<SEC-DOCUMENT>0001062993-18-003168.txt : 20180807
<SEC-HEADER>0001062993-18-003168.hdr.sgml : 20180807
<ACCEPTANCE-DATETIME>20180807170338
ACCESSION NUMBER:		0001062993-18-003168
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		36
FILED AS OF DATE:		20180807
DATE AS OF CHANGE:		20180807
EFFECTIVENESS DATE:		20180807

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENERGY FUELS INC
		CENTRAL INDEX KEY:			0001385849
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-226654
		FILM NUMBER:		18998925

	BUSINESS ADDRESS:	
		STREET 1:		225 UNION BLVD., SUITE 600
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
		BUSINESS PHONE:		303-974-2140

	MAIL ADDRESS:	
		STREET 1:		225 UNION BLVD., SUITE 600
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>forms8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
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   <TITLE>Energy Fuels Inc.: Form S-8 - 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><BR></B><B>Washington, D.C.
20549</B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center><B><FONT size=5>FORM S-8 </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
      </B></TD></TR></TABLE>
<P align=center><B><U><FONT size=5>ENERGY FUELS INC.</FONT><BR></U></B>(Exact
name of registrant as specified in its charter) <B></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=center><B><U>Ontario </U></B></TD>
    <TD align=center width="50%"><B><U>98-1067994 </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of incorporation or
      organization) </TD>
    <TD align=center width="50%">(I.R.S. Employer Identification No.)
  </TD></TR></TABLE>
<P align=center><B>225 Union Blvd., Suite 600<BR></B><B><U>Lakewood, CO
80228<BR></U></B>(Address of principal executive offices) <BR><B>ENERGY FUELS
INC. 2018 OMNIBUS EQUITY INCENTIVE COMPENSATION PLAN</B></P>
<P align=center>(Full title of plan)<BR><B>Energy Fuels Resources (USA)
Inc.<BR></B><B>225 Union Blvd., Suite 600<BR></B><B><U>Lakewood, CO
80228<BR></U></B>(Name and address of agent for service) </P>
<P align=center><B></B><B><U>(303) 389-4130<BR></U></B>(Telephone number,
including area code, of agent for service) <B></B></P>
<P align=center><B><I>Copies to: <BR></I></B>Richard Raymer <BR>Dorsey &amp;
Whitney LLP<BR>Brookfield Place<BR>161 Bay Street, Suite 4310<BR>Toronto,
Ontario Canada M5J 2S1 <B><I></I></B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=justify>Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, or a non-accelerated filer. See
definition of &#147;Accelerated filer and large accelerated filer&#148; in Rule 12b-2 of
the Exchange Act (Check one):</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>Large Accelerated Filer [&nbsp;&nbsp; ] </TD>
    <TD align=left width="25%">Accelerated Filer [X] </TD>
    <TD align=left width="25%">Non-Accelerated Filer [&nbsp;&nbsp; ] </TD>
    <TD align=left width="25%">Smaller Reporting Company [&nbsp;&nbsp; ]
  </TD></TR></TABLE>
<P align=center><B>CALCULATION OF REGISTRATION FEE</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=left>Title of Each Class of
      <BR>Securities to be <BR>Registered </TD>
    <TD vAlign=center noWrap align=center width="20%">Amount to <BR>be
      <BR>Registered </TD>
    <TD vAlign=center noWrap align=center width="20%">Proposed <BR>Maximum
      <BR>Offering Price Per <BR>Share </TD>
    <TD vAlign=center noWrap align=center width="20%">Proposed <BR>Maximum
      <BR>Aggregate <BR>Offering <BR>Price </TD>
    <TD vAlign=center noWrap align=center width="20%">Amount of
      <BR>Registration <BR>Fee </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Common shares issuable under the Energy Fuels
      Inc. 2018 Omnibus Equity Incentive Compensation Plan </TD>
    <TD vAlign=center align=center width="20%">3,271,095<sup>(1)</sup> </TD>
    <TD vAlign=center align=center width="20%">$2.95 </TD>
    <TD vAlign=center align=center width="20%">$9,649,731</TD>
  <TD vAlign=center align=center width="20%">$1,202</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>TOTAL </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%">3,271,095</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%">-- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%">$9,649,731</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%">$1,202</TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Represents additional common shares (the &#147;Common Shares&#148;)
      of Energy Fuels Inc. (the &#147;Registrant&#148;) reserved for issuance upon
      exercise or redemption of awards under the Energy Fuels Inc. 2018 Omnibus
      Equity Incentive Compensation Plan (the &#147;Amended and Restated
    Plan&#148;).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The proposed maximum offering price per share and the
      registration fee were calculated in accordance with Rule 457(c) and (h)
      based on the average high and low prices for the Common Shares on August
      1, 2018, as quoted on the NYSE American.</P></TD></TR></TABLE>
<P align=center><B>EXPLANATORY NOTE </B></P>
<P align=justify>This Registration Statement on Form S-8 is being filed for the
purpose of registering common shares (the &#147;Common Shares&#148;) of Energy Fuels Inc.
(the &#147;Registrant&#148; or &#147;Company&#148;) issuable pursuant to the exercise or redemption
of awards under the Amended and Restated Plan. </P>
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noShade SIZE=5>
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<P align=justify>On June 18, 2015, the Registrant&#146;s shareholders authorized,
among other things, the adoption of the Registrant&#146;s 2015 Omnibus Equity
Incentive Compensation Plan (the &#147;Original Plan&#148;). </P>
<P align=justify>On June 24, 2015, the Registrant filed a Registration Statement
on Form S-8 (SEC File No. 333-205182) to register, among other things, 4,504,598
Common Shares issuable pursuant to the exercise or redemption of awards under
the Original Plan. </P>
<P align=justify>On April 3, 2017, the Registrant filed a Registration Statement
on Form S-8 (SEC File No. 333-217098) to register an additional 3,407,551 Common
Shares issuable upon the exercise or redemption of awards under the Original
Plan.</P>
<P align=justify>This Registration Statement on Form S-8 registers 3,271,095
Common Shares issuable upon the exercise or redemption of awards under the
Amended and Restated Plan.</P>
<P align=justify>The contents of the Registrant&#146;s Registration Statement on Form
S-8 (SEC File No. 333-205182), as filed with the SEC on June 24, 2015, are
incorporated by reference herein. The contents of the Registrant&#146;s Registration
Statement on Form S-8 (SEC File No. 333-217098), as filed with the SEC on April
3, 2017, are incorporated by reference herein. </P>
<P align=center><B>PART I <BR></B><B>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS </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>Item 1.</B> </TD>
    <TD align=left width="90%"><B>Plan Information</B> </TD></TR></TABLE>
<P align=justify>Information required by Part I to be contained in the Section
10(a) prospectus is omitted from the Registration Statement in accordance with
Rule 428 under the Act and Note 1 to Part I of Form S-8. </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>Item 2</B>. </TD>
    <TD align=left width="90%"><B>Registrant Information and Employee Plan
      Annual Information</B> </TD></TR></TABLE>
<P align=justify>Information required by Part I to be contained in the Section
10(a) prospectus is omitted from the Registration Statement in accordance with
Rule 428 under the Act and Note 1 to Part I of Form S-8.</P>

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<P align=center><B>PART II<BR></B><B>INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</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>Item 3.</B> </TD>
    <TD align=left width="90%"><B>Incorporation Of Documents By Reference.</B>
    </TD></TR></TABLE>
<P align=justify>The following documents which have been and will in the future
be filed by the Registrant with the SEC are incorporated into this Registration
Statement by reference:</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%">&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Our Annual Report on Form 10-K for the year ended
      December 31, 2017, filed with the SEC on March 12, 2018;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>All other reports filed by the Registrant under Section
      13(a) or 15(d) of the Securities Exchange Act of 1934 since December 31,
      2017.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The description of the Common Shares contained in our
      Registration Statement on Form 40-F, as filed with the SEC on November 15,
      2013, as amended by the description of Common Shares contained in our
      Registration Statement on Form 8-A, as filed with the SEC on August 7,
      2018, including any amendment or report filed for the purpose of amending
      such description.</P></TD></TR></TABLE>
<P align=justify>All reports filed pursuant to Section 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, as amended (the &#147;1934 Act&#148;), after
the date of this Registration Statement and prior to the filing of a
post-effective amendment which indicates that all securities offered hereby have
been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference into this Registration Statement and to
be a part hereof from the date of filing of such documents. Unless expressly
incorporated into this Registration Statement, a report furnished but not filed
on Form 8-K under the 1934 Act shall not be incorporated by reference into this
Registration Statement. Any statement contained herein or in a document
incorporated or deemed to be incorporated by reference herein shall be deemed to
be modified or superseded for purposes of this Registration Statement to the
extent that a statement contained in any subsequently filed document which also
is deemed to be incorporated by reference herein modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration
Statement. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 4</B>. </TD>
    <TD align=left width="90%"><B>Description of Securities.</B>
</TD></TR></TABLE>
<P align=justify>Not applicable. </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>Item 5</B>. </TD>
    <TD align=left width="90%"><B>Interests of Named Experts and Counsel.</B>
    </TD></TR></TABLE>
<P align=justify>None. </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 6</B>. </TD>
    <TD align=left width="90%"><B>Indemnification of Directors and
      Officers.</B> </TD></TR></TABLE>
<P align=justify>Under the Business Corporation Act (Ontario), the Registrant
may indemnify a director or officer, a former director or officer or another
individual who acts or acted at the Registrant&#146;s request as a director or
officer, or an individual acting in a similar capacity, of another entity,
against all costs, charges and expenses, including an amount paid to settle an
action or satisfy a judgment, reasonably incurred by the individual in respect
of any civil, criminal, administrative, investigative or other proceeding in
which the individual is involved because of that association with the Registrant
or other entity on condition that (i) the individual acted honestly and in good
faith with a view to the best interests of the Registrant or, as the case may
be, to the best interests of the other entity for which the individual acted as
a director or officer or in a similar capacity at the Registrant&#146;s request, and
(ii) in the case of a criminal or administrative action or proceeding that is
enforced by a monetary penalty, the individual had reasonable grounds for
believing that his conduct was lawful. Further, the Registrant may, with court
approval, indemnify a person described above in respect of an action by or on
behalf of the Registrant or other entity to obtain a judgment in its favor, to
which the individual is made a party because of the individual&#146;s association
with the Registrant or other entity, against all costs, charges and expenses
reasonably incurred by the individual in connection with such action if the
individual fulfills conditions (i) and (ii) above. An individual as described
above is entitled to indemnification from the Registrant as a matter of right if
the individual was not judged by a court or other competent authority to have
committed any fault or omitted to do anything the individual ought to have done,
and he fulfills conditions (i) and (ii) above.</P>
<P align=justify>In accordance with the Business Corporation Act (Ontario), the
by-laws of the Registrant provide that the Registrant shall indemnify a director
or officer, a former director or officer, or a person who acts or acted at the
Registrant's request as a director or officer, or an individual acting in a
similar capacity, of another entity, and such person's heirs and legal
representatives, against all costs, charges and expenses, including an amount
paid to settle an action or satisfy a judgment, reasonably incurred by the
individual in respect of any civil, criminal, administrative, investigative or
other proceeding in which the individual is involved because of that association
with the Registrant or other entity, provided that (i) (a) the individual acted
honestly and in good faith with a view to the best interests of the Registrant
or, as the case may be, to the best interest of the other entity for which the
individual acted as a director or officer or in a similar capacity at the
Registrant&#146;s request; and (ii) in the case of a criminal or administrative
action or proceeding that is enforced by a monetary penalty, the person had
reasonable grounds for believing that the individual's conduct was lawful.</P>
<P align=justify>A policy of directors' and officers' liability insurance is
maintained by the Registrant which insures directors and officers for losses as
a result of claims against the directors and officers of the Registrant in their capacity as directors and officers and
also reimburses the Registrant for payments made pursuant to the indemnity
provisions under the by-laws of the Registrant and the Business Corporation Act
(Ontario). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>Insofar as indemnification for liabilities arising under the
  U.S. Securities Act may be permitted to directors, officers or persons
  controlling the Registrant pursuant to the foregoing provisions, the Registrant
  has been informed that in the opinion of the Commission such indemnification is
  against public policy as expressed in the U.S. Securities Act and is therefore
unenforceable. </P>
<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>Item 7</B>. </TD>
    <TD align=left width="90%"><B>Exemption from Registration Claimed.</B>
  </TD></TR></TABLE>
<P align=justify>Not applicable. </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>Item 8.</B> </TD>
    <TD align=left width="90%"><B>Exhibits.</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><U>Number</U> </TD>
    <TD align=left width="90%"><U>Exhibit</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit4-1.htm">4.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="exhibit4-1.htm">Energy
      Fuels Inc. 2018 Omnibus Equity Incentive Compensation Plan </a></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit5-1.htm">5.1
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit5-1.htm">Opinion
      of Borden Ladner Gervais LLP </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit5-1.htm">23.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="exhibit5-1.htm">Consent
      of Borden Ladner Gervais LLP (Included in Exhibit 5.1) </a></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-2.htm">23.2
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-2.htm">Consent
      of KPMG LLP, Independent Registered Public Accounting Firm, U.S. </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-3.htm">23.3
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-3.htm">Consent
      of Roscoe Postle Associates Inc. </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-4.htm">23.4
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-4.htm">Consent
      of William E. Roscoe </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-5.htm">23.5
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-5.htm">Consent
      of Douglas H. Underhill </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-6.htm">23.6
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-6.htm">Consent
      of Thomas C. Pool </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-7.htm">23.7
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-7.htm">Consent
      of Robert L. Michaud </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-8.htm">23.8
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-8.htm">Consent
      of Stuart E. Collins </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-9.htm">23.9
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-9.htm">Consent
      of Mark B. Mathisen </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-10.htm">23.10
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-10.htm">Consent
      of Harold R. Roberts </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-11.htm">23.11
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-11.htm">Consent
      of David A. Ross </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-12.htm">23.12
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-12.htm">Consent
      of Peters Geosciences </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-13.htm">23.13
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-13.htm">Consent
      of Douglas C. Peters </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-14.htm">23.14
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-14.htm">Consent
      of BRS Inc. </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-15.htm">23.15
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-15.htm">Consent
      of Douglas L. Beahm </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-16.htm">23.16
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-16.htm">Consent
      of W. Paul Goranson </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-17.htm">23.17
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-17.htm">Consent
      of Douglass H. Graves </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-18.htm">23.18
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-18.htm">Consent
      of John H. White </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-19.htm">23.19
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-19.htm">Consent
      of Don R. Woody </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-20.htm">23.20
      </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-20.htm">Consent
      of Trec, Inc. </A></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="exhibit23-21.htm">23.21 </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-21.htm">Consent of Woody Enterprises
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="exhibit23-22.htm">23.22 </A></TD>
    <TD align=left width="90%"><A href="exhibit23-22.htm">Consent of
      Allan Moran </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="exhibit23-23.htm">23.23 </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-23.htm">Consent of Frank A. Daviess
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="exhibit23-24.htm">23.24
    </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-24.htm">Consent of SRK Consulting
      (U.S.) INC. </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="exhibit23-25.htm">23.25 </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-25.htm">Consent of Christopher Moreton
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="exhibit23-26.htm">23.26 </A></TD>
    <TD align=left width="90%"><A href="exhibit23-26.htm">Consent
      of Valerie Wilson </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="exhibit23-27.htm">23.27
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-27.htm">Consent of Jeffrey Woods </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="exhibit23-28.htm">23.28 </A></TD>
    <TD align=left width="90%"><A href="exhibit23-28.htm">Consent
      of Mark S. Chalmers </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="exhibit23-29.htm">23.29
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-29.htm">Consent
      of KPMG LLP, Independent Registered Public Accountants, Canada </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#POWER OF ATTORNEY">24.1 </a></TD>
    <TD align=left width="90%"><a href="#POWER OF ATTORNEY">Power of Attorney (See
      Signature Pages) </a></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Item 9</B>. </TD>
    <TD align=left width="90%"><B>Undertakings.</B> </TD></TR></TABLE>
      <P style="text-indent:10%"
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp; The Registrant hereby undertakes:</P>
<P style="text-indent:10%"
align=justify>(1)&nbsp;&nbsp;&nbsp;&nbsp; To file, during any period in which offers or sales
are being made, a post-effective amendment to this registration statement:</P>
<P style="text-indent:15%"
align=justify>
(i)&nbsp;&nbsp;&nbsp;&nbsp; To include any prospectus required by section
10(a)(3) of the Securities Act of 1933;</P>
<P style="text-indent:15%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp; To reflect in the prospectus any facts or events
arising after the effective date of this registration statement (or the most
recent post-effective amendment hereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in this Registration
Statement;</P>
<P style="text-indent:15%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp; To include any material information with respect
to the plan of distribution not previously disclosed in this Registration
Statement or any material change to such information in this Registration
Statement; </P>
<P style="text-indent:15%"
align=justify><EM>provided, however, </EM>that paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the SEC
by the Registrant pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference into this Registration
Statement.</P>
<P style="text-indent:10%"
align=justify>(2)&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P style="text-indent:10%"
align=justify>(3)&nbsp;&nbsp;&nbsp;&nbsp; To remove from registration by means of a
post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering.</P>
<P style="text-indent:10%"
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp; The undersigned registrant hereby undertakes that,
for purposes of determining any liability under the Securities Act of 1933, each
filing of the Registrant's annual report pursuant to Section 13(a) or Section
15(d) of the Securities Exchange Act of 1934 that is incorporated by reference
in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.</P>
<P style="text-indent:10%"
align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing provisions, or
otherwise, the registrant has been advised that in the opinion of the SEC such
indemnification is against public policy as expressed in such Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the
final adjudication of such issue.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=center><B>SIGNATURES</B></P>
<P align=justify>Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Lakewood, State of Colorado, United States of America
on the 7<sup>th</sup> of August, 2018.</P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left colSpan=2><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="90%">/s/ Mark S.
