<SEC-DOCUMENT>0001062993-16-009399.txt : 20160505
<SEC-HEADER>0001062993-16-009399.hdr.sgml : 20160505
<ACCEPTANCE-DATETIME>20160504191933
ACCESSION NUMBER:		0001062993-16-009399
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20160505
DATE AS OF CHANGE:		20160504

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:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-210782
		FILM NUMBER:		161621145

	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>S-3/A
<SEQUENCE>1
<FILENAME>forms3a.htm
<DESCRIPTION>S-3/A
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Form S-3/A - Filed by newsfilecorp.com</TITLE>
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center>As filed with the Securities and Exchange Commission on May 4,
2016 </P>
<P align=right>File No. 333-210782 </P>
<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>Washington, D.C. 20549
</P>
<P align=center><B><FONT size=5>FORM S-3<BR></FONT></B><B>(Amendment No. 2)
<BR></B><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 </B></P>
<P align=center>
<IMG
src="eflogo.jpg"
border=0 width="193" height="123"><B><U><FONT size=5><br>
ENERGY FUELS INC.</FONT></U></B><B>
<BR></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, Canada </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 </TD>
    <TD align=center width="50%">(I.R.S. Employer Identification No.) </TD></TR>
  <TR vAlign=top>
    <TD align=center>incorporation or organization) </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=center><B>225 Union Blvd., Suite 600 </B><BR><B>Lakewood, Colorado
80228 </B><BR><B><U>(303) 974-2140</U></B><B> </B><BR>(Address, including zip
code, and telephone number, including area code, of registrant&#146;s principal
executive offices)</P>
<P align=center><B>Energy Fuels Resources (USA) Inc. </B><BR><B>225 Union Blvd.,
Suite 600 </B><BR><B>Lakewood, Colorado 80228 </B><BR><B><U>(303)
974-2140</U></B><B> </B><BR>(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>
<P align=center><B><I>Copies to: </I></B><BR><B>Richard Raymer </B><BR><B>James
Guttman </B><BR><B>Dorsey &amp; Whitney LLP </B><BR><B>Brookfield Place, 161 Bay
Street, Suite 4310 </B><BR><B><U>Toronto, Ontario, M5J 2S1, Canada </U></B></P>
<P align=center><B><U>From time to time after the effective date of this
registration statement</U></B><B> </B><BR>(Approximate date of commencement of
proposed sale to public)</P>
<P align=justify>If the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans, please check the
following box.[&nbsp; ]</P>
<P align=justify>If any of the securities being registered on this Form are to
be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with
dividend or interest reinvestment plans, please check the following box. [X]</P>
<P align=justify>If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering.[ &nbsp;]</P>
<P align=justify>If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering. [&nbsp; ]</P>
<P align=justify>If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the
Securities Act, check the following box.[&nbsp; ]</P>
<P align=justify>If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule
413(b) under the Securities Act, check the following box.[&nbsp; ]</P>
<P align=justify>Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Large accelerated filer [&nbsp; ] </TD>
    <TD align=left width="25%">Accelerated filer [X] </TD>
    <TD align=left width="25%">Non-accelerated filer [&nbsp; ] </TD>
    <TD align=left width="25%">Small reporting company [ &nbsp;]
</TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><B>The Registrant hereby amends this registration statement on
such date or dates as may be necessary to delay its effective date until the
Registrant shall file a further amendment which specifically states that this
registration statement shall thereafter become effective in accordance with
Section 8(a) of the Securities Act, or until this registration statement shall
become effective on such date as the Commission, acting pursuant to said Section
8(a), may determine. </B></P>
<P align=center><B>EXPLANATORY NOTE</B></P>
<P align=justify>This Amendment No. 2 to the Registration Statement (the
&#147;<B>Amendment</B>&#148;) on Form S-3 initially filed by Energy Fuels Inc. on April
15, 2016 with the United States Securities and Exchange Commission (the
&#147;<B>SEC</B>&#148;), as amended on May 2, 2016 (the &#147;<B>Registration Statement</B>&#148;),
is being filed for the purpose of updating Exhibit 5.1 to respond to comments
received from the Staff of the SEC. This Amendment does not modify any provision
of Part I of the Registration Statement. </P>
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<P align=center><B>PART II </B></P>
<P align=center><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>
<P align=justify><B>ITEM 14- OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>Amount</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%"
>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Securities and Exchange
      Commission Registration Fee </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;1,041 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Legal Fees and Expenses* </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">55,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounting Fees and Expenses*
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>10,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Printing and Engraving Expenses* </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">4,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;
      &nbsp;<B>Total*</B> </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;70,041</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>*Except for Securities and Exchange Commission Registration
Fee, all other amounts are estimates based on expenses incurred in connection
with the filing of the shelf registration statement. Expenses in connection with
the offer and sale of securities are expected to increase depending on the
securities offered.</P>
<P align=justify><B>ITEM 15- INDEMNIFICATION OF DIRECTORS AND OFFICERS</B></P>
<P align=justify>Under the Business Corporation Act (Ontario), the Registrant
