<SEC-DOCUMENT>0001062993-16-009465.txt : 20160506
<SEC-HEADER>0001062993-16-009465.hdr.sgml : 20160506
<ACCEPTANCE-DATETIME>20160506124936
ACCESSION NUMBER:		0001062993-16-009465
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160506
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160506
DATE AS OF CHANGE:		20160506

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:		161626907

	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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   <TITLE>Energy Fuels Inc.: Form 8K - Filed by newsfilecorp.com</TITLE>
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<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><B> <BR></B><B>Washington,
D.C. 20549 </B></P>
<P align=center><B><FONT size=5>FORM 8-K</FONT><BR></B><B>&nbsp;</B><B>CURRENT
REPORT</B><B> </B></P>
<P align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 </B></P>
<P align=center>Date of Report (Date of earliest event reported): <B>May 6, 2016
</B></P>
<P align=center><B><U><FONT size=5>ENERGY FUELS INC.</FONT></U></B><B>
<BR></B>(Exact name of registrant as specified in its charter) </P>
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    <TD align=center><U><B>Ontario </B></U></TD>
    <TD align=center width="33%"><U><B>001-36204 </B></U></TD>
    <TD align=center width="33%"><U><B>98-1067994 </B></U></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of </TD>
    <TD align=center width="33%">(Commission File Number) </TD>
    <TD align=center width="33%">(I.R.S. Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>incorporation) </TD>
    <TD align=left width="33%">&nbsp; </TD>
    <TD align=center width="33%">Identification No.) </TD></TR></TABLE><BR>
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  <TR vAlign=top>
    <TD align=center><B>225 Union Blvd., Suite 600 </B></TD>
    <TD align=center width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><U><B>Lakewood, Colorado </B></U></TD>
    <TD align=center width="50%"><U>&nbsp;<B>80228 </B></U></TD></TR>
  <TR vAlign=top>
    <TD align=center>(Address of principal executive offices) </TD>
    <TD align=center width="50%">(Zip Code) </TD></TR></TABLE>
<P align=center><B><U>(303) 974-2140</U><BR></B>(Registrant&#146;s telephone number,
including area code) </P>
<P align=center><B><U>N/A</U><BR></B>(Former name or former address, if changed
since last report) </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 style="MARGIN-LEFT: 5%" align=justify>[ ] Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425) </P>
<P style="MARGIN-LEFT: 5%" align=justify>[ ] Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12) </P>
<P style="MARGIN-LEFT: 5%" align=justify>[ ] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b)) </P>
<P style="MARGIN-LEFT: 5%" align=justify>[ ] Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c)) </P>
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<P align=justify><B>Item 8.01 Other Events.</B> </P>
<P align=justify>Energy Fuels Inc. has issued the 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
Securities 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 Securities Exchange Act, except as expressly set
forth by specific reference in such filing. </P>
<P align=justify><B>Item 9.01 Financial Statements and 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="5%" 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 May 6,
2016</a></P></TD></TR></TABLE>
<BR>
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<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>
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  <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: May 6, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">By:
      <I>/s/ </I>David C. Frydenlund </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-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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   <TITLE>Energy Fuels Inc.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
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<P align=center>
<IMG src="exhibit99-1x1x1.jpg" border=0 width="189" height="128"> </P>
<P align=center><B>Energy Fuels Announces Q1-2016 Results </B></P>
<P align=center><B>Lakewood, Colorado &#150; May 6, 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>, today reported its financial results for the quarter
ended March 31, 2016. The Company&#146;s quarterly report on Form 10-Q has been filed
with the U.S. Securities and Exchange Commission (&#147;SEC&#148;), and may be viewed on
the Electronic Document Gathering and Retrieval System (&#147;EDGAR&#148;) at
<U>www.sec.gov/edgar.shtml</U>, on the System for Electronic Document Analysis
and Retrieval (&#147;SEDAR&#148;) at <U>www.sedar.com</U>, and on the Company&#146;s website at
<U>www.energyfuels.com</U>. Unless noted otherwise, all dollar amounts are in US
dollars. </P>
<P align=justify><B>Financial Highlights for the Quarter-Ended March 31, 2016:
</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>$18.0 million of total revenue was realized by the Company.
  <LI>Gross Profit of $5.9 million from mining and milling operations was
  realized by the Company, representing a gross profit margin of approximately
  33%.
