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>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>Going Concern</I></B></P>
<P align=justify>In August 2014, ASC 205-40<B> </B>guidance was amended to
provide guidance about management&#146;s responsibility to evaluate whether there is
substantial doubt about an entity&#146;s ability to continue as a going concern and
to provide related footnote disclosures.<B> </B>The amendments require
management to assess an entity&#146;s ability to continue as a going concern by
incorporating and expanding upon certain principles that are currently in US
auditing standards. Specifically, the amendments (1) provide a definition of the
term substantial doubt, (2) require an evaluation every reporting period
including interim periods, (3) provide principles for considering the mitigating
effect of management&#146;s plans, (4) require certain disclosures when substantial
doubt is alleviated as a result of consideration of management&#146;s plans, (5)
require an express statement and other disclosures when substantial doubt is not
alleviated, and (6) require an assessment for a period of one year after the
date that the financial statements are issued (or available to be issued). The
amendments in this update shall be effective for annual periods ending after
December 15, 2016, and interim periods within annual periods beginning after
December 15, 2016, with early application permitted. The Company is currently
evaluating this guidance and the impact on the Company&#146;s financial
statements.</P>
<P align=justify><B><I>Financial instruments</I></B></P>
<P align=justify>In January 2016, ASU 2016-01 was issued related to financial
instruments. The update intends to enhance the reporting model for financial
instruments to provide users of financial instruments with more decision-useful
information and addresses certain aspects of the recognition, measurement,
presentation, and disclosure of financial instruments. The update is effective
in fiscal years, including interim periods beginning on or after December 15,
2017. The Company is currently evaluating this guidance and the impact it will
have on the financial statements. </P>
<P align=justify><B>3. RECEIVABLES </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>March 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Trade receivables - mineral
      concentrate sales </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;8,345</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;1,868 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp;Trade receivables - other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>925</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>749 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;9,270</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;2,617 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Non-current </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp;Notes receivable and other (1) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;1,209</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">&nbsp;1,096 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;1,209</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;1,096 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>During the year ended December 31, 2014 the Company
      received two notes with the principal totaling $1.05 million due in 2018
      in connection with the sale of certain assets previously recorded as held
      for sale. These notes carry a 3% annual interest payment. The Company has
      setup a reserve of $0.22 million (2015 - $0.22 million) against the
      collectability of these receivables.</P></TD></TR></TABLE>
<p align="center">13</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></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 CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B>4. INVENTORIES </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>March 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Concentrates and
      work-in-progress </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;11,293</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;19,900 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Inventory of ore in stockpiles </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>8,798</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">7,767 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Raw materials and consumables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>2,990</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>3,004 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;23,081</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;30,671 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify><B>5. INTANGIBLE ASSETS </B></P>
<P align=justify>The following is a summary of changes in intangible assets
related to favorable sales contracts acquired in business combinations: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>March 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left><B>Sales Contracts</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Cost</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Balance at beginning of period </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;26,451</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;15,851 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp;Sales contracts acquired in the acquisition
      of Uranerz Energy Corporation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>10,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Balance, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>26,451</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">26,451 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Accumulated amortization, beginning of period
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>17,334</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">11,970 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp;Amortization of sales contracts </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>218</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>5,364 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Accumulated amortization, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>17,552</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">17,334 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" vAlign=bottom align=left>Net
      book value </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" vAlign=bottom align=right
    width="12%"><B>&nbsp;8,899</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" vAlign=bottom align=right
    width="12%">&nbsp;9,117 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify><B>6. PLANT AND EQUIPMENT AND MINERAL PROPERTIES </B></P>
<P align=justify>The following is a summary of plant and equipment: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    >&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="9%"><B>March 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="9%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="9%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="9%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&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="9%"><B>Accumulated</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="9%">&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="9%">&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="9%">Accumulated </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="9%">Net Book </TD>
    <TD vAlign=bottom noWrap align=center width="2%"
>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%"><B>Cost</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="9%"><B>Depreciation</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="9%"><B>Net Book 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="9%">Cost </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="9%">Depreciation </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="9%">Value </TD>
    <TD vAlign=bottom noWrap align=center width="2%"
>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Plant and
      equipment </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp;Nichols Ranch </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="9%"><B>&nbsp;29,210</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="9%"><B>&nbsp;(3,472</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" ><B>$</B></TD>
    <TD vAlign=bottom align=right width="9%"><B>&nbsp;25,738</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;29,210 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;(2,370</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;26,840 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff >&nbsp;Equipment and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>13,198</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>(11,021</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>2,177</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>13,107 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(10,878</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>2,229 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    >Plant and equipment total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%"><B>&nbsp;42,408</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%"><B>&nbsp;(14,493</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%"><B>&nbsp;27,915</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;42,317 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;(13,248</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;29,069 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>The net book value for Nichols Ranch includes the value
ascribed to the processing plant and equipment. The mineral properties acquired
as part of the acquisition of Uranerz Energy Corporation (&quot;Uranerz&quot;) in 2015 are recorded as
mineral properties, as the Company does not have proven and probable reserves
under SEC Industry Guide 7. Accordingly, all subsequent expenditures at the
Nichols Ranch plant and equipment, which do not have any alternative use, and
expenditures on mineral properties are expensed as incurred. </P>
<P align=justify>For the three months ended March 31, 2016, the Company recorded
$1.10 million (2015&#151;Nil) of depreciation expense related to Nichols Ranch, which
is included in the costs and expenses applicable to revenue in the Statement of
the operations and comprehensive income for the three months ended March 31,
2016. </P>
<p align="center">14</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></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 CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>The following is a summary of mineral properties: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>March 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Mineral properties</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;<B>In-situ Recovery</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Uranerz ISR properties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;36,065</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;36,096 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>In-situ Recovery total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;36,065</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">&nbsp;36,096 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;<B>Conventional</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Sheep Mountain </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>34,183</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">34,183 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Roca
      Honda </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>19,465</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>19,465 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp; &nbsp;Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>1,287</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">1,287 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;<B>Conventional total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>54,935</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>54,935 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left><B>Mineral Properties total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;91,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;91,031 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B>7. ASSET RETIREMENT OBLIGATIONS </B></P>
<P align=justify>The following table summarizes the Company&#146;s asset retirement
obligations: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>March 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Asset retirement obligations,
      beginning of period </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;8,573</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;5,683</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Revision of estimate </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>877</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Acquisition of
      Uranerz</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>2,145</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Accretion of liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>175</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>494</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp;Settlements </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(248</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(626</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Asset retirement obligations, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;8,500</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;8,573</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Asset retirement obligations:
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Current </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;751</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;1,000</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp;Non-current </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>7,749</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>7,573</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Asset retirement obligations, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;8,500</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;8,573</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>Revision of estimates is as a result of a change in estimates
of the amount or timing of cash flows to settle asset retirement obligations.
Changes to the asset retirement obligations are recorded in profit and loss.
</P>
<P align=justify>The asset retirement obligations of the Company are subject to
legal and regulatory requirements. Estimates of the costs of reclamation are
reviewed periodically by the applicable regulatory authorities. The above
provision represents the Company&#146;s best estimate of the present value of future
reclamation costs, discounted using credit adjusted risk-free interest rates
ranging from 8.5% to 11.5% and an inflation rate of 2.0% (March 31, 2015 &#150; 2.0%). The total undiscounted decommissioning liability as at March 31, 2016 is
$32.30 million (March 31, 2015 - $27.40 million). Reclamation costs are expected
to be incurred between 2016 and 2038 in the following manner: 2016 &#150; 2020 -
$2.83 million, 2021 &#150; 2025 - $2.32 million, 2026 &#150; 2030 - $2.69 million, 2031 &#150;
2035 - $8.78 million, 2036 &#150; 2038 - $15.68 million. </P>
<P align=justify><B>8. LOANS AND BORROWINGS </B></P>
<P align=justify>The contractual terms of the Company&#146;s interest-bearing loans
and borrowings, which are measured at amortized cost, and the Company&#146;s
convertible debentures which are measured at fair value, are as follows:</P>
<p align="center">15</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></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 CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>March 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current portion of loans and
      borrowings: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Secured note (b) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;250 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Wyoming Industrial
      Development Revenue Bond loan (c) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>3,271</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,291 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Finance leases and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>38</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">41 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Total current loans and borrowings</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;3,309</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;3,582 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Long-term loans and borrowings: </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Convertible debentures
      (a) </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;16,198</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;14,624 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Secured note (b) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">224 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Wyoming Industrial
      Development Revenue Bond loan (c) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>13,108</B>
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>14,078 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Finance leases and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">11 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Total long-term loans and borrowings</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;29,306</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;28,937 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>On July 24, 2012, the Company completed a bought deal
      public offering of 22,000 floating-rate convertible unsecured subordinated
      debentures maturing June 30, 2017 (the &#147;Debentures&#148;). The Debentures were
      issued at a price of Cdn$1,000 per Debenture for gross proceeds of $21.55
      million (the &#147;Offering&#148;). The Debentures are convertible into common
      shares at the option of the holder at a conversion price of Cdn$15.00 per
      common share. Interest is paid in cash and in addition, unless an event of
      default has occurred and is continuing, the Company may elect, from time
      to time, subject to applicable regulatory approval, to satisfy its
      obligation to pay interest on the Debentures, on the date it is payable
      under the indenture (i) in cash; (ii) by delivering sufficient common
      shares to the debenture trustee, for sale, to satisfy the interest
      obligations in accordance with the indenture in which event holders of the
      Debentures will be entitled to receive a cash payment equal to the
      proceeds of the sale of such common shares; or (iii) any combination of
      (i) and (ii).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Debentures accrue interest, payable semi-annually in
      arrears on June 30 and December 31 of each year at a fluctuating rate, of
      not less than 8.5% and not more than 13.5%, indexed to the simple average
      spot price of uranium as reported on the UxC Weekly Indicator Price.
      Interest can be paid in cash or issuance of the Company&#146;s common shares.
      The Debentures may be redeemed in whole or part, at par plus accrued
      interest and unpaid interest by the Company between June 30, 2015 and June
      30, 2017 subject to certain terms and conditions, provided the volume
      weighted average trading price of the common shares of the Company on the
      TSX during the 20 consecutive trading days ending five days preceding the
      date on which the notice of redemption is given is not less than 125% of
      the conversion price.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Upon redemption or at maturity, the Company will repay
      the indebtedness represented by the Debentures by paying to the debenture
      trustee in Canadian dollars an amount equal to the aggregate principal
      amount of the outstanding Debentures which are to be redeemed or which
      have matured, as applicable, together with accrued and unpaid interest
      thereon.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Subject to any required regulatory approval and provided
      no event of default has occurred and is continuing, the Company has the
      option to satisfy its obligation to repay the Cdn$1,000 principal amount
      of the Debentures, in whole or in part, due at redemption or maturity,
      upon at least 40 days&#146; and not more than 60 days&#146; prior notice, by
      delivering that number of common shares obtained by dividing the Cdn$1,000
      principal amount of the Debentures maturing or to be redeemed as
      applicable, by 95% of the volume- weighted average trading price of the
      common shares on the TSX during the 20 consecutive trading days ending
      five trading days preceding the date fixed for redemption or the maturity
      date, as the case may be.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The debentures are classified as fair value through
      profit or loss where the debentures are measured at fair value based on
      the closing price on the TSX (a level 1 measurement) and changes are
      recognized in earnings. For the year ended December 31, 2015 the Company
      recorded a loss on revaluation of convertible debentures of $1.55 million
      (December 31, 2014 &#150; ($0.30 million)).</P></TD></TR></TABLE>
<p align="center">16</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>In February 2015 the Company issued a secured note in the
      amount of $0.45 million for a 50% interest in a joint venture with an
      effective interest rate of 7%. In February 2016 the Company amended the
      terms of the note to include a onetime payment of $0.05 million on
      February 13, 2016 and a payment of $0.45 million due on the date in which
      ore from the Wate Project is successfully processed through a mill into
      uranium concentrates.</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 Company through its acquisition of Uranerz assumed a
      loan through the Wyoming Industrial Development Revenue Bond program (the
      "Loan"). The Loan has an annual interest rate of 5.75% and is repayable
      over seven years, maturing on October 15, 2020. The Loan originated on
      December 3, 2013 and required the payment of interest only for the first
      year, with the amortization of principal plus interest over the remaining
      six years. The Loan can be repaid earlier than its maturity date if the
      Company so chooses without penalty or premium. The Loan is secured by a
      charge on most of the assets of the Company&#146;s wholly owned subsidiary,
      Uranerz, including mineral properties, the processing facility, and
      equipment as well as an assignment of all of Uranerz&#146; rights, title and
      interest in and to its product sales contracts and other agreements.
      Uranerz is also subject to dividend restrictions. Principal and interest
      are paid on a quarterly basis on the first day of January, April, July and
      October. At March 31, 2016 the loan had an outstanding balance of $16.38
      million of which the current portion of the note was $3.27
  million.</P></TD></TR></TABLE>
<P align=justify><B>9. CAPITAL STOCK </B></P>
<P align=justify><B><I>Authorized capital stock </I></B></P>
<P align=justify>The Company is authorized to issue an unlimited number of
Common Shares without par value, unlimited Preferred Shares issuable in series,
and unlimited Series A Preferred Shares. The Series A Preferred shares are
non-redeemable, non-callable, non-voting and with no right to dividends. The
Preferred Shares issuable in series will have the rights, privileges,
restrictions and conditions assigned to the particular series upon the Board of
Directors approving their issuance. </P>
<P align=justify><B><I>Issued capital stock </I></B></P>
<P align=justify>The significant transactions relating to capital stock issued
for the three months ended March 31, 2016:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>In the three months ended March 31, 2016, The Company
      issued 200,200 shares under the Company&#146;s &#147;at-the- market&#148; offering (the
      &#147;ATM&#148;) for proceeds of $0.53 million.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>On March 14, 2016, the Company completed a public
      offering of 5,031,250 units at a price of $2.40 per unit for gross
      proceeds of $12.08 million. Each unit consisted of one common share and
      one-half of one warrant. Each Unit consists of one common share and one
      half of one common share purchase warrant, or a total of 5,031,250 Shares
      and 2,515,625 Warrants. Each Warrant is exercisable until March 14, 2019
      and entitles the holder thereof to acquire one Share upon exercise at an
      exercise price of US$3.20 per share.</P></TD></TR></TABLE>
<P align=justify><B>Share Purchase Warrants </B></P>
<P align=justify>The Company has share purchase warrants denominated in Canadian
dollars and US dollars. </P>
<P align=justify>The following table summarizes the Company&#146;s share purchase
warrants denominated in Cdn$: </P>
<p align="center">17</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Exercise Price</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Warrants</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left><B>Month Issued</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Expiry Date</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Cdn$</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Outstanding</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>June 2012</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>June 22, 2016
</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>13.25 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>351,025 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>June
      2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">June 15, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">9.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">456,948 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>The following table summarizes the Company&#146;s share purchase
warrants denominated in USD. These warrants are accounted for as derivative
liabilities as the exercise price has a different currency than the Company
parent entity. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Exercise Price</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Warrants</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Fair value at</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left><B>Month Issued</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Expiry Date</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>USD$</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Outstanding</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>March 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>June 2015 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>January 25, 2017
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>6.28 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,224,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;93 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>March 2016 </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%">March 14, 2019 </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%">3.20 </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%">2,515,625 </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%">2,023 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;2,116 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The US dollar based warrants are classified as Level 2 under
the fair value hierarchy (Note 15). </P>
<P align=justify>The following weighted average assumptions were used for the
Black-Scholes option pricing model to calculate the $2.09 million of fair value
for the 2,515,625 warrants issued in connection with the public offering in
March 2016. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Risk-free rate </TD>
    <TD vAlign=bottom align=left width="50%" bgColor=#e6efff>1.15% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Expected life </TD>
    <TD vAlign=bottom align=left width="50%">3.0 years </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Expected volatility </TD>
    <TD vAlign=bottom align=left width="50%" bgColor=#e6efff>61.2%* </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Expected dividend yield </TD>
    <TD vAlign=bottom align=left width="50%">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 >*</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><B>10. BASIC AND DILUTED LOSS PER COMMON SHARE </B></P>
<P align=justify><B>Basic and diluted loss per share </B></P>
<P align=justify>The calculation of diluted earnings per share after adjustment
for the effects of all potential dilutive common shares, calculated as follows:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="27%" colSpan=4><B>Three months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&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="27%" colspan="4"><B>March 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Loss attributable to
      shareholders </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
bgColor=#e6efff><B>($8,808</B></TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff><b>)</b></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>($1,203</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Basic and diluted weighted average number of common shares
      outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>47,660,414</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">19,677,552 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Loss per common share</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>($0.19</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>($0.06</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>For the three months ended March 31, 2016 and 2015, 6,993,805
and 1,691,781 options and warrants, respectively, and the potential conversion
of the uranium debentures have been excluded from the calculation as their
effect would have been anti-dilutive. </P>
<p align="center">18</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></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 CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B>11. SHARE-BASED PAYMENTS</B></P>
<P align=justify>The Company has stock incentive plans for directors, executives
and eligible employees. Stock incentive awards include employee stock options
and restricted stock units (&#147;RSUs&#148;). The Company issues new shares of common
stock to satisfy exercises and vesting under all of its stock incentive awards.
At March 31, 2016, a total of 5,191,134 shares were authorized for stock
incentive plan awards.</P>
<P align=justify><B><I>Employee Stock Options</I></B></P>
<P align=justify>The Company has established a stock option plan whereby the
Board of Directors may grant options to employees, directors and consultants to
purchase common shares of the Company. The exercise price of the options is set
as the higher of the Company&#146;s closing share price on the day before the grant
date or the five-day volume weighted average price. Stock options granted under
the Company&#146;s stock incentive plans generally vest over a period of two years or
more and are generally exercisable over a period of five years from the grant
date not to exceed 10 years. The value of each option award is estimated at the
grant date using the Black-Scholes option pricing model. There were 0.42 million
options granted in the three month ended March 31, 2016 (2015 &#150; Nil). At March
31, 2016, there were 2.45 million options outstanding with 2.07 million options
exercisable, at a weighted average exercise price of $6.54, with a weighted
average remaining contractual life of 4.27 years. The aggregate intrinsic value
of the fully vested shares was $0.02 million. </P>
<P align=justify>The fair value of the options granted under the Plan for the
three months ended March 31, 2016 was estimated at the date of grant, using the
Black-Scholes Option Valuation Model, with the following weighted-average
assumptions: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Risk-free interest rate </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1.43% </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Expected life </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">5.0 years </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Expected volatility </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>74.8* </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Expected dividend yield </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">0.00% </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Weighted-average expected
      life of option </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>5.00 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Weighted-average grant date fair value </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;1.22 </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >*</TD>
    <TD align=left width="90%">
      <P align=justify>Expected volatility is measured based on the Company&#146;s
      historical share price volatility over a period equivalent to the expected
      life of the options. </P></TD></TR></TABLE>
<P align=justify>The summary of the Company&#146;s stock options at March 31, 2016
and December 31, 2015, and the changes for the fiscal periods ending on those
dates is presented below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center colSpan=7><B>Three Months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center colSpan=7>Year ended </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center colSpan=7><B>March 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center colSpan=7>December 31, 2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center
>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center><B>Weighted</B> </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>Range of </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>Weighted </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center
>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center><B>Range of</B> </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center><B>Average</B> </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>Exercise </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>Average </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center
>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center><B>Exercise Prices</B>
</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center><B>Exercise Price</B> </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center><B>Number of</B> </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>Prices </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>Exercise Price </TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>Number of </TD>
    <TD vAlign=bottom noWrap align=center
>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center><B>Options</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>Options </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance, beginning of period
    </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff><B>6.55 -
      38.12</B> </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff><B>10.05</B> </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff><B>2,122,897</B>
    </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>6.55 - 38.12 </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>10.05 </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>905,413 </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Transactions during the period: </TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Granted </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff><B>2.12</B> </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff><B>2.12</B> </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff><B>418,287</B>
</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>2.55 - 18.55 </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>6.02 </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>2,176,330 </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Exercised </TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right><B>2.12</B> </TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right><B>2.12</B> </TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right><B>(1,200</B></TD>
    <TD vAlign=bottom align=left ><B>)</B> </TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right>2.55 - 4.48 </TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right>3.78 </TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right>(48,802</TD>
    <TD vAlign=bottom align=left >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Forfeited </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff><B>4.44 -
      15.61</B> </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff><B>7.64</B> </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff><B>(89,377</B></TD>
    <TD vAlign=bottom align=left
      bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>4.44 - 29.71 </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>7.29 </TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>(574,486</TD>
    <TD vAlign=bottom align=left  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp;Expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right><B>6.94 - 33.15</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right><B>27.19</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right><B>(4,400</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>7.47 - 32.10 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>7.42 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>(335,558</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Balance, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right bgColor=#e6efff><B>2.55 - 32.10</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right bgColor=#e6efff><B>5.88</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right bgColor=#e6efff><B>2,446,207</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right bgColor=#e6efff>2.55 - 32.10 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right bgColor=#e6efff>6.54 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right bgColor=#e6efff>2,122,897 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>Restricted Share Units </I></B></P>
<P align=justify>The Company grants RSUs to executives and eligible employees.