may indemnify a director or officer, a former director or officer or another
individual who acts or acted at the Registrant&#146;s request as a director or
officer, or an individual acting in a similar capacity, of another entity,
against all costs, charges and expenses, including an amount paid to settle an
action or satisfy a judgment, reasonably incurred by the individual in respect
of any civil, criminal, administrative, investigative or other proceeding in
which the individual is involved because of that association with the Registrant
or other entity on condition that (i) the individual acted honestly and in good
faith with a view to the best interests of the Registrant or, as the case may
be, to the best interests of the other entity for which the individual acted as
a director or officer or in a similar capacity at the Registrant&#146;s request, and
(ii) in the case of a criminal or administrative action or proceeding that is
enforced by a monetary penalty, the individual had reasonable grounds for
believing that his conduct was lawful. Further, the Registrant may, with court
approval, indemnify a person described above in respect of an action by or on
behalf of the Registrant or other entity to obtain a judgment in its favor, to
which the individual is made a party because of the individual&#146;s association
with the Registrant or other entity, against all costs, charges and expenses
reasonably incurred by the individual in connection with such action if the
individual fulfills conditions (i) and (ii) above. An individual as described
above is entitled to indemnification from the Registrant as a matter of right if
the individual was not judged by a court or other competent authority to have
committed any fault or omitted to do anything the individual ought to have done,
and he fulfills conditions (i) and (ii) above. </P>
<P align=justify>In accordance with the Business Corporation Act (Ontario), the
by-laws of the Registrant provide that the Registrant shall indemnify a director
or officer, a former director or officer, or a person who acts or acted at the
Registrant&#146;s request as a director or officer, or an individual acting in a
similar capacity, of another entity, and such person&#146;s heirs and legal
representatives, against all costs, charges and expenses, including an amount
paid to settle an action or satisfy a judgment, reasonably incurred by the
individual in respect of any civil, criminal, administrative, investigative or
other proceeding in which the individual is involved because of that association
with the Registrant or other entity, provided that (i) (a) the individual acted
honestly and in good faith with a view to the best interests of the Registrant
or, as the case may be, to the best interest of the other entity for which the
individual acted as a director or officer or in a similar capacity at the
Registrant&#146;s request; and (ii) in the case of a criminal or administrative
action or proceeding that is enforced by a monetary penalty, the person had
reasonable grounds for believing that the individual&#146;s conduct was lawful. </P>
<P align=justify>A policy of directors&#146; and officers&#146; liability insurance is
maintained by the Registrant which insures directors and officers for losses as
a result of claims against the directors and officers of the Registrant in their
capacity as directors and officers and also reimburses the Registrant for
payments made pursuant to the indemnity provisions under the by-laws of the
Registrant and the Business Corporation Act (Ontario).</P>
<P align=justify>Insofar as indemnification for liabilities arising under the
U.S. Securities Act, may be permitted to directors, officers or persons
controlling the Registrant pursuant to the foregoing provisions, the Registrant
has been informed that in the opinion of the Commission such indemnification is
against public policy as expressed in the U.S. Securities Act, and is therefore
unenforceable. </P>
<P align=center>II - 1 </P>
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<!--$$/page=--><A name=page_4></A>
<P align=justify><B>ITEM 16- EXHIBITS</B></P>
<P align=justify>Other than contracts made in the ordinary course of business,
the following are the material contracts and other material exhibits as of the
date of this registration statement: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center ><B>Exhibit</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    ><B>Number</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="90%"><B>Description</B> </TD></TR>
  <TR>
    <TD noWrap align=center >&nbsp;</TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" >2.1 </TD>
    <TD align=left width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">Agreement and Plan of Merger by and among
      Uranerz Energy Corporation, Energy Fuels, Inc. and EFR Nevada Corp., dated
      January 4, 2015 (1) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" >2.2 </TD>
    <TD align=left width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">Amendment to the Agreement and Plan of Merger,
    dated May 8, 2015 (1)
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</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">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)
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" >3.1 </TD>
    <TD align=left width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">Articles of Continuance dated September 2, 2005
      (3) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</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>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" >3.3 </TD>
    <TD align=left width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">Bylaws (5) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</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">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) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" >4.2 </TD>
    <TD align=left width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">Financing Agreement between Uranerz Energy
