<SEC-DOCUMENT>0001062993-16-011424.txt : 20160912
<SEC-HEADER>0001062993-16-011424.hdr.sgml : 20160912
<ACCEPTANCE-DATETIME>20160912140321
ACCESSION NUMBER:		0001062993-16-011424
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160912
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160912
DATE AS OF CHANGE:		20160912

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:		161880757

	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
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   <TITLE>Energy Fuels Inc. - Form 8-K - Filed by newsfilecorp.com</TITLE>
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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 </P>
<P align=center><B><FONT size=5>FORM 8-K</FONT></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>September 12, 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>
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  <TR vAlign=top>
    <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=center 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 width="575"><B>225 Union Blvd., Suite 600 </B></TD>
    <TD align=center width="575" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center width="575"><U><B>Lakewood, Colorado </B></U></TD>
    <TD align=center width="575" ><U>&nbsp;<B>80228 </B></U></TD></TR>
  <TR vAlign=top>
    <TD align=center width="575">(Address of principal executive offices) </TD>
    <TD align=center width="575" >(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><B><U>N/A</U></B><BR>(Former name or former address, if changed
since last report) </P>
<P align=justify>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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<P align=justify><B>Item 7.01 Regulation FD Disclosure. </B></P>
<P align=justify>Energy Fuels Inc. (the &#147;Company&#148; or &#147;Energy Fuels&#148;) has issued
the press release attached hereto as Exhibit 99.1. </P>
<P align=justify>The information furnished pursuant to this Item 7.01, 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 8.01 Other Events. </B></P>
<P align=justify>The Company, a leading producer of uranium in the United
States, is pleased to provide an update on the Company&#146;s plans and activities
through the end of 2018, along with production guidance for 2017. Energy Fuels&#146;
goal is to become the largest uranium producer in the United States &#150; which has
the largest fleet of nuclear reactors in the World and is the largest consumer
of uranium globally. In light of recent positive developments at certain of the
Company&#146;s projects, but also continued uranium market uncertainty, the Company&#146;s
Board of Directors (the &#147;Board&#148;) has approved a revised business plan (the
&#147;Business Plan&#148;) that focuses on several key areas through 2018. The main
emphasis of the Business Plan is to sustain production capabilities and uranium
resources, and also to retain the Company&#146;s significant production scalability
and optionality, so that the Company is able to quickly respond to &#150; and benefit
from &#150; any improvements in uranium market conditions. </P>
<P align=center><B><U>Maintaining and Expanding Production
Optionality</U></B></P>
<P align=justify>A key element of the Company&#146;s Business Plan is continuing to
maintain and expand the Company&#146;s production optionality, including permitted
mining and processing capacity, so that the Company can effectively respond to
improved market conditions when and as-needed. The Company believes it is
currently well positioned in this regard with: (i) the currently-producing
Nichols Ranch <I>In-Situ </I>Recovery (&#147;ISR&#148;) Project in Wyoming (&#147;Nichols
Ranch&#148;); (ii) the recently acquired Alta Mesa ISR Project in Texas (&#147;Alta Mesa&#148;)
which is currently on care &amp; maintenance; (iii) the currently-producing
White Mesa conventional mill in Utah; and (iv) the ongoing advancement of the
high-grade Canyon Mine in Arizona.</P>
<P align=justify>While the Company collectively has a licensed capacity of over
11.5 million pounds of U<SUB>3</SUB>O<SUB>8</SUB> per year, based on
pastproduction, available in-ground uranium resources, operational
capacities, and conservative long-term uranium price forecasts, over the
long-term the Company believes it has the capability, with improved uranium
prices and the receipt of additional permits as expected, to produce 4 to 6
million pounds of U<SUB>3</SUB>O<SUB>8 </SUB>per year on a sustained basis,
notincluding uranium processing for a fee on account of 3rd parties.
However, in the short-term, and for so long as weak uranium prices persist, the
Company expects to maintain production at today&#146;s reduced levels or lower,
including 950,000 pounds of U<SUB>3</SUB>O<SUB>8</SUB> in 2016 and 800,000 pounds of
U<SUB>3</SUB>O<SUB>8 </SUB>in 2017. Over 65% of the Company&#146;s 2016 and 2017
production is contracted at well above current market prices for those years.</P>
<P align=justify><B><I>Canyon Mine (Conventional Uranium Mine in Arizona)
</I></B></P>
<P align=justify>The Company&#146;s ongoing evaluation of the Canyon Mine is
confirming the June 27, 2012 NI 43-101 average grades of approximately 1%
U<SUB>3</SUB>O<SUB>8</SUB>. The mine is therefore a high priority in the
Business Plan. Based on drill results from initial core drilling at the 1<SUP>st
</SUP>level at the Canyon Mine (as previously reported on August 18, 2016), the
Board has approved the completion of the shaft to the planned depth of
1,470-feet below the surface, along with the construction of two additional
drill stations with significant additional long-hole drilling to be completed
over the next 6 months. The shaft is currently at a depth of 1,200-feet below
the surface, or over 80% completed based on a current planned bottom depth of
1,470-feet. The shaft and construction of all three levels is expected to be
completed by the end of 2016, with additional drilling and evaluation occurring
into 2017. </P>
<P align=justify>Drill results are showing the potential to significantly
increase the size of the recoverable uranium resources within the bounds of the
previously identified geologic formation (the &#147;breccia pipe&#148;). It also appears
that uranium mineralization within the breccia pipe at the Canyon Mine extends
vertically for at least 1,100-feet. This is substantially greater than the
vertical extent of the mineralization in other uranium-bearing breccia pipes
recently mined in northern Arizona. The Company&#146;s current focus is on
the upper half of this mineralization, which includes the &#147;Middle Zone&#148; and the
&#147;Upper Zone&#148; of the deposit. </P>
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<P align=justify>Drilling from the three planned levels will allow for a
detailed evaluation of the resources contained in the Middle and Upper Zones of
the deposit. These are expected to provide the Company with high levels of
confidence in the size, grade, and extent of the deposit, and provide the
information and data needed for a revised resource estimate, economic
evaluation, advanced mine planning, and optimization of future underground
development. Drilling has also encountered several high-grade intercepts at
depth, indicating that the Lower Zone also contains significant uranium
mineralization that may be further explored, evaluated, and mined in the future.