Awards are determined as a target percentage of base salary and vest over
periods of three years. Prior to vesting, holders of restricted stock units do
not have the right to vote the underlying shares. The restricted stock units are
subject to forfeiture risk and other restrictions. </P>
<p align="center">19</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></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 CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>Upon vesting, the employee is entitled to receive one share of
the Company&#146;s common stock for each restricted stock unit. During the three
months ended March 31, 2016, the Company&#146;s Board of Directors approved the
issuance of 948,047 RSUs under the Company&#146;s 2015 Omnibus Equity Incentive
Compensation Plan (the &#147;Compensation Plan&#148;) (2015 &#150; 153,850). </P>
<P align=justify>A summary of the status and activity of non-vested stock
options and RSUs at March 31, 2016 is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&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="19%" colSpan=4><B>Stock-option</B> </TD>
    <TD 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="19%" colSpan=4><B>RSU</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><B>Weighted</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><B>Weighted</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><B>Number of</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><B>Average Grant-</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><B>Number of</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><B>Average Grant-</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="8%"><B>shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Date Fair Value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="8%"><B>shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Date Fair Value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Non-vested December 31, 2015
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>200,229 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2.25 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>272,866 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4.03 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Granted </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">418,287 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">1.30 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">948,047 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;2.12 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Vested </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(329,065</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2.24 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Settled for equity </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(138,608</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;4.65 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp;Forfeited </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(22,532</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>3.86 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(4,350</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;5.79 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Non-vested March 31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">266,919 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">1.56 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">1,077,955 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;2.42 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>The total intrinsic value and fair value of RSUs that vested
and were settled for equity in the three months ended March 31, 2016 was $0.30
million (2015 &#150; Nil). </P>
<P align=justify>At March 31, 2016, there was $0.23 million and $1.88 million of
unrecognized compensation costs related to the unvested stock options and RSU
awards, respectively. This cost is expected to be recognized over a period of
approximately two years.</P>
<P align=justify>In the three months ended March 31, 2016 the Company issued
1,200 shares upon exercise of stock options at an average exercise price of
$2.12 for proceeds of less than $0.01 million. These options had an intrinsic
value of less than $0.01 million.</P>
<P align=justify>The share-based compensation recorded during the three months
ended March 31, 2016 and 2015 is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="27%" colSpan=4><STRONG>Three months ended</STRONG> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center></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="27%" colSpan=4><B>March 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left bgcolor="#E6EFFF">Share-based compensation </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF"><b>$</b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgcolor="#E6EFFF"><B>667</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgcolor="#E6EFFF">125 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR></TABLE>
<P align=justify><B>12. SUPPLEMENTAL FINANCIAL INFORMATION </B></P>
<P align=justify>The components of revenues are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="27%" colSpan=4><B>Three months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&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="27%" colSpan=4><B>March 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Uranium concentrates </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;17,978</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;6,995 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Alternate feed materials processing and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>18</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">605 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Revenues</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;17,996</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;7,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<p align="center">20</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENERGY FUELS INC. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>The components of other income (expense) are as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="27%" colSpan=4><B>Three months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&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="27%" colSpan=4><B>March 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Interest income </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>&nbsp;20</B>
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;22 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Change in value of
      investments accounted at fair value </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>69</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(76</TD>
    <TD vAlign=bottom align=left width="2%">)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgcolor="#E6EFFF">Change in value of warrant liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgcolor="#E6EFFF"><b>253</b></TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgcolor="#E6EFFF">- </TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Change in value of
      convertible debentures </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(561</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">709 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left bgcolor="#E6EFFF">Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgcolor="#E6EFFF"><b>307</b></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgcolor="#E6EFFF">395</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left><B>Other income (expense)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><b>88</b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;1,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B>13. COMMITMENTS AND CONTINGENCIES</B></P>
<P align=justify><B><I>General legal matters</I></B></P>
<P align=justify><B><U>White Mesa Mill</U></B><B> </B></P>
<P align=justify>In November, 2012, the Company was served with a Plaintiff&#146;s
Original Petition and Jury Demand in the District Court of Harris County, Texas,
claiming unspecified damages from the disease and injuries resulting from
mesothelioma from exposure to asbestos, which the Plaintiff claims was
contributed by being exposed to asbestos products and dust while working at the
White Mesa Mill. The Company does not consider this claim to have any merit, and
therefore does not believe it will materially affect its financial position,
results of operations or cash flows. In January, 2013, the Company filed a
Special Appearance challenging jurisdiction and certain other procedural matters
relating to this claim. No other activity involving the Company on this matter
has occurred since that date. </P>
<P align=justify>In January, 2013, the Ute Mountain Ute tribe filed a Petition
to Intervene and Request for Agency Action challenging the Corrective Action
Plan approved by the State of Utah Department of Environmental Quality (&#147;UDEQ&#148;)
relating to nitrate contamination in the shallow aquifer at the White Mesa Mill
site. This challenge is currently being evaluated, and may involve the
appointment of an administrative law judge to hear the matter. The Company does
not consider this action to have any merit. If the petition is successful, the
likely outcome would be a requirement to modify or replace the existing
Corrective Action Plan. At this time, the Company does not believe any such
modification or replacement would materially affect our financial position,
results of operations or cash flows. However, the scope and costs of remediation
under a revised or replacement Corrective Action Plan have not yet been
determined and could be significant.</P>
<P align=justify>In April 2014, the Grand Canyon Trust filed a citizen suit in
federal district court for alleged violations of the Clean Air Act at the White
Mesa Mill. In October 2014, the plaintiffs were granted leave by the court to
add further purported violations to their April 2014 suit. The Complaint, as
amended, alleges that radon from one of the Mill&#146;s tailings impoundments
exceeded the standard; that the mill is in violation of a requirement that only
two tailings impoundments may be in operation at any one time; and that certain
other violations related to the manner of measuring and reporting radon results
from one of the tailings impoundments occurred in 2013. The Complaint asks the
court to impose injunctive relief, civil penalties of up to $37,500 per day per
violation, costs of litigation including attorneys&#146; fees, and other relief. The
Company believes the issues raised in the Complaint are being addressed through
the proper regulatory channels and is currently in compliance with all
applicable regulatory requirements relating to those matters. The Company
intends to defend against all issues raised in the Complaint.</P>
<p align="center">21</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><B>ENERGY FUELS INC. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B><U>Canyon Project</U></B><B> </B></P>
<P align=justify>In March, 2013, the Center for Biological Diversity, the Grand
Canyon Trust, the Sierra Club and the Havasupai Tribe (the &#147;Canyon Plaintiffs&#148;)
filed a complaint in the U.S. District Court for the District of Arizona (the
&#147;District Court&#148;) against the Forest Supervisor for the Kaibab National Forest
and the United States Forest Service (&#147;USFS&#148;) seeking an order (a) declaring
that the USFS failed to comply with environmental, mining, public land, and
historic preservation laws in relation to our Canyon Project, (b) setting aside
any approvals regarding exploration and mining operations at the Canyon Project,
and (c) directing operations to cease at the Project and enjoining the USFS from
allowing any further exploration or mining-related activities at the Canyon
Project until the USFS fully complies with all applicable laws. In April 2013,
the Plaintiffs filed a Motion for Preliminary Injunction, which was denied by
the District Court in September, 2013. On April 7, 2015, the District Court
issued its final ruling on the merits in favor of the Defendants and the Company
and against the Canyon Plaintiffs on all counts. The Canyon Plaintiffs appealed
the District Court&#146;s ruling on the merits to the Ninth Circuit Court of Appeals,
and filed motions for an injunction pending appeal with the District Court.
Those motions for an injunction pending appeal were denied by the District Court
on May 26, 2015. Thereafter, Plaintiffs filed urgent motions for an injunction
pending appeal with the Ninth Circuit Court of Appeals, which were denied on
June 30, 2015. Briefing on the appeal on the merits is now complete, and the
parties are waiting for a hearing to be scheduled. If the Canyon Plaintiffs are
successful on their appeal on the merits, the Company may be required to
maintain the Canyon Project on standby pending resolution of the matter. Such a
required prolonged stoppage of shaft sinking and mining activities could have a
significant impact on our future operations.</P>
<P align=justify><B><I>Surety bonds </I></B></P>
<P align=justify>The Company has indemnified third-party companies to provide
surety bonds as collateral for the Company&#146;s ARO. The Company is obligated to
replace this collateral in the event of a default, and is obligated to repay any
reclamation or closure costs due. The Company currently has $12.98 million
posted against an undiscounted ARO of $32.30 million (2015 - $16.15 million
posted against undiscounted asset retirement obligation of $27.40 million). </P>
<P align=justify><B>14. SEGMENT INFORMATION </B></P>
<P align=justify>The Company is engaged in uranium extraction, recovery and
sales of uranium from mineral properties and the recycling of uranium bearing
materials generated by third parties. As a part of these activities the Company
also acquires, explores, evaluates and, if warranted, permits uranium
properties. The Company&#146;s primary mining activities are in the United States.
</P>
<P align=justify>The reportable segments are those operations whose operating
results are reviewed by the Chief Executive Officer to make decisions about
resources to be allocated to the segment and assess its performance provided
those operations pass certain quantitative thresholds. Operations whose
revenues, earnings or losses or assets exceed 10% of the total consolidated
revenue, earnings or losses or assets are reportable segments. Information about
assets and liabilities of the segment has not been provided because the
information is not used to assess performance. </P>
<P align=justify>In order to determine reportable operating segments, management
reviewed various factors, including geographical location and managerial
structure. It was determined by management that a reportable operating segment
generally consists of an individual property managed by a single general manager
and management team. Finance income (expense), other income (expenses) are
managed on a consolidated basis and are not allocated to operating segments.</P>
<P align=justify>Non-mining activities and other operations are reported in
Corporate and other.</P>
<P align=justify>The Company has two operating segments, the conventional
uranium recovery segment (the &#147;Conventional Uranium Segment&#148;) and the in-situ
uranium recovery segment (&#147;ISR Uranium Segment&#148;).</P>
<P align=justify><B><I>The Conventional Uranium Segment </I></B></P>
<P align=justify>The Conventional Uranium Segment consists of a standalone
conventional uranium recovery facility (the &#147;White Mesa Mill&#148;), conventional
mining projects in the vicinity of the White Mesa Mill located in the Colorado
Plateau, Henry Mountains, Arizona Strip, and the Roca Honda joint venture (&#147;Roca
Honda&#148;) in New Mexico, and the Sheep Mountain Project in Wyoming. At March 31,
2016 the conventional mining projects in the vicinity of the White Mesa Mill are
on standby, being evaluated for continued mining activities and/or
in process of being permitted. The White Mesa Mill also processes third party
uranium bearing mineralized materials from mining and recycling activities.</P>
<p align="center">22</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><B>ENERGY FUELS INC. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>The ISR Uranium Segment </I></B></P>
<P align=justify>The ISR Uranium Segment consists of a uranium recovery facility
  to recover from operating wellfields of the Nichols Ranch Project located in
  Wyoming. The Nichols Ranch Project also includes the Jane Dough property and the
  Hank Project. Additionally, the segment includes other mineral properties in the
  vicinity on the Nichols Ranch Project. These assets were acquired as part of the
Company&#146;s 2015 acquisition of Uranerz.<B><I> </I></B></P>
<P align=justify>The following tables set forth operating results by reportable
segment for the three months ended March 31, 2016: Note the ISR Segment was
acquired on June 18, 2015. Prior to the acquisition the Company&#146;s reportable
segment was its conventional uranium segment.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="23%" colSpan=4>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B><U>Non-Operating</U></B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="23%" colSpan=4><B><U>Operating Segments</U></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><U>Segments</U></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%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap>&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>Three months ended March 31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">Conventional </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%">ISR </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%">Corporate &amp; Other </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%">Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Revenue</B> </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%"
      bgColor=#e6efff><B>&nbsp;17,996</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&nbsp;-</B>
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&nbsp;-</B>
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>17,996 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Costs and expenses applicable to
      revenue </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">12,143 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">12,143 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Development, permitting
      and land holding </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,856 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,586 </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>7,442 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Standby costs </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,166 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,166 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Accretion of asset
      retirement obligation </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>130 </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>45 </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>175 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Selling costs </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">74 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">74 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Intangible asset
      amortization </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>219 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>219 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;General and administration </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%">339 </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%">3,489 </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%">3,828 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Costs directly
      attributable to acquisitions </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>326 </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>326 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Total operating loss</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>408</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(4,970</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(3,815</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(8,377</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Interest Expense </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(576</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%">(576</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Other income (expense) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>88</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(265</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
      align=left><B>Net loss</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%"><B>&nbsp;408</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%"><B>&nbsp;(4,970</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%"><B>&nbsp;(4,303</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%"><B>&nbsp;(8,865</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Attributable to
      shareholders</B> </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;408 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;(4,913</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;(4,303</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;(8,808</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Non-controlling interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(57</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(57</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    bgColor=#e6efff><B>Net loss for the period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;408</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;(4,970</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;(4,303</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;(8,865</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </TD></TR></TABLE>
<P align=justify><B>15. FAIR VALUE ACCOUNTING </B></P>
<P align=justify><B><I>Assets and liabilities measured at fair value on a
recurring basis</I></B></P>
<P align=justify style="text-indent:5%">The following tables set forth the fair value of the Company's
assets and liabilities measured at fair value on a recurring basis (at least
annually) by level within the fair value hierarchy as at March 31, 2016. As
required by accounting guidance, assets and liabilities are classified in their
entirety based on the lowest level of input that is significant to the fair
value measurement.</P>
<P align=justify>As at March 31, 2016, the fair values of cash and cash
equivalents, restricted cash, short-term deposits, receivables, accounts payable
and accrued liabilities approximate their carrying values because of the
short-term nature of these instruments. </P>
<p align="center">23</p>
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noShade SIZE=5>
<!--$$/page=--><A name=page_25></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 CONSOLIDATED FINANCIAL STATEMENTS
      (unaudited) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(Tabular amounts expressed in thousands of US Dollars
      except share and per share amounts) </I></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="10%">Level 1 </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="10%">Level 2 </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="10%">Level 3 </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="10%">Total </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Investments </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;984 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</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>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;-&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>984 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Warrant liabilities (Note 9) </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%">(2,116</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%">(2,116</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Convertible debentures (Note 7) </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>(16,198</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(16,198</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;(15,214</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;(2,116</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;-&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(17,330</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR></TABLE>
<P align=justify>The Company's investments are marketable equity securities
which are exchange traded are valued using quoted market prices in active
markets and as such are classified within Level 1 of the fair value hierarchy.
The fair value of the investments is calculated as the quoted market price of
the marketable equity security multiplied by the quantity of shares held by the
Company.</P>
<p align="center">24</p>
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<A name=page_26></A>
<P align=center><B>ITEM 2. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS. </B></P>
<P align=justify><I>The following discussion and analysis should be read in
conjunction with our unaudited condensed consolidated financial statements for
the three months ended March 31, 2016, and the related notes thereto, which have
been prepared in accordance with generally accepted accounting principles in the
United States (&#147;U.S. GAAP&#148;). Additionally, the following discussion and analysis
should be read in conjunction with Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations and the consolidated financial
statements included in Part II of our Annual Report on Form 10-K for the year
ended December 31, 2015 filed on March 15, 2016. This discussion and analysis
contains forward-looking statements and forward-looking information that involve
risks, uncertainties and assumptions. Our actual results may differ materially
from those anticipated in these forward-looking statements and information as a
result of many factors. See section &#147;Note Regarding

Forward-Looking Statements&#148; below. </I></P>
<P align=justify><I><B>All dollar amounts stated herein are in U.S. dollars,
except per share amounts and currency exchange rates unless specified otherwise.
References to Cdn$ refer to Canadian currency, and $ to United States currency.