      Corp. and Johnson County dated November 26, 2013 (7) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%"></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 >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" >4.4 </TD>
    <TD align=left width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">Promissory Note dated November 26, 2013 (9)
  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</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 >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" >4.6 </TD>
    <TD align=left width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">Shareholder Rights Plan (11) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</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">Warrant Indenture between Energy Fuels Inc. and
      CST Trust Co. providing for the issue of common share purchase warrants
      dated March 14, 2016 (12) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" >4.8 </TD>
    <TD align=left width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">First Supplemental Indenture among Energy Fuels
      Inc., CST Trust Company and American Stock Transfer &amp; Trust Company,
      LLC dated April 14, 2016 (13) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" >4.9** </TD>
    <TD align=left width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">Form of Indenture </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" ><a href="exhibit5-1.htm">5.1 </a></TD>
    <TD align=left width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE"><a href="exhibit5-1.htm">Opinion of Borden Ladner Gervais LLP </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" >5.2** </TD>
    <TD align=left width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" bgcolor="#EEEEEE">Opinion of Dorsey &amp; Whitney LLP
  </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#EEEEEE >10.1 </TD>
    <TD noWrap align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD noWrap align=left width="90%" bgColor=#EEEEEE>Energy Fuels 2013
      Amended and Restated Stock Option Plan (14) </TD></TR>
  <TR>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >10.2 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Energy Fuels Omnibus Equity
      Incentive Compensation Plan (15) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</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 >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >10.4 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Underwriting Agreement dated
      March 9, 2016 (17) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >12.1* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Statement of Combined Fixed
      Charges and Preference Dividends </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.1** </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of KPMG LLP,
      Independent Registered Public Accountants </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.2* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Roscoe Postle
      Associates Inc. </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.3* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of William E. Roscoe
  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.4* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Douglas T. Underhill
    </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.5* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Thomas C. Pool
</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.6* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Barton G. Stone
  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.7* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Robert Michaud
</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.8* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Stuart E. Collins
  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.9* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Mark Mathisen </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.10* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Harold R. Roberts
  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.11* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of David A. Ross </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.12* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Peters Geosciences
    </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.13* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Douglas C. Peters
  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.14* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of BRS Inc. </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.15* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Douglas L. Beahm
  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.16* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of W. Paul Goranson
  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.17* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Douglass Graves
  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.18* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Richard White </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.19* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Don R. Woody </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.20* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Terence P. McNulty
    </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#EEEEEE >23.21* </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#EEEEEE>Consent of Chlumsky, Armbrust
      and Meyer </TD></TR></TABLE>
<P align=center>II - 2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee>23.22* </TD>
    <TD noWrap align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=left width="90%" bgColor=#eeeeee>Consent of T.P. McNulty
      &amp; Associates Inc. </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.23* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Geoffrey S. Carter
    </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.24* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Broad Oak Associates
    </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.25* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Trec, Inc. </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.26* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Woody Enterprises