    Chalmers </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="90%">Mark S. Chalmers </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD align=left width="90%">President, Chief Executive Officer and Director
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=left width="90%">(Principal Executive Officer)&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="90%">/s/ David C.
    Frydenlund&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="90%">David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD align=left width="90%">Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">(Principal Financial Officer)
</TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=center><B><a name="POWER OF ATTORNEY">POWER OF ATTORNEY </a> </B></P>
<P align=justify>Each person whose signature appears below constitutes and
appoints Mark S. Chalmers and David C. Frydenlund as his attorney-in-fact, with
the power of substitution, for them in any and all capacities, to sign any
amendments to this registration statement, and to file the same, with exhibits
thereto and other documents in connection therewith, with the Securities and
Exchange Commission, hereby ratifying and confirming all that said
attorneys-in-fact, or their substitute or substitutes, may do or cause to be
done by virtue hereof.</P>
<P align=justify>Pursuant to the requirements of the Securities Act of 1933, as
amended, this registration statement has been signed by the following persons in
the capacities and on the date indicated.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B><U>Signature </U></B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" ><B><U>Title </U></B></TD>
    <TD align=left width="31%" ><B><U>Date </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 0" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >&nbsp;</TD>
    <TD align=left width="31%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" >
    /s/ Mark S. Chalmers </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >President, Chief Executive
      Officer and Director </TD>
    <TD align=left width="31%" >August 7, 2018</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1" >Mark S. Chalmers </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >&nbsp; </TD>
    <TD align=left width="31%" >&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%" >&nbsp; </TD>
    <TD width="31%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >/s/ David C. Frydenlund </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >Chief Financial Officer </TD>
    <TD align=left width="31%" >August 7, 2018</TD></TR>
  <TR vAlign=top>
    <TD align=left >David C. Frydenlund </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >(Principal Financial Officer) </TD>
    <TD align=left width="31%" >&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%" >&nbsp; </TD>
    <TD width="31%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >/s/ Matthew Tarnowski </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >Chief Accounting Officer and
      Controller </TD>
    <TD align=left width="31%" >August 7, 2018</TD></TR>
  <TR vAlign=top>
    <TD align=left >Matthew Tarnowski </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >&nbsp; </TD>
    <TD align=left width="31%" >&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%" >&nbsp; </TD>
    <TD width="31%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >/s/&nbsp;Dennis Higgs </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >Director </TD>
    <TD align=left width="31%" >August 7, 2018</TD></TR>
  <TR vAlign=top>
    <TD align=left >Dennis Higgs </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >&nbsp; </TD>
    <TD align=left width="31%" >&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%" >&nbsp; </TD>
    <TD width="31%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >/s/ J. Birks Bovaird </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >Director </TD>
    <TD align=left width="31%" >August 7, 2018</TD></TR>
  <TR vAlign=top>
    <TD align=left >J. Birks Bovaird </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >&nbsp; </TD>
    <TD align=left width="31%" >&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%" >&nbsp; </TD>
    <TD width="31%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >/s/&nbsp;Bruce D. Hansen &nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >Director </TD>
    <TD align=left width="31%" >August 7, 2018</TD></TR>
  <TR vAlign=top>
    <TD align=left >Bruce D. Hansen </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >&nbsp; </TD>
    <TD align=left width="31%" >&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%" >&nbsp; </TD>
    <TD width="31%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >/s/ Benjamin Eshleman</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >Director </TD>
    <TD align=left width="31%" >August 7, 2018</TD></TR>
  <TR vAlign=top>
    <TD align=left >Benjamin Eshleman </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >&nbsp; </TD>
    <TD align=left width="31%" >&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%" >&nbsp; </TD>
    <TD width="31%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >/s/ Robert Kirkwood </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >Director </TD>
    <TD align=left width="31%" >August 7, 2018</TD></TR>
  <TR vAlign=top>
    <TD align=left >Robert Kirkwood </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%" >&nbsp; </TD>
    <TD align=left width="31%" >&nbsp; </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >/s/ Paul A. Carroll </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%">Director </TD>
    <TD align=left width="31%">August 7, 2018</TD></TR>
  <TR vAlign=top>
    <TD align=left >Paul A. Carroll </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%"></TD>
    <TD align=left width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: medium none #000000; " align=left
    >&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD>
    <TD align=left width="31%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left
    >/s/ Barbara A. Filas </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%">Director </TD>
    <TD align=left width="31%">August 7, 2018</TD></TR>
  <TR vAlign=top>
    <TD align=left >Barbara A. Filas </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%"></TD>
    <TD align=left width="31%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P align=center><B>AUTHORIZED REPRESENTATIVE IN THE UNITED STATES </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 style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/&nbsp; David C. Frydenlund </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%">Authorized Representative </TD>
    <TD align=left width="31%">August 7, 2018</TD></TR>
  <TR vAlign=top>
    <TD align=left>David C. Frydenlund </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="31%">in the United States </TD>
    <TD align=left width="31%">&nbsp; </TD></TR></TABLE>
<p align= center><B>EXHIBIT INDEX</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 ><U>Number</U> </TD>
    <TD align=left width="90%"><U>Exhibit</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit4-1.htm">4.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="exhibit4-1.htm">Energy
  Fuels Inc. 2018 Omnibus Equity Incentive Compensation Plan </a></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit5-1.htm">5.1
    </A></TD>
    <TD align=left width="90%"><A
      href="exhibit5-1.htm">Opinion
  of Borden Ladner Gervais LLP </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit5-1.htm">23.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="exhibit5-1.htm">Consent
  of Borden Ladner Gervais LLP (Included in Exhibit 5.1) </a></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-2.htm">23.2
    </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-2.htm">Consent
  of KPMG LLP, Independent Registered Public Accounting Firm, U.S. </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-3.htm">23.3
    </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-3.htm">Consent
  of Roscoe Postle Associates Inc. </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-4.htm">23.4
    </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-4.htm">Consent
  of William E. Roscoe </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-5.htm">23.5
    </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-5.htm">Consent
  of Douglas H. Underhill </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-6.htm">23.6
    </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-6.htm">Consent
  of Thomas C. Pool </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-7.htm">23.7
    </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-7.htm">Consent
  of Robert L. Michaud </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-8.htm">23.8
    </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-8.htm">Consent
  of Stuart E. Collins </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-9.htm">23.9
    </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-9.htm">Consent
  of Mark B. Mathisen </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-10.htm">23.10
    </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-10.htm">Consent
  of Harold R. Roberts </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-11.htm">23.11
    </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-11.htm">Consent
  of David A. Ross </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-12.htm">23.12
    </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-12.htm">Consent
  of Peters Geosciences </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-13.htm">23.13
    </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-13.htm">Consent
  of Douglas C. Peters </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-14.htm">23.14
    </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-14.htm">Consent
  of BRS Inc. </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-15.htm">23.15
    </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-15.htm">Consent
  of Douglas L. Beahm </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-16.htm">23.16
    </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-16.htm">Consent
  of W. Paul Goranson </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-17.htm">23.17
    </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-17.htm">Consent
  of Douglass H. Graves </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="exhibit23-18.htm">23.18
    </A></TD>
    <TD align=left width="90%"><A
      href="exhibit23-18.htm">Consent
  of John H. White </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit23-19.htm">23.19
    </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit23-19.htm">Consent
of Don R. Woody </A></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="exhibit23-20.htm">23.20
    </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="exhibit23-20.htm">Consent
of Trec, Inc. </A></TD>
  </TR>
  <TR vAlign=top bgcolor=>
    <TD align=left><A
      href="exhibit23-21.htm">23.21 </A></TD>
    <TD width="90%" align=left><A
      href="exhibit23-21.htm">Consent of Woody Enterprises
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee"><A href="exhibit23-22.htm">23.22 </A></TD>
    <TD width="90%" align=left bgcolor="#eeeeee"><A href="exhibit23-22.htm">Consent of
  Allan Moran </A></TD></TR>
  <TR vAlign=top bgcolor=>
    <TD align=left><A
      href="exhibit23-23.htm">23.23 </A></TD>
    <TD width="90%" align=left><A
      href="exhibit23-23.htm">Consent of Frank A. Daviess
</A></TD></TR>
  <TR vAlign=top bgcolor="#eeeeee">
    <TD align=left><A href="exhibit23-24.htm">23.24
    </A></TD>
    <TD width="90%" align=left><A
      href="exhibit23-24.htm">Consent of SRK Consulting
      (U.S.) INC. </A></TD></TR>
  <TR vAlign=top bgcolor=>
    <TD align=left><A
      href="exhibit23-25.htm">23.25 </A></TD>
    <TD width="90%" align=left><A
      href="exhibit23-25.htm">Consent of Christopher Moreton
      </A></TD></TR>
  <TR vAlign=top bgcolor="#eeeeee">
    <TD align=left><A href="exhibit23-26.htm">23.26 </A></TD>
    <TD width="90%" align=left><A href="exhibit23-26.htm">Consent
      of Valerie Wilson </A></TD></TR>
  <TR vAlign=top bgcolor=>
    <TD align=left><A href="exhibit23-27.htm">23.27
      </A></TD>
    <TD width="90%" align=left><A
      href="exhibit23-27.htm">Consent of Jeffrey Woods </A></TD></TR>
  <TR vAlign=top bgcolor="#eeeeee">
    <TD align=left><A href="exhibit23-28.htm">23.28 </A></TD>
    <TD width="90%" align=left><A href="exhibit23-28.htm">Consent
      of Mark S. Chalmers </A></TD></TR>
  <TR vAlign=top bgcolor=>
    <TD align=left><A
      href="exhibit23-29.htm">23.29
      </A></TD>
    <TD width="90%" align=left><A
      href="exhibit23-29.htm">Consent
      of KPMG LLP, Independent Registered Public Accountants, Canada </A></TD></TR>
  <TR vAlign=top bgcolor="#eeeeee">
    <TD align=left><a href="#POWER OF ATTORNEY">24.1 </a></TD>
    <TD width="90%" align=left><a href="#POWER OF ATTORNEY">Power of Attorney (See
      Signature Pages) </a></TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>exhibit4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 4.1 - Filed by newsfilecorp.com</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>ENERGY FUELS INC. </B></P>
<P align=center><B>2018 OMNIBUS EQUITY INCENTIVE COMPENSATION PLAN </B></P>
<P align=center><B>(as amended and restated as of March 29, 2018) </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center><B>TABLE OF CONTENTS </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 noWrap align=center bgColor=#ffffff>&nbsp;<A href="#page_Page"></A></TD>
    <TD noWrap align=left width="80%" bgColor=#ffffff>&nbsp; <A
      href="#page_Page"></A></TD>
    <TD noWrap align=right width="10%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=center bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap width="80%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap width="10%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR>
    <TD align=center bgColor=#ffffff>&nbsp;</TD>
    <TD width="80%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A href="#page_5">ARTICLE 1.
      AMENDMENT AND RESTATEMENT, PURPOSE AND DURATION </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><a href="#page_5">1</a></TD></TR>
  <TR>
    <TD align=center bgColor=#ffffff>&nbsp;</TD>
    <TD width="80%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_5">1.1 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><a href="#page_5"><U>Amendment
      and Restatement of the Plan</U> </a></TD>
    <TD align=right width="10%" bgColor=#eeeeee><a href="#page_5">1</a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_5"><B></B>1.2 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_5"><U>Purpose of
      the Plan</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><a href="#page_5">1</a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_5">1.3 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_5"><U>Duration
      of the Plan</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><a href="#page_5">1</a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_5">1.4 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_5"><U>Successor
      Plan</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><a href="#page_5">1</a></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff colSpan=2><A href="#page_5">ARTICLE 2.
      DEFINITIONS </A></TD>
    <TD align=right width="10%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff colSpan=2><A href="#page_10">ARTICLE 3.
      ADMINISTRATION </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_10">6
</A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_10">3.1 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A
      href="#page_10"><U>General</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_10">6
</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_10">3.2 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_10"><U>Authority
      of the Committee</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_10">6
</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_10">3.3 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A
      href="#page_10"><U>Delegation</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_10">6
</A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff colSpan=2><A href="#page_10">ARTICLE 4.
      SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_10">6
</A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_10">4.1 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_10"><U>Number of
      Shares Available for Awards</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_10">6
</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_11">4.2 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_11"><U>Adjustments in Authorized Shares</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_11">7
</A></TD></TR>
  <TR>
    <TD align=center bgColor=#ffffff>&nbsp;</TD>
    <TD width="80%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A href="#page_11">ARTICLE 5.
      ELIGIBILITY AND PARTICIPATION </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_11">7
</A></TD></TR>
  <TR>
    <TD align=center bgColor=#ffffff>&nbsp;</TD>
    <TD width="80%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_11">5.1 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_11"><U>Eligibility</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_11">7
</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_11">5.2 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_11"><U>Actual
      Participation</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_11">7
</A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff colSpan=2><A href="#page_12">ARTICLE 6.
      STOCK OPTIONS </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_12">8
</A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_12">6.1 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_12"><U>Grant of
      Options</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_12">8
</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_12">6.2 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_12"><U>Award
      Agreement</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_12">8
</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_12">6.3 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_12"><U>Option
      Price</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_12">8
</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_12">6.4 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_12"><U>Duration
      of Options</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_12">8
</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_12">6.5 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_12"><U>Exercise
      of Options</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_12">8
</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_12">6.6 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_12"><U>Payment</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_12">8
</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_12">6.7 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A
      href="#page_12"><U>Restrictions on Share Transferability</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_12">8</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_13">6.8 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_13"><U>Death,
      Retirement and Termination of Employment</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_13">9
</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_14">6.9 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A
      href="#page_14"><U>Nontransferability of Options</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_14">10
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_14">6.10 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_14"><U>Notification of Disqualifying Disposition</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_14">10
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_14">6.11 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_14"><U>$100,000
      Annual ISO Limitation</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><a href="#page_14">10</a></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff colSpan=2><A href="#page_15">ARTICLE 7.