</B></I></P>
<P align=justify><B>Overview </B></P>
<P align=justify>Prior to June 2012, Energy Fuels was primarily a uranium and
vanadium exploration, permitting, and evaluation company with no revenue or
operating properties. In June 2012, Energy Fuels acquired the US Mining Division
of Denison Mines Corp. and began revenue producing activities from these
properties. The activities of Energy Fuels, including support staff and
expenditures, increased dramatically upon completion of the acquisition. All
activities of the Company prior to the June 18, 2015 acquisition of Uranerz
Energy Corporation (&#147;Uranerz&#148;) concerned the Conventional Uranium Segment.</P>
<P align=justify>On June 18, 2015, Energy Fuels acquired all of the outstanding
shares of Uranerz which had, among other properties, an active <I>in situ
</I>(&#147;ISR&#148;) uranium extraction and recovery facility. These operations acquired
from Uranerz are included in the consolidated financial statements as of June
18, 2015 and represent the Company&#146;s ISR Uranium Segment.</P>
<P align=justify>While the Company has uranium extraction and recovery
activities and generates revenue, it is considered to be in the Exploration
Stage (as defined by SEC Industry Guide 7) as it has no Proven or Probable
Reserves within the meaning of SEC Industry Guide 7. Under US GAAP, for a
property that has no Proven or Probable Reserves, the Company capitalizes the
cost of acquiring the property (including mineral properties and rights) and
expenses all costs related to the property incurred subsequent to the
acquisition of such property. Acquisition costs of a property are depreciated
over its estimated useful life for a revenue generating property or expensed if
the property is sold or abandoned. Acquisition costs are subject to impairment
if so indicated.</P>
<P align=justify><B>Outlook </B></P>
<P align=justify><I>Uranium Market Update</I></P>
<P align=justify>According to price data from TradeTech LLC
(&#147;TradeTech&#148;), uranium spot prices are down from $34.20 per pound on
December 31, 2015 to $27.50 per pound on April 30, 2016, or 20% for the
year-to-date. Weekly spot prices reported by TradeTech reached a low of $25.50
per pound on April 15, 2016, which was the lowest value observed by TradeTech
since April 22, 2005. TradeTech price data also indicate that
long-term  U<SUB>3</SUB>O<SUB>8</SUB> prices, which began 2016 at $44.00
per pound, dropped to $42.00 per pound by April 30, 2016.</P>
<P align=justify>The drop in uranium prices is believed to be caused by weaker
than expected demand by utilities and persistent oversupply. Most transactions
on the spot market in 2016 have involved traders and intermediaries as utilities
appear to be well supplied in the short term. The Company continues to believe
the weak uranium markets are the result of excess uranium supplies caused by
large quantities of secondary uranium extraction, excess inventories and
insufficient production cut-backs. The oversupply situation is further
exacerbated by reduced demand due to the continued delays in the restart of
Japanese reactors, premature reactor closures, and general weakness in the
global economy and energy sector. However, since the beginning of the year,
certain announcements have been made which may lessen some of the oversupply now burdening the market, including Cameco
Corporation&#146;s April 21, 2016 announcement that it is reducing production by
approximately 4 million pounds per year in 2016, with further production cuts
going forward.</P>
<p align="center">25</p>
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<A name=page_27></A>
<P align=justify>As a result of the expected growth of nuclear energy, the
Company continues to believe the long-term fundamentals of the uranium industry
are positive. The Company believes prices must rise to higher levels to support
new primary production that will be required to meet the increasing demand we
expect to see as more nuclear units are constructed around the world. According
to TradeTech, world uranium requirements continue to exceed primary mine
production, with the gap being bridged by secondary supplies and excess uranium
inventories in various forms that have already been mined. As excess
inventories are drawn down and as production from existing mines declines, the
Company believes primary mine production will be required to meet demand over
the long-term.</P>
<P align=justify>Despite current market uncertainty and recently falling prices,
  the Company continues to believe it has begun to see certain early signs of a
  market recovery, as previously described in the Company&#146;s Form 10-K for the
  fiscal year ended December 31, 2015. Of note, China recently finalized its
  13<SUP>th </SUP>Five-Year Plan, including a commitment to install 58 GW of
  nuclear capacity by 2020 (versus today&#146;s 27 GW in installed capacity). In
  addition, China connected eight reactors to the grid in 2015 (World Nuclear
  News, January 4, 2016). Japanese utilities are also making slow progress in
  restarting their nuclear fleet. Two reactors have restarted (Sendai 1 and 2),
  two more units are approved to restart pending resolution of an injunction
  (Takahama 3 and 4), and one more reactor has completed the final regulatory
  step needed prior to approval for restart (Ikata 3). It is worth noting that 42
  reactors in Japan are operable according to the World Nuclear Association, and,
  in addition to the five mentioned above, 19 have applied for approvals to
  restart. Finally, as mentioned above Cameco recently announced that it is
  reducing uranium production by approximately 4 million pounds for 2016, and in
  addition, Rio Tinto and BHP have reported decreased uranium production in
Q1-2016 versus Q4-2015. </P>
<P align=justify><I>Operations and Sales Outlook</I></P>
<P align=justify>With the June 2015 acquisition of Uranerz, which includes the
Nichols Ranch ISR Project, Energy Fuels has increased its flexibility to adjust
its uranium production levels to respond to market conditions and to meet the
requirements of its sales contracts. This allows the Company to efficiently
fulfill its existing commitments and commit to new spot and term sales that will
be sourced from uranium recovered from the Company&#146;s facilities. The Company
plans to extract and/or recover uranium from the following sources in 2016 (each
of which is more fully described below):</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">1) </TD>
    <TD>
      <P align=justify>Nichols Ranch ISR Project<FONT size=+0>;</FONT></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">2) </TD>
    <TD>
      <P align=justify>Alternate feed materials; an<FONT
  size=2>d</FONT></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">3) </TD>
    <TD>
      <P align=justify>Pinenut Project material available for milling<FONT
      size=+0>.</FONT></P></TD></TR></TABLE>
<P align=justify>In response to continued uranium price weakness and market
uncertainty, the Company expects to continue cash conservation efforts until
such time that sustained improvement in uranium market conditions is observed.
In addition, the Company is continuing to manage its activities and assets
conservatively, maintaining its substantial uranium resource base and its ISR
and conventional uranium extraction and recovery capabilities, and only
scheduling recovery at the White Mesa Mill and the Nichols Ranch Project as
market conditions, availability of mill feed, cash needs, and/or contract
delivery requirements may warrant. </P>
<P align=justify><I>Definitive agreement to acquire Meste&#241;a</I></P>
<P align=justify>On March 4, 2016, the Company entered into a definitive
agreement (the &#147;Meste&#241;a Purchase Agreement&#148;) between the Company and Meste&#241;a
Uranium, LLC, Leoncito Plant, LLC, Leoncito Project, LLC (collectively, the
&#147;Subject Companies&#148;) and Meste&#241;a, Inc., Jones Ranch Minerals Unproven, Ltd. and
Meste&#241;a Unproven, Ltd. (collectively with the Subject Companies, the &#147;Selling
Parties&#148;) to acquire all of the membership interests of the Subject Companies.
Meste&#241;a is a uranium recovery company that owns the Alta Mesa ISR uranium
recovery project (the &#147;Alta Mesa Project&#148;), located in Texas. The Alta Mesa
Project has a fully-licensed and constructed ISR uranium recovery plant, with a
design capacity of 1.5 million pounds of uranium concentrate per year. The
recovery plant is currently being maintained on standby. Under the Meste&#241;a Purchase Agreement,
the Company has agreed to issue 4,551,284 common shares to the Selling Parties
at the closing of the transaction, subject to receipt of all applicable
regulatory and stock exchange approvals and the satisfaction of certain other
conditions to closing. The properties will be subject to a royalty equal (in
total) to 3.125% of the value of the recovered  U<SUB>3</SUB>O<SUB>8</SUB> from the Properties sold at
a uranium price of $65.00 or less per pound  U<SUB>3</SUB>O<SUB>8</SUB>, 6.25% of the value of the
recovered  U<SUB>3</SUB>O<SUB>8</SUB> from the Properties sold at a uranium price greater than $65.00
and up to and including $95.00 per pound  U<SUB>3</SUB>O<SUB>8</SUB>, and 7.5% of the value of
therecovered  U<SUB>3</SUB>O<SUB>8</SUB> &nbsp;from the Properties sold at a uranium price greater than
$95.00 per pound  U<SUB>3</SUB>O<SUB>8</SUB>. The Company expects to complete the acquisition of
Meste&#241;a in the second quarter of 2016 as previously announced.</P>
<p align="center">26</p>
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<A name=page_28></A>
<P align=justify>The Company will continue to evaluate additional acquisition
opportunities that may arise.</P>
<P align=justify><U>Extraction and Recovery Activities &#150; Overview</U></P>
<P align=justify>The Company expects to recover approximately 950,000 pounds of  U<SUB>3</SUB>O<SUB>8</SUB> for the year ending December 31, 2016, as further
described below.</P>
<P align=justify>The Company currently has finished goods inventory and uranium
extraction and recovery capabilities that exceed the commitments contained in
its existing sales contracts. As a result, both ISR and conventional uranium
extraction and/or recovery have been, and are expected to continue to be,
maintained at conservative levels until such time as market conditions improve
sufficiently and/or the Company requires cash to meet its business needs.</P>
<P align=justify><U>Extraction and Recovery &#150; ISR Uranium Segment</U></P>
<P align=justify>In response to market conditions, the Company expects to delay
the planned construction of one of its wellfields to 2017. We currently plan
to extract and recover approximately 300,000 pounds of  U<SUB>3</SUB>O<SUB>8</SUB> for the year ending December 31, 2016, compared with our previous estimate
of 350,000 pounds for 2016, as a result of this planned delay.</P>
<P align=justify>At March 31, 2016, the Nichols Ranch wellfields had seven
header houses extracting uranium. The Company plans to complete an eighth header
house by the end of 2016. A ninth header house was originally planned for
completion in 2016 but has been delayed due to market conditions. The Company
has completed all monitor wells in Production Area #2. </P>
<P align=justify>In February 2016, the Company completed construction of the
elution circuit and began the elution process at the Nichols Ranch Plant.
Yellowcake slurry from this circuit is being shipped to our White Mesa Mill for
final yellowcake drying, packaging, and shipment to a conversion facility.</P>
<P align=justify>Permitting of the adjacent Jane Dough Property is continuing
and is expected to be completed in advance of our need to begin wellfield
construction. Also, the Hank Project is fully permitted to be constructed as a
satellite facility to the Nichols Ranch Plant. </P>
<P align=justify><U>Extraction and Recovery &#150; Conventional Uranium
Segment</U></P>
<P align=justify>The Company expects the White Mesa Mill to recover
approximately 650,000 pounds of  U<SUB>3</SUB>O<SUB>8</SUB> for the year ending
December 31, 2016.</P>
<P align=justify>The Company is planning to recover approximately 425,000 pounds
of  U<SUB>3</SUB>O<SUB>8</SUB> extracted from its Pinenut Project. This is an
increase of 50,000 pounds over what was previously announced, due to updated
weights and assays upon receipt of material at the Mill. Shipment of this
material to the Mill was completed in March 2016. The Pinenut Project is now
fully depleted, and the Company has commenced reclamation activities.</P>
<P align=justify>During 2016, the Company also expects to recover approximately
225,000 pounds of  U<SUB>3</SUB>O<SUB>8</SUB> from alternate feed materials. </P>
<p align="center">27</p>
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<P align=justify>The White Mesa Mill has historically operated on a campaign
basis, whereby uranium recovery is scheduled as mill feed, cash needs, contract
requirements, and/or market conditions may warrant. Once the processing for 2016
concludes (expected to be in late 2016), the Company expects to place uranium
recovery activities at the Mill on standby until additional mill feed becomes
available. The Mill will dry and package material from the Nichols Ranch Plant
and continue to receive and stockpile alternate feed materials for future
milling campaigns. Each future milling campaign will be subject to receipt of
sufficient mill feed that would allow the Company to operate the Mill on a
profitable basis and/or recover a portion of its standby costs.</P>
<P align=justify>The Company is continuing shaft sinking activities at the
Canyon Project and has completed the installation of new equipment and
infrastructure to optimize shaft sinking rates and realize construction cost
savings. Once the shaft depth approaches the mineralized zone, we plan to
complete additional exploration drilling to further evaluate the deposit. The
timing of our plans to extract and process mineralized materials from this
project will be based on the results of this additional evaluation work, along
with market conditions, available financing, and sales requirements. </P>
<P align=justify>The Company expects to continue to pursue permitting activities
at certain of its conventional projects, including the Roca Honda Project and
the Sheep Mountain Project. The Company will also continue to evaluate the
Bullfrog Property at its Henry Mountains Project. Expenditures for certain of
these projects have been adjusted to coincide with expected dates of price
recoveries based on our forecasts. </P>
<P align=justify>Finally, the Company plans to continue to maintain, and update
as necessary, all permits on its standby properties. These properties will
remain on standby until market conditions improve such that the material can be
sold at prices that support extraction. The Company also plans to continue to
evaluate its non-core properties for sale or abandonment in order to reduce
costs and/or receive value for these properties. The Company is continuing to
monitor corporate and field overhead to reflect the lower levels of
activity.</P>
<P align=justify><U>Sales </U></P>
<P align=justify>For 2016, the Company forecasts sales under its existing
long-term contracts to total approximately 550,000 pounds of  U<SUB>3</SUB>O<SUB>8</SUB>. Of this
total, 300,000 pounds were delivered in the first quarter of the year with the
remaining amount in the second and third quarters of the year. The prices for
material sold under the existing long-term contracts are either fixed or at
floors. The average sales price under the Company&#146;s long-term contracts is
expected to be higher in 2016 than 2015 levels. The Company expects to complete
these sales from  U<SUB>3</SUB>O<SUB>8</SUB> already in inventory or expected to be recovered from its
planned activities discussed above. </P>
<P align=justify>The Company also sold 50,000 pounds of  U<SUB>3</SUB>O<SUB>8</SUB> to a utility based
on spot prices at the time of the contract. The Company is currently monitoring
market conditions for additional sales opportunities. Selective spot sales are
expected to be made as necessary to generate cash for operations and development activities. </P>
<P align=justify>In 2017, the Company expects to have existing inventory or
expected production to meet all of its commitments to sell 620,000 pounds of
uranium under its existing long-term contracts at average sales prices higher
than 2015 levels. </P>
<P align=justify>The Company also continues to pursue new sources of revenue,
including expansion of its alternate feed business.</P>
<P align=justify><B>Results of Operations </B></P>
<P align=justify>The following table summarizes the results of operations for
the three months ended March 31, 2016 and 2015 (in thousands of dollars):</P>
<p align="center">28</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 vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="27%" colSpan=4><B>Three
      Months ended </B></TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&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="27%" colSpan=4><B>March 31, </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%"><B>&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"><B>&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2015 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Revenue </B></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>&nbsp;17,996
      </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>&nbsp;</B></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>&nbsp;7,600
      </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Costs and expenses applicable to revenue
      </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">12,143 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">3,844 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Gross Profit </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>5,853 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>3,756 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Other operating costs and
      expenses </B></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development,
      permitting and land holding </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">7,442 </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%">196 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standby
      costs </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,166 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,539 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion
      of asset retirement obligation </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%">175 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">103 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total other operating costs
      and expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>9,783 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1,838 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Selling, general &amp;
      administration </B></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling
      costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">74 </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%">68 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible
      asset amortization </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>219 </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>545 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
      and administration </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,828 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,711 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs
      directly attributable to acquisitions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>326 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>469 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total selling, general &amp; administration
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">4,447 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">3,793 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Total Operating Loss </B></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(8,377</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>) </B></TD>
    <TD vAlign=bottom align=left width="1%"><B>&nbsp;</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>(1,875</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>) </B></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Interest expense </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(576</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>(378</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Other income (expense) </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%">88</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">1,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Net loss </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(8,865</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(1,203</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>) </B></TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Basic and diluted loss per
      share </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>($0.19</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>($0.06</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>) </B></TD></TR></TABLE>
<P align=justify>For the three months ended March 31, 2016 the Company recorded
a net loss of $8.87 million or $0.19 per share compared with a loss of $1.20
million or $0.06 per share for the three months ended March 31, 2015.</P>
<P align=justify><I>Revenues</I></P>
<P align=justify>The Company&#146;s revenues from uranium are largely based on
delivery schedules under long-term contracts, which can vary from quarter to
quarter. </P>
<P align=justify>Revenues for the three months ended March 31, 2016 totaled
$18.00 million compared with $7.60 million in the three months ended March 31,
2015.</P>
<P align=justify>Revenues for the three months ended March 31, 2016 totaled
$18.00 million, of which $17.98 million were sales of 350,000 pounds of  U<SUB>3</SUB>O<SUB>8</SUB>,
which included the sale of 300,000 pounds of  U<SUB>3</SUB>O<SUB>8</SUB> pursuant to term contracts at
an average price of $54.19 per pound and the sale of 50,000 pounds of  U<SUB>3</SUB>O<SUB>8</SUB> on the
spot market at a price of $34.40 per pound. All of the sales for the three
months ended March 31, 2016 were related to the Conventional Uranium
Segment.</P>
<P align=justify>There were no sales related to the ISR Uranium Segment for the
three months ended March 31, 2016.</P>
<p align="center">29</p>
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<A name=page_31></A>
<P align=justify>Revenues for the three months ended March 31, 2015 totaled
$7.60 million, of which $6.99 million were sales of 116,667 pounds of uranium
concentrates, all of which were pursuant to long term contracts at an average
price of $59.95 per pound and related to the Conventional Uranium Segment and
$0.60 million related to revenue received under a processing agreement.</P>
<P align=justify><I>Operating Expenses</I></P>
<P align=justify><U>Uranium recovered and costs and expenses applicable to
revenue</U></P>
<P align=justify>In the three months ended March 31, 2016, the Company recovered
85,000 pounds of  U<SUB>3</SUB>O<SUB>8</SUB> from its ISR Uranium Segment. As the Company operates its
Conventional Uranium Segment on a campaign basis no uranium concentrates were
recovered. In the three months ended March 31, 2015, the Company recovered
200,000 pounds of  U<SUB>3</SUB>O<SUB>8</SUB> (all from the Conventional Uranium Segment) of which
58,000 pounds of  U<SUB>3</SUB>O<SUB>8</SUB> were for the account of a third party under a processing
agreement. Uranium recovered for its own account included 142,000 pounds from
alternate feed sources.</P>
<P align=justify>Costs and expenses applicable to revenue for the three months
ended March 31, 2016 totaled $12.14 million, compared with $3.84 million for the
three months ended March 31, 2015. The increase in the cost of sales was
primarily attributable to the increase in the quantity of  U<SUB>3</SUB>O<SUB>8</SUB> sold year over
year as discussed above. Costs of goods sold averaged $34.69 per pound and
$32.95 per pound for the three months ended March 31, 2016 and 2015,
respectively.</P>
<P align=justify><I>Other operating costs and expenses</I></P>
<P align=justify><U>Development, permitting and land holding</U></P>
<P align=justify>For the three months ended March 31, 2016, the Company spent
$7.44 million for development, permitting, and land holding primarily related to
wellfield construction and partial construction of the elution circuit at the
Nichols Ranch Project and for the replacement of five leach tanks at the White
Mesa Mill in preparation for the upcoming campaign. While we expect the amounts
expensed will add value to the Company, we expense these amounts as we do not
have proven or probable reserves at the Nichols Ranch Project or the White Mesa
asset group under SEC Industry Guide 7. For the three months ended March 31,
2015, we spent $0.20 million primarily on permitting and land holding for our
conventional assets.</P>
<P align=justify><U>Standby expense</U></P>
<P align=justify>The Company&#146;s La Sal and Daneros Projects were placed on
standby in the last quarter of calendar year 2012, as a result of market
conditions. In February 2014, the Company placed its Arizona 1 Project on
standby. In 2015, the White Mesa Mill was operated at lower levels of uranium
recovery, including prolonged periods of standby. Costs related to the care and
maintenance of the standby mines, along with standby costs incurred while the
White Mesa Mill was operating at low levels of uranium recovery or on standby,
are expensed. </P>
<P align=justify>For the three months ended March 31, 2016, standby costs
totaled $2.17 million compared with $1.54 million in 2015. The increase is
primarily related to increased standby costs at the White Mesa Mill, due to
lower uranium recovery levels resulting from an increased amount of time the
Mill was on standby. In the three months ended March 31, 2016 the Mill was on
standby.</P>
<P align=justify><U>Accretion </U></P>
<P align=justify>Accretion related to the asset retirement obligation for the
Company&#146;s properties increased for the three months ended March 31, 2016
($0.18 million) compared with the 2015 ($0.10 million) primarily due to the
increase in the amount of the asset retirement obligation added in connection
with the Uranerz acquisition.</P>
<p align="center">30</p>
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<P align=justify><I>General, and Administrative</I><I></I></P>
<P align=justify>General, and administrative expense includes costs associated
with marketing uranium, corporate general and administrative costs. General and
administrative expenses consist primarily of payroll and related expenses for
personnel, contract and professional services, stock-based compensation expense
and other overhead expenditures. General and administrative expenses totaled
$3.83 million for the three months ended March 31, 2016 compared to $2.71
million for the three months ended March 31, 2015. This increase is due to
additional general and administration expenses of $0.35 million related to the
acquired ISR uranium segment which was completed in June 2015, and increase in
stock-based compensation of $0.54 million and one time payments totaling $0.20
million. </P>
<P align=justify><I>Intangible asset amortization</I><I></I></P>
<P align=justify>Intangible asset amortization are non-cash costs of
amortization of above-market sales contract value associated with the
acquisition of Denison&#146;s US Mining Division in June 2012 and the Uranerz acquisition in June 2015. During the three months ended March 31, 2016
intangible asset amortization totaled $0.22 million compared with $0.55
million for the three months ended March 31, 2015. As the ISR Uranium Segment
had no sales in the quarter no amortization was recorded. </P>