</P>
<P align=justify>Finally, the drill results are increasing the Company&#146;s level
of confidence that production costs from the Canyon Mine are expected to be
low-cost and competitive with the best underground uranium mines globally,
including mines in Canada, based on industry-published cost estimates. As a
result, the Canyon Mine is likely to take a more significant production role in
the short- to medium-term, as the Company currently believes this will be the
lowest cost source of primary uranium production in the Company&#146;s portfolio.
Continued development and mining at the Canyon Mine will depend on the results
of the planned delineation drilling, revised resource estimate, economic and
other evaluations, and uranium market conditions. </P>
<P align=justify><B><I>Nichols Ranch and Alta Mesa (Producing ISR Project in
Wyoming) </I></B></P>
<P align=justify>Although the Canyon Mine is expected to take a more significant
role in the Company&#146;s plans, the Nichols Ranch and Alta Mesa operations also
remain extremely important to the Company. These projects represent two other
important aspects of the Company&#146;s optionality due to their potential to
increase production relatively quickly as markets recover with relatively low
upfront and sustaining capital requirements and operating costs. </P>
<P align=justify>As previously announced, the Company expects to produce
approximately 300,000 lbs. of U<SUB>3</SUB>O<SUB>8 </SUB>in 2016 at Nichols
Ranch. In addition, the Company expects to continue to produce approximately
350,000 lbs. of U<SUB>3</SUB>O<SUB>8 </SUB>per year in 2017 and beyond at
Nichols Ranch, unless uranium market conditions warrant increasing annual
production to levels higher than today&#146;s reduced levels. As reported on August
15, 2016, recent drilling at Nichols Ranch has encountered significant
high-grade intercepts in the soon to be completed Header House 9 wellfield.
These intercepts were much higher than previously expected by the Company, and
are expected to contribute to maintaining current production levels, while also
deferring some wellfield development and associated capital costs. </P>
<P align=justify>Alta Mesa, which includes over 200,000-acres of land and a
fully permitted and constructed ISR processing plant, will remain on care and
maintenance until uranium prices recover. On August 2, 2016, the Company
announced a maiden National Instrument 43-101 resource of 1.6 million tons of
Measured and Indicated Mineral Resources with an average grade of 0.111%
U<SUB>3</SUB>O<SUB>8 </SUB>containing 3.6million pounds of uranium,
along with 7.0 million tons of Inferred Mineral Resources with an average grade
of 0.121% U<SUB>3</SUB>O<SUB>8</SUB> containing 16.8million pounds of
uranium. Based on past production from this project, the Company expects Alta
Mesa to be among the lowest cost sources of uranium production in its portfolio
when market demand increases. </P>
<P align=justify>Upon observing a sustained improvement in market conditions,
the Company projects having the ability to increase combined production from
Nichols Ranch and Alta Mesa to approximately 1.2million lbs. of
&nbsp;U<SUB>3</SUB>O<SUB>8 </SUB>per year &#150; or more &#150; within 6 to 12
months&#146; time with additional wellfield development and minimal other capital
expenditures. While this increased production is not currently planned for 2016
or 2017, the Company will monitor market conditions and actively seek to sell
this material at prices that justify these levels of production. </P>
<P align=justify><B><I>White Mesa Mill (Conventional Mill in
Utah)</I></B></P>
<P align=justify>As previously announced, the Company also expects to produce
approximately 650,000 lbs. of U<SUB>3</SUB>O<SUB>8 </SUB>from the White Mesa
Mill in 2016. This includes the 460,000 lbs. of U<SUB>3</SUB>O<SUB>8 </SUB>from
processing stockpiled material previously mined from the Company&#146;s now-depleted
Pinenut mine, along with 165,000 lbs. of U<SUB>3</SUB>O<SUB>8</SUB> from processing stockpiled
alternate feed materials. In addition, the Company has also been producing
uranium from a new source at the Mill through the recycling of water from the
Mill&#146;s tailings management system. This water contains dissolved uranium that
was not recovered in earlier processing activities (&#147;Pond Returns&#148;). For 2016,
the Company expects to recover a total of approximately 25,000 lbs. of
U<SUB>3</SUB>O<SUB>8</SUB>from Pond Returns at the Mill.</P>
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<P align=justify>In 2017, the Company expects to produce approximately 450,000
lbs. of U<SUB>3</SUB>O<SUB>8</SUB> at the White Mesa Mill, including 150,000
lbs. of U<SUB>3</SUB>O<SUB>8</SUB> from alternate feed materials and 300,000
lbs. of U<SUB>3</SUB>O<SUB>8 </SUB>from Pond Returns. Uranium production for
2018 at the White Mesa Mill has not yet been determined. However, the Company
expects to maintain the Mill in a position to be able to potentially process
further alternate feed materials, as well as potentially process material
produced from the Canyon Mine or other conventional sources in 2018, if market
conditions warrant. </P>
<P align=justify><B><I>Selective Advancement of Permits </I></B></P>
<P align=justify>The final component of the Company&#146;s optionality strategy
concerns the selective advancement of certain permits at other of the Company&#146;s
major uranium projects. The Company plans to: (i) continue the licensing and
permitting of the Jane Dough ISR Wellfields, which are adjacent to Nichols
Ranch; (ii) continue the licensing and permitting of the Roca Honda Project, a
large, high-grade conventional project in New Mexico; (iii) maintain required
permits at the Company&#146;s standby projects including Alta Mesa, the Hank ISR
Project, the La Sal Project, and the Daneros Project, and; (iv) complete certain
other well-advanced permits on the Sheep Mountain Project in Wyoming, the
Daneros Project expansion, and the La Sal Project expansion. All of these
projects serve as important pipeline assets for the Company&#146;s future ISR and
