<SEC-DOCUMENT>0001062993-16-009114.txt : 20160420
<SEC-HEADER>0001062993-16-009114.hdr.sgml : 20160420
<ACCEPTANCE-DATETIME>20160420170833
ACCESSION NUMBER:		0001062993-16-009114
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160414
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160420
DATE AS OF CHANGE:		20160420

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36204
		FILM NUMBER:		161581921

	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>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><B> </B><BR>Washington, D.C.
20549<B> </B></P>
<P align=center><B><FONT size=5>FORM 8-K</FONT></B><B> </B></P>
<P align=center><B>CURRENT REPORT</B><B> </B><BR><B>Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934 </B><BR></P>
<P align=center>Date of Report (Date of earliest event reported): <B><U>April
14, 2016 </U></B></P>
<P align=center><B><U><FONT size=5>ENERGY FUELS INC.</FONT></U></B><B>
</B><BR>(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=left>
    <p align="center"><B><U>Ontario </U></B></TD>
    <TD align=left width="33%">
    <p align="center"><B><U>001-36204 </U></B></TD>
    <TD align=left width="33%">
    <p align="center"><B><U>98-1067994 </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p align="center">(State or other jurisdiction of </TD>
    <TD align=left width="33%">
    <p align="center">(Commission File Number) </TD>
    <TD align=left width="33%">
    <p align="center">(I.R.S. Employer </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p align="center">incorporation) </TD>
    <TD align=left width="33%">
    <p align="center">&nbsp; </TD>
    <TD align=left width="33%">
    <p align="center">Identification No.) </TD></TR></TABLE>
<p align="center"><BR>
</p>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>
    <p align="center"><B>225 Union Blvd., Suite 600 </B></TD>
    <TD align=left width="33%" >
    <p align="center">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p align="center"><B><U>Lakewood, Colorado </U></B></TD>
    <TD align=left width="33%" >
    <p align="center">&nbsp;<B><U>80228 </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p align="center">(Address of principal executive offices) </TD>
    <TD align=left width="33%" >
    <p align="center">(Zip Code) </TD></TR></TABLE>
<P align=center><B><U>(303) 974-2140</U></B><BR>(Registrant&#146;s telephone number,
including area code) </P>
<P align=center><STRONG><U>N/A</U></STRONG><BR>(Former name or former address,
if changed since last report) </P>
<P align=justify style="text-indent: 5%">Check the appropriate box below if the Form 8-K is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions: </P>
<P align=justify>[&nbsp; &nbsp;] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425) </P>
<P align=justify>[&nbsp;&nbsp; ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a -12) </P>
<P align=justify>[&nbsp;&nbsp; ] Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b)) </P>
<P align=justify>[&nbsp;&nbsp; ] Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c)) </P>
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<A name=page_2></A>
<P align=justify><B>Item 1.01 Entry into a Material Definitive Agreement.
</B></P>
<P align=justify>On April 14, 2016, Energy Fuels Inc. (the &#147;Registrant&#148;) entered
into a First Supplemental Indenture among the Registrant, CST Trust Company, as
the Canadian warrant agent and American Stock Transfer &amp; Trust Company, LLC
(&#147;AST&#148;), as the United States warrant agent (the &#147;Supplemental Indenture&#148;). The

Supplemental Indenture amends the warrant indenture entered between the
Registrant and CST on March 14, 2016, as further described in the Registrant&#146;s
Form 8-K filed with the United States Securities and Exchange Commission on
March 14, 2016. </P>
<P align=justify>The Supplemental Indenture was entered into to add AST as the
United States warrant agent.</P>
<P align=justify>The foregoing summary of certain provisions of the Supplemental
Indenture is qualified in its entirety by reference to the Supplemental
Indenture, a copy of which is filed as Exhibit 4.1 to this Current Report on
Form 8-K. </P>
<P align=justify><B>Item 5.02 Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers. </B></P>
<P align=justify>On April 14, 2016, the Board of Directors of the Registrant
appointed Mark Chalmers as the Chief Operating Officer of the Registrant
effective July 2016. Mr. Chalmers will oversee all of the Registrant&#146;s
conventional and <I>in situ</I> (&#147;ISR&#148;) uranium production operations. </P>
<P align=justify>Mr. Chalmers (58 years of age) brings an extensive background
in both the U.S. and global uranium mining and processing industries to the
Registrant. From 2011 to 2015, Mr. Chalmers served as Executive General Manager of
Production for Paladin Energy Ltd., a uranium producer with assets in Australia
and Africa, including the Langer Heinrich and Kayelekera mines, where he oversaw
sustained, significant increases in production while reducing operating costs.