<P align=justify><I>Interest Expense and Other Income and Expenses</I></P>
<P align=justify><U>Interest Expense</U></P>
<P align=justify>Interest expense for the three months ended March 31, 2016 was
$0.58 million compared with $0.38 million in the prior year. The increase is
primarily due to interest on the $18.81 million in debt assumed from the June
2015 Uranerz acquisition.</P>
<P align=justify><U>Other income and expense </U></P>
<p align="justify">For the three months ended March 31, 2016, other income and
expense totaled $0.08 million of income. These amounts consist of a gain on warrant
liabilities of $0.25 million and gains in other miscellaneous items of $0.39
million, partially offset by a loss on the change in the mark-to-market values
of the Company's Debentures of $0.56 million.</p>
<P align=justify>Other income and expense for the three months ended March 31,
2015 totaled $1.05 million of income and mainly consisted of a change in the
mark-to-market values of the Company&#146;s Debentures totaling $0.71 million along
with other miscellaneous items. </P>
<P align=justify><B>Liquidity and Capital Resources </B></P>
<P align=justify><I>Funding of major business and property acquisitions</I></P>
<P align=justify>Over the past four years the Company has funded major business
and property acquisitions with capital provided by issuance of its common
shares. In 2012 Titan Uranium Inc. and the US Mining Division of Denison were
acquired, in 2013 Strathmore Minerals Corp. was acquired and in 2015 Uranerz was
acquired, each in exchange for newly issued shares. The Company intends to
continue to acquire assets utilizing common shares when it can be done under
attractive terms.</P>
<P align=justify>The Company also intends to complete the acquisition of Meste&#241;a
in 2016 through the issuance of 4.55 million shares and pay advisor fees with
shares. Additionally, the Company expects to complete the purchase of the 40%
interest in Roca Honda from Sumitomo through a combination of cash and common
shares.</P>
<p align="center">31</p>
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<A name=page_33></A>
<P align=justify><I>Cash issued for shares and warrants</I></P>
<P align=justify>In the first quarter of 2016 0.20 million shares were sold for
net proceeds of $0.52 million under the Company&#146;s ATM Offering. Additionally, on
March 14, 2016 an equity offering of 5,031,250 units (each unit consisting of
one share and one half warrant) was closed for net proceeds of $10.98 million
after commissions and estimated expenses of the offering. </P>
<P align=justify><I>Working capital at March 31, 2016</I></P>
<P align=justify>At March 31 2016, the Company had working capital of $37.47
million, including $16.50 million in cash, an account receivable of $8.34
million which was collected in April 2016 and 225,000 pounds of finished goods
inventory. The Company believes it has sufficient cash and resources to carry
out its business plan beyond Q1 2017.</P>
<P align=justify>The Company manages liquidity risk through the management of
its capital structure. </P>
<P align=justify><I>Debenture Maturity</I><I></I></P>
<P align=justify>The Company currently has 22,000 debentures (each debenture
equals Cdn$1,000) that mature on June 30, 2017. At maturity, the Company can
repay the indebtedness represented by the Debentures by paying to the debenture
trustee in Canadian dollars an amount equal to the aggregate Cdn$22.0 million
(US$16.96 million) principal amount of the outstanding Debentures together with
accrued and unpaid interest thereon.</P>
<P align=justify>Subject to any required regulatory approval and provided no
event of default has occurred and is continuing, the Company has the option to
satisfy its obligation to repay the Debentures, in whole or in part, at
maturity, upon at least 40 days and not more than 60 days prior notice, by
delivering that number of common shares obtained by dividing the principal
amount of the Debentures maturing by 95% of the volume-weighted average trading
price of the common shares on the TSX during the 20 consecutive trading days
ending five trading days preceding the maturity date. </P>
<P align=justify>The Company intends to keep each of these two options open as
it continues to evaluate the best option for the Company based on capital
availability and cost of such capital between now and the maturity date of the
debentures.</P>
<P align=justify><I>Cash and cash flow</I></P>
<P align=justify><B>Three months ended March 31, 2016</B></P>
<P align=justify>Cash and cash equivalents were $16.50 million at March 31,
2016, compared to $12.97 million at December 31, 2015. The increase of $3.53
million was due primarily to cash provided by financing activities of $10.70
million, cash provided by investing activities of $0.75 million partially offset
by cash used in operations of $8.70 million and gain on foreign exchange on cash
held in foreign currencies of $0.79 million.</P>
<P align=justify>Net cash provided by financing activities totaled $10.70
million consisting primarily of $11.50 million proceeds from the issuance of
stock in the March 2016 public offering and the ATM Offering partially offset by
$0.81 million to repay loans and borrowings. </P>
<P align=justify>Net cash provided by investing activities was $0.75 million,
which was primarily related to cash received from the sale of mineral properties
held for sale of $0.85 million partially offset by expenditures for mineral
properties and property, plant and equipment of $0.09 million.</P>
<P align=justify>Net cash used in operating activities of $8.70 million is
comprised of the net loss of $8.87 million for the period adjusted for non-cash
items and for changes in working capital items.</P>
<p align="center">32</p>
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<P align=justify><U>Three months ended March 31, 2015 </U></P>
<P align=justify>Cash and cash equivalents were $6.44 million at March 31, 2015,
compared to $10.41 million at December 31, 2014. The decrease of $3.97 million
was due primarily to cash used by operating activities of $3.03 million, cash
used by investing activities of $0.72 million, cash used in financing activities
of $0.02 million and loss on foreign exchange on cash held of $0.10 million.</P>
<P align=justify>Net cash used by financing activities totaled $0.02 million for
repayment of loans and borrowings. </P>
<P align=justify>Net cash used by investing activities was $0.72 million for
expenditures for property, plant and equipment and mineral properties.</P>
<P align=justify>Net cash used in operating activities of $3.03 million is
comprised of the net loss of $1.20 million for the period adjusted for non-cash
items and for changes in working capital items.</P>
<P align=justify><B>Critical accounting estimates and judgments </B></P>
<P align=justify>The preparation of these consolidated financial statements in
accordance with US GAAP requires the use of certain critical accounting
estimates and judgments that affect the amounts reported. It also requires
management to exercise judgment in applying the Company&#146;s accounting policies.
These judgments and estimates are based on management&#146;s best knowledge of the
relevant facts and circumstances taking into account previous experience.
Although the Company regularly reviews the estimates and judgments made that
affect these financial statements, actual results may be materially
different.</P>
<P align=justify>Significant estimates made by management include:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><I>a. </I></TD>
    <TD>
      <P align=justify><I>Exploration stag</I><I>e</I></P></TD></TR></TABLE>
<P align=justify>SEC Industry Guide 7 defines a reserve as &#147;that part of a
mineral deposit which could be economically and legally extracted or produced at
the time of the reserve determination&#148;. The classification of a reserve must be
evidenced by a bankable feasibility study using the latest three-year price
average. While the Company has established the existence of mineral resources
and has successfully extracted and recovered saleable uranium from certain of
these resources, the Company has not established proven or probable reserves, as
defined under SEC Industry Guide 7, for these operations or any of its uranium
projects. As a result, the Company is in the Exploration Stage as defined under
Industry Guide 7. Furthermore, the Company has no plans to establish proven or
probable reserves for any of its uranium projects.</P>
<P align=justify>While in the Exploration Stage, among other things, the Company
must expense all amounts that would normally be capitalized and subsequently
depreciated or depleted over the life of the mining operation on properties that
have proven or probable reserves. Items such as the construction of wellfields
and related header houses, additions to our recovery facilities and advancement
of properties will all be expensed in the period incurred. As a result, the
Company&#146;s consolidated financial statements may not be directly comparable to
the financial statements of mining companies in the development or production
stages.</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>b. </I></TD>
    <TD>
      <P align=justify><I>Resource estimate</I><I>s</I></P></TD></TR></TABLE>
<P align=justify>The Company utilizes estimates of its mineral resources based
on information compiled by appropriately qualified persons. The information
relating to the geological data on the size, depth and shape of the ore body
requires complex geological judgments to interpret the data. The estimation of
future cash flows related to resources is based upon factors such as estimates
of future uranium prices, future construction and operating costs along with
geological assumptions and judgments made in estimating the size and grade of
the resource. Changes in the mineral resource estimates may impact the carrying
value of mining and recovery assets, goodwill, reclamation and remediation
obligations and depreciation and impairment.</P>
<p align="center">33</p>
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<A name=page_35></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%"><I>c. </I></TD>
    <TD>
      <P align=justify><I>Valuation of mini<I>n</I>g and recovery assets in a
      b<I>u</I>siness combinatio</I><I>n</I></P></TD></TR></TABLE>
<P align=justify>We value assets in a business combination based on our
estimates of the fair value of the mining and recovery assets acquired. </P>
<P align=justify>For mining and recovery assets actively extracting and
recovering uranium as well as those assets that we expect to extract uranium
from, we value the assets based on the income approach. As we have not
acquired proven or probable reserves in our business combinations the value
ascribed to these assets is based on our estimates of value beyond proven and
probable reserves. The value is calculated based, in part, on technical reports
prepared under NI 43-101. Our estimates of extraction and recovery activities
and related timing of extraction and recovery as well as the costs involved are
demonstrated by at least a preliminary economic assessment. We then adjust the
results of the technical reports to include the effects of anticipated
fluctuations in the future market price of uranium consistent with what we
believe to be the expectations of other market participants as well as any
expected operational or cost changes that we expect in the future operations of
these mining assets. These cash flow estimates include the estimated cash
outflows to develop, extract and recover the estimated
saleable U<SUB>3</SUB>O<SUB>8</SUB> from these operations. </P>
<P align=justify>For mining assets that will be held for further evaluation or
for sale, we use the market approach utilizing implied transaction multiples
from historical uranium transactions. </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>d. </I></TD>
    <TD>
      <P align=justify><I>Valuation of mini<I>n</I>g assets acquired other than
      in a business <I>combinatio</I></I><I>n</I></P></TD></TR></TABLE>
<P align=justify>The costs of mining assets that are acquired in an asset
purchase transaction are recorded as mineral interests on the date of purchase
based on the consideration given up for the assets. If multiple assets are
involved in a transaction, the consideration is allocated based on the relative
values of the properties acquired.</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>e. </I></TD>
    <TD>
      <P align=justify><I>Depreciation of mining and reco<I>v</I>ery assets
      acquire</I><I>d</I></P></TD></TR></TABLE>
<P align=justify>For mining and recovery assets actively extracting and
recovering uranium we depreciate the acquisition costs of the mining and
recovery assets on a straight line basis over our estimated lives of the mining
and recovery assets. The process of estimating the useful life of the mining and
recovery assets requires significant judgment in evaluating and assessing
available geological, geophysical, engineering and economic data, projected
rates of extraction and recovery, estimated commodity price forecasts and the
timing of future expenditures, all of which are, by their very nature, subject
to interpretation and uncertainty. </P>
<P align=justify>Changes in these estimates may materially impact the carrying
value of the Company&#146;s mining and recovery assets and the recorded amount of
depreciation.</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>f. </I></TD>
    <TD>
      <P align=justify><I>Business
  combinat<I>i</I>on</I><I>s</I></P></TD></TR></TABLE>
<P align=justify>Management uses judgment in applying the acquisition method of
accounting for business combinations and in determining fair values of the
identifiable assets and liabilities acquired. The value placed on the acquired
assets and liabilities, including identifiable intangible assets, will have an
effect on the amount of goodwill or bargain purchase gain that the Company may
record on an acquisition. Changes in economic conditions, commodity prices and
other factors between the date that an acquisition is announced and when it
finally is consummated can have a material difference on the allocation used to
record a preliminary purchase price allocation versus the final purchase price
allocation which can take up to one year after acquisition to complete. See
<I>b. </I>above for information related to the valuation of mining and recovery
assets in this process.</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>g. </I></TD>
    <TD>
      <P align=justify><I>Impairment testin<I>g </I>of mining and recovery
      ass<I>e</I>t</I><I>s</I></P></TD></TR></TABLE>
<P align=justify>The Company undertakes a review of the carrying values of its
mining and recovery assets whenever events or changes in circumstances indicate
that their carrying values may exceed their estimated net recoverable amounts
determined by reference to estimated future operating results and net cash
flows. An impairment loss is recognized when the carrying value of a mining or recovery asset is not recoverable based on
this analysis. In undertaking this review, the management of the Company is
required to make significant estimates of, among other things, future production
and sale volumes, forecast commodity prices, future operating and capital costs
and reclamation costs to the end of the mining asset&#146;s life. These estimates are
subject to various risks and uncertainties, which may ultimately have an effect
on the expected recoverability of the carrying values of mining and recovery
assets.</P>
<p align="center">34</p>
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<A name=page_36></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%"><I>h. </I></TD>
    <TD>
      <P align=justify><I>Asset retirement
  obligation</I><I>s</I></P></TD></TR></TABLE>
<P align=justify>Asset retirement obligations are recorded as a liability when
an asset that will require reclamation and remediation is initially acquired.
For disturbances created on a property owned that will require future
reclamation and remediation the Company records asset retirement obligations for
such disturbance when occurred. The Company has accrued its best estimate of its
share of the cost to decommission its mining and milling properties in
accordance with existing laws, contracts and other policies. The estimate of
future costs involves a number of estimates relating to timing, type of costs,
mine closure plans, and review of potential methods and technical advancements.
Furthermore, due to uncertainties concerning environmental remediation, the
ultimate cost of the Company&#146;s decommissioning liability could differ from
amounts provided. The estimate of the Company&#146;s obligation is subject to change
due to amendments to applicable laws and regulations and as new information
concerning the Company&#146;s operations becomes available. The Company is not able
to determine the impact on its financial position, if any, of environmental laws
and regulations that may be enacted in the future. Additionally, the expected
cash flows in the future are discounted at the Company&#146;s estimated cost of
capital based on the periods the Company expects to complete the reclamation and
remediation activities. Differences in the expected periods of reclamation or in
the discount rates used could have a material difference in the actual
settlement of the obligations compared with the amounts provided.</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>i. </I></TD>
    <TD>
      <P align=justify><I>Determination whether an acquisition represents a
      business combination or asset purchas</I><I>e</I></P></TD></TR></TABLE>
<P align=justify>Management determines whether an acquisition represent a
business combination or asset purchase by considering the stage of exploration
and development of an acquired operation. Consideration is given to whether the
acquired properties include mineral reserves or mineral resources, in addition
to the permitting required and results of economic assessments.</P>
<P align=center><B>ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.</B></P>
<P align=justify>The Company is exposed to risks associated with commodity
prices, interest rates, foreign currency exchange rates and credit. Commodity
price risk is defined as the potential loss that we may incur as a result of
changes in the market value of uranium. Interest rate risk results from our debt
and equity instruments that we issue to provide financing and liquidity for
our business. The foreign currency exchange risk relates to the risk that the
value of financial commitments, recognized assets or liabilities will fluctuate
due to changes in foreign currency rates. Credit risk arises from the extension
of credit throughout all aspects of our business. Industry-wide risks can also
affect our general ability to finance exploration, and development of
exploitable resources; such effects are not predictable or quantifiable. Market
risk is the risk to the Company of adverse financial impact due to change in the
fair value or future cash flows of financial instruments as a result of
fluctuations in interest rates and foreign currency exchange rates. </P>
<P align=justify><B>Commodity Price Risk </B></P>
<P align=justify>The Company is subject to market risk related to the market
price of U<SUB>3</SUB>O<SUB>8</SUB>. Our four supply contracts contain favorable pricing above current
spot prices; however, these long term prices cover only a portion of our planned
uranium recovery. Revenue beyond our current contracts will be affected by both
spot and long-term  U<SUB>3</SUB>O<SUB>8</SUB> price fluctuations which are affected by factors beyond
our control, including: the demand for nuclear power; political and economic
conditions; governmental legislation in uranium producing and consuming
countries; and production levels and costs of production of other producing
companies. The Company continuously monitors the market to determine its level
of extraction and recovery of uranium in the future.</P>
<p align="center">35</p>
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<A name=page_37></A>
<P align=justify><B>Interest Rate Risk </B></P>
<P align=justify>The Company is exposed to interest rate risk on its cash
equivalents, deposits, restricted cash, and debt. Our interest earned is not
material; thus not subject to significant risk. Our Wyoming Industrial
Development Revenue Bond has a fixed interest rate over its remaining five-year
life, removing variability. The Company is exposed to an interest rate risk
associated with its convertible debentures (the &#147;Debentures&#148;), which is based on
the spot market price of  U<SUB>3</SUB>O<SUB>8</SUB>. These Debentures mature in June 2017. The Company
does not expect the spot market price of  U<SUB>3</SUB>O<SUB>8</SUB> to exceed $54.99 prior to the
Debentures&#146; maturity and, accordingly, does not believe there is any significant
interest rate risk related to these Debentures. The Company does not use
derivatives to manage interest rate risk. The following chart displays the
interest rate applicable to our Debentures at various  U<SUB>3</SUB>O<SUB>8</SUB> price levels.</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 style="BORDER-BOTTOM: #000000 1px solid" align=center><B>UxC  U<SUB>3</SUB>O<SUB>8</SUB> Weekly Indicator Price </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="50%"><B>Annual Interest Rate </B></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>Up to $54.99 </TD>
    <TD align=center width="50%" bgColor=#e6efff>8.50% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$55.00&#150;$59.99 </TD>
    <TD align=center width="50%">9.00% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$60.00&#150;$64.99 </TD>
    <TD align=center width="50%" bgColor=#e6efff>9.50% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$65.00&#150;$69.99 </TD>
    <TD align=center width="50%">10.00% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$70.00&#150;$74.99 </TD>
    <TD align=center width="50%" bgColor=#e6efff>10.50% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$75.00&#150;$79.99 </TD>
    <TD align=center width="50%">11.00% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$80.00&#150;$84.99 </TD>
    <TD align=center width="50%" bgColor=#e6efff>11.50% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$85.00&#150;$89.99 </TD>
    <TD align=center width="50%">12.00% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$90.00&#150;$94.99 </TD>
    <TD align=center width="50%" bgColor=#e6efff>12.50% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$95.00&#150;$99.99 </TD>
    <TD align=center width="50%">13.00% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$100 and above </TD>
    <TD align=center width="50%" bgColor=#e6efff>13.50%
</TD></TR></TABLE></DIV>
<P align=justify><B>Currency Risk </B></P>
<P align=justify>The foreign exchange risk relates to the risk that the value of
financial commitments, recognized assets or liabilities will fluctuate due to
changes in foreign currency rates. The Company does not use any derivative
instruments to reduce its exposure to fluctuations in foreign currency exchange
rates. As the US Dollar is the functional currency of our U.S. operations, the
currency risk has been reduced. We maintain a nominal balance in foreign
currency, resulting in a low currency risk relative to our cash balances. Our
Debentures are denominated in Canadian Dollars and, accordingly, are exposed
to currency risk. </P>
<P align=justify>The following table summarizes, in United States dollar
equivalents, the Company&#146;s major foreign currency (Cdn$) exposures as of March
31, 2016 ($000): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;9,101 </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(1,259</B></TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Loans and borrowings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>(16,198</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;(8,356</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR></TABLE>
<P align=justify>The table below summarizes a sensitivity analysis for
significant unsettled currency risk exposure with respect to our financial
instruments as at March 31, 2016 with all other variables held constant. It
shows how net income would have been affected by changes in the relevant risk
variables that were reasonably possible at that date.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">Change for </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>Increase (decrease) in other </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center>
    <p align="justify">('000s)</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%">Sensitivity Analysis </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>comprehensive income </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">+1% change in U.S. </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%"><B>&nbsp; </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Strengthening net earnings
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>dollar </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(108</B></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">-1% change in U.S. </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%"><B>&nbsp; </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Weakening net earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>dollar </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>108 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<p align="center">36</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_38></A>
<P align=justify><B>Credit Risk </B></P>
<P align=justify>Credit risk relates to cash and cash equivalents, trade, and
other receivables that arise from the possibility that any counterparty to an
instrument fails to perform. The Company only transacts with highly-rated
counterparties and a limit on contingent exposure has been established for any
counterparty based on that counterparty&#146;s credit rating. The Company&#146;s sales are
attributable mainly to multinational utilities. As at March 31, 2016, the
Company&#146;s maximum exposure to credit risk was the carrying value of cash and
cash equivalents, trade receivables and taxes recoverable. </P>
<P align=center><B>ITEM 4. CONTROLS AND PROCEDURES. </B></P>
<P align=justify><B>Disclosure Controls and Procedures. </B></P>
<P align=justify>At the end of the period covered by this quarterly report on
Form 10-Q for the three months ended March 31, 2016, an evaluation was carried
out under the supervision of and with the participation of our management,
including the Chief Executive Officer (&#147;CEO&#148;) and Chief Financial Officer
(&#147;CFO&#148;), of the effectiveness of the design and operations of our disclosure
controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under
the Exchange Act). Based on that evaluation, the CEO and the CFO have concluded
that as of the end of the period covered by this Quarterly Report, our
disclosure controls and procedures were effective in ensuring that: (i)
information required to be disclosed by us in reports that we file or submit to
the SEC under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in applicable rules and forms and (ii)
material information required to be disclosed in our reports filed under the
Exchange Act is accumulated and communicated to our management, including our
CEO and CFO, as appropriate, to allow for accurate and timely decisions
regarding required disclosure. </P>
<P align=justify><B>Changes in Internal Control over Financial Reporting</B></P>
<P align=justify>The Company as reported in the annual report on Form 10-K was
in process of integrating Uranerz (which was acquired on June 18, 2015) into its
controls and procedures and therefore did not include an evaluation of their
internal controls. As of March 31, 2016 the Company has completed this
integration. There has been no change in