conventional production capabilities. </P>
<P align=justify>The Company is not aware of any other uranium junior which,
upon completion of the above referenced permits (expected in 2018 or before),
will have Energy Fuels&#146; depth or diversity of future production potential from
multiple projects ready to go into production if uranium markets improve, as the
Company expects. </P>
<P align=center><B><U>Sale of Surplus Land and Other Assets</U></B></P>
<P align=justify>The Company has also initiated a significant program to reduce
costs and monetize additional non-core assets, including the sale of certain
non-core land holdings and surplus equipment (mostly mining equipment). This
initiative alone is expected to result in an estimated $2.0 &#150;$4.0 million cash
benefit to the Company over the next 2&#189; years. </P>
<P align=center><B><U>Continued Corporate Streamlining</U></B></P>
<P align=justify>Based on the Business Plan described above, the Company has
embarked upon a program to further reduce certain other costs in order to
enhance the sustainability of the organization until uranium markets recover. At
the same time, the Company intends to ensure that required skill sets, including
mining, processing, permitting, and other areas of expertise, are maintained at
appropriate levels that will allow the Company to aggressively and quickly
capture the benefits of future improvements in uranium market conditions. This
includes a number of initiatives, including a wage and salary freeze, reductions
in general and administrative expenses, a mandate for Management to actively
seek other cost reductions and efficiencies, and the potential for compensation
adjustments. </P>
<P align=center><B><U>Optimization of Operations</U></B></P>
<P align=justify>Finally, the Company has launched a new initiative designed to
reduce capital and operating costs at all of its uranium production locations.
The Company is targeting a reduction in operating costs of 5% to 20% per pound,
over time. The Company has engaged a team of metallurgical experts to complete a
comprehensive 1<SUP>st </SUP>Phase review of all the Company&#146;s processing
operations, including operations at the White Mesa Mill, Nichols Ranch, and Alta
Mesa. These experts have a proven track-record of delivering cost savings,
innovation, and efficiencies at numerous other conventional and ISR uranium
projects globally. The following non-comprehensive list of areas will be
reviewed: </P>
<TABLE
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  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">Reduced reagent consumptions, including reagent
      recycling </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">Increased uranium recovery </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">The potential recovery of copper resources
      identified at the Canyon Mine </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">Ore sorting </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">Improved operating practices </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">Mechanized mining at the conventional mines
  </TD></TR></TABLE><BR>
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  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >Water jet mining
</TD></TR></TABLE>
<P align=justify><B><I>Stephen P. Antony, P.E., President &amp; CEO of Energy
Fuels</I></B><I>, is a Qualified Person as defined by Canadian National
Instrument 43-101 and has reviewed and approved the technical disclosure
contained in this Current Report on Form 8-K, including sampling, analytical,
and test data underlying such disclosure.</I><B><I> </I></B></P>
<P align=justify><B><I>Cautionary Note Regarding Forward-Looking Statements:
</I></B><I>Certain information contained in this Current Report on Form 8-K,
including any information relating to: the Company being a leading producer of
uranium in the U.S.; the goals of the Company&#146;s business plan, including the
goal to become the largest uranium producer in the United States; production
optionality and scalability and the ability of the Company to respond to and
benefit from changes in uranium prices; the Company&#146;s licensed capacity and
expected long-term production capability; expected production plans and levels
for 2016 and 2017; expectations regarding shaft sinking and delineation drilling
at the Canyon Mine, including any expectations regarding potential increases in
mineralization, resources; expected costs of production at the Canyon Mine and
other facilities; expectations regarding future wellfield and other capital
costs at the Company&#146;s facilities; expected advancement of permits; the success
of and proceeds from expected sales of surplus land and other assets; the
Company&#146;s plans regarding corporate streamlining and the success thereof; the
Company&#146;s plans and targets regarding optimization of operations and the success
thereof; and any other statements regarding Energy Fuels&#146; 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 Current Report on Form 8-K 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:
the Company being a leading producer of uranium in the U.S.; the goals of the
Company&#146;s business plan, including the goal to become the largest uranium
producer in the United States; production optionality and scalability and the
ability of the Company to respond to and benefit from changes in uranium prices;
the Company&#146;s licensed capacity and expected long-term production capability;
expected production plans and levels for 2016 and 2017; expectations regarding
shaft sinking and delineation drilling at the Canyon Mine, including any
expectations regarding potential increases in mineralization, resources;
expected costs of production at the Canyon Mine and other facilities;
expectations regarding future wellfield and other capital costs at the Company&#146;s
facilities; expected advancement of permits; the success of and proceeds from
expected sales of surplus land and other assets; the Company&#146;s plans regarding