  </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.27* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Allan Moran </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.28* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Frank A. Daviess
  </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.29* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of SRK Consulting
      (U.S.) Inc. </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.30* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Christopher Moreton
    </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.31* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Richard L. Nielsen
    </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.32 * </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Robert L. Sandefur
    </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.33* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Matthew P. Reilly
  </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.34 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Borden Ladner
      Gervais LLP (included in Exhibit 5.1) </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.35** </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Dorsey &amp; Whitney
      LLP (included in Exhibit 5.2) </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>24.1* </TD>
    <TD align=left width="2%" bgColor=#eeeeee></TD>
    <TD align=left width="90%" bgColor=#eeeeee>Powers of Attorney (included on
      the signature page to Energy Fuels&#146; Registration Statement on Form S-3
      filed with the SEC on April 15, 2016)
</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>
      <P align=justify>* </P></TD>
    <TD align=left width="95%">
      <P align=justify>Previously filed as an exhibit to Energy Fuels&#146;
      Registration Statement on Form S-3 filed with the SEC on April 15, 2016
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>** </P></TD>
    <TD align=left width="95%">
      <P align=justify>Previously filed as an exhibit to Energy Fuels&#146;
      Registration Statement (Amendment No. 1) on Form S-3 filed with the SEC on
      May 2, 2016 </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(1) </P></TD>
    <TD align=left width="95%">
      <P align=justify>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. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(2) </P></TD>
    <TD align=left width="95%">
      <P align=justify>Incorporated by reference to Exhibit 10.1 of Energy
      Fuels&#146; Form 8-K filed with the SEC on March 8, 2016. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(3) </P></TD>
    <TD align=left width="95%">
      <P align=justify>Incorporated by reference to Exhibit 3.1 of Energy Fuels&#146;
      Form F-4 filed with the SEC on May 8, 2015. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(4) </P></TD>
    <TD align=left width="95%">
      <P align=justify>Incorporated by reference to Exhibit 3.2 of Energy Fuels&#146;
      Form F-4 filed with the SEC on May 8, 2015. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(5) </P></TD>
    <TD align=left width="95%">
      <P align=justify>Incorporated by reference to Exhibit 3.3 of Energy Fuels&#146;
      Form F-4 filed with the SEC on May 8, 2015. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(6) </P></TD>
    <TD align=left width="95%">
      <P align=justify>Incorporated by reference to Exhibit 99.66 to Energy
      Fuels&#146; registration statement on Form 40-F filed with the SEC on November
      15, 2013. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(7) </P></TD>
    <TD align=left width="95%">
      <P align=justify>Incorporated by reference to Exhibit 4.1 to the Form 8-K
      filed on December 3, 2013 by Uranerz Energy Corporation. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(8) </P></TD>
    <TD align=left width="95%">
      <P align=justify>Incorporated by reference to Exhibit 4.2 to the Form 8-K
      filed on December 3, 2013 by Uranerz Energy Corporation. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(9) </P></TD>
    <TD align=left width="95%">
      <P align=justify>Incorporated by reference to Exhibit 4.3 to the Form 8-K
      filed on December 3, 2013 by Uranerz Energy Corporation. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(10) </P></TD>
    <TD align=left width="95%">
      <P align=justify>Incorporated by reference to Exhibit 4.4 to the Form 8-K
      filed on December 3, 2013 by Uranerz Energy Corporation. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(11) </P></TD>
    <TD align=left width="95%">
      <P align=justify>Incorporated by reference to Exhibit 10.9 to Energy
      Fuels&#146; Form F-4 filed on May 8, 2015. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(12) </P></TD>
    <TD align=left width="95%">
      <P align=justify>Incorporated by reference to Exhibit 4.1 to Energy Fuels&#146;
      Form 8-K filed on March 14, 2016. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>(13) </P></TD>
    <TD align=left width="95%">
      <P align=justify>Incorporated by reference to Exhibit 4.1 to Energy Fuels&#146;
      Form 8-K filed on April 20, 2016. </P></TD>  <TR>
    <TD vAlign=top width="5%">(14) </TD>
    <TD>
      <P align=justify>Incorporated by reference from Schedule B of Exhibit
      99.84 of Energy Fuels&#146; registration statement on Form 40-F filed with the
      SEC on November 15, 2013.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(15) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.1 to Energy Fuels&#146;
      Form S-8 filed on June 24, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(16) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 99.1 to Energy
      Fuels&#146; Form 6-K filed on September 29, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(17) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 10.1 to Energy
Fuels&#146; Form 8-K filed March 10, 2016.</P></TD></TR></TR></TABLE><P align=justify><B>ITEM 17 &#150; UNDERTAKINGS </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The undersigned Registrant hereby
