<SEC-DOCUMENT>0001062993-17-003922.txt : 20170927
<SEC-HEADER>0001062993-17-003922.hdr.sgml : 20170927
<ACCEPTANCE-DATETIME>20170823154220
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001062993-17-003922
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170823

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:		CORRESP

	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>
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<TYPE>CORRESP
<SEQUENCE>1
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   <TITLE>Energy Fuels Inc. - SEC Correspondence - Filed by newsfilecorp.com</TITLE>
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<A name=page_1></A>
<P align=justify>August 23, 2017 </P>
<P align=justify>Mr. John Reynolds <BR>Assistant Director <BR>Offices of
Beverages, Apparel and Mining <BR>Division of Corporation Finance <BR>Securities
and Exchange Commission <BR>100 F Street, N.E. <BR>Washington, D.C. 20549
<BR></P>
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  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left><B>Re:</B> </TD>
    <TD align=left width="90%" ><B>Responses to the Securities
      and Exchange Commission</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%" ><B>Staff Comments dated July 26,
      2017 regarding</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%" ><B>Energy Fuels Inc.&#146;s Annual
      Report on Form 10-K for the fiscal year ended</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%" ><B>December 31, 2016, Filed March
      10, 2017.</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%" ><B>File No. 001-36204</B>
  </TD></TR></TABLE>
<P align=justify>Dear Mr. Reynolds: </P>
<P align=justify>This letter responds to the comments of the staff of the United
States Securities and Exchange Commission (the &#147;<B>Staff</B>&#148;) set forth in the
July 26, 2017 letter (the &#147;<B>Comment Letter</B>&#148;) regarding the
above-referenced Annual Report on Form 10-K for the fiscal year ended December
31,<B> </B>2016 (the &#147;<B>10-K</B>&#148;) of Energy Fuels Inc. (the &#147;<B>Company</B>&#148;).
For your convenience, the Staff&#146;s comments are included below, and we have
numbered our responses accordingly. </P>
<P align=justify>Our response is as follows: </P>
<P align=justify>Staff Comment No. 1. </P>
<P align=justify>Please tell us the mineral price assumptions used in the
calculation of each of your 43-101 mineral resources and reserves. Please tell
us if you intend to revise your disclosures prospectively to include this
information or explain the basis for your presentation.</P>
<P align=justify>The Company&#146;s Response No. 1: </P>
<P align=justify>In response to Staff Comment No. 1, the following table sets
out each property with respect to which Canadian National Instrument 43-101
(&#147;<B>43-101</B>&#148;) resources and/or reserves were disclosed in the 10-K, and the
mineral price assumptions used in the calculation of such mineral resources and
reserves. Unless otherwise specified below, all price assumptions were either
expressly set out in, or calculated from cost assumptions expressly set out in,
the respective 43-101 Technical Reports. In each case where the price assumption
was not expressly set out in, or calculated from cost assumptions expressly set
out in, the relevant 43-101 Technical Report, we have confirmed the applicable
price assumption with the author of the Technical Report. </P>
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<P align=justify>John Reynolds <BR>August 23, 2017 <BR>Page 2 <BR></P>
<DIV align=center>
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  <TR vAlign=top>
    <TD align=left><B>Material Properties</B> </TD>
    <TD align=left width="50%"><B>Price Assumption</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Nichols Ranch, Jane Dough and Hank* </TD>
    <TD align=left width="50%">$65.00/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Alta Mesa<SUP>**</SUP> </TD>
    <TD align=left width="50%">$65.00/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Canyon, Arizona 1 and Pinenut** </TD>
    <TD align=left width="50%">$50.00/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Roca Honda* </TD>
    <TD align=left width="50%">$65.00/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Sheep Mountain </TD>
    <TD align=left width="50%">$65.00/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Henry Mountains, Tony M </TD>
    <TD align=left width="50%">$60.00/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: none; border-bottom-width: medium">Henry Mountains, Bull Frog** </TD>
    <TD align=left width="50%" style="border-bottom-style: none; border-bottom-width: medium">$40.00/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>La Sal Complex </TD>
    <TD align=left width="50%">$65.00/lb U<SUB>3</SUB>O<SUB>8 </SUB>and
      $6.50/lb V<SUB>2</SUB>O<SUB>5</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Daneros </TD>
    <TD align=left width="50%">$60.00/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Non-Material Properties</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Reno Creek** </TD>
    <TD align=left width="50%">$65/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>West North Butte** </TD>
    <TD align=left width="50%">$65/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>North Rolling Pin** </TD>
    <TD align=left width="50%">$65/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Arkose Joint Venture** </TD>
    <TD align=left width="50%">$65.00/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Wate </TD>
    <TD align=left width="50%">$38.00/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>EZ1/EZ2 </TD>
    <TD align=left width="50%">$53.00/lb U<SUB>3</SUB>O<SUB>8</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Whirlwind*** </TD>
    <TD align=left width="50%">$77.50/lb U<SUB>3</SUB>O<SUB>8 </SUB>and
      $7.50/lb V<SUB>2</SUB>O<SUB>5</SUB> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Sage Plain </TD>
    <TD align=left width="50%">$63.00/lb U<SUB>3</SUB>O<SUB>8 </SUB>and
      $6.75/lb V<SUB>2</SUB>O<SUB>5</SUB> </TD></TR></TABLE></DIV>
<DIV align=center>
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  <TR vAlign=top>
    <TD vAlign=top align=left>* </TD>
    <TD align=left width="90%" >
      <P align=justify>Based on the price assumption used for the economic
      analysis in the Preliminary Economic Assessment contained in the Technical
      Report. </P></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left>** </TD>
    <TD align=left width="90%"  >
      <P align=justify>Confirmed by subsequent correspondence from the author of
      the Technical Report. </P></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left>*** </TD>
    <TD align=left width="90%"  >
      <P align=justify>Based on reference in the Technical Report to the
      Company&#146;s internal tentative mine plan, which contained price assumptions
      used to determine the cutoff grade for the resource calculations, as
      confirmed by subsequent correspondence from the author of the Technical
      Report. </P></TD></TR></TABLE></DIV>
<P align=justify>The 10-K discloses the price assumptions used for the Roca
Honda Project Resource calculation (see page 72, note 3 of the 10-K) and Sheep
Mountain Project resource/reserve estimates (see page 79 of the 10-K), but does
not disclose the price assumptions for any other resource calculations. We will
revise our disclosures prospectively in future Annual Reports on Form 10-K,
commencing with the Form 10-K for the fiscal year ending December 31, 2017 to
include the price assumptions used to calculate the cut-off grade for all
resource or reserve estimates and for any economic analyses disclosed in future
Annual Reports on Form 10-K. Such disclosure will be set out in a footnote or
footnotes to each table that includes a resource or reserve estimate or economic
analyses or elsewhere in the text of the Form 10-K as may be appropriate.</P>
<P align=center>* * * * * </P>
<P align=justify>If you should have any questions regarding the response letter,
please do not hesitate to contact the undersigned at (303) 389-4130 or Richard
Raymer of Dorsey &amp; Whitney LLP at (416) 367-7388. </P>
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<P align=justify>John Reynolds <BR>August 23, 2017 <BR>Page 3 <BR></P>
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  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Sincerely, </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Energy Fuels Inc. </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>&nbsp;</TD>
    <TD align=left width="50%">/s/ 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
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Corporate Secretary </TD></TR></TABLE>
<P align=justify>cc: Richard Raymer, Dorsey &amp; Whitney LLP </P>
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