our internal control over financial reporting during the quarter ended March 31,
2016 that has materially affected, or is reasonably likely to materially affect,
our internal control over financial reporting. </P>
<P align=center><B>PART II </B></P>
<P align=center><B>ITEM 1. LEGAL PROCEEDINGS. </B></P>
<P align=justify>We are not aware of any material pending or threatened
litigation or of any proceedings known to be contemplated by governmental
authorities that are, or would be, likely to have a material adverse effect
upon us or our operations, taken as a whole that was not disclosed in the
Company Form 10-K for the year ended December 31, 2015, as filed with the SEC on
March 15, 2016. </P>
<P align=center><B>ITEM 1A. RISK FACTORS. </B></P>
<P align=justify>There have been no material changes from the risk factors set
forth in our Annual Report on Form 10-K for the year ended December 31, 2015 as
filed with the SEC on March 15, 2016. </P>
<P align=center><B>ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS. </B></P>
<P align=justify><B>Use of Proceeds from At-the-Market Offering </B></P>
<P align=justify>On September 29, 2015, the Company filed a prospectus
supplement (&#147;Supplement&#148;) in both Canada and the United States to its Canadian
base shelf prospectus (the &#147;Canadian Base Prospectus&#148;) and its U.S. registration
statement on Form F-10 (the &#147;Registration Statement&#148;), both of which were filed
on April 9, 2014. Concurrent with the filing of the Supplement, the Company
entered into a Controlled Equity Offering<SUP>SM </SUP>Sales Agreement with
Cantor Fitzgerald &amp; Co. (&#147;Cantor&#148;), pursuant to which the Company could, at
its discretion from time to time, sell, through Cantor as agent, up to US$15.64
million worth of common shares by way of an &#147;at-the-market&#148; offering (the
&#147;ATM&#148;).</P>
<p align="center">37</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_39></A>
<P align=justify>The ATM commenced on September 29, 2015 and closed on March 15,
2016 upon the expiration of the Registration Statement by the Company&#146;s filing
of Form 10-K. The aggregate amount sold under the Supplement was $3.48
million. In connection with the ATM, the Company paid $0.33 million in share
issuance costs. </P>
<P align=justify>As of March 31, 2016 all of the $3.15 million in net proceeds
received from the offering have been used as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>&nbsp; </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>Estimated </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>&nbsp; </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left><B>&nbsp;Use of Financing Net Proceeds
      (000's) </B></TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>Allocation of Net
    </B></TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>Actual Costs Incurred
      </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left><B>&nbsp;(excluding General Working Capital) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>Proceeds </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>to March 31, 2016 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Repurchasing any Debentures
      pursuant to the Normal Course Issuer Bid </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>&nbsp;-
    </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>&nbsp;-
    </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Development at its Nichols Ranch mine
      (including potential plant upgrades) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>2,000 </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>2,000 </B></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Development of the Canyon conventional uranium mine in
      Arizona </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>1,150 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>1,150 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;3,150 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;3,150 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=center><B>ITEM 3. DEFAULTS UPON SENIOR SECURITIES. </B></P>
<P align=justify>None. </P>
<P align=center><B>ITEM 4. MINE SAFETY DISCLOSURE.</B></P>
<P align=justify>The mine safety disclosures required by section 1503(a) of the
Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of
Regulation S-K are included in Exhibit 95.1 of this Quarterly Report. </P>
<P align=center><B>ITEM 5. OTHER INFORMATION. </B></P>
<P align=justify>None. </P>
<p align="center">38</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A>
<P align=center><B>ITEM 6. EXHIBITS. </B></P>
<P align=justify><I>Exhibits </I></P>
<P style="MARGIN-LEFT: 5%" align=justify>The following exhibits are filed as
part of this report:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>Exhibit </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      ><B>Number </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="90%"><B>Description </B></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="90%" bgColor=#eeeeee>
      <P align=justify>Agreement and Plan of Merger by and among Uranerz Energy
      Corporation, Energy Fuels, Inc. and EFR Nevada Corp., dated January 4,
      2015 (1) </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >2.2 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">Amendment to the Agreement and Plan of Merger,
      dated May 8, 2015 (1) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >2.3 </TD>
    <TD align=left width="2%" bgColor=#eeeeee></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify>Membership Interest Purchase Agreement by and among
      Energy Fuels Inc., Energy Fuels Holdings Corp., Meste&#241;a LLC, Jones Ranch
      Minerals Unproven, Ltd. And Meste&#241;a Unproven Ltd. dated March 4, 2016 (2)
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >3.1 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">Articles of Continuance dated September 2, 2005
      (3) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >3.2 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Articles of Amendment dated May
      26, 2006 (4) </TD></TR>
  <TR vAlign=top>
    <TD align=left >3.3 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">Bylaws (5) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >4.1 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify>The Convertible Debenture Indenture dated July 24, 2012
      between Energy Fuels Inc. and BNY Trust Company of Canada providing for
      the issuance of debentures (6) </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >4.2 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">Financing Agreement between Uranerz Energy
      Corp. and Johnson County dated November 26, 2013 (7) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >4.3 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Bond Purchase Agreement among
      the State of Wyoming, Johnson County and Uranerz Energy Corp. dated
      November 12, 2013 (8) </TD></TR>
  <TR vAlign=top>
    <TD align=left >4.4 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">Promissory Note dated November 26, 2013 (9)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >4.5 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Mortgage and Security Agreement
      and Assignment between Uranerz Energy Corp. and the Trustee dated November
      26, 2013 (10) </TD></TR>
  <TR vAlign=top>
    <TD align=left >4.6 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">Shareholder Rights Plan (11) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >4.7 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify>Warrant Indenture between Energy Fuels Inc. and CST Trust
      Co. providing for the issue of common share purchase warrants dated March
      14, 2016 (12) </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >4.8 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">
      <P align=justify>First Supplemental Indenture among Energy Fuels Inc.,
      CST Trust Company and American Stock Transfer &amp; Trust Company, LLC
      dated April 14, 2016 (13) </P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >10.1 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Energy Fuels 2013 Amended and
      Restated Stock Option Plan (14) </TD></TR>
  <TR vAlign=top>
    <TD align=left >10.2 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">Energy Fuels Omnibus Compensation Plan (15)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >10.3 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Sales Agreement between Energy
      Fuels Inc. and Cantor Fitzgerald &amp; Co. dated September 29, 2015 (16)
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >10.4 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">Form of Indemnity Agreement between Energy
      Fuels and its officers and directors (17) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >10.5 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Employment Agreement between
      Energy Fuels Inc. and Stephen P. Antony effective October 1, 2015 (18)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >10.6 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">Employment Agreement between Energy Fuels Inc.
      and David C. Frydenlund dated March 11, 2016 (19) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >10.7 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Employment Agreement between
      Energy Fuels Inc. and W. Paul Goranson dated March 11, 2016 (20) </TD></TR>
  <TR vAlign=top>
    <TD align=left >10.8 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">Employment Agreement between Energy Fuels Inc.
      and Harold R. Roberts dated March 11, 2016 (21) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >10.9 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Employment Agreement between
      Energy Fuels Inc. and Daniel G. Zang dated March 11, 2016 (22) </TD></TR>
  <TR vAlign=top>
    <TD align=left >10.10 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">Underwriting Agreement dated March 9, 2016 (23)
    </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit10-11.htm">10.11</A> </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit10-11.htm">Employment Agreement between
  Energy Fuels Inc. and Mark S. Chalmers dated April 14, 2016</A> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit31-1.htm">31.1</A></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%"><A
      href="exhibit31-1.htm">Certification of Chief Executive Officer
      pursuant to Rule 13a-14(a)) under the Securities Exchange Act of 1934, as amended</A>
</TD></TR></TABLE>
<p align="center">39</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><A
      href="exhibit31-2.htm">31.2</A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit31-2.htm">Certification
      of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities
  Exchange Act of 1934, as amended</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="exhibit32-1.htm">32.1</A></TD>
    <TD align=left width="90%"><A
      href="exhibit32-1.htm">Certification
      of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted
  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="exhibit32-2.htm">32.2</A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit32-2.htm">Certification
      of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="exhibit95-1.htm">95.1</a></TD>
    <TD align=left width="90%"><a href="exhibit95-1.htm">Mine Safety Disclosure</a></TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">101.INS*</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">XBRL
  Instance Document</TD></TR>
  <TR vAlign=top>
    <TD align=left>101.SCH*</TD>
    <TD align=left width="90%">XBRL
  Taxonomy Extension &#150; Schema</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">101.CAL*</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">XBRL
  Taxonomy Extension &#150; Calculations</TD></TR>
  <TR vAlign=top>
    <TD align=left>101.DEF*</TD>
    <TD align=left width="90%">XBRL
  Taxonomy Extension &#150; Definitions</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">101.LAB*</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">XBRL
  Taxonomy Extension &#150; Labels</TD></TR>
  <TR vAlign=top>
    <TD align=left>101.PRE*</TD>
    <TD align=left width="90%">XBRL
  Taxonomy Extension &#150; Presentations</TD></TR></TABLE>
<P align=justify><U>___________________________</U><BR>* To be filed by
amendment. </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%">Incorporated by reference to Schedule B of
      Exhibit 99.1 of Energy Fuels&#146; Form 6-K filed with the SEC on May 26, 2015.
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>(2) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 10.1 of
      Energy Fuels&#146; Form 8-K filed with the SEC on March 8, 2016. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(3) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 3.1 of
      Energy Fuels&#146; Form F-4 filed with the SEC on May 8, 2015. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(4) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 3.2 of
      Energy Fuels&#146; Form F-4 filed with the SEC on May 8, 2015. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(5) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 3.3 of
      Energy Fuels&#146; Form F-4 filed with the SEC on May 8, 2015. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(6) </TD>
    <TD align=left width="95%">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. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(7) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 4.1 to the
      Form 8-K filed on December 3, 2013 by Uranerz Energy Corporation. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(8) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 4.2 to the
      Form 8-K filed on December 3, 2013 by Uranerz Energy Corporation. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(9) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 4.3 to the
      Form 8-K filed on December 3, 2013 by Uranerz Energy Corporation. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(10) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 4.4 to the
      Form 8-K filed on December 3, 2013 by Uranerz Energy Corporation. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(11) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 10.9 to
      Energy Fuels&#146; Form F-4 filed on May 8, 2015. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(12) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 4.1 to
      Energy Fuels&#146; Form 8-K filed on March 14, 2016. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(13) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 4.1 to
      Energy Fuels&#146; Form 8-K filed on April 20, 2016. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(14) </TD>
    <TD align=left width="95%">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 vAlign=top>
    <TD align=left>(15) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 4.1 to
      Energy Fuels&#146; Form S-8 filed on June 24, 2015. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(16) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 99.1 to
      Energy Fuels&#146; Form 6-K filed on September 29, 2015. </TD></TR>
  <TR vAlign=top>
    <TD align=left>(17) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 10.4 of
      Energy Fuels&#146; Form 10-K filed with the SEC on March 15, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(18) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 10.5 of
      Energy Fuels&#146; Form 10-K filed with the SEC on March 15, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(19) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 10.6 of
      Energy Fuels&#146; Form 10-K filed with the SEC on March 15, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(20) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 10.7 of
      Energy Fuels&#146; Form 10-K filed with the SEC on March 15, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(21) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 10.8 of
      Energy Fuels&#146; Form 10-K filed with the SEC on March 15, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(22) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 10.9 of
      Energy Fuels&#146; Form 10-K filed with the SEC on March 15, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(23) </TD>
    <TD align=left width="95%">Incorporated by reference to Exhibit 10.1 to
      Energy Fuels&#146; Form 8-K filed March 10, 2016. </TD></TR></TABLE>
<p align="center">40</p>
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<P align=center><B>SIGNATURES </B></P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of Section 13 or 15(d) of the
<I>S</I><I>ecurities Exc</I><I>h</I><I>ange Act of </I><I>1</I><I>934</I>, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2><b>ENERGY FUELS INC. </b></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>(Registrant) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="45%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Dated: May 5, 2016 </TD>
    <TD align=left width="5%">By:</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >/s/ Stephen P. Antony </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%" >Stephen P. Antony </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%" >Chief Executive Officer </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="45%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Dated: May 5, 2016 </TD>
    <TD align=left width="5%">By:</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >/s/ Daniel G. Zang </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%" >Daniel G. Zang </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%" >Chief Financial Officer
  </TD></TR></TABLE>
<p align="center">41</p>
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<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>2
<FILENAME>exhibit10-11.htm
<DESCRIPTION>EXHIBIT 10.11
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 10.11 - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

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<P align=center><B>EMPLOYMENT AGREEMENT </B></P>
<P align=justify style="text-indent:5%">THIS EMPLOYMENT AGREEMENT
(&#147;Agreement&#148;) is effective as of the 14<SUP>th</SUP> day of April, 2016 (the
&#147;Effective Date&#148;), by and between Energy Fuels Resources (USA) Inc., a Delaware
corporation (&#147;EFRI&#148;), Energy Fuels Inc., an Ontario corporation (&#147;EFI&#148;) (EFRI
and EFI are collectively referred to herein as &#147;Energy Fuels&#148; or the &#147;Company&#148;)
and Mark Chalmers of 63 Cambridge Tce Malvern South Australia, Australia
(&#147;Employee&#148;). </P>
<P align=justify style="text-indent:5%">In consideration of the agreements
contained in this Agreement, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and
Employee hereby agree as follows: </P>
<P align=center><B>ARTICLE I <BR></B><B>EMPLOYMENT, REPORTING AND DUTIES</B>
</P>
<P align=justify style="text-indent:5%">&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Employment</U>. Subject to any required regulatory and stock exchange
approvals, the Company hereby employs and engages the services of Employee to
serve as Chief Operating Officer commencing on July 1, 2016 (the &#147;Commencement
Date&#148;), and, commencing on the Commencement Date, Employee agrees to diligently
and competently serve as and perform the functions of Chief Operating Officer
for the compensation and benefits stated herein. A copy of Employee&#146;s current
job description is attached hereto as Exhibit A, and Company and Employee agree
and acknowledge that Company retains the right to reasonably add to, or remove,
duties and responsibilities set forth in that job description as business or
other operating reasons may arise for changes to occur. It is understood that
Employee will be appointed an officer of EFI and EFRI during the term of this
Agreement, but that Employee&#146;s direct employment relationship will be as an
employee of EFRI. </P>
<P align=justify style="text-indent:5%">&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Fulltime Service</U>. Excluding any periods of vacation and sick leave to
which Employee may be entitled, Employee agrees to devote Employee&#146;s full time
and energies to the responsibilities with the Company consistent with past
practice and shall not, during the Term of this Agreement, be engaged in any
business activity which would interfere with or prevent Employee from carrying
out Employee&#146;s duties under this Agreement. </P>
<P align=center><B>ARTICLE II <BR>COMPENSATION AND RELATED ITEMS </B></P>
<P align=justify style="text-indent:5%">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Compensation</U>. </P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Base Salary and Benefits</U>. As
compensation and consideration for the services to be rendered by Employee under
this Agreement, commencing on the Commencement Date, the Company agrees to pay
Employee and Employee agrees to accept, a base salary (&#147;Base Salary&#148;) of
$290,000 per annum, less required tax withholding, which shall be paid in
accordance with the Company&#146;s standard payroll practice. Employee&#146;s Base Salary
may be increased from time to time, at the discretion of the Company, and after
any such change, Employee&#146;s new level of Base Salary shall be Employee&#146;s Base
Salary for purposes of this Agreement until the effective date of any subsequent
change. Commencing on the Commencement Date, Employee shall also receive benefits such as
health insurance, vacation and other benefits consistent with the then
applicable Company benefit plans to the same extent as other employees of the
Company with similar position or level. Employee understands and agrees that
Company&#146;s benefit plans may, from time to time, be modified or eliminated at
Company&#146;s discretion.</P>
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<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Bonus</U>. In addition to the Base Salary,
  Employee will be eligible for the award of annual cash incentive compensation,
  in accordance with the Company&#146;s Short Term Incentive Program, as such program
  may be amended from time to time. Such award is totally discretionary as
  determined by the Board of Directors of the Company, and it is understood there
is no guarantee of any award, let alone an award in any particular amount.</P>
<P align=justify style="text-indent:10%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Equity Incentive Compensation Plan</U>. You
will be eligible to participate in and receive compensation under EFI&#146;s Omnibus
Equity Incentive Compensation Plan, consistent with the terms of that Plan. Any
awards under that Plan are totally discretionary as determined by the President
&amp; CEO of the Company, and it is understood there is no guarantee of any
award, let alone an award in any particular amount. </P>
<P align=justify style="text-indent:5%">&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Annual Medical</U>. The Company will reimburse Employee for the cost of a
comprehensive annual medical examination for each year of this Agreement,
provided that Employee requests such reimbursement and such reimbursement is
made no later than the last day of the calendar year following the calendar year
in which the examination expense was incurred. Employee will promptly notify the
President &amp; CEO if the annual medical examination reveals any condition
which may interfere with Employee&#146;s ability to perform the essential
requirements of his or her position, and if requested by the President &amp;
CEO, Employee will provide the details of the condition and the potential impact
on his or her ability to perform the essential requirements of his or her
position to enable the President &amp; CEO to determine how best to accommodate
Employee and protect the critical business interests of the Company.</P>
<P align=justify style="text-indent:5%">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Expenses</U>. The Company agrees that Employee shall be allowed reasonable
and necessary business expenses in connection with the performance of Employee&#146;s
duties within the guidelines established by the Company as in effect at any time
with respect to key employees (&#147;Business Expenses&#148;), including, but not limited
to, reasonable and necessary expenses for food, travel, lodging, entertainment
and other items in the promotion of the Company within such guidelines. The
Company shall promptly reimburse Employee for all reasonable Business Expenses
incurred by Employee upon Employee&#146;s presentation to the Company of an itemized
account thereof, together with receipts, vouchers, or other supporting
documentation.</P>
<P align=justify style="text-indent:5%">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Vacation</U>. Employee will be entitled to four weeks of vacation each year,
in addition to the 10 paid holidays each year. Carry over from one year to the
next will be as per the Company&#146;s paid leave policy. In addition, the Company
recognizes that Employee, very likely, will be completing his regular work from
Australia each year during a period of time of at least one week and, upon
approval by the CEO of the Company, two weeks. These work periods of time, if
pre-approved by the Board of Directors of the Company, will not be charged to
Employee&#146;s paid leave account. Likewise, travel and lodging for these periods of
time will not be charged by Employee as a business expense unless pre-approved
by the Board of Directors.</P>
<P align=right>2 </P>
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<P align=justify>The periods of time explained here will be limited to once per
year, unless otherwise approved by the Board of Directors of the Company. </P>
<P align=justify style="text-indent:5%">2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Use of Company Vehicle</U>. Employee will be provided the full time use of an
automobile for Employee&#146;s unrestricted business use, in recognition of
Employee&#146;s operations role with the Company.</P>
<P align=center><B>ARTICLE III <BR>TERMINATION</B> </P>
<P align=justify style="text-indent:5%">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Term</U>. Employee&#146;s employment under this Agreement shall commence on the
Commencement Date and will end on the date (the &#147;Initial Expiration Date&#148;) that
is the second anniversary of the Commencement Date, unless terminated sooner
under the provisions of this Article, or extended under the terms of this
Section. If neither Company nor Employee provides written notice of intent not
to renew this Agreement by ninety (90) days prior to the Initial Expiration
Date, this Agreement shall be automatically renewed for twelve (12) additional
months, and if neither Company nor Employee provides written notice of intent
not to renew this Agreement prior to ninety (90) days before the end of such
additional 12-month period, this Agreement shall continue to be automatically
renewed for successive additional 12-month periods until such time either
Company or Employee provides written notice of intent not to renew prior to
ninety (90) days before the end of any such renewal period.</P>
<P align=justify style="text-indent:5%">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Termination of Employment</U>. Except as may otherwise be provided herein,
Employee&#146;s employment under this Agreement may terminate upon the occurrence of:
</P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notice by Company</U>. The termination date
specified in a written notice of termination that is given by the Company to
Employee; </P>
<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notice by Employee</U>. Thirty (30) days
after written notice of termination is given by Employee to the Company; </P>
<P align=justify style="text-indent:10%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Death or Disability</U>.