corporate streamlining and the success thereof; the Company&#146;s plans and targets
regarding optimization of operations and the success thereof</I>; <I>risks
associated with mineral reserve and resource estimates, including the risk of
errors in assumptions or methodologies; risks associated with estimating mineral
extraction and recovery, forecasting future price levels necessary to support
mineral extraction and recovery, and the Company&#146;s ability to increase mineral
extraction and recovery in response to any increases in commodity prices or
other market conditions; uncertainties and liabilities inherent to conventional
mineral extraction and recovery and/or in-situ uranium recovery operations;
geological, technical and processing problems, including unanticipated
metallurgical difficulties, less than expected recoveries, ground control
problems, process upsets, and equipment malfunctions; risks associated with
labor costs, labor disturbances, and unavailability of skilled labor; risks
associated with the availability and/or fluctuations in the costs of raw
materials and consumables used in the Company's production processes; risks
associated with environmental compliance and permitting, including those created
by changes in environmental legislation and regulation, and delays in obtaining
permits and licenses that could impact expected mineral extraction and recovery
levels and costs; actions taken by regulatory authorities with respect to
mineral extraction and recovery activities; risks associated with the ability of
the Company to extend or renew land tenure, including mineral leases and surface
use agreements, on favorable terms or at all; risks associated with the ability
of the Company to negotiate access rights on certain propertie s on favorable
terms or at all; failure to obtain industry partner, government, and other third
party consents and approvals, when required; risks associated with the Company&#146;s
relationships with its business and joint venture partners; the potential for,
and outcome of, litigation and other legal proceedings, including potential
injunctions pending the outcome of such litigation and proceedings; competition
for, among other things, capital, mineral properties, and skilled personnel;
risks inherent in the Company&#146;s and industry analysts&#146; forecasts or predictions
of future uranium and vanadium price levels; fluctuations in the market prices
of </I></P>
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<P align=justify><I>uranium and vanadium, which are cyclical and subject to
substantial price fluctuations; failure to obtain suitable uranium sales terms,
including spot and term sale contracts; risks associated with asset impairment
as a result of market conditions; risks associated with lack of access to
markets and the ability to access capital; public resistance to nuclear energy
or uranium extraction and recovery; uranium industry competition and
international trade restrictions; risks related to higher than expected costs
related to our Nichols Ranch Project and Canyon Project; risks related to recent
market events; and risks related to defects in title to our mineral
properties.</I> </P>
<P align=justify><I>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><I>Cautionary Note to United States Investors Concerning
Estimates of Measured, Indicated and Inferred Resources: </I></B><I>This Current
Report on Form 8-K contains certain disclosure that has been prepared in
accordance with the requirements of Canadian securities laws, which differ from
the requirements of U.S. securities laws. Unless otherwise indicated, all
reserve and resource estimates included in this Current Report on Form 8-K have
been prepared in accordance with Canadian National Instrument 43-101 &#150; Standards
of Disclosure for Mineral Projects (&#147;NI 43-101&#148;) and the Canadian Institute of
Mining, Metallurgy and Petroleum (&#147;CIM&#148;) classification system. Canadian
standards, including NI 43-101, differ significantly from the requirements of
U.S. securities laws, and reserve and resource information contained in this
Current Report on Form 8-K may not be comparable to similar information
disclosed by companies reporting only under U.S. standards. In particular, the
term &#147;resource&#148; does not equate to the term &#147;reserve&#148; under SEC Industry Guide
7. </I><B><I>United States investors are cautioned not to assume that all or any
of Measured or Indicated Mineral Resources will ever be converted into mineral
reserves. Investors are cautioned not to assume that all or any part of an
&#147;Inferred Mineral Resource&#148; exists or is economically or legally minable. Energy
Fuels does not hold any Reserves as that term is defined by SEC Industry Guide
7. Please refer to the section entitled &#147;Cautionary Note to United States
Investors Concerning Disclosure of Mineral Resources&#148; in the Company&#146;s Annual
Report on Form 10-K dated March 15, 2016 for further details.</I></B><B>
</B></P>
<P align=justify><B>Item 9.01 Financial Statements and Exhibits. </B></P>
<P align=justify>(d) Exhibits. </P>
<TABLE
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  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-1.htm">99.1*</a> </TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-1.htm">Press Release
      dated September 12, 2016</a> </TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="exhibit99-2.htm">99.2** </a></TD>
    <TD align=left width="90%" ><a href="exhibit99-2.htm">Consent of Stephen P. Antony
    </a></TD>
  </TR></TABLE>
<BR>
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  <TR>
    <TD vAlign=top width="5%">* </TD>
    <TD>
      <P align=justify>The Exhibit relating to Item 7.01 is intended to be
      furnished to, not filed with, the United States Securities and Exchange
      Commission.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">** </TD>
    <TD>
      <P align=justify>The foregoing Exhibit is hereby incorporated by reference
      into the Company&#146;s Registration Statement on Form S-3 (File No.