  <LI>350,000 pounds of U<SUB>3</SUB>O<SUB>8 </SUB>sales were completed by the
  Company at an average realized price of $51.36 per pound. 300,000 pounds of
  sales were pursuant to long-term contracts at an average price of $54.19 per
  pound and 50,000 pounds of sales were sold to a utility at the then-prevailing
  spot price of $34.40 per pound.
  <LI>At March 31, 2016, the Company had $37.5 million of working capital,
  including cash and cash equivalents of $16.5 million and approximately 225,000
  pounds of uranium concentrate inventory. In addition, at March 31, 2016, the
  Company had $8.3 million receivable pursuant to a uranium sale made on March
  15, 2016. The Company subsequently received the cash for this receivable in
  April 2016.
  <LI>A net loss of $8.8 million was realized by the Company, primarily as a
  result of $7.4 million of investments we are making in future production,
  including completion of the elution circuit at Nichols Ranch, continued
  shaft-sinking and resource evaluation at the Canyon Project, and construction
  of new leach tanks at the White Mesa Mill.
  <LI>85,000 pounds of U<SUB>3</SUB>O<SUB>8 </SUB>were recovered by the Company,
  all of which came from the Nichols Ranch Project. </LI></UL>
<P align=justify><B>Development Highlights for the Quarter-Ended March 31, 2016:
</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Shaft-sinking operations continue at the Canyon Project. The shaft, which
  is expected to be constructed to a total depth of 1,470 feet, is at a depth of
  approximately 900 feet as of April 30, 2016. Underground drilling to further
  evaluate the Canyon deposit is expected to occur in mid-2016, when the shaft
  reaches a depth of approximately 1,000 feet.
  <LI>The Company completed construction and licensing of the elution circuit at
  the Nichols Ranch Project in February 2016. Energy Fuels now has 100%
  self-contained ISR processing capabilities, which is expected to significantly
  lower the Company&#146;s future costs of production on a per pound basis by
  avoiding 3<SUP>rd</SUP> party toll processing fees.</LI></UL>
<P align=center>1</P>
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<P align=justify><B>Acquisition Highlights for the Quarter-Ended March 31, 2016:
</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>On March 7, 2016, the Company announced that it had entered into a
  definitive agreement (&#147;DA&#148;) to acquire Meste&#241;a Uranium, LLC (&#147;Meste&#241;a&#148;), a
  well-known, closely-held uranium supplier that operates the Alta Mesa ISR
  Project in South Texas. Under the terms of the DA, Energy Fuels will issue
  4,551,284 common shares of the Company to the current owners of Meste&#241;a. The
  closing of the transaction is expected to occur in May 2016, subject to the
  receipt of all applicable regulatory and stock exchange approvals and the
  satisfaction of certain other conditions to closing. The acquisition of
  Meste&#241;a is expected to expand Energy Fuels&#146; lower-cost uranium recovery
  operations. Meste&#241;a is currently on standby and will resume uranium recovery
  operations upon sufficient improvement in uranium prices.
  <LI>On March 4, 2016, the Company announced that it had entered into a Letter
  of Intent to acquire the 40% interest in the Roca Honda Project held by
  Sumitomo Corporation. The Company and Sumitomo are working towards finalizing
  a definitive agreement for this transaction, subject to stock exchange and
  final Sumitomo approvals by mid-May, and an expected closing by the end of May
  2016. Upon completion of this acquisition, the Company will own 100% of the
  Roca Honda Project, which is one of the largest and highest- grade uranium
  projects in the U.S. and in an advanced stage of permitting. </LI></UL>
<P align=justify><B>Financing Highlights for the Quarter-Ended March 31, 2016:
</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>On March 14, 2016, the Company closed an equity financing, under which it
  raised net proceeds of $10.98 million, after commissions and estimated
  expenses of the offering, through the issuance of 5,031,250 units, with each
  unit consisting of one common share and one half of one common share purchase
  warrant, at a price of $2.40 per unit. Each warrant will be exercisable for
  three years following the closing date and will entitle the holder thereof to
  acquire one common share of the Company upon exercise at an exercise price of
  $3.20 per share. </LI></UL>
<P align=justify><B>Stephen P. Antony, Energy Fuels&#146; President and CEO stated:
</B>&#147;While the price of uranium has disappointed so far in 2016, Energy Fuels
continues to pursue efforts aimed at lowering operating and other costs, while
also advancing our long-term ability to ramp-up mineral extraction activities in
the future. We continue to adjust our business plan to appropriately respond to
uranium prices that are near multi-year lows today, but expected to rise
significantly over the long-term. As such, we have made the decision to save
significant cash in 2016 by planning to delay previously announced capital
expenditures, including wellfield expansion at Nichols Ranch. While this
decision is expected to lower production at Nichols Ranch by 50,000 pounds this
year, White Mesa Mill uranium recoveries are now expected to be higher than
originally forecast. Therefore, we are maintaining our previous guidance of
950,000 total pounds of uranium recovery in 2016. </P>
<P align=center>2</P>