Employee&#146;s death or, at the Company&#146;s option, upon Employee&#146;s becoming disabled;</P>
<P align=justify style="text-indent:10%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Deemed Termination Without Just Cause upon
a Change of Control</U>. A deemed termination without just cause under Section
4.1(a) upon the occurrence of a Change of Control; or</P>
<P align=justify style="text-indent:10%">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notice Not to
Renew</U>. If the Company or Employee gives the other a notice not to renew this
Agreement under Section 3.1, employment under this Agreement shall terminate at
the close of business at the end of the Initial Expiration Date or at the end of
the 12-month renewal period in which timely notice not to renew was given, as
the case may be. A notice by the Company not to renew shall be considered a
notice of termination, resulting in the Company terminating Employee&#146;s
employment under this Agreement. </P>
<P align=right>3 </P>
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<P align=justify style="text-indent:5%">Any notice of termination given by the
Company to Employee under Section 3.2(a) or (e) above shall specify whether such
termination is with or without just cause as defined in Section 3.4. Any notice
of termination given by Employee to the Company under Section 3.2(b) above shall
specify whether such termination is made with or without Good Reason as defined
in Section 4.2(b) .</P>
<P align=justify style="text-indent:5%">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Obligations of the Company Upon Termination</U>. </P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>With Just Cause/Without Good Reason.</U> If
the Company terminates Employee&#146;s employment under this Agreement with just
cause as defined in Section 3.4, or if Employee terminates his employment
without Good Reason as defined in Section 4.2(b), in either case whether before
or after a Change of Control as defined in Section 4.2(a), then Employee&#146;s
employment with the Company shall terminate without further obligation by the
Company to Employee, other than payment of all accrued obligations (&#147;Accrued
Obligations), including outstanding Base Salary, accrued vacation pay and any
other cash benefits accrued up to and including the date of termination. That
payment shall be made in one lump sum, less required tax withholding, within ten
(10) working days after the effective date of such termination. Employee will
have up to the earlier of: (A) ninety (90) days from the effective date of
termination of Employee&#146;s employment; and (B) the date on which the exercise
period of the particular stock option expires, to exercise only that portion of
the stock options previously granted to Employee that have not been exercised,
but which have vested, and thereafter Employee&#146;s stock options will expire and
Employee will have no further right to exercise the stock options. Any stock
options held by Employee that are not yet vested at the termination date
immediately expire and are cancelled and forfeited to the Company on the
termination date. Any Restricted Stock Units (&#147;RSUs&#148;) held by Employee that have
vested on or before the termination date shall be paid (or the shares issuable
thereunder issued) to Employee. Any RSUs held by Employee that are not vested on
or before the termination date will be immediately cancelled and forfeited to
the Company on the termination date. The rights of Employee upon termination in
respect of any other awards granted to Employee under any of the Company&#146;s
equity compensation plans shall be as set forth in such plans or in the award
agreement for any such awards, as applicable. Notwithstanding the foregoing, on
retirement, Employee will have up to the earlier of: (A) one hundred and eighty
(180) days from the effective date of retirement; and (B) the date on which the
exercise period of the particular stock option expires, to exercise only that
portion of the stock options previously granted to Employee that have not been
exercised, but which have vested, and thereafter Employee&#146;s stock options will
expire and Employee will have no further right to exercise the stock
options.</P>
<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>With Good Reason/Without Just
Cause/Disabled/Death</U>. If Employee terminates Employee&#146;s employment under
this Agreement for Good Reason as defined in Section 4.2(b), or if the Company
terminates Employee&#146;s employment without just cause as defined in Section 3.4,
or if the Company terminates Employee&#146;s employment by reason of Employee
becoming Disabled as defined in Section 3.5, or if Employee dies (in which case
the date of Employee&#146;s death shall be considered his or her termination date),
in any case whether before or after a Change of Control as defined in Section
4.2(a), or if there is a deemed termination without just cause upon a Change of
Control as contemplated by Section 4.1(a), then Employee&#146;s employment with the
Company shall terminate, as of the effective date of the termination, and in lieu of any other severance benefit that
would otherwise be payable to Employee: </P>
<P align=right>4 </P>
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<P style="margin-left:10%;text-indent:5%;" align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the
  Company shall pay the following amounts to Employee (or, in the case of
  termination by reason of Employee becoming Disabled or upon the death of
  Employee, to Employee&#146;s legal representative or estate as applicable) after the
  effective date of such termination or in a manner and at such later time as
  specified by Employee (or Employee&#146;s legal representative), and agreed to by the
Company.</P>
<P style="margin-left:15%;text-indent:5%;" align=justify>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all
Accrued Obligations, less required tax withholding, up to and including the date
of termination, to be paid on the date of termination of employment, or within
no more than five (5) working days thereafter, and will reimburse the Executive
for all proper expenses incurred by the Executive in discharging his
responsibilities to the Company prior to the effective date of termination of
the Executive&#146;s employment in accordance with Section 2.3 above; </P>
<P style="margin-left:15%;text-indent:5%;" align=justify>(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an
amount equal to the Severance Factor (as defined in paragraph (v) below) times
Employee&#146;s Base Salary in effect at the time of such termination, less required
tax withholding, to be paid within thirty (30) working days after the date of
termination of employment; and </P>
<P style="margin-left:15%;text-indent:5%;" align=justify>(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an
amount equal to the greater of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="25%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">I. </TD>
    <TD>
      <P align=justify>the Severance Factor times the highest of Employee&#146;s last
      three years&#146; cash bonus; or</P></TD></TR>
  <TR>
    <TD width="25%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="25%" >&nbsp;</TD>
    <TD vAlign=top width="5%">II. </TD>
    <TD>
      <P align=justify>fifteen percent (15%) of Employee&#146;s Base Salary in effect
      at the time of such termination,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 20%" align=justify>less required tax withholding, to be
paid within thirty (30) working days after the date of termination of
employment; </P>
<P style="margin-left:10%;text-indent:5%;" align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Employee or Employee&#146;s legal representative will have up to the earlier of: (A)
ninety (90) days from the effective date of termination of Employee&#146;s employment
for all cases other than the death of Employee and twelve (12) months from the
effective date of termination of Employee&#146;s employment in the case of death of
Employee; and (B) the date on which the exercise period of the particular stock
option expires, to exercise only that portion of the stock options previously
granted to Employee that have not been exercised, but which have vested, and
thereafter Employee&#146;s stock options will expire and Employee or his or her legal
representative will have no further right to exercise the stock options. Subject
to Section 4.1(c), any stock options held by Employee that are not yet vested at
the termination date immediately expire and are cancelled and forfeited to the
Company on the termination date. Any RSUs held by Employee that have vested on
or before the termination date shall be paid (or the shares issuable thereunder issued) to Employee or his or
her legal representative or estate as applicable. Subject to Section 4.1(c), any
RSUs held by Employee that are not vested on or before the termination date will
be immediately cancelled and forfeited to the Company on the termination date.
Subject to Section 4.1(c), the rights of Employee or his or her legal
representative or estate as applicable upon termination in respect of any other
awards granted to Employee under any of the Company&#146;s equity compensation plans
shall be as set forth in such plans or in the award agreement for any such
awards, as applicable; </P>
<P align=right>5 </P>
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<P style="margin-left:10%;text-indent:5%;" align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Upon termination, the Company or its Successor (as defined in Section 4.1(a)),
  agrees to reimburse Employee the full cost of the COBRA continuation rate
  charged for employee and dependent coverage, through the EFRI Health and Welfare
  Plan on a monthly basis, for a period of months equal to twelve times the
  Severance Factor (the &#147;Coverage Period&#148;), beyond Employee&#146;s termination month.
  Employee and his or her dependents may, at their choosing, enroll in the COBRA
  continuation plan through EFRI for the first eighteen months following
  Employee&#146;s termination month or, if they choose, they may enroll in a separate
  plan of their choosing, by using the reimbursement to enroll in medical and
  prescription insurance of their choosing. Reimbursement at the rate described
  herein will continue for the Coverage Period beyond Employee&#146;s termination
  month, but beginning with the nineteenth month, Employee and his or her
  dependents will need to obtain coverage from a different source than the COBRA
  continuation plan through EFRI. The reimbursement will be to Employee and his or
  her dependents directly, will be non-taxable as a reimbursement of cost for
  coverage of the premiums charged by the insurance carriers for the COBRA
  continuation coverage for the current month of reimbursement. The reimbursed
  cost of COBRA coverage will be indexed annually, and will match the rate charged
  for any month of coverage available by the insurance carrier for Medical,
  Dental, and Optical coverage through EFRI for employee and spouse coverage. Both
  Employee and his or her dependents, will have the option of purchasing a medical
plan separate from the plan offered by EFRI; </P>
<P style="margin-left:10%;text-indent:5%;" align=justify>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
nothing herein shall preclude the Company from granting additional severance
benefits to Employee upon termination of employment; and </P>
<P style="margin-left:10%;text-indent:5%;" align=justify>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in
this Agreement, the &#147;Severance Factor&#148; shall mean one and one half (1.5) so long
as Employee is Chief Operating Officer of the Company. If Employee is promoted
to President of the Company by the Board of Directors of the Company, the
Severance Factor shall thereupon become two (2.0) . If Employee is promoted to
President and Chief Executive Officer or Chief Executive Officer of the Company
by the Board of Directors of the Company, the Severance Factor shall thereupon
become two and one half (2.5). </P>
<P align=justify>Notwithstanding the foregoing, in the case of Disability, any
Base Salary payable to Employee during the one hundred and eighty (180) day
period of disability will be reduced by the amount of any disability benefits Employee receives or is entitled to
receive as a result of any disability insurance policies for which the Company
has paid the premiums.</P>
<P align=right>6 </P>
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<P align=justify style="text-indent:5%">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Definition of Just Cause</U>.</P>
<P align=justify>As used in this Agreement, the term &#147;just cause&#148; will mean any
one or more of the following events: </P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; theft, fraud, dishonesty, misappropriation, or
willful misconduct by Employee involving the property, business or affairs of
the Company or the discharge of Employee&#146;s responsibilities or the exercise of
his or her authority; </P>
<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the willful failure by Employee to properly
discharge his or her responsibilities or to adhere to the policies of the
Company after notice by the Company of the failure to do so and an opportunity
for Employee to correct the failure within thirty (30) days from the receipt of
such notice; </P>
<P align=justify style="text-indent:10%">&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Employee&#146;s gross negligence in the discharge of his or her responsibilities or
involving the property, business or affairs of the Company to the material
detriment of the Company; </P>
<P align=justify style="text-indent:10%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee&#146;s conviction of a criminal or other
statutory offence that constitutes a felony or which has a potential sentence of
imprisonment greater than six (6) months or Employee&#146;s conviction of a criminal
or other statutory offence involving, in the sole discretion of the Board of
Directors, moral turpitude; </P>
<P align=justify style="text-indent:10%">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee&#146;s breach of a fiduciary duty owed to
the Company; </P>
<P align=justify style="text-indent:10%">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any breach by Employee of the covenants
contained in Articles V or VI below; </P>
<P align=justify style="text-indent:10%">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee&#146;s refusal to follow the lawful
written direction of the President and Chief Executive Officer of the Company;
</P>
<P align=justify style="text-indent:10%">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any conduct of Employee which, in the opinion
of the Board of Directors, is materially detrimental or embarrassing to the
Company; or </P>
<P align=justify style="text-indent:10%">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any other conduct by Employee that would
constitute &#147;just cause&#148; as that term is defined at law. </P>
<P align=justify>If the parties disagree as to whether the Company had just
cause to terminate the Executive&#146;s employment, the dispute will be submitted to
binding arbitration pursuant to Section 7.9 below. </P>
<P align=justify style="text-indent:5%">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Definition of Disabled</U>. As used herein, &#147;Disabled&#148; shall mean a mental or
physical impairment which, in the reasonable opinion of a qualified doctor
selected by the Company, renders Employee unable, with or without reasonable
accommodation, to perform with reasonable diligence the ordinary functions and duties of
Employee on a full-time basis in accordance with the terms of this Agreement,
which inability continues for a period of not less than 180 consecutive days.
The providing of service to the Company for up to two (2) three (3) day periods
during the one hundred and eighty (180) day period of disability will not affect
the determination as to whether Employee is Disabled and will not restart the
one hundred and eighty (180) day period of disability. If any dispute arises
between the parties as to whether Employee is Disabled, Employee will submit to
an examination by a physician selected by the mutual agreement of the Company
and Employee, at the Company&#146;s expense. The decision of the physician will be
certified in writing to the Company, and will be sent by the Company to Employee
or Employee&#146;s legally authorized representative, and will be conclusive for the
purposes of determining whether Employee is Disabled. If Employee fails to
submit to a medical examination within twenty (20) days after the Company&#146;s
request, Employee will be deemed to have voluntarily terminated his or her
employment. </P>
<P align=right>7 </P>
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<P align=justify style="text-indent:5%">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <U>Return of Materials; Confidential Information</U>. In connection with
  Employee&#146;s separation from employment for any reason, Employee shall return any
  and all physical property belonging to the Company, and all material of whatever
  type containing &#147;Confidential Information&#148; as defined in Section 5.2 below,
  including, but not limited to, any and all documents, whether in paper or
  electronic form, which contain Confidential Information, any customer
  information, production information, manufacturing-related information, pricing
  information, files, memoranda, reports, pass codes/access cards, training or
  other reference manuals, Company vehicle, telephone, gas cards or other Company
  credit cards, keys, computers, laptops, including any computer disks, software,
  facsimile machines, memory devices, printers, telephones, pagers or the like.