      333-210782), filed with the SEC of May 5, 2016 and declared effective on
      May 5, 2016, pursuant to the Securities Act.</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: September 12, 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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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P align=center><B><FONT size=3>Energy Fuels Provides Operational Update and
Uranium Production Guidance for 2017 </FONT></B></P>
<P align=center><B>Lakewood, Colorado &#150; September 12, 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>, a leading producer of uranium in the United States, is
pleased to provide an update on the Company&#146;s plans and activities through the
end of 2018, along with production guidance for 2017. Energy Fuels&#146; goal is to
become the largest uranium producer in the United States &#150; which has the largest
fleet of nuclear reactors in the World and is the largest consumer of uranium
globally. In light of recent positive developments at certain of the Company&#146;s
projects, but also continued uranium market uncertainty, the Company&#146;s Board of
Directors (the &#147;Board&#148;) has approved a revised business plan (the &#147;Business
Plan&#148;) that focuses on several key areas through 2018. The main emphasis of the
Business Plan is to sustain production capabilities and uranium resources, and
also to retain the Company&#146;s significant production scalability and optionality,
so that the Company is able to quickly respond to &#150; and benefit from &#150; any
improvements in uranium market conditions. </P>
<P align=center><B><U>Maintaining and Expanding Production
Optionality</U></B></P>
<P align=justify>A key element of the Company&#146;s Business Plan is continuing to
maintain and expand the Company&#146;s production optionality, including permitted
mining and processing capacity, so that the Company can effectively respond to
improved market conditions when and as-needed. The Company believes it is
currently well positioned in this regard with: (i) the currently-producing
Nichols Ranch <I>In-Situ </I>Recovery (&#147;ISR&#148;) Project in Wyoming (&#147;Nichols
Ranch&#148;); (ii) the recently acquired Alta Mesa ISR Project in Texas (&#147;Alta Mesa&#148;)
which is currently on care &amp; maintenance; (iii) the currently-producing
White Mesa conventional mill in Utah; and (iv) the ongoing advancement of the
high-grade Canyon Mine in Arizona.</P>
<P align=justify>While the Company collectively has a licensed capacity of over
11.5 million pounds of U<SUB>3</SUB>O<SUB>8 </SUB>per year, based on past
production, available in-ground uranium resources, operational capacities, and
conservative long-term uranium price forecasts, over the long-term the Company
believes it has the capability, with improved uranium prices and the receipt of
additional permits as expected, to produce 4 to 6 million pounds of
U<SUB>3</SUB>O<SUB>8 </SUB>per year on a sustained basis, not including uranium
processing for a fee on account of 3rd parties. However, in the short-term, and
for so long as weak uranium prices persist, the Company expects to maintain
production at today&#146;s reduced levels or lower, including 950,000 pounds of
U<SUB>3</SUB>O<SUB>8 </SUB>in 2016 and 800,000 pounds of U<SUB>3</SUB>O<SUB>8
</SUB>in 2017. Over 65% of the Company&#146;s 2016 and 2017 production is contracted
at well above current market prices for those years. </P>
<P align=justify><B><I>Canyon Mine (Conventional Uranium Mine in Arizona)
</I></B></P>
<P align=justify>The Company&#146;s ongoing evaluation of the Canyon Mine is
confirming the June 27, 2012 NI 43-101 average grades of approximately 1%
U<SUB>3</SUB>O<SUB>8</SUB>.The mine is therefore a high priority in the Business
Plan. Based on drill results from initial core drilling at the 1<SUP>st
</SUP>level at the Canyon Mine (as previously reported on August 18, 2016), the
Board has approved the completion of the shaft to the planned depth of
1,470-feet below the surface, along with the construction of two
additional drill stations with significant additional long-hole drilling to be
completed over the next 6 months. The shaft is currently at a depth of
1,200-feet below the surface, or over 80% completed based on a current planned
bottom depth of 1,470-feet. The shaft and construction of all three levels is
expected to be completed by the end of 2016, with additional drilling and
evaluation occurring into 2017. </P>
<P align=center>1 </P>
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<P align=justify>Drill results are showing the potential to significantly
increase the size of the recoverable uranium resources within the bounds of the
previously identified geologic formation (the &#147;breccia pipe&#148;). It also appears
that uranium mineralization within the breccia pipe at the Canyon Mine extends
vertically for at least 1,100-feet. This is substantially greater than the
vertical extent of the mineralization in other uranium-bearing breccia pipes
recently mined in northern Arizona. The Company&#146;s current focus is on the upper
half of this mineralization, which includes the &#147;Middle Zone&#148; and the &#147;Upper
Zone&#148; of the deposit. </P>
<P align=justify>Drilling from the three planned levels will allow for a
detailed evaluation of the resources contained in the Middle and Upper Zones of
the deposit. These are expected to provide the Company with high levels of
confidence in the size, grade, and extent of the deposit, and provide the
information and data needed for a revised resource estimate, economic
evaluation, advanced mine planning, and optimization of future underground
development. Drilling has also encountered several high-grade intercepts at
depth, indicating that the Lower Zone also contains significant uranium
mineralization that may be further explored, evaluated, and mined in the future.