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<P align=justify>&#147;We continue to pursue shaft-sinking and resource evaluation
activities at our Canyon Project in Arizona, and later in the year, we hope to
announce positive results at this low-cost project. Finally, we expect to lower
our portfolio-wide cost of production upon the closing of our pending
acquisition of Meste&#241;a Uranium, and its ISR production in South Texas. While
long-term uranium market pricing is currently lower than the pricing contained
in our four existing contracts, upon only a modest uplift in current long-term
prices, Meste&#241;a will provide Energy Fuels with the potential to sign uranium
sales contracts which meet targeted operating margins for the Company. As a
result, Meste&#241;a is a key acquisition for Energy Fuels as we navigate today&#146;s
challenging uranium markets.&#148;<B></B></P>
<P align=justify><B>Selected Summary Financial Information: </B></P>
<DIV>
<TABLE
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cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left
      bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="12%"
    bgColor=#ffffff>Three months </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="2%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="12%"
    bgColor=#ffffff>Three months </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>ended </TD>
    <TD align=center width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>ended </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>$000, except per
      share data </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">March 31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">March 31, 2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Results of Operations: </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Total revenues </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;17,996 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;7,600 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Gross profit </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,853 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,756 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Net loss attributable to the company </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(8,808</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,203</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp;Basic and diluted earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(0.19</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(0.06</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="12%">As at
      March 31, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="12%">As at
      December 31, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>$000's </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2016
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2015
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Financial Position: </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Working capital </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;37,469 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;34,869 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Property, plant and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>27,915 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>29,069 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Mineral properties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">91,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">91,031 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Total assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>192,228 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>192,280 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;Total
      long-term liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">39,452 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">38,675 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><I>Overview</I></P>
<P align=justify>The Company expects to recover approximately 950,000 pounds of
U<SUB>3</SUB>O<SUB>8 </SUB>for the year ending December 31, 2016, as further
described below. The Company currently has finished goods inventory and uranium
extraction and recovery capabilities that exceed the commitments contained in
its existing sales contracts. As a result, both ISR and conventional uranium
extraction and/or recovery have been, and are expected to continue to be,
maintained at conservative levels until such time as market conditions improve
sufficiently and/or the Company requires cash to meet its business needs. </P>
<P align=justify><I>ISR Uranium Segment</I></P>
<P align=justify>In response to current market conditions, the Company expects
to delay the planned construction of one of its wellfields at the Nichols Ranch
Project to 2017. We currently plan to extract and recover approximately 300,000
pounds of U<SUB>3</SUB>O<SUB>8 </SUB>for the year ending December 31, 2016,
compared with our previous estimate of 350,000 pounds for 2016, as a result of
this planned delay. <SUP></SUP>At March 31, 2016, the Nichols Ranch wellfields
had seven header houses extracting uranium. The Company plans to complete an eighth
header house by the end of 2016. A ninth header house was originally planned for
completion in 2016, but has been delayed due to market conditions. </P>
<P align=center>3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify>In February 2016, the Company completed construction of the
elution circuit and began the elution process at the Nichols Ranch Plant.