He also possesses extensive experience in ISR uranium production, including
management of the Beverley Uranium Mine owned by General Atomics (Australia),
and the Highland mine owned by Cameco Corporation (USA). Mr. Chalmers has also
consulted to several of the largest players in the uranium supply sector,
including BHP Billiton, Rio Tinto, and Marubeni, and currently serves as the
Chair of the Australian Uranium Council, a position he has held since 2007.</P>
<P align=justify>There are no family relationships among Mr. Chalmers and the
members of the Board of Directors of the Registrant or the other members of
senior management of the Registrant. </P>
<P align=justify>In conjunction with the appointment, the Registrant entered
into an employment agreement with Mr. Chalmers effective April 14, 2016,
pursuant to which Mr. Chalmers will commence employment with the Registrant on July
1, 2016. The employment agreement has a term of two years, commencing on July 1,
2016, and will automatically renew for additional one year terms unless either
party provides a notice not to renew at least 90 days prior to the end of the
initial two-year term or any subsequent one-year term. Mr. Chalmers&#146; base salary
is $290,000 per annum, subject to review and increase at the discretion of the
Registrant. Mr. Chalmers is also entitled to receive benefits such as health
insurance, vacation and other benefits consistent with the then applicable
Registrant benefit plans to the same extent as other employees of the Registrant
with similar position or level. In addition, Mr. Chalmers is eligible for the
award of annual cash incentive compensation, in accordance with the Registrant&#146;s
Short Term Incentive Plan and to receive compensation under the Registrant&#146;s
2015 Omnibus Equity Incentive Plan, although any such bonuses or compensation
are at the discretion of the Registrant. At the time Mr. Chalmers employment
begins he will be granted restricted stock units with a full value of $100,000,
of which 50% will vest on January 29, 2017, an additional 25% will vest on
January 27, 2018 and the remaining 25% will vest on January 27, 2019. Mr.
Chalmers will also receive $30,000 for relocation expenses from his home in
Australia.</P>
<P align=justify>The Registrant may terminate Mr. Chalmers&#146; employment for just
cause, without just cause or in the event of a disability. Mr. Chalmers may
terminate his employment for &#147;good reason&#148; upon occurrence of any of the
following: (i) a material reduction or diminution in his level of responsibility
or office; (ii) a reduction in his compensation level, taken as a whole, of more
than five percent; (iii) a proposed forced relocation to another geographic
location greater than 50 miles from his current location; or (iv) notice is not
given on or before March 3, 2018 that Mr. Chalmers will be promoted to Chief
Executive Officer of the Registrant.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>In the event Mr. Chalmers&#146; employment is terminated by the
Registrant without just cause or upon a disability, or Mr. Chalmers elects to
resign for good reason, or upon his death, he or his estate will be entitled to
severance pay (the &#147;Severance Amount&#148;) in an amount equal to a severance factor
times his base salary at the time of termination plus the greater of (a) the
severance factor times the highest aggregate cash bonus paid to him in any one
of the previous three years; or (b) 15% times his base salary at the time of
termination. The severance factor is one and one half (1.5) so long as Mr.
Chalmers is Chief Operating Officer of the Registrant. If Mr. Chalmers is promoted
to President of the Registrant, the Severance Factor will become two (2.0) . If Mr.
Chalmers is promoted to President and Chief Executive Officer or Chief Executive
Officer of the Registrant, the severance factor will become two and one half (2.5). </P>
<P align=justify>Further, in the event that upon a change of control, Mr.
Chalmers&#146; employment is terminated and/or the successor entity does not assume
and agree to perform all of the Registrant&#146;s obligations under Mr. Chalmers&#146;
employment agreement with the Registrant, then Mr. Chalmers&#146; employment will be
deemed to have been terminated without just cause and Mr. Chalmers will be
entitled to receive the same Severance Amount as described above for a
termination without just cause under the normal course. In addition, if Mr.