</P>
<P align=justify>Finally, the drill results are increasing the Company&#146;s level
of confidence that production costs from the Canyon Mine are expected to be
low-cost and competitive with the best underground uranium mines globally,
including mines in Canada, based on industry-published cost estimates. As a
result, the Canyon Mine is likely to take a more significant production role in
the short- to medium-term, as the Company currently believes this will be the
lowest cost source of primary uranium production in the Company&#146;s portfolio.
Continued development and mining at the Canyon Mine will depend on the results
of the planned delineation drilling, revised resource estimate, economic and
other evaluations, and uranium market conditions. </P>
<P align=justify><B><I>Nichols Ranch and Alta Mesa (Producing ISR Project in
Wyoming) </I></B></P>
<P align=justify>Although the Canyon Mine is expected to take a more significant
role in the Company&#146;s plans, the Nichols Ranch and Alta Mesa operations also
remain extremely important to the Company. These projects represent two other
important aspects of the Company&#146;s optionality due to their potential to
increase production relatively quickly as markets recover with relatively low
upfront and sustaining capital requirements and operating costs. </P>
<P align=justify>As previously announced, the Company expects to produce
approximately 300,000 lbs. of U<SUB>3</SUB>O<SUB>8</SUB> in 2016<SUP> </SUP>at
Nichols Ranch. In addition, the Company expects to continue to produce
approximately 350,000 lbs. of U<SUB>3</SUB>O<SUB>8</SUB> per year in 2017 and
beyond at Nichols Ranch, unless uranium market conditions warrant increasing
annual production to levels higher than today&#146;s reduced levels. As reported on
August 15, 2016, recent drilling at Nichols Ranch has encountered significant
high-grade intercepts in the soon to be completed Header House 9 wellfield.
These intercepts were much higher than previously expected by the Company, and
are expected to contribute to maintaining current production levels, while also
deferring some wellfield development and associated capital costs. </P>
<P align=center>2 </P>
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<P align=justify>Alta Mesa, which includes over 200,000-acres of land and a
fully permitted and constructed ISR processing plant, will remain on care and
maintenance until uranium prices recover. On August 2, 2016, the Company
announced a maiden National Instrument 43-101 resource of 1.6 million tons of
Measured and Indicated Mineral Resources with an average grade of 0.111%
U<SUB>3</SUB>O<SUB>8</SUB> containing 3.6 million pounds of uranium, along with
7.0 million tons of Inferred Mineral Resources with an average grade of 0.121%
U<SUB>3</SUB>O<SUB>8</SUB> containing 16.8 million pounds of uranium. Based on
past production from this project, the Company expects Alta Mesa to be among the
lowest cost sources of uranium production in its portfolio when market demand
increases. </P>
<P align=justify>Upon observing a sustained improvement in market conditions,
the Company projects having the ability to increase combined production from
Nichols Ranch and Alta Mesa to approximately 1.2 million lbs. of
U<SUB>3</SUB>O<SUB>8</SUB> per year &#150; or more &#150; within 6 to 12 months&#146; time with
additional wellfield development and minimal other capital expenditures. While
this increased production is not currently planned for 2016 or 2017, the Company
will monitor market conditions and actively seek to sell this material at prices
that justify these levels of production. </P>
<P align=justify><B><I>White Mesa Mill (Conventional Mill in
Utah)</I></B></P>
<P align=justify>As previously announced, the Company also expects to produce
approximately 650,000 lbs. of U<SUB>3</SUB>O<SUB>8 </SUB>from the White Mesa
Mill in 2016. This includes the 460,000 lbs. of U<SUB>3</SUB>O<SUB>8</SUB> from
processing stockpiled material previously mined from the Company&#146;s now-depleted
Pinenut mine, along with 165,000 lbs. of U<SUB>3</SUB>O<SUB>8</SUB> from
processing stockpiled alternate feed materials. In addition, the Company has
also been producing uranium from a new source at the Mill through the recycling
of water from the Mill&#146;s tailings management system. This water contains
dissolved uranium that was not recovered in earlier processing activities (&#147;Pond
Returns&#148;). For 2016, the Company expects to recover a total of approximately
25,000 lbs. of U<SUB>3</SUB>O<SUB>8</SUB> from Pond Returns at the Mill.</P>
<P align=justify>In 2017, the Company expects to produce approximately 450,000
lbs. of U<SUB>3</SUB>O<SUB>8 </SUB>at the White Mesa Mill, including 150,000
lbs. of U<SUB>3</SUB>O<SUB>8</SUB> from alternate feed materials and 300,000
lbs. of U<SUB>3</SUB>O<SUB>8</SUB><SUB><EM>&nbsp;</EM></SUB>from Pond Returns.