</P>
<P align=justify style="text-indent:5%">3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Delivery of Release</U>. Within ten (10) working days after termination of
Employee&#146;s employment, and as a condition for receipt of payments set forth in
Section 3.3(b)(i)(B) and (C), 3(b)(iii), and 4.1(a), the Company shall provide
to Employee, or Employee&#146;s legal representative, a form of written release,
which form shall be satisfactory to the Company and generally consistent with
the form of release used by the Company prior to such termination of employment
(the &#147;Release&#148;) and which shall provide a full release of all claims against the
Company and its corporate affiliates, except where Employee has been named as a
defendant in a legal action arising out of the performance of Employee&#146;s
responsibilities in which case the Release will exempt any claims which Employee
or his or her legal representative or estate may have for indemnity by the
Company with respect to any such legal action. As a condition to the obligation
of the Company to make the payments provided for in such Sections Employee, or
Employee&#146;s legal representative, shall execute and deliver the Release to the
Company within the time periods provided for in said release. </P>
<P align=right>8 </P>
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<P align=center><B>ARTICLE IV <BR>CHANGE OF CONTROL </B></P>
<P align=justify style="text-indent:5%">&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Effect of Change of Control. </U>In the event of a Change of Control of the
Company during the term of this Agreement, or any renewal of this Agreement the
following provisions shall apply: </P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If upon the Change of Control </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">i. </TD>
    <TD>
      <P align=justify>Employee is not retained by the Company or its successor
      (whether direct or indirect, by purchase of assets, merger, consolidation,
      exchange of securities, amalgamation, arrangement or otherwise) to all or
      substantially all of the business and/or assets of the Company
      (&#147;Successor&#148;) on the same terms and conditions as set out in this
      Agreement and in circumstances that would not constitute Good Reason
      (where Good Reason is determined by reference to Employee&#146;s employment
      status prior to the Change of Control and prior to any other event that
      could constitute Good Reason); and/or</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">ii. </TD>
    <TD>
      <P align=justify>any such Successor does not, by agreement in form and
      substance satisfactory to Employee, expressly assume and agree to perform
      this Agreement in the same manner and to the same extent that the Company
      would be required to perform it if no such succession had taken
    place,</P></TD></TR></TABLE>
<P align=justify>then Employee shall be deemed to be terminated without just
cause upon such Change of Control and shall be entitled to the compensation and
all other rights specified in Article III in the same amount and on the same
terms as if terminated without just cause as set out therein, subject to the
additional rights set out in paragraph (c) below; </P>
<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All rights of Employee in this Agreement,
including without limitation all rights to severance and other rights upon a
termination with or without cause, with or without Good Reason, upon a
disability or upon death under Article III of this Agreement shall continue
after a Change of Control in the same manner as before the Change of Control,
subject to the additional rights set out in paragraph (c) below; </P>
<P align=justify style="text-indent:10%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if,</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">i. </TD>
    <TD>
      <P align=justify>there is a deemed termination without cause under Section
      4.1(a); or</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">ii. </TD>
    <TD>
      <P align=justify>within twelve (12) months following the effective date of
      the Change of Control, the Company, or its successor, terminates the
      employment of Employee without just cause or by reason of Disability, or
      Employee terminates his or her employment under this Agreement for Good
      Reason, then, in addition to the other rights Employee has under this
Agreement, and notwithstanding any other provision in this Agreement, all of the
stock options previously granted to Employee that have neither vested nor
expired will automatically vest and become immediately exercisable, any period
of restriction and other restrictions imposed on all RSUs shall lapse, and all
RSUs shall be immediately settled and payable, and all other securities awarded
shall vest and/or accelerate in accordance with Article 16 of the EFI Omnibus
Equity Incentive Plan or the comparable provisions of any other equity incentive
plan under which such securities may have been issued. Employee will have ninety
(90) days from the effective date of the termination of Employee&#146;s employment to
exercise any stock options which had vested as of the effective date of
termination and thereafter Employee&#146;s stock options will expire and Employee
will have no further right to exercise the stock options. </P></TD></TR></TABLE>
<P align=right>9 </P>
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<P align=justify style="text-indent:5%">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Definitions of Change of Control and Good Reason</U>. For the purposes of
this Agreement, </P>
<P align=justify style="text-indent:10%">&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Change of Control&#148; will mean the happening of any of the following events: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any transaction at any time and by whatever means
      pursuant to which (A) EFI goes out of existence by any means, except for
      any corporate transaction or reorganization in which the proportionate
      voting power among holders of securities of the entity resulting from such
      corporate transaction or reorganization is substantially the same as the
      proportionate voting power of such holders of EFI voting securities
      immediately prior to such corporate transaction or reorganization or (B)
      any Person (as defined in the <I>Securities Act </I>(Ontario)) or any
      group of two or more Persons acting jointly or in concert (other than EFI,
      a wholly-owned Subsidiary of EFI, an employee benefit plan of EFI or of
      any of its wholly-owned Subsidiaries (as defined in the <I>Securities Act
      </I>(Ontario)), including the trustee of any such plan acting as trustee)
      hereafter acquires the direct or indirect &#147;beneficial ownership&#148; (as
      defined by the <I>Business Corporations Act </I>(Ontario)) of, or acquires
      the right to exercise control or direction over, securities of EFI
      representing 50% or more of EFI&#146;s then issued and outstanding securities
      in any manner whatsoever, including, without limitation, as a result of a
      take-over bid, an exchange of securities, an amalgamation of EFI with any
      other entity, an arrangement, a capital reorganization or any other
      business combination or reorganization;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the sale, assignment or other transfer of all or
      substantially all of the assets of EFI in one or a series of transactions,
      whether or not related, to a Person or any group of two or more Persons
      acting jointly or in concert, other than a wholly-owned Subsidiary of
      EFI;</P></TD></TR></TABLE>
<P align=right>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>

  <TR vAlign=top>
    <TD width="15%" ></TD>
    <TD align=left width="5%">(iii) </TD>
    <TD align=left>
      <P align=justify>the dissolution or liquidation of EFI except in
      connection with the distribution of assets of EFI to one or more Persons
      which were wholly- owned Subsidiaries of EFI immediately prior to such
      event; </P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="15%"></TD>
    <TD align=left width="5%">(iv) </TD>
    <TD align=left>
      <P align=justify>the occurrence of a transaction requiring approval of
      EFI&#146;s shareholders whereby EFI is acquired through consolidation, merger,
      exchange of securities, purchase of assets, amalgamation, arrangement or
      otherwise by any other Person (other than a short form amalgamation or
      exchange of securities with a wholly-owned Subsidiary of EFI); </P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="15%"></TD>
    <TD align=left width="5%">(v) </TD>
    <TD align=left>
      <P align=justify>an event set forth in (i), (ii), (iii) or (iv) has
      occurred with respect to EFRI or any of its direct or indirect parent
      companies, in which case the term &#147;EFI&#148; in those paragraphs will be read
      to mean &#147;EFRI or such parent company&#148; and the phrase &#147;wholly-owned
      Subsidiary(ies)&#148; will be read to mean &#147; Affiliate(s) or wholly-owned
      Subsidiary(ies)&#148;; or </P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="15%"></TD>
    <TD align=left width="5%">(vi) </TD>
    <TD align=left>
      <P align=justify>the Board of Directors of the Company passes a resolution
      to the effect that, an event set forth in (i), (ii), (iii), (iv) or (v)
      above has occurred. </P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;Good Reason&#148; means, without the written
agreement of Employee: </P>
<P style="margin-left:10%;text-indent:5%;" align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; there is a material reduction or diminution in
the level of responsibility, or office of Employee, provided that before any
claim of material reduction or diminution of responsibility may be relied upon
by Employee, Employee must have provided written notice to Employee&#146;s supervisor
and the EFI&#146;s Board of Directors of the alleged material reduction or diminution
of responsibility and have given EFI at least thirty (30) calendar days within
which to cure the alleged material reduction or diminution of responsibility;
</P>
<P style="margin-left:10%;text-indent:5%;" align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is a reduction in the compensation level
of Employee, taken as a whole, of more than five (5) percent; </P>
<P style="margin-left:10%;text-indent:5%;" align=justify>
(iii)&nbsp;&nbsp;&nbsp;&nbsp;there is a proposed, forced relocation of Employee
to another geographic location greater than fifty (50) miles from Employee&#146;s
office location at the time a move is requested after a Change of Control; or
</P>
<P style="margin-left:10%;text-indent:5%;" align=justify>
(iv)&nbsp;&nbsp;&nbsp; notice is not given by March 3, 2018 that Employee will
be promoted to Chief Executive Officer of the Company. </P>
<P align=center><B>ARTICLE V <BR>CONFIDENTIALITY</B> </P>
<P align=justify style="text-indent:5%">&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Position of Trust and Confidence. </U>Employee acknowledges that in the
course of discharging his or her responsibilities, he or she will occupy a
position of trust and confidence with respect to the affairs and business of the
Company and its customers and clients, and that he or she will have access to
and be entrusted with detailed confidential information concerning the present
and contemplated mining and exploration projects, prospects, and opportunities
of the Company. Employee acknowledges that the disclosure of any such
confidential information to the competitors of the Company or to the general
public would be highly detrimental to the best interests of the Company.
Employee further acknowledges and agrees that the right to maintain such
detailed confidential information constitutes a proprietary right which the
Company is entitled to protect. </P>
<P align=right>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="text-indent:5%">&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <U>Definition of Confidential Information</U>. In this Agreement, &#147;Confidential
  Information&#148; means any information disclosed by or on behalf of the Company to
  Employee or developed by Employee in the performance of his or her
  responsibilities at any time before or after the execution of this Agreement,
  and includes any information, documents, or other materials (including, without
  limitation, any drawings, notes, data, reports, photographs, audio and/or video
  recordings, samples and the like) relating to the business or affairs of the
  Company or its respective customers, clients or suppliers that is confidential
or proprietary, whether or not such information: </P>
<P align=justify style="text-indent:10%">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is reduced to writing; </P>
<P align=justify style="text-indent:10%">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;was created or originated by an employee; or
</P>
<P align=justify style="text-indent:10%">&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;is
designated or marked as &#147;Confidential&#148; or &#147;Proprietary&#148; or some other
designation or marking.</P>
<P align=justify>The Confidential Information includes, but is not limited to,
the following categories of information relating to the Company: </P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; information concerning the present and
contemplated mining, milling, processing and exploration projects, prospects and
opportunities, including joint venture projects, of the Company; </P>
<P align=justify style="text-indent:10%">&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
information concerning the application for permitting and eventual development
or construction of the Company&#146;s properties, the status of regulatory and
environmental matters, the compliance status with respect to licenses, permits,
laws and regulations, property and title matters and legal and litigation
matters;</P>
<P align=justify style="text-indent:10%">&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
information of a technical nature such as ideas, discoveries, inventions,
improvements, trade secrets, now-how, manufacturing processes, specifications,
writings and other works of authorship; </P>
<P align=justify style="text-indent:10%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; financial and business information such as the
Company&#146;s business and strategic plans, earnings, assets, debts, prices, pricing
structure, volume of purchases or sales, production, revenue and expense
projections, historical financial statements, financial projections and budgets,
historical and projected sales, capital spending budgets and plans, or other
financial data whether related to the Company&#146;s business generally, or to
particular products, services, geographic areas, or time periods; </P>
<P align=justify style="text-indent:10%">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; supply and service information such as goods
and services suppliers&#146; names or addresses, terms of supply or service contracts of
particular transactions, or related information about potential suppliers to the
extent that such information is not generally known to the public, and to the
extent that the combination of suppliers or use of a particular supplier,
although generally known or available, yields advantages to the Company, the
details of which are not generally known; </P>
<P align=right>12 </P>
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<P align=justify style="text-indent:10%">&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  marketing information, such as details about ongoing or proposed marketing
  programs or agreements by or on behalf of the Company, sales forecasts or
results of marketing efforts or information about impending transactions; </P>
<P align=justify style="text-indent:10%">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; personnel information relating to employees,
contractors, or agents, such as personal histories, compensation or other terms
of employment or engagement, actual or proposed promotions, hirings,
resignations, disciplinary actions, terminations or reasons therefor, training
methods, performance, or other employee information; </P>
<P align=justify style="text-indent:10%">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; customer information, such as any compilation
of past, existing or prospective customer&#146;s names, addresses, backgrounds,
requirements, records of purchases and prices, proposals or agreements between
customers and the Company, status of customer accounts or credit, or related
information about actual or prospective customers; </P>
<P align=justify style="text-indent:10%">&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
computer software of any type or form and in any stage of actual or anticipated
development, including but not limited to, programs and program modules,
routines and subroutines, procedures, algorithms, design concepts, design
specifications (design notes, annotations, documentation, float charts, coding
sheets, and the like), source codes, object code and load modules, programming,
program patches and system designs; and </P>
<P align=justify style="text-indent:10%">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all information which becomes known to the
Executive as a result of the Executive&#146;s employment by the Company, which the
Executive acting reasonably, believes or ought to believe is confidential or
proprietary information from its nature and from the circumstances surrounding
its disclosure to the Executive. </P>
<P align=justify style="text-indent:5%">&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Non-Disclosure</U>. Employee, both during his or her employment and for a
period of five (5) years after the termination of his or her employment
irrespective of the time, manner or cause of termination, will: </P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; retain in confidence all of the Confidential
Information; </P>
<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; refrain from disclosing to any person
including, but not limited to, customers and suppliers of the Company, any of
the Confidential Information except for the purpose of carrying out Employee&#146;s
responsibilities with the Company, and </P>
<P align=justify style="text-indent:10%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; refrain from directly or indirectly using or
attempting to use such Confidential Information in any way, except for the
purpose of carrying out Employee&#146;s responsibilities with the Company. </P>
<P align=justify>Employee shall deliver promptly to the Company, at the
termination of Employee&#146;s employment, or at any other time at the Company&#146;s request, without
retaining any copies, all documents and other material in Employee&#146;s possession
relating, directly or indirectly, to any Confidential Information. </P>
<P align=right>13 </P>
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<P align=justify>It is understood that should Employee be subject to subpoena or
  other legal process to seek the disclosure of such Confidential Information,
  Employee will advise the Company of such process and provide the Company with
the necessary information to seek to protect the Confidential Information. </P>
<P align=center><B>ARTICLE VI <BR>NON-COMPETITION AND NON-SOLICITATION </B></P>
<P align=justify style="text-indent:5%">&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Non-Competition</U>. Employee acknowledges that Employee&#146;s services are
unique and extraordinary. The Executive also acknowledges that Employee&#146;s
position will give Employee access to confidential information of substantial
importance to the Company and its business. During the &#147;Non-Competition Period&#148;
(as defined below) Employee will not, whether individually or in partnership or
jointly or in conjunction with any other person, perform services for a
competing business, or establish, control, or own a beneficial interest in, any
business in North America that competes with the Company (other than owning a
beneficial interest in less than 1% of the outstanding shares of a publicly
traded company), without the prior written approval of the Company. The
Non-Competition Period will commence on the Effective Date and end twelve (12)
months after the effective date of the termination of Employee&#146;s employment
irrespective of the time, manner or cause of termination. </P>
<P align=justify style="text-indent:5%">&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Non-Solicitation</U>. Employee agrees that during the Non-Competition Period,
Employee will not, either individually or in partnership or jointly or in
conjunction with any other person, entity or organization, as principal, agent,
consultant, contractor, employer, employee or in any other manner, directly or
indirectly: </P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; solicit business from any customer, client or
business relation of the Company, or prospective customer, client or business
relation that the Company was actively soliciting, whether or not Employee had
direct contact with such customer, client or business relation, for the benefit
or on behalf of any person, firm or corporation operating a business which
competes with the Company, or attempt to direct any such customer, client or
business relation away from the Company or to discontinue or alter any one or
more of their relationships with the Company, or </P>
<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; hire or offer to hire or entice away or in any
other manner persuade or attempt to persuade any officer, employee, consultant,
independent contractor, agent, licensee, supplier, or business relation of the
Company to discontinue or alter any one of their relationships with the Company.
</P>
<P align=justify style="text-indent:5%">&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Remedies for Breach of Restrictive Covenants</U>. Employee acknowledges that
in connection with Employee&#146;s employment he or she will receive or will become
eligible to receive substantial benefits and compensation. Employee acknowledges
that Employee&#146;s employment by the Company and all compensation and benefits from
such employment will be conferred by the Company upon Employee only because and on the
condition of Employee&#146;s willingness to commit Employee&#146;s best efforts and
loyalty to the Company, including protecting the Company&#146;s confidential
information and abiding by the non-competition and non-solicitation covenants
contained in this Agreement. Employee understands that his obligations set out
in Article V and this Article VI will not unduly restrict or curtail Employee&#146;s
legitimate efforts to earn a livelihood following any termination of his or her
employment with the Company. Employee agrees that the restrictions contained in
Article V and this Article VI are reasonable and valid and all defenses to the
strict enforcement of these restrictions by the Company are waived by Employee.
Employee further acknowledges that a breach or threatened breach by Employee of
any of the provisions contained in Article V or this Article VI would cause the
Company irreparable harm which could not be adequately compensated in damages
alone. Employee further acknowledges that it is essential to the effective
enforcement of this Agreement that, in addition to any other remedies to which
the Company may be entitled at law or in equity or otherwise, the Company will
be entitled to seek and obtain, in a summary manner, from any Court having
jurisdiction, interim, interlocutory, and permanent injunctive relief, specific
performance and other equitable remedies, without bond or other security being
required. In addition to any other remedies to which the Company may be entitled
at law or in equity or otherwise, in the event of a breach of any of the
covenants or other obligations contained in this Agreement, the Company will be
entitled to an accounting and repayment of all profits, compensation, royalties,
commissions, remuneration or benefits which Employee directly or indirectly, has
realized or may realize relating to, arising out of, or in connection with any
such breach. Should a court of competent jurisdiction declare any of the
covenants set forth in Article V or this Article VI unenforceable, the court
shall be empowered to modify and reform such covenants so as to provide relief
reasonably necessary to protect the interests of the Company and Employee and to
award injunctive relief, or damages, or both, to which the Company may be
entitled. </P>
<P align=right>14 </P>
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<P align=center><B>ARTICLE VII <BR>
GENERAL PROVISIONS</B> </P>
<P align=justify style="text-indent:5%">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Governing Law</U>. This Agreement shall be governed by and construed in
accordance with the laws of the state of Colorado. </P>
<P align=justify style="text-indent:5%">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Assignability</U>. This Agreement is personal to Employee and without the
prior written consent of the Company shall not be assignable by Employee other
than by will or the laws of descent and distribution. This Agreement shall inure
to the benefit of and be enforceable by Employee&#146;s legal representatives and
heirs. This Agreement shall also inure to the benefit of and be binding upon the
Company and its successors and assigns.</P>
<P align=justify style="text-indent:5%">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Withholding</U>. The Company may withhold from any amounts payable under this
Agreement such federal, state or local taxes as shall be required to be withheld
pursuant to any applicable law or regulation. </P>
<P align=justify style="text-indent:5%">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Entire Agreement; Amendment</U>. This Agreement constitutes the entire
agreement and understanding between Employee and the Company with respect to the
subject matter hereof and, except as otherwise expressly provided herein,
supersedes any prior agreements or understandings, whether written or oral, with respect to the
subject matter hereof, including without limitation all employment, severance or
change of control agreements previously entered into between Employee and Energy
Fuels. Except as may be otherwise provided herein, this Agreement may not be
amended or modified except by subsequent written agreement executed by both
parties hereto. </P>
<P align=right>15 </P>
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<P align=justify style="text-indent:5%">7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Multiple Counterparts</U>. This Agreement may be executed in multiple
counterparts, each of which shall constitute an original, but all of which
together shall constitute one Agreement. </P>
<P align=justify style="text-indent:5%">7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Notices</U>. Any notice provided for in this Agreement shall be deemed
delivered upon deposit in the United States mails, registered or certified mail,
addressed to the party to whom directed at the addresses set forth below or at
such other addresses as may be substituted therefor by notice given hereunder.
Notice given by any other means must be in writing and shall be deemed delivered
only upon actual receipt. </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="95%">If to the Company: </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="95%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;c/o Energy Fuels Resources (USA) Inc. </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="95%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;225 Union Blvd., Suite 600 </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="95%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Lakewood, CO 80228 </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="95%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Attention: President and Chief Executive
      Officer </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="95%">If to Employee: </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="95%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Mark Chalmers </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="95%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;63 Cambridge Tce </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="95%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Malvern South Australia </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="95%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Australia </TD></TR></TABLE>
<P align=justify style="text-indent:5%">7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Waiver</U>. The waiver of any breach of any term or condition of this
Agreement shall not be deemed to constitute the waiver of any other breach of
the same or any other term or condition of this Agreement. </P>
<P align=justify style="text-indent:5%">7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Severability</U>. In the event any provision of this Agreement is found to be
unenforceable or invalid, such provision shall be severable from this Agreement
and shall not affect the enforceability or validity of any other provision of
this Agreement. If any provision of this Agreement is capable of two
constructions, one of which would render the provision void and the other that
would render the provision valid, then the provision shall have the construction
that renders it valid.. </P>
<P align=justify style="text-indent:5%">7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Arbitration of Disputes</U>. Except for disputes and controversies arising
under Articles V or VI or involving equitable or injunctive relief, any dispute
or controversy arising under or in connection with this Agreement shall be
conducted in accordance with the Colorado Rules of Civil Procedure and, unless
the parties mutually agree on an arbitrator shall be arbitrated by striking from a list of potential arbitrators
provided by the Judicial Arbiter Group in Denver, Colorado. If the parties are
unable to agree on an arbitrator, the arbitrator will be selected from a list of
seven (7) potential arbitrators provided by the Judicial Arbiter Group in
Denver. The Company and Employee will flip a coin to determine who will make the
first strike. The parties will then alternate striking from the list until there
is one arbitrator remaining, who will be the selected arbitrator. Unless the
parties otherwise agree and subject to the availability of the arbitrator, the
arbitration will be heard within sixty (60) days following the appointment, and
the decision of the arbitrator shall be binding on Employee and the Company and
will not be subject to appeal. Judgment may be entered on the arbitrator&#146;s award
in any court having jurisdiction. </P>
<P align=right>16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="text-indent:5%">7.10&nbsp;&nbsp;&nbsp;&nbsp;
  <U>Currency</U>. Except as expressly provided in this Agreement, all amounts in
this Agreement are stated and shall be paid in United States dollars ($US). </P>
<P align=justify style="text-indent:5%">7.11&nbsp;&nbsp;&nbsp;&nbsp;
<U>Company&#146;s Maximum Obligations</U>. The compensation set out in this Agreement
represents the Company&#146;s maximum obligations, and other than as set out herein,
Employee will not be entitled to any other compensation, rights or benefits in
connection with Employee&#146;s employment or the termination of Employee&#146;s
employment.</P>
<P align=justify style="text-indent:5%">7.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Full Payment; No Mitigation Obligation</U>.