Chalmers&#146; employment is terminated without just cause or for a disability, or
Mr. Chalmers elects to resign for good reason, within 12 months after a change
in control, then, in addition to the payment of the Severance Amount described
above, all of Mr. Chalmers&#146; unvested stock options and restricted stock units
will automatically vest.</P>
<P align=justify>Mr. Chalmers is subject to non-competition and non-solicitation
provisions during the term of his employment agreement and for a period of
12-months after termination, under which Mr. Chalmers may not perform services
for or acquire a beneficial interest (other than a beneficial interest of less
than 1% of the outstanding shares of a public company) in any business in North
America that competes with the Registrant without the prior written approval of
the Registrant, and may not solicit any business from any customer, client or
business relation of the Registrant, or hire or offer to hire or entice any
officer, employee consultant or business relation away from the Registrant.</P>
<P align=justify>The foregoing summary of the material terms of the employment
agreement is subject to the full terms of the employment agreement which will be
attached to the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2016.</P>
<P align=justify><B>Item 8.01 Other Events. </B></P>
<P align=justify>On April 15, 2016, the Registrant issued a press release
attached hereto as Exhibit 99.1. </P>
<P align=justify>The information furnished pursuant to this Item 8.01, including
Exhibit 99.1, shall not be deemed &#147;filed&#148; for purposes of Section 18 of the
Exchange Act or otherwise subject to the liabilities under that Section and
shall not be deemed to be incorporated by reference into any filing under the
Securities Act or the Exchange Act, except as expressly set forth by specific
reference in such filing. </P>
<P align=justify><B>Item 9.01 Exhibits. </B></P>
<P align=justify>(d) Exhibits. </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="10%" bgColor=#eeeeee><a href="exhibit4-1.htm">4.1 </a></TD>
    <TD bgColor=#eeeeee >
  <P align=justify><a href="exhibit4-1.htm">First Supplemental Indenture</a></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" bgColor=#eeeeee><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD bgColor=#eeeeee >
      <P align=justify><a href="exhibit99-1.htm">Press Release dated April 15,
2016</a></P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_4></A>
<P align=center><B>SIGNATURES</B> </P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%"><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">(Registrant) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dated: April 20, 2016 </TD>
    <TD align=left width="50%">By:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp; <I>/s/
      </I>David C.
      Frydenlund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;</U></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Senior Vice President, General Counsel and
      Corporate </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Secretary </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>exhibit4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P align=center><B>ENERGY FUELS INC. </B></P>
<P align=center><B>and </B></P>
<P align=center><B>CST TRUST COMPANY </B></P>
<P align=center><B>and </B></P>
<P align=center><B>AMERICAN STOCK TRANSFER &amp; TRUST COMPANY, LLC </B></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B>FIRST SUPPLEMENTAL INDENTURE </B></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B>Dated as of April 14, 2016 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_2></A>
<P align=center><B>FIRST SUPPLEMENTAL INDENTURE </B></P>
<P align=justify>THIS SUPPLEMENTAL WARRANT INDENTURE is dated as of April 14,
2016 </P>
<P align=justify><B>BETWEEN: </B></P>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <p align="justify"><B>ENERGY FUELS INC.</B>, a corporation existing under the laws
          of Ontario and having its registered office in the City of Toronto, in the
          Province of Ontario </p>
        <p align="justify">(hereinafter called the &#147;<B>Corporation</B>&#148;) </p>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
<P align=center>- and - </P>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <p align="justify"><B>CST TRUST COMPANY,</B> a trust company continued under the