      STOCK APPRECIATION RIGHTS </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><a href="#page_15">11</a></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_14">7.1 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_15"><U>Grant of
      SARs</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><a href="#page_15">11</a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_15">7.2 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_15"><U>SAR
      Agreement</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_15">11
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_15">7.3 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_15"><U>Term of
      SAR</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_15">11
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_15">7.4 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_15"><U>Exercise
      of Freestanding SARs</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_15">11
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_15">7.5 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_15"><U>Exercise
      of Tandem SARs</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_15">11
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_15">7.6 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_15"><U>Payment
      of SAR Amount</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_15">11
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_15">7.7 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A
      href="#page_15"><U>Termination of Employment</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><a href="#page_15">11</a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_15">7.8 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_15"><U>Nontransferability of SARs</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><a href="#page_15">11</a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_16">7.9 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_16"><U>Other
      Restrictions</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_16">11
  </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff colSpan=2><A href="#page_16">ARTICLE 8.
      RESTRICTED STOCK AND RESTRICTED STOCK UNITS </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_16">12
  </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_16">8.1 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A href="#page_16"><U>Grant of
      Restricted Stock or Restricted Stock Units</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_16">12
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_16">8.2 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_16"><U>Restricted Stock or Restricted Stock Unit Agreement</U>
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_16">12
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#ffffff><A href="#page_16">8.3 </A></TD>
    <TD align=left width="80%" bgColor=#ffffff><A
      href="#page_16"><U>Nontransferability of Restricted Stock and Restricted
      Stock Units</U> </A></TD>
    <TD align=right width="10%" bgColor=#ffffff><A href="#page_16">12
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_16">8.4 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_16"><U>Other
      Restrictions</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_16">12
  </A></TD></TR></TABLE>
<P align=center>i </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center bgColor=#eeeeee><A
      href="#page_16">8.5
      </A></TD>
    <TD noWrap align=left width="80%" bgColor=#eeeeee><A
      href="#page_16"><U>Certificate Legend</U> </A></TD>
    <TD noWrap align=right width="10%" bgColor=#eeeeee><a href="#page_16">12</a></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center><A
      href="#page_17">8.6
      </A></TD>
    <TD noWrap align=left width="80%"><A href="#page_17"><U>Voting Rights</U>
      </A></TD>
    <TD noWrap align=right width="10%"><A href="#page_17">13 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_17">8.7
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_17"><U>Dividends
      and Other Distributions</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_17">13
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_17">8.8
      </A></TD>
    <TD align=left width="80%"><A href="#page_17"><U>Death and other
      Termination of Employment</U> </A></TD>
    <TD align=right width="10%"><A href="#page_17">13 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_18">8.9
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_18"><U>Payment
      in Settlement of Restricted Stock Units</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_18">14
  </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD width="80%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A
      href="#page_18">ARTICLE
      9. DEFERRED SHARE UNITS </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_18">14
  </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD width="80%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_18">9.1
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_18"><U>Grant of
      Deferred Share Units</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_18">14
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_18">9.2
      </A></TD>
    <TD align=left width="80%"><A href="#page_18"><U>Deferred Share Unit
      Agreement</U> </A></TD>
    <TD align=right width="10%"><A href="#page_18">14 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_18">9.3
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_18"><U>Nontransferability of Restricted Stock and Restricted
      Stock Units</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_18">14
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_18">9.4
      </A></TD>
    <TD align=left width="80%"><A href="#page_18"><U>Termination of
      Employment</U> </A></TD>
    <TD align=right width="10%"><A href="#page_18">14 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A
      href="#page_18">ARTICLE
      10. PERFORMANCE SHARES AND PERFORMANCE UNITS </A></TD>
    <TD align=right width="10%"><a href="#page_18">14</a></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_18">10.1
      </A></TD>
    <TD align=left width="80%"><A href="#page_18"><U>Grant of Performance
      Shares and Performance Units</U> </A></TD>
    <TD align=right width="10%"><a href="#page_18">14</a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_18">10.2
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_18"><U>Value of
      Performance Shares and Performance Units</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><a href="#page_18">14</a></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_18">10.3
      </A></TD>
    <TD align=left width="80%"><A href="#page_18"><U>Earning of Performance
      Shares and Performance Units</U> </A></TD>
    <TD align=right width="10%"><a href="#page_18">14</a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_19">10.4
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_19"><U>Form and
      Timing of Payment of Performance Shares and Performance Units</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_19">15
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_19">10.5
      </A></TD>
    <TD align=left width="80%"><A href="#page_19"><U>Dividends and Other
      Distributions</U> </A></TD>
    <TD align=right width="10%"><A href="#page_19">15 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_19">10.6
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_19"><U>Termination of Employment</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_19">15
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_19">10.7
      </A></TD>
    <TD align=left width="80%"><A href="#page_19"><U>Nontransferability of
      Performance Shares and Performance Units</U> </A></TD>
    <TD align=right width="10%"><A href="#page_19">15 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A
      href="#page_19">ARTICLE
      11. FULL VALUE STOCK-BASED AWARDS </A></TD>
    <TD align=right width="10%"><A href="#page_19">15 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_19">11.1
      </A></TD>
    <TD align=left width="80%"><A href="#page_19"><U>Stock-Based Awards</U>
      </A></TD>
    <TD align=right width="10%"><A href="#page_19">15 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_19">11.2
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_19"><U>Termination of Employment</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><a href="#page_19">15</a></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_19">11.3
      </A></TD>
    <TD align=left width="80%"><A href="#page_19"><U>Nontransferability of
      Stock-Based Awards</U> </A></TD>
    <TD align=right width="10%"><a href="#page_19">15</a></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A
      href="#page_20">ARTICLE
      12. BENEFICIARY DESIGNATION </A></TD>
    <TD align=right width="10%"><A href="#page_20">16 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A
      href="#page_20">ARTICLE
      13. DEFERRALS </A></TD>
    <TD align=right width="10%"><A href="#page_20">16 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A
      href="#page_20">ARTICLE
      14. RIGHTS OF PERSONS ELIGIBLE TO PARTICIPATE </A></TD>
    <TD align=right width="10%"><A href="#page_20">16 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_20">14.1
      </A></TD>
    <TD align=left width="80%"><A href="#page_20"><U>Employment</U> </A></TD>
    <TD align=right width="10%"><A href="#page_20">16 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_20">14.2
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_20"><U>Participation</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><a href="#page_20">16</a></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_20">14.3
      </A></TD>
    <TD align=left width="80%"><A href="#page_20"><U>Rights as a
      Shareholder</U> </A></TD>
    <TD align=right width="10%"><a href="#page_20">16</a></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A
      href="#page_20">ARTICLE
      15. CHANGE OF CONTROL </A></TD>
    <TD align=right width="10%"><a href="#page_20">16</a></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><a href="#page_19">15.1 </a></TD>
    <TD align=left width="80%"><a href="#page_19"><U>Accelerated Vesting and
      Payment</U> </a></TD>
    <TD align=right width="10%"><a href="#page_19">16</a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_21">15.2
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_21"><U>Alternative Awards</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_21">17
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_22">15.3
      </A></TD>
    <TD align=left width="80%"><A href="#page_22"><U>Compliance with Section
      280G of the Code</U> </A></TD>
    <TD align=right width="10%"><A href="#page_22">18 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A
      href="#page_22">ARTICLE
      16. AMENDMENT, MODIFICATION, SUSPENSION AND TERMINATION </A></TD>
    <TD align=right width="10%"><A href="#page_22">18 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_22">16.1
      </A></TD>
    <TD align=left width="80%"><A href="#page_22"><U>Amendment, Modification,
      Suspension and Termination</U> </A></TD>
    <TD align=right width="10%"><A href="#page_22">18 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_23">16.2
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_23"><U>Adjustment of Awards Upon the Occurrence of Unusual or
      Nonrecurring Events</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_23">19
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_23">16.3
      </A></TD>
    <TD align=left width="80%"><A href="#page_23"><U>Awards Previously
      Granted</U> </A></TD>
    <TD align=right width="10%"><A href="#page_23">19 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A
      href="#page_23">ARTICLE
      17. WITHHOLDING </A></TD>
    <TD align=right width="10%"><A href="#page_23">19 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A
      href="#page_23">ARTICLE
      18. SUCCESSORS </A></TD>
    <TD align=right width="10%"><a href="#page_23">19</a></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A
      href="#page_23">ARTICLE
      19. GENERAL PROVISIONS </A></TD>
    <TD align=right width="10%"><a href="#page_23">19</a></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_23">19.1
      </A></TD>
    <TD align=left width="80%"><A href="#page_23"><U>Forfeiture Events</U>
    </A></TD>
    <TD align=right width="10%"><a href="#page_23">19</a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_24">19.2
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_24"><U>Legend</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_24">20
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_24">19.3
      </A></TD>
    <TD align=left width="80%"><A href="#page_24"><U>Delivery of Title</U>
    </A></TD>
    <TD align=right width="10%"><A href="#page_24">20 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_24">19.4
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_24"><U>Investment Representations</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_24">20
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_24">19.5
      </A></TD>
    <TD align=left width="80%"><A href="#page_24"><U>Uncertificated Shares</U>
      </A></TD>
    <TD align=right width="10%"><A href="#page_24">20 </A></TD></TR></TABLE>
<P align=center>ii </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center bgColor=#eeeeee><A
      href="#page_24">19.6
      </A></TD>
    <TD noWrap align=left width="80%" bgColor=#eeeeee><A
      href="#page_24"><U>Unfunded Plan</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_24">20
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_24">19.7
      </A></TD>
    <TD align=left width="80%"><A href="#page_24"><U>No Fractional Shares</U>
      </A></TD>
    <TD align=right width="10%"><a href="#page_24">20</a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_24">19.8
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_24"><U>Other
      Compensation and Benefit Plans</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><a href="#page_24">20</a></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_2025">19.9
      </A></TD>
    <TD align=left width="80%"><A href="#page_2025"><U>No Constraint on
      Corporate Action</U> </A></TD>
    <TD align=right width="10%"><a href="#page_2025">20</a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_25">19.10
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_25"><U>Compliance with United States Securities Laws</U>
    </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_25">20
  </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD width="80%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A
      href="#page_25">ARTICLE
      20. LEGAL CONSTRUCTION </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_25">21
  </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD width="80%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_25">20.1
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A href="#page_25"><U>Gender
      and Number</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_25">21
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_25">20.2
      </A></TD>
    <TD align=left width="80%"><A href="#page_25"><U>Severability</U> </A></TD>
    <TD align=right width="10%"><A href="#page_25">21 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_25">20.3
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_25"><U>Requirements of Law</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_25">21
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A
      href="#page_25">20.4
      </A></TD>
    <TD align=left width="80%"><A href="#page_25"><U>Governing Law</U> </A></TD>
    <TD align=right width="10%"><A href="#page_25">21 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_25">20.5
      </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_25"><U>Compliance with Section 409A of the Code</U> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_25">21
  </A></TD></TR></TABLE>
<P align=center>iii </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=center><B>ENERGY FUELS INC.</B><BR></P>
<P align=center><B>2018 OMNIBUS EQUITY INCENTIVE COMPENSATION PLAN</B></P>
<P align=center>ARTICLE 1.  AMENDMENT AND RESTATEMENT, PURPOSE AND DURATION </P>
<P align=justify style="text-indent:5%">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
and Restatement of the Plan</U>. The Company&#146;s 2015 Omnibus Equity Incentive
Compensation Plan (the &#147;2015 Plan&#148;) was approved by the Company&#146;s shareholders
on June 18, 2015 (the &#147;Approval Date&#148;). The 2015 Plan was subsequently amended
and restated by the Board as set forth herein (the &#147;Plan&#148;) on March 29, 2018
(the &#147;Effective Date&#148;), subject to approval by the Company&#146;s shareholders and
the TSX. The Plan permits the grant of Nonqualified Stock Options, Incentive
Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock
Units, Deferred Stock Units, Performance Shares, Performance Units and
Stock-Based Awards. For the terms and conditions of the Plan applicable to an
Award, refer to the version of the Plan in effect as of the date such Award was
granted. </P>
<P align=justify style="text-indent:5%">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purpose
of the Plan</U>. The purpose of the Plan is to promote the success and enhance
the value of the Company by linking the personal interests of the Participants
to those of the Company&#146;s stockholders, and by providing Participants with an
incentive for outstanding performance. The Plan is further intended to provide
flexibility to the Company in its ability to attract, motivate and retain the
services of Participants upon whose judgment, interest and special effort the
success of the Company is substantially dependent. </P>
<P align=justify style="text-indent:5%">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration
of the Plan</U>. The Plan, as amended and restated, shall commence as of the
Effective Date, as described in Section 1.1 herein, and shall remain in effect,
subject to the right of the Committee or the Board to amend or terminate the
Plan at any time pursuant to Article 16 hereof, until the earlier of (i) the
tenth anniversary of the Approval Date, or (ii) all Shares subject to the Plan
have been purchased or acquired according to the Plan&#146;s provisions. </P>
<P align=justify style="text-indent:5%">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor
Plan.</U> This Plan is the successor to the Company&#146;s current Stock Option Plan,
(the &#147;Predecessor Plan&#148;), and no further awards have been made under the
Predecessor Plan from and after the Approval Date of this Plan. All outstanding
awards under the Predecessor Plan immediately prior to the Approval Date of this
Plan are hereby incorporated into this Plan and shall accordingly be treated as
Awards under this Plan. However, each such Award shall continue to be governed
solely by the terms and conditions of the instrument evidencing such grant or
issuance and, except as otherwise expressly provided herein or by the
Committee, no provision of this Plan shall affect or otherwise modify the rights
or obligations of holders of such incorporated awards. </P>
<P align=center>ARTICLE 2.  DEFINITIONS </P>
<P align=justify style="text-indent:5%">Whenever used in the Plan, the
following terms shall have the respective meanings set forth below, unless the
context clearly requires otherwise, and when such meaning is intended, such term
shall be capitalized. </P>
<P align=justify style="text-indent:5%">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Affiliate</U>&#148;
shall have the meaning ascribed to such term in the OSA. </P>
<P align=justify style="text-indent:5%">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Award</U>&#148;
means, individually or collectively, a grant under this Plan of NQSOs, ISOs,
SARs, Restricted Stock, Restricted Stock Units, Performance Shares, Performance
Units or Stock-Based Awards, in each case subject to the terms of this Plan.