undertakes:</P>
<P align=justify style="text-indent:5%">(1)&nbsp;&nbsp;&nbsp;&nbsp; To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration
statement:</P>
<P align=justify style="text-indent:10%">(i)&nbsp;&nbsp;&nbsp; &nbsp;To include any prospectus required
by Section 10(a)(3) of the Securities Act of 1933;</P>
<P align=justify style="text-indent:10%">(ii)&nbsp;&nbsp;&nbsp;&nbsp; To reflect in the prospectus any
facts or events arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more
than 20 percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective registration
statement;</P>
<P align=justify style="text-indent:10%">(iii)&nbsp;&nbsp;&nbsp; To include any material information
with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the
registration statement;</P>
<P align=justify style="text-indent:5%"><I>provided, however</I>, that the undertakings set forth in
paragraphs (1)(i), (1)(ii) and (1)(iii) above do not apply if the registration
statement is on Form S-3 or Form F-3 and the information required to be included
in a post-effective amendment by those paragraphs is contained in reports filed
with or furnished to the Commission by the registrant pursuant to Section 13 or
Section 15(d) of the Exchange Act that are incorporated by reference in the
registration statements or is contained in a form of prospectus filed pursuant
to Rule 424(b) that is part of the registration statement.</P>
<P align=center>II - 3 </P>
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<P align=justify style="text-indent:5%">(2)&nbsp;&nbsp;&nbsp; &nbsp;That, for the purpose of
determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide</I> offering
thereof.</P>
<P align=justify style="text-indent:5%">(3)&nbsp;&nbsp;&nbsp; &nbsp;To remove from registration by
means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.</P>
<P align=justify style="text-indent:5%">(4)&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of
determining liability under the Securities Act of 1933 to any purchaser:</P>
<P align=justify style="text-indent:10%">(i)&nbsp;&nbsp;&nbsp;&nbsp; Each prospectus filed by the
registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the
registration statement as of the date the filed prospectus was deemed part of
and included in the registration statement; and</P>
<P align=justify style="text-indent:10%">(ii)&nbsp;&nbsp;&nbsp;&nbsp; Each prospectus required to be
filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule 430B relating to an offering made pursuant to Rule
415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the information required
by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and
included in the registration statement as of the earlier of the date such form
of prospectus is first used after effectiveness or the date of the first
contract of sale of securities in the offering described in the prospectus. As
provided in Rule 430B, for liability purposes of the issuer and any person that
is at that date an underwriter, such date shall be deemed to be a new effective
date of the registration statement relating to the securities in the
registration statement to which that prospectus relates, and the offering of
such securities at that time shall be deemed to be the initial <i>bona fide</i> offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a
document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a
purchaser with a time of contract of sale prior to such effective date,
supersede or modify any statement that was made in the registration statement or
prospectus that was part of the registration statement or made in any such
document immediately prior to such effective date.<br>
</P>
<P align=justify style="text-indent:5%">(5)&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of
determining liability of the registrant under the Securities Act of 1933 to any
purchaser in the initial distribution of the securities, the undersigned
registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of
the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such
purchaser: (i) any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) any free writing prospectus relating to the offering prepared by or on
behalf of the undersigned registrant or used or referred to by the undersigned
registrant; (iii) the portion of any other free writing prospectus relating to
the offering containing material information about the undersigned registrant or
its securities provided by or on behalf of the undersigned registrant; and (iv)
any other communication that is an offer in the offering made by the undersigned
registrant to the purchaser.</P>
<P align=justify style="text-indent:5%">(6)&nbsp;&nbsp;&nbsp;&nbsp; That, for purposes of determining
any liability under the Securities Act of 1933, each filing of the registrant&#146;s
annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where
applicable, each filing of an employee benefit plan&#146;s annual report pursuant to
Section 15(d) of the Exchange Act) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide</I> offering
thereof.</P>
<P align=justify style="text-indent:5%">(7)&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the
final adjudication of such issue.</P>
<P align=justify style="text-indent:5%">(8)&nbsp;&nbsp;&nbsp; &nbsp;To file an application for the
purpose of determining the eligibility of the trustee to act under subsection
(a) of Section 310 of the Trust Indenture Act of 1939, as amended in accordance
with the rules and regulations prescribed by the Commission under Section
305(b)(2) of the Trust Indenture Act of 1939, as amended.</P>
<P align=center>II - 4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=center><B>SIGNATURES </B></P>
<P align=justify>Pursuant to the requirements of the Securities Act of 1933, the
registrant has duly caused this registration statement to be signed on its
behalf by the undersigned thereunto duly authorized. The registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="50%" colSpan=2><B>ENERGY FUELS INC.</B>
</TD></TR>
  <TR>
    <TD noWrap>&nbsp; </TD>
    <TD noWrap width="5%">&nbsp; </TD>
    <TD noWrap width="45%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>May 4, 2016 </TD>