          laws of Canada and registered to carry on business in the Province of Ontario
        </p>
        <p align="justify">(hereinafter called the &#147;<B>Canadian Warrant Agent</B>&#148;)</p>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
<P align=center>&nbsp;- and - </P>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <p align="justify"><B>AMERICAN STOCK TRANSFER &amp; TRUST COMPANY, LLC,</B> a
          trust company established under the laws of New York </p>
        <p align="justify">(hereinafter called the &#147;<B>US Warrant Agent</B>&#148;) </p>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
<P align=justify><B>WHEREAS</B> the Corporation and the Canadian Warrant Agent
are parties to a warrant indenture dated as of March 14, 2016 (the &#147;<B>Original
Indenture</B>&#148;) which provides for the issuance of warrants exercisable into
common shares of the Corporation (the &#147;<B>Warrants</B>&#148;) on the terms and
subject to the conditions set forth therein; </P>
<P align=justify><B>AND WHEREAS </B>the Corporation wishes to appoint American
Stock Transfer &amp; Trust Company, LLC as US Warrant Agent to act as agent for
the Corporation in accordance with the terms and conditions of the Original
Indenture; </P>
<P align=justify><B>AND WHEREAS</B> American Stock Transfer &amp; Trust Company,
LLC accepts such appointment as US Warrant Agent; </P>
<P align=justify><B>AND WHEREAS </B>Subsection 10.1(h) of the Original Indenture
provides that the Corporation and the Warrant Agent may enter into a
supplemental indenture modifying any of the provisions of the Original
Indenture, provided that, in the opinion of the Warrant Agent (as such term is
defined in the Original Indenture), such modification in no way prejudices any
of the rights or interests of any of the Warrantholders or of the Warrant
Agent;</P>
<P align=justify><B>NOW THEREFORE THIS SUPPLEMENT INDENTURE WITNESSES</B> that
for good and valuable consideration mutually given and received, the receipt and
sufficiency of which is hereby acknowledged, it is hereby agreed and declared as
follows: </P>
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<P align=center><B>ARTICLE 1 </B><BR><B>AMENDMENTS TO THE ORIGINAL INDENTURE
</B><BR></P>
<P align=justify><B>1.1</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>Appointment and Acceptance of US Warrant Agent </B></P>
<P align=justify>The Corporation hereby appoints the US Warrant Agent as an
additional warrant agent with the Canadian Warrant Agent with respect to the
Warrants. The US Warrant Agent hereby accepts the foregoing appointment, and
agrees to act as an additional warrant agent with the Canadian Warrant Agent for
the Warrants and, as such, agrees to become a party to, and be bound by the
terms and provisions of, the Original Indenture as warrant agent. The US Warrant
Agent and the Canadian Warrant Agent may share the rights, powers, duties and
obligations conferred or imposed upon them by the Original Indenture as hereby
amended.</P>
<P align=center><B>ARTICLE 2 </B><BR><B>INTERPRETATION </B><BR></P>
<P align=justify><B>2.1</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>Terms Defined in Original Indenture </B></P>
<P align=justify>Except as defined in this Supplemental Indenture (the &#147;<B>First
Supplemental Indenture</B>&#148;), including in the recitals or description of the
parties herein, unless there is something in the subject matter or context
inconsistent therewith all capitalized terms used in this First Supplemental
Indenture shall have the meanings given to them in the Original Indenture.</P>
<P align=justify><B>2.2</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>Supplements to the Original Indenture </B></P>
<P align=justify>The Original Indenture is hereby supplemented and amended as
follows: </P>
<TABLE
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  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>by deleting section 1.1(f) of the Original Indenture in
      its entirety and replacing it with the following:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P
      align=justify>&#147;(f)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
      &#147;<B>Business Day</B>&#148; means a day which is not Saturday or Sunday or a
      statutory holiday in the City of Toronto, Ontario or New York City, New