</P>
<P align=justify style="text-indent:5%">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Award
Agreement</U>&#148; means either (i) a written agreement entered into by the Company
or an Affiliate of the Company and a Participant setting forth the terms and
provisions applicable to Awards granted under this Plan; or (ii) a written
statement issued by the Company or an Affiliate of the Company to a Participant
describing the terms and provisions of such Award. All Award Agreements shall be
deemed to incorporate the provisions of the Plan. An Award Agreement need not be
identical to other Award Agreements either in form or substance. </P>
<P align=justify style="text-indent:5%">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Beneficial
Ownership</U>&#148; shall have the meaning ascribed to such term in Section 90 of the
OSA. </P>
<P align=justify style="text-indent:5%">2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Blackout Period</U>&#148; means a period of time during which the Participant
cannot sell Shares, due to applicable law or policies of the Company in respect
of insider trading. </P>
<P align=center>1 </P>
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<P align=justify style="text-indent:5%">2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Board</U>&#148;
or &#147;<U>Board of Directors</U>&#148; means the Board of Directors of the Company. </P>
<P align=justify style="text-indent:5%">2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Change
of Control</U>&#148; shall occur if any of the following events occur: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any transaction at any time and by whatever means
      pursuant to which (A) the Company goes out of existence by any means,
      except for any corporate transaction or reorganization in which the
      proportionate voting power among holders of securities of the entity
      resulting from such corporate transaction or reorganization is
      substantially the same as the proportionate voting power of such holders
      of Company voting securities immediately prior to such corporate
      transaction or reorganization or (B) any Person or any group of two or
      more Persons acting jointly or in concert (other than the Company, a
      wholly-owned Subsidiary of the Company, an employee benefit plan of the
      Company or of any of its wholly-owned Subsidiaries, including the trustee
      of any such plan acting as trustee) hereafter acquires the direct or
      indirect &#147;beneficial ownership&#148; (as defined by the <I>Business
      Corporations Act </I>(Ontario) of, or acquires the right to exercise
      control or direction over, securities of the Company representing 50% or
      more of the Company&#146;s then issued and outstanding securities in any manner
      whatsoever, including, without limitation, as a result of a take-over bid,
      an exchange of securities, an amalgamation of the Company with any other
      entity, an arrangement, a capital reorganization or any other business
      combination or reorganization;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the sale, assignment or other transfer of all or
      substantially all of the assets of the Company to a Person other than a
      wholly-owned Subsidiary of the Company;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the dissolution or liquidation of the Company except in
      connection with the distribution of assets of the Company to one or more
      Persons which were wholly-owned Subsidiaries of the Company immediately
      prior to such event;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the occurrence of a transaction requiring approval of the
      Company&#146;s shareholders whereby the Company is acquired through
      consolidation, merger, exchange of securities, purchase of assets,
      amalgamation, arrangement or otherwise by any other Person (other than a
      short form amalgamation or exchange of securities with a wholly-owned
      Subsidiary of the Company);</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>a majority of the members of the Board of Directors of
      the Company are replaced or changed, as a result of or in connection with
      any: (A) take-over bid, consolidation, merger, exchange of securities,
      amalgamation, arrangement, capital reorganization or any other business
      combination or reorganization involving or relating to the Company; (B)
      sale, assignment or other transfer of all or substantially all of the
      assets of the Company in one or a series of transactions, or any purchase
      of assets; or (C) dissolution or liquidation of the Company;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>during any two-year period, a majority of the members of
      the Board of Directors of the Company is replaced by directors who are not
      nominated and approved by the Board of Directors of the Company;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>with respect to holders of any Award who are employed by
      a subsidiary of the Company, an event set forth in (i), (ii), (iii), (iv),
      or (v) has occurred with respect to such subsidiary (the &#147;Employing
      Subsidiary&#148;), in which case the term &#147;Company&#148; in those paragraphs will be
      read to mean &#147;Employing Subsidiary&#148; and the phrase &#147; wholly-owned
      Subsidiary(ies)&#148; will be read to mean &#147; Affiliate(s) or wholly-owned
      Subsidiary(ies)&#148;; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(viii) </TD>
    <TD>
      <P align=justify>the Board passes a resolution to the effect that, for the
      purposes of some or all of the Award Agreements, an event set forth in
      (i), (ii), (iii), (iv), (v), (vi) or (vii) above has
  occurred.</P></TD></TR></TABLE>
<P align=center>2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="text-indent:5%">Notwithstanding the foregoing,
the Committee may modify the definition of a Change of Control for a particular
Award or Awards as the Committee deems appropriate to comply with Section 409A
of the Code. </P>
<P align=justify style="text-indent:5%">2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Change
of Control Price</U>&#148; means the highest price per Share offered in conjunction
with any transaction resulting in a Change of Control (as determined in good
faith by the Committee if any part of the offered price is payable other than in
cash). In the case of a Change of Control occurring solely by reason of a change
in the composition of the Board, the highest Fair Market Value of the Shares on
any of the thirty (30) trading days immediately preceding the date on which a
Change of Control occurs, except if the relevant participant is subject to
taxation under the ITA such Change of Control price shall be deemed to be a
price determined by the Committee based on the closing price of a Share on the
TSX or the NYSE on the trading day preceding the Change of Control date or based
on the volume weighted average trading price of the Shares on the TSX and NYSE
for the five trading days immediately preceding the Change of Control date. </P>
<P align=justify style="text-indent:5%">2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Code</U>&#148;
means the U.S. Internal Revenue Code of 1986, as amended from time to time, or
any successor thereto. </P>
<P align=justify style="text-indent:5%">2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Committee</U>&#148;
means the Board of Directors, or, if so delegated in whole or in part by the
Board, the Compensation Committee, or any other duly authorized committee of the
Board appointed by the Board to administer the Plan.</P>
<P align=justify style="text-indent:5%">2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Company</U>&#148;
means Energy Fuels Inc., an Ontario corporation, and any successor thereto as
provided in Article 18 herein. </P>
<P align=justify style="text-indent:5%">2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Constructively
Terminated</U>&#148; means, unless otherwise specified by the Committee in the Award
Agreement, a voluntary termination of employment by an Employee within ten (10)
business days after any of the following actions by the Company, an Affiliate,
or a person acting on behalf of either: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Requiring the Employee to be based as his/her regular or
      customary place of employment at any office or location more than fifty
      (50) miles from the location at which the Employee performed his/her
      duties immediately prior to the Change of Control, or in a state or
      province other than the one in which the Employee performed his/her duties
      immediately prior to the Change of Control, in each case except for travel
      reasonably required in the performance of the individual&#146;s
      responsibilities;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Materially reducing the Employee&#146;s base salary below the
      rate in effect at the time of a Change of Control;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Failing to pay the Employee&#146;s base salary, other wages or
      employment-related benefits as required by law; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>A material reduction or diminution in the level of
      responsibility, or office of the Employee, provided that before any claim
      of material reduction or diminution of responsibility may be relied upon
      by the Employee, the Employee must have provided written notice to the
      Employee&#146;s supervisor and the Board of the alleged material reduction or
      diminution of responsibility and have given the Company or Affiliate, as
      the case may be, at least thirty (30) calendar days within which to cure
      the alleged material reduction or diminution of
  responsibility.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">2.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consultant</U>&#148;
means a Person that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>is a natural person;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>is engaged to provide services to the Company or an
      Affiliate other than services provided in relation to a distribution of
      securities of the Company or an Affiliate;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>provides the services under a written contract with the
      Company or an Affiliate;</P></TD></TR></TABLE>
<P align=center>3</P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>spends or will spend a significant amount of time and
      attention on the affairs and business of the Company or an Affiliate;
      and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>provides bona fide services to the Company or its
      majority-owned subsidiaries and such services are not in connection with
      the offer or sale of securities in a capital-raising transaction, and do
      not directly or indirectly promote or maintain a market for the Company&#146;s
      securities.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">2.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Deferred
Share Unit</U>&#148; means an Award denominated in units that provides the holder
thereof with a right to receive Shares or cash or a combination thereof upon
settlement of the Award, granted under Article 9 herein and subject to the terms
of this Plan. </P>
<P align=justify style="text-indent:5%">2.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Director</U>&#148; means any individual who is a member of the Board of Directors
of the Company. </P>
<P align=justify style="text-indent:5%">2.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Dividend
Equivalent</U>&#148; means a right with respect to an Award to receive cash, Shares
or other property equal in value and form to dividends declared by the Board and
paid with respect to outstanding Shares. Dividend Equivalents shall not apply to
an Award unless specifically provided for in the Award Agreement, and if
specifically provided for in the Award Agreement shall be subject to such terms
and conditions set forth in the Award Agreement as the Committee shall
determine. </P>
<P align=justify style="text-indent:5%">2.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Employee</U>&#148;
means any employee of the Company or an Affiliate. Directors who are not
otherwise employed by the Company or an Affiliate shall not be considered
Employees under this Plan. </P>
<P align=justify style="text-indent:5%">2.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Exchange
Act</U>&#148; means the Securities Exchange Act of 1934, as amended from time to
time, or any successor act thereto. </P>
<P align=justify style="text-indent:5%">2.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fair
Market Value</U>&#148; or &#147;<U>FMV</U>&#148; means, unless otherwise required by any
applicable provision of the Code or any regulations thereunder or by any
applicable accounting standard for the Company&#146;s desired accounting for Awards
or by the rules of the NYSE or the TSX, a price that is determined by the
Committee, provided that such price cannot be less than the greater of (a) the
volume weighted average trading price of the Shares on the TSX or the NYSE for
the five trading days immediately prior to the grant date or (b) the closing
price of the Shares on the TSX or the NYSE on the trading day immediately prior
to the grant date. </P>
<P align=justify style="text-indent:5%">2.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fiscal
Year</U>&#148; means the Company&#146;s fiscal year commencing on January 1 and ending on
December 31 or such other fiscal year as approved by the Board. </P>
<P align=justify style="text-indent:5%">2.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Freestanding
SAR</U>&#148; means a SAR that is not a Tandem SAR, as described in Article 7 herein.
</P>
<P align=justify style="text-indent:5%">2.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Grant
Price</U>&#148; means the price against which the amount payable is determined upon
exercise of an SAR. </P>
<P align=justify style="text-indent:5%">2.23 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Incentive Stock
Option</U>&#148; or &#147;<U>ISO</U>&#148; means an Option to purchase Shares granted under
Article 6 herein and that is designated as an Incentive Stock Option and is
intended to meet the requirements of Section 422 of the Code, or any successor
provision. </P>
<P align=justify style="text-indent:5%">2.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>ITA</U>&#148;
means the <I>Income Tax Act</I> (Canada). </P>
<P align=justify style="text-indent:5%">2.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Non-Employee
Director</U>&#148; means a Director who is not an Employee. </P>
<P align=justify style="text-indent:5%">2.26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Nonqualified
Stock Option</U>&#148; or &#147;<U>NQSO</U>&#148; means an Option to purchase Shares, granted
under Article 6 herein, which is not intended to be an Incentive Stock Option or
that otherwise does not meet the requirements for treatment as an Incentive
Stock Option under Section 422 of the Code, or any successor provision. </P>
<P align=justify style="text-indent:5%">2.27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>NYSE</U>&#148;
means the NYSE American LLC. </P>
<P align=center>4 </P>
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<P align=justify style="text-indent:5%">2.28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Option</U>&#148;
means the conditional right to purchase Shares at a stated Option Price for a
specified period of time in the form of an Incentive Stock Option or a
Nonqualified Stock Option subject to the terms of this Plan. </P>
<P align=justify style="text-indent:5%">2.29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Option
Price</U>&#148; means the price at which a Share may be purchased by a Participant
pursuant to an Option, as determined by the Committee. </P>
<P align=justify style="text-indent:5%">2.30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>OSA</U>&#148;
means the <I>Securities Act (Ontario)</I>, as may be amended from time to time.
</P>
<P align=justify style="text-indent:5%">2.31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Participant</U>&#148; means an Employee, Non-Employee Director or Consultant who
has been selected to receive an Award, or who has an outstanding Award granted
under the Plan. </P>
<P align=justify style="text-indent:5%">2.32&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Performance
Goal</U>&#148; means a performance criterion selected by the Committee for a given
Award for purposes of Article 11 based on one or more performance measures. </P>
<P align=justify style="text-indent:5%">2.33&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Performance
Period</U>&#148; means the period of time during which the assigned performance
criteria must be met in order to determine the degree of payout and/or vesting
with respect to an Award. </P>
<P align=justify style="text-indent:5%">2.34&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Performance
Share</U>&#148; means an Award granted under Article 10 herein and subject to the
terms of this Plan, denominated in Shares, the value of which at the time it is
payable is determined as a function of the extent to which corresponding
performance criteria have been achieved. </P>
<P align=justify style="text-indent:5%">2.35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Performance Unit</U>&#148; means an Award granted under Article 10 herein and
subject to the terms of this Plan, denominated in units, the value of which at
the time it is payable is determined as a function of the extent to which
corresponding performance criteria have been achieved. </P>
<P align=justify style="text-indent:5%">2.36&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Period
of Restriction</U>&#148; means the period when an Award of Restricted Stock or
Restricted Stock Units is subject to forfeiture based on the passage of time,
the achievement of performance criteria, and/or upon the occurrence of other
events as determined by the Committee, in its discretion. </P>
<P align=justify style="text-indent:5%">2.37&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Person</U>&#148; shall have the meaning ascribed to such term in Section 3(a)(9)
of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a
&#147;group&#148; as defined in Section 13(d) thereof; provided, however, that &#147;Person&#148;
shall not include (i) the Company or any Affiliate, or (ii) any employee benefit
plan (including an employee stock ownership plan) sponsored by the Company or
any Affiliate. </P>
<P align=justify style="text-indent:5%">2.38&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Restricted
Stock</U>&#148; means an Award of Shares subject to a Period of Restriction, granted
under Article 8 herein and subject to the terms of this Plan. </P>
<P align=justify style="text-indent:5%">2.39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Restricted Stock Unit</U>&#148; means an Award denominated in units subject to a
Period of Restriction, with a right to receive Shares or cash or a combination
thereof upon settlement of the Award, granted under Article 8 herein and subject
to the terms of this Plan. </P>
<P align=justify style="text-indent:5%">2.40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Shares</U>&#148;
means common shares of the Company. </P>
<P align=justify style="text-indent:5%">2.41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Significant
Stockholder</U>&#148; means a person who at the time of a grant of an ISO to such
person owns (or is deemed to own pursuant to Section 424(d) of the Code) stock
possessing more than ten percent (10%) of the total combined voting power of all
classes of shares of the Company or any of its Affiliates. </P>
<P align=justify style="text-indent:5%">2.42&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Stock
Appreciation Right</U>&#148; or &#147;<U>SAR</U>&#148; means the conditional right to receive
the difference between the FMV of a Share on the date of exercise over the Grant
Price, pursuant to the terms of Article 7 herein and subject to the terms of
this Plan. </P>
<P align=justify style="text-indent:5%">2.43&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Stock-Based
Award</U>&#148; means an equity-based or equity-related Award granted under Article
11 herein and subject to the terms of this Plan, and not otherwise described by
the terms of this Plan. </P>
<P align=center>5 </P>
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<P align=justify style="text-indent:5%">2.44&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Tandem
SAR</U>&#148; means a SAR that the Committee specifies is granted in connection with
a related Option pursuant to Article 7 herein and subject to the terms of this
Plan, the exercise of which shall require forfeiture of the right to purchase a
Share under the related Option (and when a Share is purchased under the Option,
the Tandem SAR shall similarly be cancelled) or a SAR that is granted in tandem
with an Option but the exercise of such Option does not cancel the SAR, but
rather results in the exercise of the related SAR. Regardless of whether an
Option is granted coincident with a SAR, a SAR is not a Tandem SAR unless so
specified by the Committee at the time of grant. </P>
<P align=justify style="text-indent:5%">2.45&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&#147;TSX&#148;</U>
means the Toronto Stock Exchange. </P>
<P align=justify style="text-indent:5%">2.46&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Voting
Power</U>&#148; shall mean such number of Voting Securities as shall enable the
holders thereof to cast all the votes which could be cast in an annual election
of directors of a company.</P>
<P align=justify style="text-indent:5%">2.47&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Voting
Securities</U>&#148; shall mean all securities entitling the holders thereof to vote
in an annual election of directors of a company. </P>
<P align=center>ARTICLE 3.  ADMINISTRATION </P>
<P align=justify style="text-indent:5%">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
The Committee shall be responsible for administering the Plan. The Committee may
employ attorneys, consultants, accountants, agents and other individuals, any of
whom may be an Employee, and the Committee, the Company, and its officers and
Directors shall be entitled to rely upon the advice, opinions or valuations of
any such persons. All actions taken and all interpretations and determinations
made by the Committee shall be final, conclusive and binding upon the
Participants, the Company, and all other interested parties. </P>
<P align=justify style="text-indent:5%">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Authority of the Committee</U>. The Committee shall have full and exclusive
discretionary power to interpret the terms and the intent of the Plan and any
Award Agreement or other agreement ancillary to or in connection with the Plan,
to determine eligibility for Awards, and to adopt such rules, regulations and
guidelines for administering the Plan as the Committee may deem necessary or
proper. Such authority shall include, but not be limited to, selecting Award
recipients, establishing all Award terms and conditions, including grant and
exercise price, and vesting terms and, subject to Article 16, adopting
modifications and amendments, or sub-plans to the Plan or any Award Agreement,
including, without limitation, any that are necessary or appropriate to comply
with the laws or compensation practices of the jurisdictions in which the
Company and Affiliates operate. </P>
<P align=justify style="text-indent:5%">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delegation</U>.