    <TD align=left width="5%">By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%" nowrap>/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%" nowrap>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%" nowrap>Chief Executive Officer and President and
      Director </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%" nowrap>(Principal Executive
      Officer) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD width="45%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>May 4, 2016 </TD>
    <TD align=left width="5%">By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%" nowrap>/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%" nowrap>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%" nowrap>Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%" nowrap>(Principal Financial and Accounting Officer)
  </TD></TR></TABLE>
<P align=justify>Pursuant to the requirements of the Securities Act of 1933,
this registration statement has been signed by the following persons on behalf
of the Registrant in the capacities and on the date indicated:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left >Name </TD>
    <TD noWrap align=left width="10%" >&nbsp;</TD>
    <TD noWrap align=left width="46%">Title </TD>
    <TD noWrap align=left width="24%">Date </TD></TR>
  <TR>
    <TD noWrap >&nbsp; </TD>
    <TD noWrap width="10%" >&nbsp;</TD>
    <TD noWrap width="46%">&nbsp; </TD>
    <TD noWrap width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">Chief Executive Officer and </TD>
    <TD align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >/s/
      Stephen P. Antony </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">President and Director (Principal </TD>
    <TD align=left width="24%">May 4, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Stephen P. Antony </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">Executive Officer) </TD>
    <TD align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%" >&nbsp;</TD>
    <TD width="46%">&nbsp; </TD>
    <TD width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >/s/
      Daniel G. Zang </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">Chief Financial Officer (Principal </TD>
    <TD align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Daniel G. Zang </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">Financial and Accounting Officer) </TD>
    <TD align=left width="24%">May 4, 2016 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%" >&nbsp;</TD>
    <TD width="46%">&nbsp; </TD>
    <TD width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >/s/*
    </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">&nbsp; </TD>
    <TD align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >J. Birks Bovaird </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">Chairman and Director </TD>
    <TD align=left width="24%">May 4, 2016 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%" >&nbsp;</TD>
    <TD width="46%">&nbsp; </TD>
    <TD width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >/s/
    </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">&nbsp; </TD>
    <TD align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Hyung Mun Bae </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">Director </TD>
    <TD align=left width="24%">May 4, 2016 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%" >&nbsp;</TD>
    <TD width="46%">&nbsp; </TD>
    <TD width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >/s/
      * </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">&nbsp; </TD>
    <TD align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Ames Brown </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">Director </TD>
    <TD align=left width="24%">May 4, 2016 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%" >&nbsp;</TD>
    <TD width="46%">&nbsp; </TD>
    <TD width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >/s/
      * </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">&nbsp; </TD>
    <TD align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Paul A. Carroll </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">Director </TD>
    <TD align=left width="24%">May 4, 2016 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%" >&nbsp;</TD>
    <TD width="46%">&nbsp; </TD>
    <TD width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >/s/
      * </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">&nbsp; </TD>
    <TD align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Glenn J. Catchpole </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">Director </TD>
    <TD align=left width="24%">May 4, 2016 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%" >&nbsp;</TD>
    <TD width="46%">&nbsp; </TD>
    <TD width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >/s/
      * </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">&nbsp; </TD>
    <TD align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Bruce D. Hansen </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">Director </TD>
    <TD align=left width="24%">May 4, 2016 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%" >&nbsp;</TD>
    <TD width="46%">&nbsp; </TD>
    <TD width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >/s/
      * </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">&nbsp; </TD>
    <TD align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Dennis L. Higgs </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">Director </TD>
    <TD align=left width="24%">May 4, 2016 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%" >&nbsp;</TD>
    <TD width="46%">&nbsp; </TD>
    <TD width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >/s/
      * </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">&nbsp; </TD>
    <TD align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Ron F. Hochstein </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">Director </TD>
    <TD align=left width="24%">May 4, 2016 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%" >&nbsp;</TD>
    <TD width="46%">&nbsp; </TD>