      York or a day on which the office of the Warrant Agent in the City of
      Toronto, Ontario or New York City, New York is closed;&#148;</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>by deleting section 1.1(tt) of the Original Indenture in
      its entirety and replacing it with the following:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P
      align=justify>&#147;(tt)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
      &#147;<B>Warrant Agent</B>&#148; means the Canadian Warrant Agent and the US Warrant
      Agent, or their respective successors hereunder, unless the context
      requires otherwise;&#148;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>by adding the following definitions to section 1.1 of the
      Original Indenture:</P></TD></TR></TABLE><BR>
<TABLE
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  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&#147;(f.1) </TD>
    <TD align=left width="90%" >
      <P align=justify>&#147;<B>Canadian Warrant Agent</B>&#148; means CST Trust Company;
      </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left>(oo.1) </TD>
    <TD align=left width="90%" >
      <P align=justify>&#147;<B>Trust Indenture Act</B>&#148; means the United States
      <I>Trust Indenture Act of 1939</I>, as amended; </P></TD></TR></TABLE>
<P align=center>2 </P>
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noShade SIZE=5>
<A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left>
      <P align=justify>(oo.2) </P></TD>
    <TD align=left width="90%" >
      <P align=justify>&#147;<B>Trust Indenture Legislation</B>&#148; means, at any time,
      statutory provisions relating to trust indentures and the rights, duties,
      and obligations of trustees under trust indentures to the extent that such
      provisions are at such time in force and applicable to this Indenture;
    </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>(rr.1) </TD>
    <TD align=left width="90%" >&#147;<B>US Warrant Agent</B>&#148; means
      American Stock Transfer &amp; Trust Company, LLC;&#148;
</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%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>by adding the words &#147;or New York City, New York&#148;
      immediately after the words &#147;Toronto, Ontario&#148; in sections 3.1(b), 3.3(a),
      4.1(a), 13.1(b) of the Original Indenture;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD colSpan=2>
      <P align=justify>by adding the words &#147;or the United States, as applicable&#148;
      immediately after the words &#147;lawful money of Canada&#148; and replacing the
      words &#147;CST Trust Company&#148; with &#147;the Corporation&#148; in section 4.1(a)(ii) of
      the Original Indenture;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(f) </TD>
    <TD colSpan=2>
      <P align=justify>by adding the words &#147;in the case of the Canadian Warrant
      Agent and in the State of New York in the case of the US Warrant Agent&#148;
      immediately after the words &#147;Province of Ontario&#148; in sections 11.7(a) and
      11.20 of the Original Indenture;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(g) </TD>
    <TD colSpan=2>
      <P align=justify>by deleting section 13.1(a) of the Original Indenture in
      its entirety and replacing it with the following:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Unless herein otherwise expressly provided, any notice to
      be given hereunder to the Corporation and to the Warrant Agent shall be in
      writing and may be given by mail, or by facsimile (with original copy to
      follow by mail) or by personal delivery and shall be addressed as
      follows:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>if to the Canadian Warrant Agent: </P>
<P style="MARGIN-LEFT: 10%" align=justify>CST Trust Company <BR>Client Services
<BR>320 Bay Street <BR>3<SUP>rd</SUP> Floor<BR>Toronto, Ontario M5H 4A6
<BR>Facsimile: 1 (877) 715-0494 <BR></P>
<P style="MARGIN-LEFT: 10%" align=justify>if to the US Warrant Agent: </P>
<P style="MARGIN-LEFT: 10%" align=justify>American Stock &amp; Transfer Company,
LLC <BR>6201 15<SUP>th</SUP> Avenue <BR>Brooklyn, New York 11219 <BR></P>
<P style="MARGIN-LEFT: 10%" align=justify>if to the Corporation: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Energy Fuels Inc. <BR>80 Richmond St.