Uranium production for 2018 at the White Mesa Mill has not yet been determined.
However, the Company expects to maintain the Mill in a position to be able to
potentially process further alternate feed materials, as well as potentially
process material produced from the Canyon Mine or other conventional sources in
2018, if market conditions warrant. </P>
<P align=justify><B><I>Selective Advancement of Permits </I></B></P>
<P align=justify>The final component of the Company&#146;s optionality strategy
concerns the selective advancement of certain permits at other of the Company&#146;s
major uranium projects. The Company plans to: (i) continue the licensing and
permitting of the Jane Dough ISR Wellfields, which are adjacent to Nichols
Ranch; (ii) continue the licensing and permitting of the Roca Honda Project, a
large, high-grade conventional project in New Mexico; (iii) maintain required
permits at the Company&#146;s standby projects including Alta Mesa, the Hank ISR
Project, the La Sal Project, and the Daneros Project, and; (iv) complete certain
other well-advanced permits on the Sheep Mountain Project in Wyoming, the
Daneros Project expansion, and the La Sal Project expansion. All of these
projects serve as important pipeline assets for the Company&#146;s future ISR and
conventional production capabilities. </P>
<P align=justify>The Company is not aware of any other uranium junior which,
upon completion of the above referenced permits (expected in 2018 or before),
will have Energy Fuels&#146; depth or diversity of future production potential from
multiple projects ready to go into production if uranium markets improve, as the
Company expects. </P>
<P align=center>3 </P>
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<P align=center><B><U>Sale of Surplus Land and Other Assets</U></B></P>
<P align=justify>The Company has also initiated a significant program to reduce
costs and monetize additional non-core assets, including the sale of certain
non-core land holdings and surplus equipment (mostly mining equipment). This
initiative alone is expected to result in an estimated $2.0 &#150;$4.0 million cash
benefit to the Company over the next 2&#189; years. </P>
<P align=center><B><U>Continued Corporate Streamlining</U></B></P>
<P align=justify>Based on the Business Plan described above, the Company has
embarked upon a program to further reduce certain other costs in order to
enhance the sustainability of the organization until uranium markets recover. At
the same time, the Company intends to ensure that required skill sets, including
mining, processing, permitting, and other areas of expertise, are maintained at
appropriate levels that will allow the Company to aggressively and quickly
capture the benefits of future improvements in uranium market conditions. This
includes a number of initiatives, including a wage and salary freeze, reductions
in general and administrative expenses, a mandate for Management to actively
seek other cost reductions and efficiencies, and the potential for compensation
adjustments. </P>
<P align=center><B><U>Optimization of Operations</U></B></P>
<P align=justify>Finally, the Company has launched a new initiative designed to
reduce capital and operating costs at all of its uranium production locations.
The Company is targeting a reduction in operating costs of 5% to 20% per pound,
over time. The Company has engaged a team of metallurgical experts to complete a
comprehensive 1<SUP>st</SUP> Phase review of all the Company&#146;s processing
operations, including operations at the White Mesa Mill, Nichols Ranch, and Alta
Mesa. These experts have a proven track-record of delivering cost savings,
innovation, and efficiencies at numerous other conventional and ISR uranium
projects globally. The following non-comprehensive list of areas will be
reviewed: </P>
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  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >Reduced reagent consumptions,
      including reagent recycling </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >Increased uranium recovery </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >The potential recovery of copper
      resources identified at the Canyon Mine </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >Ore sorting </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >Improved operating practices
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >Mechanized mining at the
      conventional mines </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >Water jet mining
</TD></TR></TABLE>
<P align=center><B><U>Conclusion</U></B><B> </B></P>
<P align=justify>In closing, Stephen P. Antony, President and CEO of Energy
Fuels stated: &#147;In light of today&#146;s uncertain uranium market, Energy Fuels is
intently focused on preserving, and in the case of Canyon, enhancing the value
of the Company&#146;s uranium assets. We feel that the Company is well placed in the
global uranium sector with multiple, 100%-owned production opportunities, which
collectively have the potential to produce a large quantity of low-cost uranium
in diverse ways in an improved market. Moreover, the Company is working
diligently to strike the correct balance between growing our production
capabilities, maintaining visibility in global uranium markets, advancing
high-priority development and permitting activities, and sustaining the
financial health of the Company. We believe our new Business Plan will upgrade
and improve the quality of our portfolio of, producing, and permitted assets,
while also maintaining and improving Energy Fuels&#146; sustainability, so our
shareholders are in a position to benefit from the expected uranium market
recovery.&#148; </P>
<P align=center>4 </P>
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<P align=justify><B><I>About Energy Fuels: Energy Fuels is a leading integrated
US-based uranium mining company, supplying U<SUB>3</SUB>O<SUB>8 </SUB>to
</I></B><I>major nuclear utilities. Energy Fuels holds three of America&#146;s key
uranium production centers, the White Mesa Mill in Utah, the Nichols Ranch
Processing Facility in Wyoming, and the Alta Mesa Project in Texas. The White
Mesa Mill is the only conventional uranium mill operating in the U.S. today and
has a licensed capacity of over 8 million </I><I>pounds of
U<SUB>3</SUB>O<SUB>8&nbsp; </SUB>per year. The Nichols Ranch Processing Facility
is an ISR production center with a licensed capacity </I><I>of 2 million pounds
of U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> per year</I><I><SUP>.