The Committee may delegate to one or more of its members any of the Committee&#146;s
administrative duties or powers as it may deem advisable; provided, however,
that any such delegation shall not be inconsistent with the provisions of Rule
16b-3 under the Exchange Act as to actions to be taken by the Committee in
connection therewith, and must be permitted under applicable corporate law. </P>
<P align=center>ARTICLE 4.  SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS </P>
<P align=justify style="text-indent:5%">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number
of Shares Available for Awards</U>. Subject to adjustment as provided in Section
4.2 herein, the number of Shares hereby reserved for issuance to Participants
under the Plan shall not exceed the number which represents 10% of the issued
and outstanding Shares from time to time (the &#147;Total Share Authorization&#148;).
Subject to applicable law, the requirements of the TSX or the NYSE and any
shareholder or other approval which may be required, the Board may in its
discretion amend the Plan to increase such limit without notice to any
Participants. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The number of Shares reserved for issue to Insiders
      pursuant to this Plan, together with Shares reserved for issue to Insiders
      under any other existing share compensation arrangement of the Company,
      shall not exceed 10% of the aggregate outstanding Shares of the Company.
      Within any one-year period, the number of Shares issued to Insiders
      pursuant to this Plan and all other existing share compensation
      arrangement of the Company shall not exceed 10% of the aggregate
      outstanding Shares of the Company. If the number of Shares shall be
      increased or decreased as a result of a stock split, consolidation
      reclassification or recapitalization and not as a result of the issuance
      of Shares for additional consideration or by way of a stock dividend in
      the ordinary course, the Company may make appropriate adjustments to the
      maximum number of Shares which may be issued from the treasury of the
      Company under the Plan.</P></TD></TR></TABLE>
<P align=center>6 </P>
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<TABLE
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>For greater clarity, any Awards that are not settled in
      Shares shall not reduce any of these reserves. Any Shares related to
      Awards (or, after the Approval Date, awards granted under the Predecessor
      Plan) which (i) terminate by expiration, forfeiture, cancellation or
      otherwise without the issuance of such Shares, (ii) are settled in cash
      either in lieu of Shares or otherwise, or (iii) are exchanged with the
      Committee&#146;s approval for Awards not involving Shares, shall be available
      again for issuance under the Plan. The maximum number of Shares available
      for issuance under the Plan shall not be reduced to reflect any dividends
      or Dividend Equivalents that are reinvested into additional Shares or
      credited as additional Restricted Stock, Restricted Stock Units,
      Performance Shares or Stock-Based Awards. The Shares available for
      issuance under the Plan may be authorized and unissued Shares or treasury
      Shares.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments
in Authorized Shares</U>. In the event of any corporate event or transaction
(collectively, a &#147;<B>Corporate Reorganization</B>&#148;) (including, but not limited
to, a change in the Shares of the Company or the capitalization of the Company)
such as a merger, arrangement, amalgamation, consolidation, reorganization,
recapitalization, separation, stock dividend, extraordinary dividend, stock
split, reverse stock split, split up, spin-off or other distribution of stock or
property of the Company, combination of securities, exchange of securities,
dividend in kind, or other like change in capital structure or distribution
(other than normal cash dividends) to stockholders of the Company, or any
similar corporate event or transaction, the Committee shall make or provide for
such adjustments or substitutions, as applicable, in the number and kind of
Shares that may be issued under the Plan, the number and kind of Shares subject
to outstanding Awards, the Option Price or Grant Price applicable to outstanding
Awards, the Award Limits, the limit on issuing Awards other than Options granted
with an Option Price equal to at least the FMV of a Share on the date of grant
or Stock Appreciation Rights with a Grant Price equal to at least the FMV of a
Share on the date of grant, and any other value determinations applicable to
outstanding Awards or to this Plan, as are equitably necessary to prevent
dilution or enlargement of Participants&#146; rights under the Plan that otherwise
would result from such corporate event or transaction. In connection with a
Corporate Reorganization, the Committee shall have the discretion to permit a
holder of Options to purchase (at the times, for the consideration, and subject
to the terms and conditions set out in this Plan) and the holder will then
accept on the exercise of such Option, in lieu of the Shares that such holder
would otherwise have been entitled to purchase, the kind and amount of shares or
other securities or property that such holder would have been entitled to
receive as a result of the Corporate Reorganization if, on the effective date
thereof, that holder had owned all Shares that were subject to the Option. Such
adjustments shall be made automatically, without the necessity of Committee
action, on the customary arithmetical basis in the case of any stock split,
including a stock split effected by means of a stock dividend, and in the case
of any other dividend paid in Shares. </P>
<P align=justify style="text-indent:5%">The Committee shall also make
appropriate adjustments in the terms of any Awards under the Plan as are
equitably necessary to reflect such corporate event or transaction and may
modify any other terms of outstanding Awards, including modifications of
performance criteria and changes in the length of Performance Periods. The
determination of the Committee as to the foregoing adjustments, if any, shall be
conclusive and binding on Participants under the Plan., provided that any such
adjustments must comply with Section 409A of the Code with respect to any U.S.
Participants. </P>
<P align=justify style="text-indent:5%">Subject to the provisions of
Article 14 and any applicable law or regulatory requirement, without affecting
the number of Shares reserved or available hereunder, the Committee may
authorize the issuance, assumption, substitution or conversion of Awards under
this Plan in connection with any such corporate event or transaction, upon such
terms and conditions as it may deem appropriate. Additionally, the Committee may
amend the Plan, or adopt supplements to the Plan, in such manner as it deems
appropriate to provide for such issuance, assumption, substitution or conversion
as provided in the previous sentence. </P>
<P align=center>ARTICLE 5.  ELIGIBILITY AND PARTICIPATION </P>
<P align=justify style="text-indent:5%">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Eligibility</U>.
Individuals eligible to participate in the Plan include all Employees,
Non-Employee Directors and Consultants. </P>
<P align=justify style="text-indent:5%">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Actual
Participation.</U> Subject to the provisions of the Plan, the Committee may, from
time to time, in its sole discretion select from among eligible Employees,
Non-Employee Directors and Consultants, those to whom Awards shall be granted
under the Plan, and shall determine in its discretion the nature, terms,
conditions and amount of each Award. </P>
<P align=center>7 </P>
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<P align=center>ARTICLE 6.  STOCK OPTIONS </P>
<P align=justify style="text-indent:5%">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Options</U>. Subject to the terms and provisions of the Plan, Options may be
granted to Participants in such number, and upon such terms, and at any time and
from time to time as shall be determined by the Committee in its discretion.
ISOs may be granted only to Employees of the Company or a parent or subsidiary
corporation of the Company within the meaning of Section 424 of the Code, and no
ISOs may be granted more than ten (10) years after the Approval Date.
Notwithstanding Section 4.1 of the Plan, the maximum number of Shares issuable
upon the exercise of ISOs is 7,670,029. </P>
<P align=justify style="text-indent:5%">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Award Agreement.</U> Each Option grant shall be evidenced by an Award
Agreement that shall specify the Option Price, the duration of the Option, the
number of Shares to which the Option pertains, the conditions upon which an
Option shall become vested and exercisable, and any such other provisions as the
Committee shall determine. The Award Agreement shall also specify whether the
Option is intended to be an ISO or a NQSO. </P>
<P align=justify style="text-indent:5%">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option
Price</U>. The Option Price for each grant of an Option under this Plan shall be
determined by the Committee and shall be specified in the Award Agreement. The
Option Price for an Option shall be not less than the FMV of the Shares on the
date of grant; provided, however, that the Option Price for an ISO granted to a
Significant Stockholder shall be not less than one hundred ten percent (110%) of
the FMV of the Shares on the date of grant. </P>
<P align=justify style="text-indent:5%">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration
of Options.</U> Each Option granted to a Participant shall expire at such time as
the Committee shall determine at the time of grant; provided, however, that no
Option shall be exercisable later than the tenth (10th) anniversary date of its
grant, and provided further that no ISO granted to a Significant Stockholder
shall be exercisable after the expiration of five (5) years from the date of
grant. Notwithstanding the foregoing, the expiry date of any NQSO shall be
extended to the tenth business day following the last day of a Blackout Period
if the expiry date would otherwise occur in a Blackout Period or within five
days of the end of the Blackout Period. </P>
<P align=justify style="text-indent:5%">6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise
of Options</U>. Options granted under this Article 6 shall be exercisable at
such times and on the occurrence of such events, and be subject to such
restrictions and conditions, as the Committee shall in each instance approve,
which need not be the same for each grant or for each Participant. </P>
<P align=justify style="text-indent:5%">6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment</U>.
Options granted under this Article 6 shall be exercised by the delivery of a
notice of exercise to the Company or an agent designated by the Company in a
form specified or accepted by the Committee, or by complying with any
alternative procedures which may be authorized by the Committee, setting forth
the number of Shares with respect to which the Option is to be exercised,
accompanied by full payment for the Shares. </P>
<P align=justify style="text-indent:5%">The Option Price upon exercise of
any Option shall be payable to the Company in full either: (a) in cash,
certified cheque or wire transfer; or (b) by any other method approved or
accepted by the Committee in its sole discretion subject to the rules of the TSX
and NYSE, as applicable and such rules and regulations as the Committee may
establish.</P>
<P align=justify style="text-indent:5%">Subject to Section 6.7 and any
governing rules or regulations, as soon as practicable after receipt of a
notification of exercise and full payment for the Shares, the Shares in respect
of which the Option has been exercised shall be issued as fully-paid and
non-assessable shares of the Company. As of the business day the Company
receives such notice and such payment, the Participant (or the person claiming
through him, as the case may be) shall be entitled to be entered on the share
register of the Company as the holder of the number of Shares in respect of
which the Option was exercised and to receive as promptly as possible thereafter
a certificate or evidence of book entry representing the said number of Shares.
The Company shall cause to be delivered to the Participant Share certificates or
evidence of book entry Shares in an appropriate amount based upon the number of
Shares purchased under the Option(s), but in any event, on or before the
15<SUP>th</SUP> day of the third month of the year following the year in which
the Option was exercised. </P>
<P align=justify style="text-indent:5%">6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions
on Share Transferability</U>. The Committee may impose such restrictions on any
Shares acquired pursuant to the exercise of an Option granted pursuant to this
Plan as it may deem advisable, including, without limitation, requiring the Participant to
hold the Shares acquired pursuant to exercise for a specified period of time, or
restrictions under applicable laws or under the requirements of any stock
exchange or market upon which such Shares are listed and/or traded. </P>
<P align=center>8</P>
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<P align=justify style="text-indent:5%">6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Death,
Retirement and Termination of Employment</U>.</P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Death: If a Participant dies while an Employee, officer
      or director of or Consultant to the Company or an
  Affiliate:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the executor or administrator of the Participant&#146;s estate
      may exercise Options of the Participant equal to the number of Options
      that were exercisable at the Termination Date (as defined
below);</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the right to exercise such Options terminates on the
      earlier of: (i) the date that is 12 months after the Termination Date; and
      (ii) the date on which the exercise period of the particular Option
      expires. Any Options held by the Participant that are not yet vested at
      the Termination Date immediately expire and are cancelled and forfeited to
      the Company on the Termination Date; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>such Participant&#146;s eligibility to receive further grants
      of Options under the Plan ceases as of the Termination
  Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Retirement: If a Participant voluntarily retires
    then:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any Options held by the Participant that are exercisable
      at the Termination Date continue to be exercisable by the Participant
      until the earlier of: (i) the date that is six months after the
      Termination Date, provided that if an ISO is exercised after the date that
      is three months from the Termination Date, then such Option shall no
      longer be considered to be an ISO; and (ii) the date on which the exercise
      period of the particular Option expires. Any Options held by the
      Participant that are not yet vested at the Termination Date immediately
      expire and are cancelled and forfeited to the Company on the Termination
      Date,</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the eligibility of a Participant to receive further
      grants under the Plan ceases as of the date that the Company or an
      Affiliate, as the case may be, provides the Participant with written
      notification that the Participant&#146;s employment or term of office or
      engagement, is terminated, notwithstanding that such date may be prior to
      the Termination Date, and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>notwithstanding (b)(i) and (ii) above, unless the
      Committee, in its sole discretion, otherwise determines, at any time and
      from time to time, Options are not affected by a change of employment
      arrangement within or among the Company or an Affiliate for so long as the
      Participant continues to be an employee of the Company or an
    Affiliate.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Termination of Employment: Where a Participant&#146;s
      employment or term of office or engagement terminates (for any reason
      other than death or voluntary retirement (whether such termination occurs
      with or without any or adequate notice or reasonable notice, or with or
      without any or adequate compensation in lieu of such notice)),
  then:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any Options held by the Participant that are exercisable
      at the Termination Date continue to be exercisable by the Participant
      until the earlier of: (i) the date that is three months after the
      Termination Date; and (ii) the date on which the exercise period of the
      particular Option expires. Any Options held by the Participant that are
      not yet vested at the Termination Date immediately expire and are
      cancelled and forfeited to the Company on the Termination Date,</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the eligibility of a Participant to receive further
      grants under the Plan ceases as of the date that the Company or an
      Affiliate, as the case may be, provides the Participant
  with written notification that the Participant&#146;s employment or term
of office or engagement, is terminated, notwithstanding that such date may be
prior to the Termination Date, and </P></TD></TR></TABLE>
<P align=center>9 </P>
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<br>
<TABLE
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  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>notwithstanding (c)(i) and (ii) above, unless the
      Committee, in its sole discretion, otherwise determines, at any time and
      from time to time, Options are not affected by a change of employment
      arrangement within or among the Company or an Affiliate for so long as the
      Participant continues to be an employee of the Company or an
    Affiliate.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>For purposes of section 6.8, the term, &#147;Termination Date&#148;
      means, in the case of a Participant whose employment or term of office or
      engagement with the Company or an Affiliate
terminates:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>by reason of the Participant&#146;s death, the date of
      death;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>for any reason whatsoever other than death, the date of
      the Participant&#146;s last day actively at work for or actively engaged by the
      Company or the Affiliate, as the case may be; and for greater certainty
      &#147;Termination Date&#148; in any such case specifically does not mean the date on
      which any period of contractual notice or reasonable notice that the
      Company or the Affiliate, as the case may be, may be required at law to
      provide to a Participant would expire; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the resignation of a director or the expiry of a
      director&#146;s term on the Board without re- election (or nomination for
      election) shall be considered to be a termination of his or her term of
      office.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferability
of Options</U>.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><U>Incentive Stock Options</U>. No ISO granted under the
      Plan may be sold, transferred, pledged, assigned or otherwise alienated or
      hypothecated, other than by will or by the laws of descent and
      distribution. Further, all ISOs granted to a Participant under this
      Article 6 shall be exercisable during such Participant&#146;s lifetime only by
      such Participant.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><U>Nonqualified Stock Options</U>. Except as otherwise
      provided in a Participant&#146;s Award Agreement at the time of grant or
      thereafter by the Committee, a NQSO granted under this Article 6 may not
      be sold, transferred, pledged, assigned, or otherwise alienated or
      hypothecated, other than by will or by the laws of descent and
      distribution. Further, except as otherwise provided in a Participant&#146;s
      Award Agreement at the time of grant or thereafter by the Committee, all
      NQSOs granted to a Participant under this Article 6 shall be exercisable
      during such Participant&#146;s lifetime only by such
  Participant.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notification
of Disqualifying Disposition</U>. The Participant to whom an ISO is granted
shall notify the Company upon the disposition of Shares issued pursuant to the
exercise of an ISO or Shares received as a dividend on ISO stock. The Company
shall use such information to determine whether a disqualifying disposition as
described in Section 421(b) of the Code has occurred. </P>
<P align=justify style="text-indent:5%">6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$100,000
Annual ISO Limitation.</U> To the extent that the aggregate FMV of Shares
(determined as of the time the ISOs with respect to such Shares are granted)
with respect to which ISOs are exercisable for the first time by any Participant
during any calendar year (under this Plan and all other plans of the Company and
any Affiliate) exceeds $100,000 (or such other amount as may be allowed under
Section 422 of the Code), such ISOs shall be treated as NQSOs. The foregoing
provisions shall be applied by taking ISOs into account in the order in which
they were granted. </P>

<P align=center>10 </P>
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<P align=center>ARTICLE 7.  STOCK APPRECIATION RIGHTS </P>
<P align=justify style="text-indent:5%">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of SARs</U>. Subject to the terms and conditions of the Plan, SARs may be
granted to Participants at any time and from time to time and upon such terms as
shall be determined by the Committee in its discretion. The Committee may grant
Freestanding SARs, Tandem SARs, or any combination of these forms of SARs. </P>
<P align=justify style="text-indent:5%">The SAR Grant Price for each
grant of a Freestanding SAR shall be determined by the Committee and shall be
specified in the Award Agreement. The SAR Grant Price may include a Grant Price
based on one hundred percent (100%) of the FMV of the Shares on the date of
grant, a Grant Price that is set at a premium to the FMV of the Shares on the
date of grant, or is indexed to the FMV of the Shares on the date of grant, with
the index determined by the Committee, in its discretion, provided that the
Grant Price may never be less than the FMV of the Shares on the date of Grant.