West, 18<SUP>th</SUP> Floor <BR>Toronto, Ontario M5H 2A4 <BR>Attention: Chief
Financial Officer <BR>Facsimile: (416) 214-2810 <BR></P>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P style="MARGIN-LEFT: 10%" align=justify>and shall be deemed to have been
received, if delivered or sent by courier, on the date of delivery or, if
mailed, on the fifth (5<SUP>th</SUP>) Business Day following the date of the
postmark on such notice. Any delivery made or sent by facsimile on a day other
than a Business Day, or after 5:00 p.m. (Toronto time) on a Business Day, shall
be deemed to be received on the next following Business Day. </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%">(h) </TD>
    <TD>
      <P align=justify>by adding the following as a new section 13.8 of the
      Original Indenture</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>&#147;<B>13.8 Joint Warrant Agents</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The rights, powers, duties and obligations conferred and
      imposed upon the Warrant Agent are conferred and imposed upon and shall be
      exercised and performed by the Canadian Warrant Agent and the US Warrant
      Agent individually, except to the extent the Canadian Warrant Agent and
      the US Warrant Agent are required under the Trust Indenture Act and Trust
      Indenture Legislation to perform such acts jointly, and neither the
      Canadian Warrant Agent nor the US Warrant Agent shall be liable or
      responsible for the acts or omissions of the other warrant agent. Unless
      the context implies or requires otherwise, any written notice, request,
      direction, certificate, instruction, opinion or other document (each such
      document, a &#147;Writing&#148;) delivered pursuant to any provision of this
      Indenture to any of the Canadian Warrant Agent or the US Warrant Agent
      shall be deemed for all purposes of this Indenture as delivery of such
      Writing to the Warrant Agent. Each such warrant agent in receipt of such
      Writing shall notify such other warrant agent of its receipt of such
      Writing within two Business Days of such receipt provided, however, that
      any failure of such warrant agent in receipt of such Writing to so notify
      such other warrant agent shall not be deemed as a deficiency in the
      delivery of such Writing to the Warrant Agent.&#148;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>by adding the words &#147;or the United States, as applicable&#148;
      immediately after the words &#147;lawful money of Canada&#148; and deleting the
      words &#147;at par&#148; in Schedule &#147;A&#148; and Schedule &#147;B&#148; of the Original
      Indenture;</P></TD></TR></TABLE>
<P align=justify><B>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>
</B><B>Indenture Continues to Remain in Effect </B></P>
<P align=justify>This First Supplemental Indenture is supplemental to the
Original Indenture, and the Original Indenture and this First Supplemental
Indenture shall hereafter be read together and shall have effect, so far as
practicable, with respect to the Warrants as if all the provisions of the
Original Indenture and this First Supplemental Indenture were contained in one
instrument. The Original Indenture is and shall remain in full force and effect
with regards to all matters governing the Warrants, except as the Original
Indenture is amended, superseded, modified or supplemented by this First
Supplemental Indenture. Any references in the text of this First Supplemental
Indenture to section numbers, article numbers, &#147;hereto&#148;, &#147;herein&#148;, &#147;hereby&#148;,
&#147;hereof&#148; and similar expressions refer to this First Supplemental Indenture
unless otherwise qualified. </P>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=center><B>ARTICLE 3 </B><BR><B>ADDITIONAL MATTERS </B><BR></P>
<P align=justify><B>3.1</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>Counterparts and Formal Date </B></P>
<P align=justify>This First Supplemental Indenture may be executed in several
counterparts, each of which when so executed shall be deemed to be an original
and such counterparts together shall constitute one and the same instrument and
notwithstanding their date of execution shall be deemed to be dated as of the
date hereof. </P>
<P align=justify><B>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>
</B><B>Further Assurances </B></P>
<P align=justify>The parties shall, with reasonable diligence, do all such
things and provide all such reasonable assurances as may be required to
consummate the transactions contemplated by this First Supplemental Indenture,
and each party shall provide such further documents or instruments required by
the other party as may be reasonably necessary or desirable to effect the
purpose of this First Supplemental Indenture and carry out its provisions. </P>
<P align=justify><B>3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>
</B><B>Governing Law </B></P>
<P align=justify>This First Supplemental Indenture shall be governed by and
construed in accordance with the laws of the Province of Ontario and the federal
laws of Canada applicable therein and shall be treated in all respects as
Ontario contracts.</P>
<P align=center><B><I>[Intentionally Left Blank]</I></B></P>
<P align=center>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_7></A>
<P align=justify><B>IN WITNESS WHEREOF</B> the Parties hereto have executed this
First Supplemental Indenture as of the date first written above. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>ENERGY FUELS INC. </B></P>
<P style="MARGIN-LEFT: 50%" align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >Per: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    ><I>(signed) &#147;David Frydenlund&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >David Frydenlund, Senior Vice
      President </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >General Counsel and Corporate
      Secretary </TD></TR></TABLE>
<P style="MARGIN-LEFT: 50%" align=justify><B>CST TRUST COMPANY </B></P>
<P style="MARGIN-LEFT: 50%" align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >Per: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    ><I>(signed)</I> <I>&#147;Christopher de Lima&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >Christopher de Lima, Authorized
      Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >Per: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    ><I>(signed)</I> <I>&#147;Toni Taccogna&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >Toni Taccogna, Authorized
      Signatory </TD></TR></TABLE>
<P style="MARGIN-LEFT: 50%" align=justify><B>AMERICAN STOCK TRANSFER &amp; TRUST
COMPANY, LLC </B></P>
<P style="MARGIN-LEFT: 50%" align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >Per: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    ><I>(signed)</I> <I>&#147;John Buonomo&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >John Buonomo, Authorized
      Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >Per: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    ><I>(signed)</I> <I>&#147;Paula Caroppoli&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >Paula Caroppoli, Authorized
      Signatory </TD></TR></TABLE>
<P align=center>S-1 </P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG src="exhibit99-1x1x1.jpg" border=0> </P>
<P align=center><B>Energy Fuels Announces the Appointment of Mark Chalmers as
Chief Operating <BR>Officer </B></P>
<P align=center><B>Lakewood, Colorado &#150; April 15, 2016 </B></P>
<P align=justify><B>Energy Fuels Inc. (NYSE MKT: UUUU; TSX: EFR) (&#147;Energy Fuels&#148;
or the &#147;Company&#148;)</B>, one of the leading producers of uranium in the U.S., is
pleased to announce the appointment of Mark Chalmers as Chief Operating Officer.