</SUP></I><I>Alta Mesa is an ISR production center currently on care and
maintenance. 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><I>Stephen P. Antony, P.E., President &amp; CEO of Energy
Fuels</I></B><I>, is a Qualified Person as defined by Canadian National
Instrument 43-101 and has reviewed and approved the technical disclosure
contained in this news release, including sampling, analytical, and test data
underlying such disclosure.</I></P>
<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 in the U.S.; the goals of the Company&#146;s business plan, including the
goal to become the largest uranium producer in the United States; production
optionality and scalability and the ability of the Company to respond to and
benefit from changes in uranium prices; the Company&#146;s licensed capacity and
expected long-term production capability; expected production plans and levels
for 2016 and 2017; expectations regarding shaft sinking and delineation drilling
at the Canyon Mine, including any expectations regarding potential increases in
mineralization, resources; expected costs of production at the Canyon Mine and
other facilities; expectations regarding future wellfield and other capital
costs at the Company&#146;s facilities; expected advancement of permits; the success
of and proceeds from expected sales of surplus land and other assets; the
Company&#146;s plans regarding corporate streamlining and the success thereof; the
Company&#146;s plans and targets regarding optimization of operations and the success
thereof; and any other statements regarding Energy Fuels&#146; 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: the Company being
a leading producer of uranium in the U.S.; the goals of the Company&#146;s business
plan, including the goal to become the largest uranium producer in the United
States; production optionality and scalability and the ability of the Company to
respond to and benefit from changes in uranium prices; the Company&#146;s licensed
capacity and expected long-term production capability; expected production plans
and levels for 2016 and 2017; expectations regarding shaft sinking and
delineation drilling at the Canyon Mine, including any expectations regarding
potential increases in mineralization, resources; expected costs of production
at the Canyon Mine and other facilities; expectations regarding future wellfield
and other capital costs at the Company&#146;s facilities; expected advancement of
permits; the success of and proceeds from expected sales of surplus land and
other assets; the Company&#146;s plans regarding corporate streamlining and the
success thereof; the Company&#146;s plans and targets regarding optimization of
operations and the success thereof 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, </I></P>
<P align=center>5 </P>
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<P align=justify><I>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><I>Cautionary Note to United States Investors Concerning
Estimates of Measured, Indicated and Inferred Resources:</I></B></P>
<P align=justify><I>This news release contains certain disclosure that has been
prepared in accordance with the requirements of Canadian securities laws, which
differ from the requirements of U.S. securities laws. Unless otherwise
indicated, all reserve and resource estimates included in this news release have
been prepared in accordance with Canadian National Instrument 43-101 &#150; Standards
of Disclosure for Mineral Projects (&#147;NI 43-101&#148;) and the Canadian Institute of
Mining, Metallurgy and Petroleum (&#147;CIM&#148;) classification system. Canadian
standards, including NI 43-101, differ significantly from the requirements of
U.S. securities laws, and reserve and resource information contained in this
news release may not be comparable to similar information disclosed by companies
reporting only under U.S. standards. In particular, the term &#147;resource&#148; does not
equate to the term &#147;reserve&#148; under SEC Industry Guide 7. </I><B><I>United States
investors are cautioned not to assume that all or any of Measured or Indicated
Mineral Resources will ever be converted into mineral reserves. Investors are
cautioned not to assume that all or any part of an &#147;Inferred Mineral Resource&#148;
exists or is economically or legally minable. Energy Fuels does not hold any
Reserves as that term is defined by SEC Industry Guide 7. Please refer to the
section entitled &#147;Cautionary Note to United States Investors Concerning
Disclosure of Mineral Resources&#148; in the Company&#146;s Annual Report on Form 10-K
dated March 15, 2016 for further details.</I></B><I> </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 <BR></P>
<P align=center>6 </P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc. - Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<P align=center><B>CONSENT OF STEPHEN P. ANTONY </B></P>
<P align=justify>I consent to the inclusion in the Current Report on Form 8-K of
Energy Fuels Inc. (the &#147;Company&#148;) dated September 12, 2016 (the &#147;Current
Report&#148;) of technical disclosure including sampling, analytical, and test data
underlying such disclosure regarding the properties of the Company (the
&#147;Technical Information&#148;) and of references to my name with respect to the
Technical Information being filed with the United States Securities and Exchange
Commission under cover of Form 8-K. </P>
<P align=justify>I also consent to the filing of this consent under cover of
Form 8-K with the United States Securities and Exchange Commission (the &#147;SEC&#148;)
and of the incorporation by reference of this consent into the Company&#146;s
Registration Statement on Form S-3 (No. 333-210782), as amended, filed with the
SEC. </P>
<P align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left
      width="50%"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
      Stephen P.
      Antony&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%">&nbsp;Name: Stephen P. Antony, P.E. </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp;Title: President and Chief Executive
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp;Officer, Energy Fuels Inc.
</TD></TR></TABLE>
<P align=justify>&nbsp;</P>
<P align=justify>Date: September 12, 2016 </P>
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