The Company&#146;s obligation to make the payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall be subject to any set-off,
counterclaim, recoupment, defense or other claim, right or action which the
Company may have against Employee. </P>
<P align=right>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="text-indent:5%">IN WITNESS WHEREOF, the parties have executed this Agreement as
of the Effective Date. </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>ENERGY FUELS INC. </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%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="90%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp;</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>ENERGY FUELS RESOURCES (USA) INC. </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%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="90%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="90%">Mark Chalmers </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="90%">&nbsp;</TD></TR></TABLE></DIV>
<P align=right>18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>EXHIBIT A </P>
<P align=center>JOB DESCRIPTION </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>TITLE: CHIEF OPERATING OFFICER </TD>
    <TD align=left width="50%">REPORTS TO: CEO </TD></TR>
  <TR vAlign=top>
    <TD align=left>DEPARTMENT: OPERATIONS </TD>
    <TD align=left width="50%">EXEMPT </TD></TR></TABLE>
<P align=justify>GENERAL PURPOSE: </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%"  ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>The COO supports the Company&#146;s CEO, focusing on the
      establishment and optimization of the day to day operations of the
      Company. Responsibilities include setting monthly production goals
      following input from sales and financial departments, and developing and
      monitoring production budgets for CEO and Board approval. Assists CEO and
      CFO on operational issues related to mergers and acquisitions. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>This position will be responsible for all mining
      operations (conventional, ISR and heap leach) as well as milling
      operations. The Chief Operating Officer will have full P&amp;L
      responsibility for all operations in Energy Fuels.
</P></TD></TR></TABLE>
<P align=justify>ESSENTIAL DUTIES/RESPONSIBILITIES:</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 >&#149; </TD>
    <TD align=left width="90%">ENSURE THAT HEALTH AND SAFETY AT OUR SITES IS A
      PRIORITY </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Direct the leaders of conventional mining &amp;
      milling and ISR operations </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Direct the company&#146;s Technical Services
      function </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Ensure that environmental stewardship is a key
      component of EFR&#146;s operating philosophy </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Ensure production is sufficient to meet current
      and long-term contracts </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Responsible for overall costs of production to
      ensure that they are within the Board approved budget </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Ensure that all mining and milling operations
      are in compliance with all government regulations </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Establish a culture of best practices for all
      company operations </TD></TR></TABLE>
<P align=justify>This position will be located in the Lakewood office, with
travel to other Company offices as required.</P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>exhibit31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 31.1 - 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>
<P align=right><B>EXHIBIT 31.1 </B></P>
<P align=center><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER <BR>PURSUANT TO RULE
13a-14(a) OF THE <BR></B><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=justify>I, Stephen P. Antony, certify that:</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>I have reviewed this quarterly report on Form 10-Q of
      Energy Fuels Inc.;</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 my knowledge, this report does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading with respect to the period
      covered by this report;</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>Based on my knowledge, the financial statements, and
      other financial information included in this report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the registrant as of, and for, the periods presented in this
      report;</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 registrant's other certifying officer and I are
      responsible for establishing and maintaining disclosure controls and
      procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
      internal control over financial reporting (as defined in Exchange Act
      Rules 13a-15(f) and 15d-15(f)) for the registrant and
  have:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Designed such disclosure controls and procedures, or
      caused such disclosure controls and procedures to be designed under our
      supervision, to ensure that material information relating to the
      registrant, including its consolidated subsidiaries, is made known to us
      by others within those entities, particularly during the period in which
      this report is being prepared;</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>Designed such internal control over financial reporting,
      or caused such internal control over financial reporting to be designed
      under our supervision, to provide reasonable assurance regarding the
      reliability of financial reporting and the preparation of financial
      statements for external purposes in accordance with generally accepted
      accounting principles;</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>Evaluated the effectiveness of the registrant's
      disclosure controls and procedures and presented in this report our
      conclusions about the effectiveness of the disclosure controls and
      procedures, as of the end of the period covered by this report based on
      such evaluation; 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>Disclosed in this report any change in the registrant's
      internal control over financial reporting that occurred during the
      registrant's most recent fiscal quarter (the registrant's fourth fiscal
      quarter in the case of an annual report) that has materially affected, or
      is reasonably likely to materially affect, the registrant's internal
      control over financial reporting; and</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>The registrant's other certifying officer and I have
      disclosed, based on our most recent evaluation of internal control over
      financial reporting, to the registrant's auditors and the audit committee
      of the registrant's board of directors (or persons performing the
      equivalent functions):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>All significant deficiencies and material weaknesses in
      the design or operation of internal control over financial reporting which
      are reasonably likely to adversely affect the registrant's ability to
      record, process, summarize and report financial information; 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>Any fraud, whether or not material, that involves
      management or other employees who have a significant role in the
      registrant's internal control over financial
reporting.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">/s/ Stephen
      P. Antony </TD></TR>

  <TR vAlign=top>
    <TD align=left>Date: May 5, 2016 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="50%">Stephen
      P. Antony </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%"><I>Chief Executive Officer</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">(Principal Executive Officer)
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>exhibit31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 31.2 - 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>
<P align=right><B>EXHIBIT 31.2 </B></P>
<P align=center><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER <BR>PURSUANT TO RULE
13a-14(a) OF THE <BR></B><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=justify>I, Daniel G. Zang, certify that:</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>I have reviewed this quarterly report on Form 10-Q of
      Energy Fuels Inc.;</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 my knowledge, this report does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading with respect to the period
      covered by this report;</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>Based on my knowledge, the financial statements, and
      other financial information included in this report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the registrant as of, and for, the periods presented in this
      report;</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 registrant's other certifying officer and I are
      responsible for establishing and maintaining disclosure controls and
      procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
      internal control over financial reporting (as defined in Exchange Act
      Rules 13a-15(f) and 15d-15(f)) for the registrant and
  have:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Designed such disclosure controls and procedures, or
      caused such disclosure controls and procedures to be designed under our
      supervision, to ensure that material information relating to the
      registrant, including its consolidated subsidiaries, is made known to us
      by others within those entities, particularly during the period in which
      this report is being prepared;</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>Designed such internal control over financial reporting,
      or caused such internal control over financial reporting to be designed
      under our supervision, to provide reasonable assurance regarding the
      reliability of financial reporting and the preparation of financial
      statements for external purposes in accordance with generally accepted
      accounting principles;</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>Evaluated the effectiveness of the registrant's
      disclosure controls and procedures and presented in this report our
      conclusions about the effectiveness of the disclosure controls and
      procedures, as of the end of the period covered by this report based on
      such evaluation; 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>Disclosed in this report any change in the registrant's
      internal control over financial reporting that occurred during the
      registrant's most recent fiscal quarter (the registrant's fourth fiscal
      quarter in the case of an annual report) that has materially affected, or
      is reasonably likely to materially affect, the registrant's internal
      control over financial reporting; and</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>The registrant's other certifying officer and I have
      disclosed, based on our most recent evaluation of internal control over
      financial reporting, to the registrant's auditors and the audit committee
      of the registrant's board of directors (or persons performing the
      equivalent functions):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>All significant deficiencies and material weaknesses in
      the design or operation of internal control over financial reporting which
      are reasonably likely to adversely affect the registrant's ability to
      record, process, summarize and report financial information; 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>Any fraud, whether or not material, that involves
      management or other employees who have a significant role in the
      registrant's internal control over financial
reporting.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none #000000; " align=left width="50%">/s/ Daniel G.
      Zang </TD></TR>

  <TR vAlign=top>
    <TD align=left>Date: May 5, 2016 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="50%">Daniel G.
      Zang </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%"><I>Chief Financial Officer</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">(Principal Financial Officer)
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>exhibit32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 32.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>EXHIBIT 32.1 </B></P>
<P align=center><B>CERTIFICATION PURSUANT TO <BR>18 U.S.C. &#167;1350 <BR>AS ADOPTED
PURSUANT TO <BR></B><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </B></P>
<P align=justify style="text-indent:5%">In connection with the Quarterly Report of Energy Fuels Inc.
(the "Company") on Form 10-Q for the period ended March 31, 2016 as filed with
the Securities and Exchange Commission on the date hereof (the "Report"), I,
Stephen P. Antony, Chief Executive Officer, certify, pursuant to 18 U.S.C.
&#167;1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
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%">(1) </TD>
    <TD>
      <P align=justify>The Report fully complies with the requirements of
      Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
  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%">(2) </TD>
    <TD>
      <P align=justify>The information contained in the Report fairly presents,
      in all material respects, the financial condition and results of
      operations of the Company.</P></TD></TR></TABLE><BR>
<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 style="BORDER-TOP: medium none #000000; " align=left>/s/ Stephen P. Antony
  </TD></TR>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>Stephen P. Antony
  </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>Chief Executive Officer</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Principal Executive Officer) </TD></TR></TABLE></DIV>
<P align=justify>Date: May 5, 2016</P>
<P align=justify>A signed original of this written statement required by Section
906, or other document authenticating, acknowledging, or otherwise adopting the
signature that appears in typed form within the electronic version of this
written statement required by Section 906, has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange
Commission or its staff upon request.</P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>exhibit32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 32.2 - 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=right><B>EXHIBIT 32.2 </B></P>
<P align=center><B>CERTIFICATION PURSUANT TO <BR>18 U.S.C. &#167;1350 <BR>AS ADOPTED
PURSUANT TO <BR></B><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </B></P>
<P align=justify style="text-indent:5%">In connection with the Quarterly Report of Energy Fuels Inc.
(the "Company") on Form 10-Q for the period ended March 31, 2016 as filed with
the Securities and Exchange Commission on the date hereof (the "Report"), I,
Daniel G. Zang, Chief Financial Officer, certify, pursuant to 18 U.S.C. &#167;1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 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%">(1) </TD>
    <TD>
      <P align=justify>The Report fully complies with the requirements of
      Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
  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%">(2) </TD>
    <TD>
      <P align=justify>The information contained in the Report fairly presents,
      in all material respects, the financial condition and results of
      operations of the Company.</P></TD></TR></TABLE><BR>
<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 style="BORDER-TOP: medium none #000000; " align=left>/s/ Daniel G. Zang </TD></TR>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>Daniel G. Zang </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>Chief Financial Officer</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Principal Financial Officer) </TD></TR></TABLE></DIV>
<P align=justify>Date: May 5, 2016</P>
<P align=justify>A signed original of this written statement required by Section
906, or other document authenticating, acknowledging, or otherwise adopting the
signature that appears in typed form within the electronic version of this
written statement required by Section 906, has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange
Commission or its staff upon request. </P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-95.1
<SEQUENCE>7
<FILENAME>exhibit95-1.htm
<DESCRIPTION>EXHIBIT 95.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 95.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
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<P align=right><B>Exhibit 95.1 </B></P>
<P align=center><B>Mine Safety Disclosure</B> </P>
<P align=justify>Pursuant to Section 1503(a) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (the &#147;Dodd-Frank Act&#148;), issuers that
are operators, or that have a subsidiary that is an operator, of a coal or other
mine in the United States, and that is subject to regulation by the Federal Mine
Safety and Health Administration under the Mine Safety and Health Act of 1977
(&#147;Mine Safety Act&#148;), are required to disclose in their periodic reports filed
with the SEC information regarding specified health and safety violations,
orders and citations, related assessments and legal actions, and mining-related
fatalities.</P>
<P align=justify>The following table sets out the information concerning mine
safety violations or other regulatory matters required by Section 1503(a) of the
Dodd Frank Wall Street Reform and Consumer Protection Act for the period January
1, 2016 through March 31, 2016 covered by this report: </P>
<DIV>
<TABLE
style="FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse"
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap
      align=left><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><B>Property</B> </TD>
    <TD noWrap align=center width="8%"><BR><BR><BR><BR><BR><BR><B>Section</B>
      <BR><B>104(a)</B> <BR><B>S&amp;S</B>
      <BR><B>Citations<SUP>2</SUP></B> <BR><B>(#)</B> </TD>
    <TD noWrap align=center
      width="8%"><BR><BR><BR><BR><BR><BR><BR><B>Section</B> <BR><B>104(b)</B>
      <BR><B>Orders<SUP>3</SUP></B> <BR><B>(#)</B> </TD>
    <TD noWrap align=center width="8%"><BR><BR><BR><BR><BR><B>Section</B>
      <BR><B>104(d)</B> <BR><B>Citations</B> <BR><B>and</B>
      <BR><B>Orders<SUP>4</SUP></B> <BR><B>(#)</B> </TD>
    <TD noWrap align=center
      width="8%"><BR><BR><BR><BR><BR><BR><BR><B>Section</B> <BR><B>110(b)(2)</B>
      <BR><B>Violations<SUP>5 </SUP></B><BR><B>(#)</B> </TD>
    <TD noWrap align=center
      width="8%"><BR><BR><BR><BR><BR><BR><BR><B>Section</B> <BR><B>107(a)</B>
      <BR><STRONG>Orders<SUP>6</SUP></STRONG> <BR><B>(#)</B> </TD>
    <TD noWrap align=center width="8%"><BR><BR><BR><B>Total</B>
      <BR><B>Dollar</B> <BR><B>Value of</B> <BR><B>MSHA</B> <BR><B>Assess-</B>
      <BR><B>ments</B> <BR><B>Proposed<SUP>7</SUP></B> <BR><B>($)</B> </TD>
    <TD noWrap align=center width="8%"><BR><BR><BR><BR><B>Total</B>
      <BR><B>Number</B> <BR><B>of</B> <BR><B>Mining</B> <BR><B>Related</B>
      <BR><B>Fatalities</B> <BR><B>(#)</B> </TD>
    <TD noWrap align=center width="8%"><B>Received</B> <BR><B>Notice of</B>
      <BR><B>Pattern of</B> <BR><B>Violations</B> <BR><B>or</B>
      <BR><B>Potential</B> <BR><B>Thereof</B> <BR><B>Under</B>
      <BR><B>Section</B> <BR><B>104(e)<SUP>8</SUP></B>
      <BR><B>(yes/no)</B> </TD>
    <TD noWrap align=center width="8%"><BR><BR><BR><B>Legal</B>
      <BR><B>Actions</B> <BR><B>Pending</B> <BR><B>as of</B> <BR><B>Last</B>
      <BR><B>Day of</B> <BR><B>Period<SUP>9</SUP></B> <BR><B>(#)</B> </TD>
    <TD noWrap align=center width="8%"><BR><BR><BR><BR><BR><B>Legal</B>
      <BR><B>Actions</B> <BR><B>Initiated </B><BR><B>During</B>
      <BR><B>Period</B> <BR><B>(#)</B> </TD>
    <TD noWrap align=center width="8%"><BR><BR><BR><BR><BR><B>Legal</B>
      <BR><B>Actions</B> <BR><STRONG>Resolved</STRONG> <BR><B>During</B>
      <BR><B>Period</B> <BR><B>(#)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Arizona 1 </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">$0.00 </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">No </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Beaver/ La Sal<SUP>1</SUP> </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">$0.00 </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">No </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Canyon<SUP>1</SUP> </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">$800.00 </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">No </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Daneros<SUP>1</SUP> </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">$0.00 </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">No </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Energy Queen<SUP>1</SUP> </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">$0.00 </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">No </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pandora<SUP>1</SUP> </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">$0.00 </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">No </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pinenut </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">$0.00 </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">No </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Rim<SUP>1</SUP> </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">$0.00 </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">No </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tony M<SUP>1</SUP> </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">$0.00 </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">No </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Whirlwind<SUP>1</SUP> </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">$0.00 </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">No </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </TD>
    <TD align=center width="8%">Nil </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 Company&#146;s Arizona 1, Beaver/La Sal Property, Daneros
      Project, Energy Queen Property, Pandora Property, Rim Project, Tony M
      Property and Whirlwind Project were each on standby and were not mined
      during the period.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Citations and Orders are issued under Section 104 of the
      Federal Mine Safety and Health Act of 1977 (30 U.S.C. 814) (the &#147;Act&#148;) for
      violations of the Act or any mandatory health or safety standard, rule,
      order or regulation promulgated under the Act. A Section 104(a)
      &#147;Significant and Substantial&#148; or &#147;S&amp;S&#148; citation is considered more
      severe than a non-S&amp;S citation and generally is issued in a situation
      where the conditions created by the violation do not cause imminent
      danger, but the violation is of such a nature as could significantly and
      substantially contribute to the cause and effect of a mine safety or
      health hazard. It should be noted that, for purposes of this table,
      S&amp;S citations that are included in another column, such as Section
      104(d) citations, are not also included as Section 104(a) S&amp;S
      citations in this column.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>A Section 104(b) withdrawal order is issued if, upon a
      follow up inspection, an MSHA inspector finds that a violation has not
      been abated within the period of time as originally fixed in the violation
      and determines that the period of time for the abatement should not be
      extended. Under a withdrawal order, all persons, other than those required
      to abate the violation and certain others, are required to be withdrawn
      from and prohibited from entering the affected area of the mine until the
      inspector determines that the violation has been abated.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>A citation is issued under Section 104(d) where there is
      an S&amp;S violation and the inspector finds the violation to be caused by
      an unwarrantable failure of the operator to comply with a mandatory health
      or safety standard. Unwarrantable failure is a special negligence finding
      that is made by an MSHA inspector and that focuses on the operator&#146;s
      conduct. If during the same inspection or any subsequent inspection of the
      mine within 90 days after issuance of the citation, the MSHA inspector
      finds another violation caused by an unwarrantable failure of
  the operator to comply, a withdrawal order is issued, under
      which all persons, other than those required to abate the violation and
      certain others, are required to be withdrawn from and prohibited from
      entering the affected area until the inspector determines that the
      violation has been abated.</P></TD></TR></TABLE><BR>
<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%">5. </TD>
    <TD>
      <P align=justify>A flagrant violation under Section 110(b)(2) is a
      violation that results from a reckless or repeated failure to make
      reasonable efforts to eliminate a known violation of a mandatory health or
      safety standard that substantially and proximately caused, or reasonable
      could have been expected to cause, death or serious bodily
  injury.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>An imminent danger order under Section 107(a) is issued
      when an MSHA inspector finds that an imminent danger exists in a mine. An
      imminent danger is the existence of any condition or practice which could
      reasonably be expected to cause death or serious physical harm before such
      condition or practice can be abated. Under an imminent danger order, all
      persons, other than those required to abate the condition or practice and
      certain others, are required to be withdrawn from and are prohibited from
      entering the affected area until the inspector determines that such
      imminent danger and the conditions or practices which caused the imminent
      danger no longer exist.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>These dollar amounts include the total amount of all
      proposed assessments from MSHA under the Act relating to any type of
      violation during the period, including proposed assessments for
      non-S&amp;S citations that are not specifically identified in this
      exhibit, regardless of whether the Company has challenged or appealed the
      assessment.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>A Notice is given under Section 104(e) if an operator has
      a pattern of S&amp;S violations. If upon any inspection of the mine within
      90 days after issuance of the notice, or at any time after a withdrawal
      notice has been given under Section 104(e), an MSHA inspector finds
      another S&amp;S violation, an order is issued, under which all persons,
      other than those required to abate the violation and certain others, are
      required to be withdrawn from and prohibited from entering the affected
      area until the inspector determines that the violation has been
    abated.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>There were no legal actions pending before the Federal
      Mine Safety and Health Review Commission as of the last day of the period
      covered by this report. In addition, there were no pending actions that
      are (a) contests of citations and orders referenced in Subpart B of 29 CFR
      Part 2700; (b) complaints for compensation referenced in subpart D of 29
      CFR Part 2700; (c) complaints of discharge, discrimination or interference
      referenced in Subpart E of 29 CFR Part 2700; (d) applications for
      temporary relief referenced in Subpart F of 29 CFR Part 2700; or (e)
      appeals of judges&#146; decisions or orders to the Federal Mine Safety and
      Health Review Commission referenced in Subpart H of 29 CFR Part
    2700.</P></TD></TR></TABLE><BR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