Mr. Chalmers will join the Energy Fuels management team in July 2016 and oversee
all of the Company&#146;s conventional and <I>in situ</I> (&#147;ISR&#148;) uranium production
operations. </P>
<P align=justify>Mr. Chalmers brings an extensive background in both the U.S.
and global uranium mining and processing industries to Energy Fuels. From 2011
to 2015, Mr. Chalmers served as Executive General Manager of Production for
Paladin Energy Ltd., a uranium producer with assets in Australia and Africa,
including the Langer Heinrich and Kayelekera mines, where he oversaw sustained,
significant increases in production while reducing operating costs. He also
possesses extensive experience in ISR uranium production, including management
of the Beverley Uranium Mine owned by General Atomics (Australia), and the
Highland mine owned by Cameco Corporation (USA). Mr. Chalmers has also consulted
to several of the largest players in the uranium supply sector, including BHP
Billiton, Rio Tinto, and Marubeni, and currently serves as the Chair of the
Australian Uranium Council, a position he has held since 2007.</P>
<P align=justify>Mr. Chalmers represents a valuable addition to the Company&#146;s
management team and an important element in the Company&#146;s overall management
continuity and succession planning strategy. </P>
<P align=justify>&#147;As a recognized leader in the global uranium industry, Mark
has played major roles in developing and operating several successful mining
operations throughout his career&#148;, noted Stephen P. Antony, President and CEO of
Energy Fuels. &#147;He is a recognized spokesperson for the uranium and nuclear
energy industries, who has created shareholder value in both the conventional
and ISR uranium mining sectors, and he is one of the few individuals who has
extensive experience in both extraction methods. In today&#146;s competitive uranium
market, it is vitally important to lower costs of production, create synergies,
and build new sources of revenue wherever possible. We are very fortunate to add
him to our already outstanding management team.&#148; </P>
<P align=center>1 </P>
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<P align=justify>Mr. Birks Bovaird, Chairman of the Board for Energy Fuels,
added, &#147;After a thorough review of prospective candidates for the operations
leadership role with Energy Fuels, we believe the Company&#146;s selection of Mark
Chalmers confirms our commitment to managing our operations at optimum levels.
At Energy Fuels, we are continuing to manage and grow our capital, including our
financial, intellectual, and human assets. We expect Mark to add greatly to the
executive strength we have put together to lead Energy Fuels into the
future.&#148;<B> </B></P>
<P align=justify>In 2016, Energy Fuels expects to produce approximately 950,000
pounds of uranium from its two 100%-owned production facilities, the White Mesa
conventional uranium mill in Utah and the Nichols Ranch ISR project in Wyoming.