Yellowcake slurry from this circuit is being shipped to our White Mesa Mill for
final yellowcake drying, packaging, and shipment to a conversion facility.</P>
<P align=justify>Permitting of the adjacent Jane Dough Property is continuing
and is expected to be completed in advance of our need to begin wellfield
construction. Also, the nearby Hank Project is fully permitted to be constructed
as a satellite facility to the Nichols Ranch Plant. </P>
<P align=justify><I>Conventional Uranium Segment</I></P>
<P align=justify>The Company expects the White Mesa Mill to recover
approximately 650,000 pounds of U<SUB>3</SUB>O<SUB>8 </SUB>for the year ending
December 31, 2016.</P>
<P align=justify>The Company is planning to recover approximately 425,000 pounds
of U<SUB>3</SUB>O<SUB>8</SUB>, which wasextracted from its Pinenut Project. This
is an increase of 50,000 pounds over what was previously announced, due to
updated weights and assays upon receipt of material at the Mill. During 2016,
the Company also expects to recover approximately 225,000 pounds of
U<SUB>3</SUB>O<SUB>8 </SUB>from alternate feed materials. </P>
<P align=justify>The White Mesa Mill has historically operated on a campaign
basis, whereby uranium production is scheduled as mill feed, cash needs,
contract requirements, and/or market conditions may warrant. Once the processing
for 2016 concludes (expected to be in late 2016), the Company expects to place
uranium recovery activities at the Mill on standby until additional mill feed
becomes available. The Mill will continue to dry and package material from the
Nichols Ranch Plant and continue to receive and stockpile alternate feed
materials for future milling campaigns.</P>
<P align=justify>The Company is continuing shaft sinking activities at the
Canyon Project. Once the shaft depth approaches the mineralized zone, we plan to
complete additional exploration drilling to further evaluate the deposit. The
timing of our plans to extract and process mineralized materials from this
project will be based on the results of this additional evaluation work, along
with market conditions, available financing, and sales requirements. </P>
<P align=justify>The Company expects to continue to pursue permitting activities
at certain of its conventional projects, including the Roca Honda Project and
the Sheep Mountain Project. The Company will also continue to evaluate the
Bullfrog Property at its Henry Mountains Project. Expenditures for certain of
these projects have been adjusted to coincide with expected dates of price
recoveries based on our forecasts. </P>
<P align=center>4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=justify><U>Sales</U></P>
<P align=justify>For 2016, the Company forecasts sales under its existing
long-term contracts to total approximately 550,000 pounds of
U<SUB>3</SUB>O<SUB>8</SUB>. Of this total, 300,000 pounds were delivered in the
first quarter of the year. The prices for material sold under the existing
long-term contracts are either fixed or at floors. The average<SUP></SUP>sales
price under the Company&#146;s long-term contracts is expected to be higher in 2016
versus 2015 levels.</P>
<P align=justify>The Company also sold 50,000 pounds of U<SUB>3</SUB>O<SUB>8
</SUB>to a utility based on spot prices at the time ofthe contract. The Company
is currently monitoring market conditions for additional sales opportunities.
Selective spot sales are expected to be made as necessary to generate cash for
operations and development activities.</P>
<P align=justify>In 2017, the Company expects to have existing inventory or
expected production to meet all of its commitments to sell 620,000 pounds of
uranium under its existing long-term contracts at average sales prices higher
than 2015 levels. </P>
<P align=justify><B><I>About Energy Fuels</I></B><I>: Energy Fuels is a leading
integrated US-based uranium mining </I><I>company, supplying
U<SUB>3</SUB>O<SUB>8 </SUB>to major nuclear utilities. Energy Fuels operates two
of America&#146;s key </I><I>uranium production centers, the White Mesa Mill in Utah
and the Nichols Ranch Plant in Wyoming. The White Mesa Mill is the only
conventional uranium mill operating in the U.S. today </I><I>and has a licensed
capacity of over 8 million pounds of U<SUB>3</SUB>O<SUB>8 </SUB>per year. The
Nichols Ranch Plant </I><I>is an in situ recovery (&#147;ISR&#148;) production center with
a licensed capacity of 2 million pounds of </I><I>U<SUB>3</SUB>O<SUB>8 </SUB>per
year.</I><I></I><I>Energy Fuels also has the largest NI 43-101 compliant 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=justify><B>CONVERSION FROM IFRS TO U.S. GAAP </B></P>
<P align=justify><I>As previously announced, effective January 1, 2016, the
Company became a &#145;U.S. domestic issuer&#146; for SEC reporting purposes and is
therefore required to prepare its financial statements in accordance with United
States Generally Accepted Accounting Principles (&#147;U.S. GAAP&#148;). All prior
financial statements and selected financial data have been converted from
International Financial Reporting Standards (&#147;IFRS&#148;) into U.S. GAAP for all
periods required to be presented in the financial statements and selected
financial data. </I></P>
<P align=justify><B>ADDITIONAL NON-US GAAP FINANCIAL PERFORMANCE MEASURES
</B></P>
<P align=justify><I>The Company has included the additional non-US GAAP measure
&#147;Gross Profit&#148; in the financial statements and in this news release. Management
noted that &#147;Gross Profit&#148; provides useful information to investors as an
indication of the Company&#146;s principal business activities before consideration
of how those activities are financed, sustaining capital expenditures, corporate
and exploration and evaluation expenses, finance income and costs, and taxation.