    <TD width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >*
      /s/ Daniel G. Zang </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">&nbsp; </TD>
    <TD align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >By Daniel G. Zang as Attorney-in-Fact </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="46%">&nbsp; </TD>
    <TD align=left width="24%">May 4, 2016 </TD></TR></TABLE>
<P align=center>II - 5 </P>
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exhibit5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 5.1 - 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=justify>May 4, 2016 </P>
<P align=justify>Energy Fuels Inc.<BR>80 Richmond Street West, 18<SUP>th</SUP>
Floor <BR>Toronto, Ontario<BR>Canada M5H 2A4</P>
<P align=justify>Dear Sirs/Mesdames:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Re:</B> </TD>
    <TD align=left width="95%"><B>Energy Fuels Inc. &#150; Registration Statement
      on Form S-3</B> </TD></TR></TABLE>
<P align=justify>We have acted as Ontario counsel to Energy Fuels Inc. (the
&#147;<B>Corporation</B>&#148;) in connection with the preparation of a Registration
Statement on Form S-3 (the &#147;<B>Registration Statement</B>&#148;) under the United
States Securities Act of 1933, as amended, relating to the potential issuance
and sale by the Corporation of (i) up to an aggregate of US$100 million of
securities of the Corporation (collectively, the &#147;<B>Securities</B>&#148;) pursuant
to one or more prospectus supplements (each a &#147;<B>Prospectus Supplement</B>&#148;)<B>
</B>to the Registration Statement to be filed by the Corporation from time to
time and (ii) up to 2,515,624 common shares (the &#147;<B>Warrant</B> <B>Shares</B>&#148;)
that are issuable upon the exercise of 2,515,624 warrants (each, a
&#147;<B>Warrant</B>&#148;) at an exercise price of US$3.20 per share. The Warrants were
issued by the Corporation on March 14, 2016 pursuant to a warrant indenture
dated March 14, 2016, as amended by a first supplemental indenture on April 14,
2016 among the Corporation, CST Trust Company and American Stock Transfer &amp;
Trust Company, LLC (as so amended, the &#147;<B>Warrant Indenture</B>&#148;).</P>
<P align=justify>The Securities of the Corporation which may be offered under
the Registration Statement include the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>common shares (&#147;<B>Shares</B>&#148;), </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>preferred shares (&#147;<B>Preferred Shares</B>&#148;), </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>warrants to purchase Shares or Preferred Shares (the
      &#147;<B>Warrants</B>&#148;) which may be issued under a warrant indenture to be
      entered into with a warrant agent to be selected by the Corporation,
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>rights to purchase Shares or other securities of the
      Corporation (&#147;<B>Rights</B>&#148;), </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>subscription receipts for Shares, Preferred Shares,
      warrants or any combination thereof (&#147;<B>Subscription</B>
      <B>Receipts</B>&#148;) which may be issued under a subscription receipt
      indenture to be entered into with an agent or trustee to be selected by
      the Corporation, </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>debt securities, which may or may not be convertible into
      Shares, (the &#147;<B>Debt Securities</B>&#148;), which may be issued pursuant to an
      indenture to be dated on or about the date of the first issuance of Debt
      Securities thereunder, by and between a trustee to be selected by the
      Company (the &#147;<B>Trustee</B>&#148;) and the Company, in the form filed as
      Exhibit 4.8 to the Registration Statement, as such indenture may be
      supplemented from time to time (the &#147;<B>Indenture</B>&#148;), or </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>units comprised of any combination of Shares, Preferred
      Shares, Warrants, Rights, Subscription Receipts or Debt Securities
      (&#147;<B>Units</B>&#148;), </P></TD></TR></TABLE>
<P align=justify>We have examined originals or copies, certified or otherwise to
our satisfaction of such documents and considered such questions of law as we
considered necessary as a basis for our opinion, including the Registration
Statement and resolutions of the board of directors of the Corporation approving
the filing of the Registration Statement and the issuance of the Securities. In
all such examinations, we have assumed (i) the genuineness of all signatures,
the legal capacity of all individuals signing any documents, the authenticity of
all documents submitted to us as originals, the conformity to authentic original
documents of all documents submitted to us as copies, whether facsimile,
photostatic, electronic, certified or otherwise, and (ii) the truthfulness of
all facts set forth in the public records and in certificates of public
officials.</P>
<P align=justify>We have also assumed that in connection with any Warrant Shares
issued under the Registration Statement:</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp; each party to the Warrant
Indenture, other than the Corporation: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1) </TD>
    <TD>
      <P align=justify>is duly incorporated, organized and in existence under
      the laws of its jurisdiction of incorporation, organization or
      formation;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2) </TD>
    <TD>
      <P align=justify>has the necessary status, power, capacity and authority
      to enter into the Warrant Indenture to which it is party and to perform
      its obligations thereunder; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3) </TD>
    <TD>
      <P align=justify>has duly authorized, executed and delivered the Warrant
      Indenture to which it is party; and</P></TD></TR></TABLE>
<P align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp; the Warrant Indenture constitutes
a legal, valid and binding obligation of each party thereto (other than the
Corporation), enforceable against each such party in accordance with its terms.