The Company is also continuing shaft-sinking and resource evaluation activities
at its high-grade Canyon conventional mine in Arizona and permitting activities
at its large-scale conventional Sheep Mountain, Roca Honda, and Bullfrog
projects. Finally in early May 2016, the Company expects to complete its
recently announced acquisition of Meste&#241;a Uranium and its Alta Mesa ISR project
in South Texas. This acquisition is expected to increase the Company&#146;s
production scalability at the lower end of its cost curve. </P>
<P align=justify><B><I>About Energy Fuels: </I></B><I>Energy Fuels is a leading
integrated US-based uranium mining company, supplying
U<sub>3</sub>O<sub>8</sub> to major
nuclear utilities. Energy Fuels operates two of America&#146;s key uranium production
centers, </I><I>the White Mesa Mill in Utah and the Nichols Ranch
Processing Facility in Wyoming. The White Mesa Mill is the only conventional
uranium mill operating in the U.S. today and has a licensed capacity of over 8
</I><I>million pounds of
</I><I>U</I><I><sub>3</sub></I><I>O</I><I><sub>8</sub></I><I> per year. The
Nichols Ranch Processing Facility, acquired in the Company&#146;s
</I><I>acquisition of Uranerz Energy Corporation, is an in situ recovery
(&#147;ISR&#148;) production center with a licensed </I><I>capacity of 2 million pounds of
</I><I>U</I><I><sub>3</sub></I><I>O</I><I><sub>8</sub></I><I> per year.
Energy Fuels also has the largest NI 43-101 compliant </I><I>uranium
resource portfolio in the U.S. among producers, and uranium mining projects
located in a number of Western U.S. states, including one producing ISR project,
mines on standby, and mineral properties in various stages of permitting and
development. The Company&#146;s common shares are listed on the NYSE MKT under the
trading symbol &#147;UUUU&#148;, and on the Toronto Stock Exchange under the trading
symbol &#147;EFR&#148;. </I></P>
<P align=center>2 </P>
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<!--$$/page=--><A name=page_3></A><I>
<P align=justify><B><i>Cautionary Note Regarding Forward-Looking Statements:
</i></B><i>Certain information contained in this news release, including: any
information relating to the Company being a leading producer of uranium;
expectations regarding Mr. Chalmers future and continued employment at Energy
Fuels; expectations regarding increasing production, lowering costs, achieving
synergies, and creating new sources of revenue; expectations regarding Energy
Fuels operational strategy; and any other statements regarding Energy Fuels&#146;
management, future expectations, beliefs, goals or prospects; constitute
forward-looking information within the meaning of applicable securities
legislation (collectively, "forward-looking statements"). All statements in this
news release that are not statements of historical fact (including statements
containing the words "expects", "does not expect", "plans", "anticipates", "does
not anticipate", "believes", "intends", "estimates", "projects", "potential",
"scheduled", "forecast", "budget" and similar expressions) should be considered
forward-looking statements. All such forward-looking statements are subject to
important risk factors and uncertainties, many of which are beyond Energy Fuels&#146;
ability to control or predict. A number of important factors could cause actual
results or events to differ materially from those indicated or implied by such
forward-looking statements, including without limitation factors relating to:
expectations regarding Mr. Chalmers future and continued employment at
Energy Fuels; expectations regarding increasing production, lowering costs,
achieving synergies, and creating new sources of revenue; expectations regarding
Energy Fuels&#146; management and operational strategy; and other risk factors as
described in Energy Fuels&#146; most recent annual report on Form 10-K and quarterly
financial reports. Energy Fuels assumes no obligation to update the
information in this communication, except as otherwise required by law.
Additional information identifying risks and uncertainties is contained in
Energy Fuels&#146; filings with the various securities commissions which are
available online at www.sec.gov and www.sedar.com. Forward-looking statements
are provided for the purpose of providing information about the current
expectations, beliefs and plans of the management of Energy Fuels relating to
the future. Readers are cautioned that such statements may not be appropriate
for other purposes. Readers are also cautioned not to place undue reliance on
these forward-looking statements, that speak only as of the date hereof.</i></P>
<P align=justify><B>Investor Relations Inquiries: </B></P>
<P align=justify><B>Energy Fuels Inc.</B> <BR>Curtis Moore &#150; VP &#150; Marketing
&amp; Corporate Development <BR>(303) 974-2140 or Toll free: (888) 864-2125
<BR>investorinfo@energyfuels.com <BR>www.energyfuels.com </P>
<P align=center>3 </P>
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<FILENAME>exhibit99-1x1x1.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