</I></P>
<P align=center>5</P>
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noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=justify><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></P>
<P align=justify><I>This news release contains certain &#147;Forward Looking
Information&#148; and &#147;Forward Looking Statements&#148; within the meaning of applicable
Canadian and United States securities legislation, which may include, but is not
limited to, statements with respect to the future financial or operating
performance of the Company and its projects, including: production and sales
forecasts; expected timelines for the permitting and development of projects;
the Company&#146;s expectations as to longer term fundamentals in the market and
price projections; the Company&#146;s expectations as to expenditures and cost
reductions; the Company&#146;s ability to preserve its cash resources and maintain
its resource base; scalability, and the Company&#146;s ability to be able to restart
or increase production as market conditions warrant; the ability of the Company
to realize the expected benefits of the acquisition of Uranerz; the expected
completion and expected benefits from the planned Meste&#241;a and Roca Honda
acquisitions; the expected development and evaluations at the Canyon Project;
the expected costs at the Company&#146;s Nichols Ranch Project, Canyon Project, and
other projects and facilities; expectations that sufficient mill feed will be
available to sustain future campaigns at the White Mesa Mill; and expectations
to become or maintain its position as a leading uranium company in the United
States. Generally, these forward-looking statements can be identified by the use
of forward-looking terminology such as &#147;plans&#148;, &#147;expects&#148; &#147;does not expect&#148;, &#147;is
expected&#148;, &#147;is likely&#148;, &#147;budget&#148; &#147;scheduled&#148;, &#147;estimates&#148;, &#147;forecasts&#148;,
&#147;intends&#148;, &#147;anticipates&#148;, &#147;does not anticipate&#148;, or &#147;believes&#148;, or variations of
such words and phrases, or state that certain actions, events or results &#147;may&#148;,
&#147;could&#148;, &#147;would&#148;, &#147;might&#148; or &#147;will be taken&#148;, &#147;occur&#148;, &#147;be achieved&#148; or &#147;have
the potential to&#148;. All statements, other than statements of historical fact,
herein are considered to be forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
express or implied by the forward-looking statements. Factors that could cause
actual results to differ materially from those anticipated in these
forward-looking statements include: risks associated with estimating production,
forecasting future price levels necessary to support production, scalability,
and the Company&#146;s ability to restart or increase production in response to any
increase in commodity prices; risks inherent in the Company&#146;s and the industry&#146;s
forecasts or predictions of future uranium prices; risks of delays in obtaining
permits and licenses that could impact expected production levels or increases
in expected production levels; risks in meeting expected timelines for the
development of projects; government and third party actions with respect to
supplies of secondary sources of uranium; fluctuations or changes in the market
prices of uranium; risks associated with the integration of Uranerz; the risk of
failure to complete or realize the expected benefits from the planned Meste&#241;a
and Roca Honda acquisitions; risks associated with the expected development and
evaluations at the Canyon Project; risks associated with estimated expected
costs at the Company&#146;s Nichols Ranch Project, Canyon Project, and other projects
and facilities; the risk that sufficient mill feed will not be available to
sustain future campaigns at the White Mesa Mill; the risk that uranium prices
will not reach the levels required to justify further development or production
at the Company&#146;s projects, including the White Mesa Mill, the Nichols Ranch
Project, and the Roca Honda Project; the risk that the Company will not be able
to enter into suitable term uranium sales contracts in the future to support
future development and production decisions; and the other factors described
under the caption &#147;Risk Factors&#148; in the Company&#146;s Annual Report on Form 10-K
dated March 15, 2016, which is available for review on EDGAR at
</I><U>www.sec.gov/edgar.shtml</U><I>, on SEDAR at </I><U>www.sedar.com</U><I>,
and on the Company&#146;s website at </I><U>www.energyfuels.com</U><I>.
Forward-looking statements contained herein are made as of the date of this
news release, and the Company disclaims, other than as required by law, any
obligation to update any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if management&#146;s estimates
or opinions should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements. The Company assumes no obligation to update the
information in this communication, except as otherwise required by law. </I></P>
<P align=center>6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_7></A>
<P align=justify><B>Investor Inquiries: </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Energy Fuels Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Curtis Moore </TD></TR>
  <TR vAlign=top>
    <TD align=left>VP &#150; Marketing and Corporate Development </TD></TR>
  <TR vAlign=top>
    <TD align=left>(303) 974-2140 or Toll free: (888) 864-2125 </TD></TR>
  <TR vAlign=top>
    <TD align=left>investorinfo@energyfuels.com </TD></TR>
  <TR vAlign=top>
    <TD align=left><U>www.energyfuels.com</U> </TD></TR></TABLE>
<P align=center>7</P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