</P>
<P align=justify>We have also assumed that in connection with any Securities
issued under the Registration Statement, (i) all required filings relating to,
and any approvals for, the Registration Statement, any Prospectus Supplement or
any related document, has been made and received prior to the issuance of any
such Securities, (ii) any applicable agreement, including the Indenture, any
warrant indenture, any subscription receipt indenture and any note purchase
agreement, underwriting agreement or similar document (collectively
&#147;<B>Applicable Agreements</B>&#148;), has been, or will be prior to the time of the
issuance of the applicable Security, duly authorized, executed and delivered by
the Corporation and any other party thereto and is enforceable against each such
party thereto, and neither the execution and delivery of any such document by
any party thereto nor the performance by any party of its obligations thereunder
do, or will, violate or conflict with any applicable laws or the constating
documents of such party or an requirement or restriction imposed by an court or
government body having jurisdiction over such party. We have assumed that any
Applicable Agreement entered into will be governed by the laws of the state of
New York.</P>
<P align=justify>With respect to the Securities of a particular series or
issuance, we have assumed that (i) the issuance, sale, number or amount, as the
case may be, and terms of the Securities to be offered from time to time will be
duly authorized and established, in accordance with the constating documents of
the Corporation, a duly passed resolution of the directors of the Corporation
relating to the Securities of such particular series or issuance, the laws of
the jurisdiction of incorporation of the Corporation. the laws of the
jurisdiction governing the Applicable Agreement and any Applicable Agreement;
(ii) the Securities will be duly authorized, executed, issued and delivered by
the Corporation and, in the case of the Warrants, Rights, Units, Subscription
Receipts and Debt Securities, duly authenticated or delivered by the applicable
trustee or agent, as applicable and in each case, against payment by the
purchaser of the agree-upon consideration, and (iii) the Securities will be
issued and delivered as contemplated by Registration Statement, the applicable
Prospectus Supplement and any Applicable Agreement.</P>
<P align=justify>Our opinion herein is limited to the laws of the Province of
Ontario and the federal laws of Canada applicable therein now in effect. </P>
<P align=justify>Based on and subject to the foregoing assumptions and
qualifications we are of the opinion 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>The Warrant Shares, when issued upon exercise of the
      Warrants in accordance with their terms, including payment of the exercise
      price therefor, will be legally issued, fully paid and non-assessable
      Shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      issuance of any Shares, or upon conversion or exercise of any other
      Securities that are convertible or exercisable into Shares, in each case
      in accordance with their terms, including receipt by the Corporation of
      payment in full for the Shares, such Shares will be legally issued, fully
      paid and non-assessable Shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      issuance of any Preferred Shares, or upon conversion or exercise of any
      other Securities that are convertible or exercisable into Preferred
      Shares, in each case in accordance with their terms, including receipt by
      the Corporation of payment in full for the Preferred Shares, such
      Preferred Shares will be legally issued, fully paid and non-assessable
      Preferred Shares.</P></TD></TR></TABLE>
<P align=right>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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Rights and upon the
      Applicable Agreement relating to the Rights being duly executed and
      delivered and the Rights being duly executed, authenticated, issued and
      delivered, as the case may be and in each case in accordance with their
      terms, including receipt by the Corporation of payment in full for the
      Rights, such Rights will be legally issued as securities of the
      Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Warrants and upon the
      Applicable Agreement relating to the Warrants being duly executed and
      delivered and the Warrants being duly executed, authenticated, issued and
      delivered, as the case may be and in each case in accordance with their
      terms, including receipt by the Corporation of payment in full for the
      Warrants, such Warrants will be legally issued as securities of the
      Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Subscription Receipts and
      upon the Applicable Agreement relating to the Subscription Receipts being
      duly executed and delivered and the Subscription Receipts being duly
      executed, authenticated, issued and delivered, as the case may be and in
      each case in accordance with their terms, including receipt by the
      Corporation of payment in full for the Subscription Receipts, such
      Subscription Receipts will be legally issued as securities of the
      Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Debt Securities and upon
      the Applicable Agreement relating to the Debt Securities being duly
      executed and delivered (including any supplement to the Indenture) and the
      Debt Securities being duly executed, authenticated, issued and delivered,
      as the case may be and in each case in accordance with their terms,
      including receipt by the Corporation of payment in full for the Debt
      Securities, such Debt Securities will be legally issued as securities of
      the Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Units and upon the
      Applicable Agreement relating to the Units being duly executed and
      delivered and the Units being duly executed, authenticated, issued and
      delivered, as the case may be and in each case in accordance with their
      terms, including receipt by the Corporation of payment in full for the
      Units, such Units will be legally issued as securities of the
      Corporation.</P></TD></TR></TABLE>
<P align=justify>We hereby consent to the use of our name in, and the filing of
this opinion as an exhibit to, the Registration Statement. In giving such
consent, we do not admit that we are in the category of persons whose consent is
required under Section 7 of the Act.</P>
<P align=justify>Yours truly,</P>
<P align=justify>Borden Ladner Gervais LLP </P>
<P align=right>3 </P>
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