The Grant Price of Tandem SARs shall be equal to the Option Price of the related
Option. </P>
<P align=justify style="text-indent:5%">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SAR
Agreement</U>. Each SAR Award shall be evidenced by an Award Agreement that
shall specify the Grant Price, the term of the SAR, and any such other
provisions as the Committee shall determine. </P>
<P align=justify style="text-indent:5%">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Term of SAR</U>. The term of an SAR granted under the Plan shall be
determined by the Committee, in its sole discretion, and except as determined
otherwise by the Committee and specified in the SAR Award Agreement, no SAR
shall be exercisable later than the tenth (10th) anniversary date of its
grant.</P>
<P align=justify style="text-indent:5%">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Exercise of Freestanding SARs.</U> Freestanding SARs may be exercised upon
whatever terms and conditions the Committee, in its sole discretion, imposes.
</P>
<P align=justify style="text-indent:5%">7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise
of Tandem SARs</U>. With respect to Participants who are not subject to taxation
under the ITA, Tandem SARs may be exercised for all or part of the Shares
subject to the related Option upon the surrender of the right to exercise the
equivalent portion of the related Option. With respect to Participants subject
to taxation under the ITA, prior to exercising a Tandem SAR the Participant must
elect to receive the Tandem SAR in consideration for the disposition of that
Participant&#146;s right to receive shares under the Option. A Tandem SAR may be
exercised only with respect to the Shares for which its related Option is then
exercisable.</P>
<P align=justify style="text-indent:5%">Notwithstanding any other
provision of this Plan to the contrary, with respect to a Tandem SAR granted in
connection with an ISO: (a) the Tandem SAR will expire no later than the
expiration of the underlying ISO; (b) the value of the payout with respect to
the Tandem SAR may be for no more than one hundred percent (100%) of the
difference between the Option Price of the underlying ISO and the FMV of the
Shares subject to the underlying ISO at the time the Tandem SAR is exercised;
and (c) the Tandem SAR may be exercised only when the FMV of the Shares subject
to the ISO exceeds the Option Price of the ISO. </P>
<P align=justify style="text-indent:5%">7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of SAR Amount</U>. Upon the exercise of an SAR, a Participant shall be entitled
to receive payment from the Company in an amount representing the difference
between the FMV of the underlying Shares on the date of exercise over the Grant
Price. At the discretion of the Committee, the payment upon SAR exercise may be
in cash, Shares of equivalent value (based on the FMV on the date of exercise of
the SAR, as defined in the Award Agreement or otherwise defined by the Committee
thereafter), in some combination thereof, or in any other form approved by the
Committee at its sole discretion. Payment shall be made no earlier than the date
of exercise, nor later than 2-1/2 months after the close of the year in which the
SAR is exercised. The Committee&#146;s determination regarding the form of SAR payout
shall be set forth or reserved for later determination in the Award Agreement
for the grant of the SAR. </P>
<P align=justify style="text-indent:5%">7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Termination of Employment.</U> Each Award Agreement shall set forth the extent
to which the Participant shall have the right to exercise the SAR following
termination of the Participant&#146;s employment or other relationship with the
Company or Affiliates. Such provisions shall be determined in the sole
discretion of the Committee, need not be uniform among all SARs issued pursuant
to the Plan, and may reflect distinctions based on the reasons for
termination.</P>
<P align=justify style="text-indent:5%">7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferability
of SARs</U>. Except as otherwise provided in a Participant&#146;s Award Agreement at
the time of grant or thereafter by the Committee, an SAR granted under the Plan
may not be sold, transferred, pledged, assigned or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution.
Further, except as otherwise provided in a Participant&#146;s Award Agreement at the
time of grant or thereafter by the Committee, all SARs granted to a Participant
under the Plan shall be exercisable during such Participant&#146;s lifetime only by
such Participant. </P>
<P align=justify style="text-indent:5%">7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Restrictions.</U> Without limiting the generality of any other provision of this
Plan, the Committee may impose such other conditions and/or restrictions on any
Shares received upon exercise of an SAR granted pursuant to the Plan as it may
deem advisable. This includes, but is not limited to, requiring the Participant
to hold the Shares received upon exercise of an SAR for a specified period of
time. </P>
<P align=center>11 </P>
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<P align=center>ARTICLE 8.  RESTRICTED STOCK AND RESTRICTED STOCK UNITS </P>
<P align=justify style="text-indent:5%">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Restricted Stock or Restricted Stock Units</U>. Subject to the terms and
conditions of the Plan, the Committee, at any time and from time to time, may
grant Shares of Restricted Stock and/or Restricted Stock Units to Participants
in such amounts and upon such terms as the Committee shall determine.</P>
<P align=justify style="text-indent:5%">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted
Stock or Restricted Stock Unit Agreement.</U> Each Restricted Stock and/or
Restricted Stock Unit grant shall be evidenced by an Award Agreement that shall
specify the Period(s) of Restriction, the number of Shares of Restricted Stock
or the number of Restricted Stock Units granted, the settlement date for
Restricted Stock Units, and any such other provisions as the Committee shall
determine, provided that unless otherwise determined by the Committee or as set
out in any Award Agreement, no Restricted Stock Unit shall vest later than three
years after the date of grant. </P>
<P align=justify style="text-indent:5%">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferability
of Restricted Stock and Restricted Stock Units</U>. Except as otherwise provided
in this Plan or the Award Agreement, the Shares of Restricted Stock and/or
Restricted Stock Units granted herein may not be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated until the end of the applicable
Period of Restriction specified in the Award Agreement (and in the case of
Restricted Stock Units until the date of settlement through delivery or other
payment), or upon earlier satisfaction of any other conditions, as specified by
the Committee in its sole discretion and set forth in the Award Agreement at the
time of grant or thereafter by the Committee. All rights with respect to the
Restricted Stock and/or Restricted Stock Units granted to a Participant under
the Plan shall be available during such Participant&#146;s lifetime only to such
Participant, except as otherwise provided in the Award Agreement at the time of
grant or thereafter by the Committee.</P>
<P align=justify style="text-indent:5%">8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Restrictions.</U> The Committee shall impose, in the Award Agreement at the time
of grant or anytime thereafter, such other conditions and/or restrictions on any
Shares of Restricted Stock or Restricted Stock Units granted pursuant to this
Plan as it may deem advisable, including, without limitation, a requirement that
Participants pay a stipulated purchase price for each Share of Restricted Stock
or each Restricted Stock Unit, restrictions based upon the achievement of
specific performance criteria, time-based restrictions on vesting following the
attainment of the performance criteria, time-based restrictions, restrictions
under applicable laws or under the requirements of any stock exchange or market
upon which such Shares are listed or traded, or holding requirements or sale
restrictions placed on the Shares by the Company upon vesting of such Restricted
Stock or Restricted Stock Units.</P>
<P align=justify style="text-indent:5%">To the extent deemed appropriate
by the Committee, subject to Section 19.5, the Company may retain the
certificates representing Shares of Restricted Stock, or Shares delivered in
settlement of Restricted Stock Units, in the Company&#146;s possession until such
time as all conditions and/or restrictions applicable to such Shares have been
satisfied or lapse, but in no event will delivery of such Shares be made later
than the earlier of (i) 2-1/2 months after the close of the year in which such
conditions or restrictions were satisfied or lapsed and (ii) December 31 of the
third year following the year of the grant date. </P>
<P align=justify style="text-indent:5%">Except as otherwise provided in
this Article 8, Shares of Restricted Stock covered by each Restricted Stock
Award shall become freely transferable by the Participant after all conditions
and restrictions applicable to such Shares have been satisfied or lapse, and
Restricted Stock Units shall be settled through payment in cash, Shares, or a
combination of cash and Shares as the Committee, in its sole discretion, shall
determine. </P>
<P align=justify style="text-indent:5%">8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certificate
Legend</U>. In addition to any legends placed on certificates pursuant to
Section 8.4 herein, each certificate representing Shares of Restricted Stock
granted pursuant to the Plan may bear a legend such as the following: </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;The sale or other transfer of the
shares of stock represented by this certificate, whether voluntary, involuntary
or by operation of law, is subject to certain restrictions on transfer as set
forth in the 2018 Omnibus Equity Incentive Compensation Plan and in the
associated Award Agreement. A copy of the Plan and such Award Agreement may be
obtained from Energy Fuels Inc.&#148; </P>
<P align=center>12 </P>
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<P align=justify style="text-indent:5%">8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
  Rights</U>. To the extent required by law, Participants holding Shares of
  Restricted Stock granted hereunder shall have the right to exercise full voting
  rights with respect to those Shares during the Period of Restriction. A
  Participant shall have no voting rights with respect to any Restricted Stock
Units granted hereunder. </P>
<P align=justify style="text-indent:5%">8.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends
and Other Distributions</U>. During the Period of Restriction, Participants
holding Shares of Restricted Stock or Restricted Stock Units granted hereunder
may, if the Committee so determines, be credited with dividends paid with
respect to the underlying Shares or Dividend Equivalents while they are so held
in a manner determined by the Committee in its sole discretion. Dividend
Equivalents shall not apply to an Award unless specifically provided for in the
Award Agreement. The Committee may apply any restrictions to the dividends or
Dividend Equivalents that the Committee deems appropriate. The Committee, in its
sole discretion, may determine the form of payment of dividends or Dividend
Equivalents, including cash, Shares, Restricted Stock or Restricted Stock Units.
</P>
<P align=justify style="text-indent:5%">8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Death
and other Termination of Employment</U>.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Death: If a Participant dies while an Employee, officer
      or director of or Consultant to the Company or an
  Affiliate:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any Restricted Stock Units held by the Participant that
      have vested as at the Termination Date (as defined below), shall be paid
      to the Recipient&#146;s estate. Any Restricted Stock Units that have not vested
      as at the Termination Date will be immediately cancelled and forfeited to
      the Company on the Termination Date; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>such Participant&#146;s eligibility to receive further grants
      of Restricted Stock Units under the Plan ceases as of the Termination
      Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Termination other than Death: Where a Participant&#146;s
      employment or term of office or engagement terminates for any reason other
      than death (whether such termination occurs with or without any or
      adequate notice or reasonable notice, or with or without any or adequate
      compensation in lieu of such notice), then:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any Restricted Stock Units held by the Participant that
      have vested before the Termination Date shall be paid to the Recipient.
      Any Restricted Stock Units held by the Participant that are not yet vested
      at the Termination Date will be immediately cancelled and forfeited to the
      Company on the Termination Date;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the eligibility of a Participant to receive further
      grants under the Plan ceases as of the date that the Company or an
      Affiliate, as the case may be, provides the Participant with written
      notification that the Participant&#146;s employment or term of office or
      engagement, is terminated, notwithstanding that such date may be prior to
      the Termination Date; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>notwithstanding (b)(i) and (ii) above, unless the
      Committee, in its sole discretion, otherwise determines, at any time and
      from time to time, Restricted Stock Units are not affected by a change of
      employment arrangement within or among the Company or an Affiliate for so
      long as the Participant continues to be an employee of the Company or an
      Affiliate.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>For purposes of section 8.8, the term, &#147;Termination Date&#148;
      means, in the case of a Participant whose employment or term of office or
      engagement with the Company or an Affiliate
terminates:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>by reason of the Participant&#146;s death, the date of
      death;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>for any reason whatsoever other than death, the date of
      the Participant&#146;s last day actively at work for or actively engaged by the
      Company or the Affiliate, as the case may be; and for greater certainty &#147;Termination Date&#148; in any such case
specifically does not mean the date on which any period of contractual notice or
reasonable notice that the Company or the Affiliate, as the case may be, may be
required at law to provide to a Participant would expire; and </P></TD></TR></TABLE>
<P align=center>13 </P>
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<br>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the resignation of a director or the expiry of a
      director&#146;s term on the Board without re- election (or nomination for
      election) shall be considered to be a termination of his or her term of
      office.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
in Settlement of Restricted Stock Units</U>. When and if Restricted Stock Units
become payable, a Participant having received the grant of such units shall be
entitled to receive payment from the Company in settlement of such units in
cash, Shares of equivalent value (based on the FMV, as defined in the Award
Agreement at the time of grant or thereafter by the Committee), in some
combination thereof, or in any other form determined by the Committee at its
sole discretion. The Committee&#146;s determination regarding the form of payout
shall be set forth or reserved for later determination in the Award Agreement
for the grant of the Restricted Stock Unit. </P>
<P align=center>ARTICLE 9.  DEFERRED SHARE UNITS </P>
<P align=justify style="text-indent:5%">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Deferred Share Units</U>. Subject to the terms and conditions of the Plan,
the Committee, at any time and from time to time, may grant Deferred Share Units
to Participants in such amounts and upon such terms as the Committee shall
determine. </P>
<P align=justify style="text-indent:5%">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deferred
Share Unit Agreement</U>. Each Deferred Share Unit grant shall be evidenced by
an Award Agreement that shall specify the number of Deferred Share Units
granted, the settlement date for Deferred Share Units, and any other provisions
as the Committee shall determine, including, but not limited to a requirement
that Participants pay a stipulated purchase price for each Deferred Share Unit,
restrictions based upon the achievement of specific performance criteria,
time-based restrictions, restrictions under applicable laws or under the
requirements of any stock exchange or market upon which the Shares are listed or
traded, or holding requirements or sale restrictions placed on the Shares by the
Company upon vesting of such Deferred Share Units. </P>
<P align=justify style="text-indent:5%">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferability
of Restricted Stock and Restricted Stock Units</U>. Except as otherwise provided
in this Plan or the Award Agreement, the Deferred Share Units granted herein may
not be sold, transferred, pledged, assigned or otherwise alienated or
hypothecated. All rights with respect to the Deferred Share Units granted to a
Participant under the Plan shall be available during such Participant&#146;s lifetime
only to such Participant, except as otherwise provided in the Award Agreement at
the time of grant or thereafter by the Committee. </P>
<P align=justify style="text-indent:5%">9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Employment</U>. Each Award Agreement shall set forth the extent to which the
Participant shall have the right to retain Deferred Share Units following
termination of the Participant&#146;s employment or other relationship with the
Company or Affiliates. Such provisions shall be determined in the sole
discretion of the Committee, need not be uniform among all Deferred Share Units
issued pursuant to the Plan, and may reflect distinctions based on the reasons
for termination. </P>
<P align=center>ARTICLE 10.  PERFORMANCE SHARES AND PERFORMANCE UNITS </P>
<P align=justify style="text-indent:5%">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Performance Shares and Performance Units</U>. Subject to the terms and
conditions of the Plan, the Committee, at any time and from time to time, may
grant Performance Shares and/or Performance Units to Participants in such
amounts and upon such terms as the Committee shall determine. </P>
<P align=justify style="text-indent:5%">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Value
of Performance Shares and Performance Units</U>. Each Performance Share and
Performance Unit shall have an initial value equal to the FMV of a Share on the
date of grant. The Committee shall set performance criteria for a Performance
Period in its discretion, which, depending on the extent to which they are met,
will determine, in the manner determined by the Committee and set forth in the
Award Agreement, the value and/or number of each Performance Share or
Performance Unit that will be paid to the Participant. </P>
<P align=justify style="text-indent:5%">10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Earning
of Performance Shares and Performance Units</U>. Subject to the terms of this
Plan and the applicable Award Agreement, after the applicable Performance Period
has ended, the holder of Performance Shares/Performance Units shall be entitled
to receive payout on the value and number of Performance Shares/Performance Units, determined as a function of the
extent to which the corresponding performance criteria have been achieved.
Notwithstanding the foregoing, the Company shall have the ability to require the
Participant to hold any Shares received pursuant to such Award for a specified
period of time. </P>
<P align=center>14 </P>
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<P align=justify style="text-indent:5%">10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form
  and Timing of Payment of Performance Shares and Performance Units</U>. Payment
  of earned Performance Shares/Performance Units shall be as determined by the
  Committee and as set forth in the Award Agreement. Subject to the terms of the
  Plan, the Committee, in its sole discretion, may pay earned Performance
  Shares/Performance Units in the form of cash or in Shares (or in a combination
  thereof) equal to the value of the earned Performance Shares/Performance Units
  at the end of the applicable Performance Period. Any Shares may be granted
  subject to any restrictions deemed appropriate by the Committee. The
  determination of the Committee with respect to the form of payout of such Awards
  shall be set forth in the Award Agreement for the grant of the Award or reserved
for later determination. </P>
<P align=justify style="text-indent:5%">10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends
and Other Distributions</U>. The Committee shall determine whether Participants
holding Performance Shares will receive Dividend Equivalents with respect to
dividends declared with respect to the Shares. Dividends or Dividend Equivalents
may be subject to accrual, forfeiture or payout restrictions as determined by
the Committee in its sole discretion. </P>
<P align=justify style="text-indent:5%">10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Employment</U>. Each Award Agreement shall set forth the extent to which the
Participant shall have the right to retain Performance Shares/Performance Units
following termination of the Participant&#146;s employment or other relationship with
the Company or an Affiliate. Such provisions shall be determined in the sole
discretion of the Committee, need not be uniform among all Awards of Performance
Shares/Performance Units issued pursuant to the Plan, and may reflect
distinctions based on the reasons for termination. </P>
<P align=justify style="text-indent:5%">10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferability
of Performance Shares and Performance Units</U>. Except as otherwise provided in
a Participant&#146;s Award Agreement at the time of grant or thereafter by the
Committee, Performance Shares/Performance Units may not be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated, other than by will or
by the laws of descent and distribution. Further, except as otherwise provided
in a Participant&#146;s Award Agreement or otherwise by the Committee at any time, a
Participant&#146;s rights under the Plan shall inure during such Participant&#146;s
lifetime only to such Participant. </P>
<P align=center>ARTICLE 11. FULL VALUE STOCK-BASED AWARDS </P>
<P align=justify style="text-indent:5%">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock-Based
Awards</U>. The Committee may grant other types of equity-based or
equity-related Awards not otherwise described by the terms of this Plan
(including the grant or offer for sale of unrestricted Shares) in such amounts
and subject to such terms and conditions, including, but not limited to, being
subject to performance criteria, or in satisfaction of such obligations, as the
Committee shall determine. Such Awards may involve the transfer of actual Shares
to Participants, or payment in cash or otherwise of amounts based on the value
of Shares. </P>
<P align=justify style="text-indent:5%">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Employment.</U> Each Award Agreement shall set forth the extent to which the
Participant shall have the right to receive Stock-Based Awards following
termination of the Participant&#146;s employment or other relationship with the
Company or Affiliates. Such provisions shall be determined in the sole
discretion of the Committee, need not be uniform among all Stock-Based Awards
issued pursuant to the Plan, and may reflect distinctions based on the reasons
for termination. </P>
<P align=justify style="text-indent:5%">11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Nontransferability of Stock-Based Awards</U>. Except as otherwise provided in
a Participant&#146;s Award Agreement at the time of grant or thereafter by the
Committee, Stock-Based Awards may not be sold, transferred, pledged, assigned or
otherwise alienated or hypothecated, other than by will or by the laws of
descent and distribution. Further, except as otherwise provided in a
Participant&#146;s Award Agreement at the time of grant or thereafter by the
Committee, a Participant&#146;s rights under the Plan shall be exercisable during
such Participant&#146;s lifetime only by such Participant. </P>
<P align=center>15 </P>
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<P align=center>ARTICLE 12.&nbsp; BENEFICIARY DESIGNATION </P>
<P align=justify style="text-indent:5%">A Participant&#146;s &#147;beneficiary&#148; is
the person or persons entitled to receive payments or other benefits or exercise
rights that are available under the Plan in the event of the Participant&#146;s
death. A Participant may designate a beneficiary or change a previous
beneficiary designation at such times as prescribed by the Committee and by
using such forms and following such procedures approved or accepted by the
Committee for that purpose. If no beneficiary designated by the Participant is
eligible to receive payments or other benefits or exercise rights that are
available under the Plan at the Participant&#146;s death, the beneficiary shall be
the Participant&#146;s estate. </P>
<P align=justify style="text-indent:5%">Notwithstanding the provisions
above, the Committee may, in its discretion, after notifying the affected
Participants, modify the foregoing requirements, institute additional
requirements for beneficiary designations, or suspend the existing beneficiary
designations of living Participants or the process of determining beneficiaries
under this Article 12, or both, in favor of another method of determining
beneficiaries. </P>
<P align=center>ARTICLE 13.  DEFERRALS </P>
<P align=justify style="text-indent:5%">The Committee may permit or
require a Participant to defer such Participant&#146;s receipt of any Award, or
payment in settlement or exercise of any Award, provided that any such deferral
must comply with the applicable requirements of Section 409A of the Code and the
Treasury regulations thereunder so that such deferral does not cause the
Participant to be subject to taxes and interest pursuant to Section 409A of the
Code. </P>
<P align=center>ARTICLE 14.  RIGHTS OF PERSONS ELIGIBLE TO PARTICIPATE </P>
<P align=justify style="text-indent:5%">14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>.
Nothing in the Plan or an Award Agreement shall interfere with or limit in any
way the right of the Company or an Affiliate to terminate any Participant&#146;s
employment, consulting or other service relationship with the Company or an
Affiliate at any time, nor confer upon any Participant any right to continue in
the capacity in which he or she is employed or otherwise serves the Company or
an Affiliate. </P>
<P align=justify style="text-indent:5%">Neither an Award nor any benefits
arising under this Plan shall constitute part of an employment or service
contract with the Company or an Affiliate, and, accordingly, subject to the
terms of this Plan, this Plan may be terminated or modified at any time in the
sole and exclusive discretion of the Committee or the Board without giving rise
to liability on the part of the Company or an Affiliate for severance payments
or otherwise, except as provided in this Plan. </P>
<P align=justify style="text-indent:5%">For purposes of the Plan, unless
otherwise provided by the Committee, a transfer of employment of a Participant
between the Company and an Affiliate or among Affiliates shall not be deemed a
termination of employment. The Committee may provide in a Participant&#146;s Award
Agreement or otherwise the conditions under which a transfer of employment to an
entity that is spun off from the Company or an Affiliate shall not be deemed a
termination of employment for purposes of an Award. </P>
<P align=justify style="text-indent:5%">14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Participation</U>.
No Employee or other Person eligible to participate in the Plan shall have the
right to be selected to receive an Award. No person selected to receive an Award
shall have the right to be selected to receive a future Award, or, if selected
to receive a future Award, the right to receive such future Award on terms and
conditions identical or in proportion in any way to any prior Award. </P>
<P align=justify style="text-indent:5%">14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
as a Shareholder</U>. A Participant shall have none of the rights of a
shareholder with respect to Shares covered by any Award until the Participant
becomes the record holder of such Shares. </P>
<P align=center>ARTICLE 15. CHANGE OF CONTROL </P>
<P align=justify style="text-indent:5%">15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accelerated
Vesting and Payment</U>. Subject to the provisions of Section 15.2 or as
otherwise provided in the Award Agreement, in the event of a Change of Control,
unless otherwise specifically prohibited under law or by the rules and
regulations of a national securities exchange or market on which Shares are
listed or traded: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Any and all Options and SARs granted hereunder shall be
      accelerated to become immediately exercisable in
full;</P></TD></TR></TABLE>
<P align=center>16 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Any Period of Restriction and other restrictions imposed
      on Restricted Stock or Restricted Stock Units shall lapse, and Restricted
      Stock Units shall be immediately settled and payable;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The target payout opportunities attainable under all
      outstanding Awards of performance-based Restricted Stock,
      performance-based Restricted Stock Units, Performance Units and
      Performance Shares shall be deemed to have been fully earned based on
      targeted performance being attained as of the effective date of the Change
      of Control, and:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>The vesting of all Awards denominated in Shares shall be
      accelerated as of the effective date of the Change of Control, (or such
      other time prior to the time of the Change of Control, if the Committee in
      its reasonable discretion determines is appropriate) and shall be paid out
      to Participants within thirty (30) days following the effective date of
      the Change of Control; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Awards denominated in cash shall be paid to Participants
      in cash within thirty (30) days following the effective date of the Change
      of Control;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Upon a Change of Control, unless otherwise specifically
      provided in a written agreement entered into between the Participant and
      the Company or an Affiliate, the Committee shall immediately cause all
      other Stock-Based Awards to vest and be paid out as determined by the
      Committee; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Committee shall have the discretion to unilaterally
      determine that all outstanding Awards shall be cancelled upon a Change of
      Control, and that the value of such Awards, as determined by the Committee
      in accordance with the terms of the Plan and the Award Agreements, shall
      be paid out in cash in an amount based on the Change of Control Price
      within a reasonable time subsequent to the Change of Control; provided,
      however, that no such payment shall be made on account of an ISO using a
      value higher than the FMV of the underlying Shares on the date of
      settlement.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Alternative
Awards</U>. Notwithstanding Section 15.1, no cancellation, acceleration of
vesting, lapsing of restrictions, payment of an Award, cash settlement or other
payment shall occur with respect to any Award if the Committee reasonably
determines in good faith prior to the occurrence of a Change of Control that
such Award shall be honored or assumed, or new rights substituted therefor (with
such honored, assumed or substituted Award hereinafter referred to as an
&#147;Alternative Award&#148;) by any successor to the Company or an Affiliate as
described in Article 17; provided, however, that any such Alternative Award
must: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Be based on stock which is traded on the TSX and/or an
      established U.S. securities market;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Provide such Participant with rights and entitlements
      substantially equivalent to or better than the rights, terms and
      conditions applicable under such Award, including, but not limited to, an
      identical or better exercise or vesting schedule and identical or better
      timing and methods of payment;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Recognize, for the purpose of vesting provisions, the
      time that the Award has been held prior to the Change of
Control;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Have substantially equivalent economic value to such
      Award (determined prior to the time of the Change of Control);
  and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Have terms and conditions which provide that in the event
      that the Participant&#146;s employment with the Company, an Affiliate or any
      successor as described in Article 18 is involuntarily terminated or
      Constructively Terminated at any time within at least twelve months
      following a Change of Control, any conditions on a Participant&#146;s rights
      under, or any restrictions on transfer or exercisability applicable to,
      each such Alternative Award shall be waived or shall lapse, as the case
      may be.</P></TD></TR></TABLE>
<P align=center>17 </P>
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<P align=justify style="text-indent:5%">15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Section 280G of the Code</U>. In the event that any accelerated Award
vesting or payment received or to be received by a Participant pursuant to
Section 15.1 herein (the &#147;Benefit&#148;) would (i) constitute a &#147;parachute payment&#148;
within the meaning of and subject to Section 280G of the Code and (ii) but for
this Section 15.3, be subject to the excise tax imposed by Section 4999 of the
Code (the &#147;Excise Tax&#148;), then such Benefit shall be reduced to the extent
necessary so that no portion of the Benefit will be subject to the Excise Tax,
as determined in good faith by the Committee; provided, however, that if, in the
absence of any such reduction (or after such reduction), the Participant
believes that the Benefit or any portion thereof (as reduced, if applicable)
would be subject to the Excise Tax, the Benefit shall be reduced (or further
reduced) to the extent determined by the Participant in his or her discretion so
that the Excise Tax would not apply. If, notwithstanding any such reduction (or
in the absence of such reduction), the Internal Revenue Service (&#147;IRS&#148;)
determines that the Participant is liable for the Excise Tax as a result of the
Benefit, then the Participant shall be obligated to return to the Company,
within thirty days of such determination by the IRS, a portion of the Benefit
sufficient such that none of the Benefit retained by the Participant constitutes
a &#147;parachute payment&#148; within the meaning of Section 280G of the Code that is
subject to the Excise Tax. </P>
<P align=center>ARTICLE 16.  AMENDMENT,
MODIFICATION, SUSPENSION AND TERMINATION </P>
<P align=justify style="text-indent:5%">16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment,
Modification, Suspension and Termination</U>.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Except as set out in clauses (b) and (c) below, and as
      otherwise provided by law, or stock exchange rules, the Committee or Board
      may, at any time and from time to time, alter, amend, modify, suspend or
      terminate the Plan or any Award in whole or in part without notice to, or
      approval from, shareholders, including, but not limited to for the
      purposes of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>making any acceleration of or other amendments to the
      general vesting provisions of any Award;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>waiving any termination of, extending the expiry date of,
      or making any other amendments to the general term of any Award or
      exercise period thereunder provided that no Award held by an Insider may
      be extended beyond its original expiry date;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>making any amendments to add covenants or obligations of
      the Company for the protection of Participants;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>making any amendments not inconsistent with the Plan as
      may be necessary or desirable with respect to matters or questions which,
      in the good faith opinion of the Board, it may be expedient to make,
      including amendments that are desirable as a result of changes in law or
      as a &#147;housekeeping&#148; matter; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>making such changes or corrections which are required for
      the purpose of curing or correcting any ambiguity or defect or
      inconsistent provision or clerical omission or mistake or manifest
      error.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Other than as expressly provided in an Award Agreement or
      as set out herein with respect to a Change of Control, the Committee shall
      not alter or impair any rights or increase any obligations with respect to
      an Award previously granted under the Plan without the consent of the
      Participant.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The following amendments to the Plan shall require the
      prior approval of the Company&#146;s shareholders:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>A reduction in the Option Price of a previously granted
      Option or the Grant Price of a previously granted SAR benefitting an
      Insider of the Company or one of its Affiliates except for adjustments to
      the Option Price or Grant Price applicable to outstanding Awards pursuant
      to Section 4.2 hereof.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Any amendment or modification which would increase the
      total number of Shares available for issuance under the Plan or the total
      number of Shares available for ISOs under the
Plan.</P></TD></TR></TABLE>
<P align=center>18 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>An increase to the limit on the number of Shares issued
      or issuable under the Plan to Insiders of the Company;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>An extension of the expiry date of an Option or SAR,
      other than as otherwise permitted hereunder in relation to a Blackout
      Period; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>Any amendment to the amendment provisions of the Plan
      under this Article 16.1.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
of Awards Upon the Occurrence of Unusual or Nonrecurring Events</U>. The
Committee may make adjustments in the terms and conditions of, and the criteria
included in, Awards in recognition of unusual or nonrecurring events in addition
to the events described in Section 4.2 hereof affecting the Company or the
financial statements of the Company or of changes in applicable laws,
regulations or accounting principles, whenever the Committee determines that
such adjustments are appropriate in order to prevent unintended dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan. The determination of the Committee as to the foregoing
adjustments, if any, shall be conclusive and binding on Participants under the
Plan. </P>
<P align=justify style="text-indent:5%">16.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Awards
Previously Granted</U>. Notwithstanding any other provision of the Plan to the
contrary, no termination, amendment, suspension or modification of the Plan
shall adversely affect in any material way any Award previously granted under
the Plan, without the written consent of the Participant holding such Award.
</P>
<P align=center>ARTICLE 17. WITHHOLDING </P>
<P align=justify style="text-indent:5%">The Company or any Affiliate
shall have the power and the right to deduct or withhold, or require a
Participant to remit to the Company or any Affiliate, an amount sufficient to
satisfy federal, state and local taxes or provincial, domestic or foreign
(including the Participant&#146;s FICA obligation), required by law or regulation to
be withheld with respect to any taxable event arising or as a result of this
Plan or any Award hereunder. The Committee may provide for Participants to
satisfy withholding requirements by having the Company issuing a number of
Shares net of amounts required to satisfy withholding requirements, the Company
withholding and selling Shares, or the Participant making such other
arrangements, including the sale of Shares, in either case on such conditions as
the Committee specifies. </P>
<P align=justify style="text-indent:5%">Participant acknowledges and
agrees that the ultimate liability for all taxes legally payable by Participant
is and remains Participant&#146;s responsibility and may exceed the amount actually
withheld by the Company. Participant further acknowledges that the Company (a)
makes no representations or undertakings regarding the treatment of any taxes in
connection with any aspect of this Plan; and (b) does not commit to and is under
no obligation to structure the terms of this Plan to reduce or eliminate
Participant&#146;s liability for taxes or achieve any particular tax result. Further,
if Participant has become subject to tax in more than one jurisdiction,
Participant acknowledges that the Company may be required to withhold or account
for taxes in more than one jurisdiction. </P>
<P align=center>ARTICLE 18.  SUCCESSORS </P>
<P align=justify style="text-indent:5%">Any obligations of the Company or
an Affiliate under the Plan with respect to Awards granted hereunder shall be
binding on any successor to the Company or Affiliate, respectively, whether the
existence of such successor is the result of a direct or indirect purchase,
merger, consolidation or otherwise, of all or substantially all of the
businesses and/or assets of the Company or Affiliate, as applicable. </P>
<P align=center>ARTICLE 19.  GENERAL PROVISIONS </P>
<P align=justify style="text-indent:5%">19.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Forfeiture
Events</U>. Without limiting in any way the generality of the Committee&#146;s power
to specify any terms and conditions of an Award consistent with law, and for
greater clarity, the Committee may specify in an Award Agreement that the
Participant&#146;s rights, payments and benefits with respect to an Award shall be
subject to reduction, cancellation, forfeiture or recoupment upon the occurrence
of certain specified events, in addition to any otherwise applicable vesting or
performance conditions of an Award. Such events may include, but shall not be
limited to, failure to accept the terms of the Award Agreement, termination of
employment under certain or all circumstances, violation of material Company and
Affiliate policies, breach of noncompetition, confidentiality, non-solicitation,
noninterference, corporate property protection or other agreements that may
apply to the Participant, or other conduct by the Participant that is
detrimental to the business or reputation of the Company and Affiliates. </P>
<P align=center>19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="text-indent:5%">Except as expressly otherwise
  provided in this Plan or an Award Agreement, the termination and the expiry of
  the period within which an Award will vest and may be exercised by a Participant
  shall be based upon the last day of actual service by the Participant to the
  Company and specifically does not include any period of notice that the Company
  may be required to provide to the Participant under applicable employment law.
</P>
<P align=justify style="text-indent:5%">19.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legend</U>.
The certificates for Shares may include any legend that the Committee deems
appropriate to reflect any restrictions on transfer of such Shares. </P>
<P align=justify style="text-indent:5%">19.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Title.</U> The Company shall have no obligation to issue or deliver evidence
of title for Shares issued under the Plan prior to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Obtaining any approvals from governmental agencies that
      the Company determines are necessary or advisable; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Completion of any registration or other qualification of
      the Shares under any applicable law or ruling of any governmental body
      that the Company determines to be necessary or
advisable.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">19.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Representations</U>. The Committee may require each Participant receiving Shares
pursuant to an Award under this Plan to represent and warrant in writing that
the Participant is acquiring the Shares for investment and without any present
intention to sell or distribute such Shares. </P>
<P align=justify style="text-indent:5%">19.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Uncertificated
Shares</U>. To the extent that the Plan provides for issuance of certificates to
reflect the transfer of Shares, the transfer of such Shares may be effected on a
non-certificated basis to the extent not prohibited by applicable law or the
rules of any applicable stock exchange. </P>
<P align=justify style="text-indent:5%">19.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Unfunded Plan</U>. Participants shall have no right, title or interest
whatsoever in or to any investments that the Company or an Affiliate may make to
aid it in meeting its obligations under the Plan. Nothing contained in the Plan,
and no action taken pursuant to its provisions, shall create or be construed to
create a trust of any kind, or a fiduciary relationship between the Company or
an Affiliate and any Participant, beneficiary, legal representative or any other
person. Awards shall be general unsecured obligations of the Company, except
that if an Affiliate executes an Award Agreement instead of the Company the
Award shall be a general unsecured obligation of the Affiliate and not any
obligation of the Company. To the extent that any individual acquires a right to
receive payments from the Company or an Affiliate, such right shall be no
greater than the right of an unsecured general creditor of the Company or
Affiliate, as applicable. All payments to be made hereunder shall be paid from
the general funds of the Company or Affiliate, as applicable, and no special or
separate fund shall be established and no segregation of assets shall be made to
assure payment of such amounts except as expressly set forth in the Plan. The
Plan is not intended to be subject to ERISA. </P>
<P align=justify style="text-indent:5%">19.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Fractional Shares</U>. No fractional Shares shall be issued or delivered
pursuant to the Plan or any Award Agreement. In such an instance, unless the
Committee determines otherwise, fractional Shares and any rights thereto shall
be forfeited or otherwise eliminated.</P>
<P align=justify style="text-indent:5%">19.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Compensation and Benefit Plans.</U> Nothing in this Plan shall be construed to
limit the right of the Company or an Affiliate to establish other compensation
or benefit plans, programs, policies or arrangements. Except as may be otherwise
specifically stated in any other benefit plan, policy, program or arrangement,
no Award shall be treated as compensation for purposes of calculating a
Participant&#146;s rights under any such other plan, policy, program or arrangement.
</P>
<P align=justify style="text-indent:5%">19.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Constraint on Corporate Action</U>. Nothing in this Plan shall be construed (i)
to limit, impair or otherwise affect the Company&#146;s or an Affiliate&#146;s right or
power to make adjustments, reclassifications, reorganizations or changes in its
capital or business structure, or to merge or consolidate, or dissolve,
liquidate, sell or transfer all or any part of its business or assets, or (ii)
to limit the right or power of the Company or an Affiliate to take any action
which such entity deems to be necessary or appropriate. </P>
<P align=justify style="text-indent:5%">19.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with United States Securities Laws</U>. All Awards and the issuance of Shares
underlying such Awards issued pursuant to the Plan will be issued pursuant to
the registration requirements of the United States Securities Act of 1933, as
amended, or an exemption from such registration requirements. </P>
<P align=center>20 </P>
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<P align=center>ARTICLE 20. LEGAL CONSTRUCTION </P>
<P align=justify style="text-indent:5%">20.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Gender
and Number</U>. Except where otherwise indicated by the context, any masculine
term used herein also shall include the feminine, the plural shall include the
singular, and the singular shall include the plural. </P>
<P align=justify style="text-indent:5%">20.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
In the event any provision of this Plan shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of the
Plan, and the Plan shall be construed and enforced as if the illegal or invalid
provision had not been included. </P>
<P align=justify style="text-indent:5%">20.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Requirements
of Law</U>. The granting of Awards and the issuance of Shares under the Plan
shall be subject to all applicable laws, rules and regulations, and to such
approvals by any governmental agencies or national securities exchanges as may
be required. The Company or an Affiliate shall receive the consideration
required by law for the issuance of Awards under the Plan. </P>
<P align=justify style="text-indent:5%">The inability of the Company or
an Affiliate to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company or an Affiliate to be necessary for the
lawful issuance and sale of any Shares hereunder, shall relieve the Company or
Affiliate of any liability in respect of the failure to issue or sell such
Shares as to which such requisite authority shall not have been obtained. </P>
<P align=justify style="text-indent:5%">20.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. The Plan and each Award Agreement shall be governed by the laws of the
Province of Ontario excluding any conflicts or choice of law rule or principle
that might otherwise refer construction or interpretation of the Plan to the
substantive law of another jurisdiction. </P>
<P align=justify style="text-indent:5%">20.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Section 409A of the Code</U>.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>To the extent applicable, it is intended that this Plan
      and any Awards made hereunder shall not provide for the payment of
      &#147;deferred compensation&#148; within the meaning of Section 409A of the Code or
      shall be structured in a manner and have such terms and conditions that
      would not cause a Participant to be subject to taxes and interest pursuant
      to Section 409A of the Code. This Plan and any Awards made hereunder shall
      be administrated and interpreted in a manner consistent with this intent,
      and any provision that would cause this Plan or any Award made hereunder
      to become subject to taxation under Section 409A of the Code shall have no
      force and effect until amended to comply with Section 409A of the Code
      (which amendment may be retroactive to the extent permitted by Section
      409A of the Code and may be made by the Company without the consent of
      Participants)</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Notwithstanding anything in this Plan or in any Award
      Agreement to the contrary, but subject to this Article 20.5(b) to the
      extent that any amount or benefit that would constitute &#147;deferred
      compensation&#148; for purposes of Section 409A of the Code would otherwise be
      payable or distributable under this Plan or any Award Agreement by reason
      of the occurrence of a Change of Control or the Participant&#146;s disability
      or separation from service, such amount or benefit will not be payable or
      distributable to the Participant by reason of such circumstance unless (i)
      the circumstances giving rise to such Change of Control, disability or
      separation from service meet the description or definition of &#147;change in
      control event,&#148; &#147;disability,&#148; or &#147;separation from service,&#148; as the case
      may be, in Section 409A of the Code and applicable proposed or final
      Treasury regulations thereunder, and (ii) the payment or distribution of
      such amount or benefit would otherwise comply with Section 409A of the
      Code and not subject the Participant to taxes and interest pursuant to
      Section 409A of the Code (which may require, if the Participant is a
      &#147;specified employee&#148; within the meaning of Section 409A of the Code, that
      the payment date shall not be earlier than the date that is six (6) months
      after the date of the Participant&#146;s separation from service). This
      provision does not prohibit the vesting of any Award or the vesting of any
      right to eventual payment or distribution of any amount or benefit under
this Plan or any Award Agreement. </P></TD></TR></TABLE>
<P align=center>21 </P>
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<br>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Notwithstanding anything in this Plan or in any Award
      Agreement to the contrary, but subject to Section 20.5(b) to the extent
      necessary to avoid the application of Section 409A of the Code, (i) the
      Committee may not amend an outstanding Option, SAR or similar Award to
      extend the time to exercise such Award beyond the later of the 15th day of
      the third month following the date at which, or December 31 of the
      calendar year in which, the Award would otherwise have expired if the
      Award had not been extended, based on the terms of the Award at the
      original grant date (the &#147;Safe Harbor Extension Period&#148;), provided that,
      in any event, Options and SARs granted to U.S. Participants may not be
      extended past the 10th anniversary of the original date of grant, and (ii)
      any purported extension of the exercise period of an outstanding Award
      beyond the Safe Harbor Extension Period shall be deemed to be an amendment
      to the last day of the Safe Harbor Extension Period and no
later.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The Committee shall use its reasonable discretion to
      determine the extent to which the provisions of Article 20.5 will apply to
      a Participant who is subject to taxation under the
ITA.</P></TD></TR></TABLE>
<P align=center>22

<BR>
</P>
</P>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>exhibit5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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   <TITLE>Energy Fuels Inc.: Exhibit 5.1 - Filed by newsfilecorp.com</TITLE>
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="33%">Borden Ladner Gervais LLP </TD>
    <TD align=left width="33%" rowSpan=7><P align=center>
    <IMG src="exhibit5-1x1x1.jpg" border=0 width="169" height="81"> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="33%">Bay Adelaide Centre, East Tower </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="33%">22 Adelaide Street West </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="33%">Toronto, ON, Canada M5H 4E3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="33%">T 416.367.6000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="33%">F 416.367.6749 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="33%">blg.com </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>August 7, 2018 </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Energy Fuels Inc. </TD></TR>
  <TR vAlign=top>
    <TD align=left>225 Union Blvd, Suite 600 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lakewood, CO, 80228 </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dear Sirs/Mesdames: </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Re:</B> </TD>
    <TD align=left width="95%"><B>Energy Fuels Inc. &#150; Registration Statement
      on Form S-8</B> </TD></TR></TABLE>
<P align=justify>We have acted as Ontario counsel to Energy Fuels Inc. (the
&#147;<B>Corporation</B>&#148;) in connection with the preparation of a Registration
Statement on Form S-8 (the &#147;<B>Registration Statement</B>&#148;) under the United
States Securities Act of 1933, as amended (the &#147;<B>Act</B>&#148;), relating to the
potential issuance and sale by the Corporation, from time to time, of up to 3,271,095 common shares of the Corporation (the &#147;<B>Shares</B>&#148;) issuable upon
exercise or redemption of awards (the &#147;<B>Awards</B>&#148;) granted or issued under
the Energy Fuels Inc. 2018 Omnibus Equity Incentive Compensation Plan (the
&#147;<B>Plan</B>&#148;). </P>
<P align=justify>We have examined originals or copies, certified or otherwise to
our satisfaction of such documents and considered such questions of law as we
considered necessary as a basis for our opinion, including the Plan and
resolutions of the board of directors of the Corporation approving the filing of
the Registration Statement and the issuance of Shares upon the exercise or
redemption of Awards. In all such examinations, we have assumed (i) the
genuineness of all signatures, the legal capacity of all individuals signing any
documents, the authenticity of all documents submitted to us as originals, the
conformity to authentic original documents of all documents submitted to us as
copies, whether facsimile, photostatic, electronic, certified or otherwise, and
(ii) the truthfulness of all facts set forth in the public records and in
certificates of public officials.</P>
<P align=justify>Our opinion herein is limited to the laws of the Province of
Ontario and the federal laws of Canada applicable therein. </P>
<P align=justify>Based on and subject to the foregoing, we are of the opinion
that upon issuance of Shares upon the valid exercise or redemption of Awards in
accordance with the terms of the Plan, including, in each case, receipt by the
Corporation of payment in full for the Shares in respect of which such Awards
are exercised or redeemed, as the case may be, such Shares will be validly
issued as fully paid and non-assessable Shares. </P>
<P align=justify>We hereby consent to the use of our name in, and the filing of
this opinion as an exhibit to, the Registration Statement. In giving such
consent, we do not admit that we are in the category of persons whose consent is
required under Section 7 of the Act.</P>
<TABLE
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  <TR vAlign=top>
    <TD align=left>Yours truly, </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>/ s / Borden Ladner Gervais LLP </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>exhibit23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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   <TITLE>Energy Fuels Inc.: Exhibit 23.29 - Filed by newsfilecorp.com</TITLE>
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<p align="center"><b>Consent of Independent Registered Public Accounting Firm</b></p>
<p>The Board of Directors<br>
Energy Fuels Inc.</p>
<p align="justify">We consent to the use of our report dated March 9, 2018, with
respect to the consolidated balance sheet of Energy Fuels Inc. as of December
31, 2017, and the related consolidated statements of operations and
comprehensive loss, changes in equity and cash flows for the year ended December
31, 2017, and the related notes (collectively, the &#147;consolidated financial
statements&#148;), incorporated herein by reference.</p>
<p align="center">/s/KPMG LLP</p>
<p>Denver, Colorado<br>
August 7, 2018 </p>
<p align="center"><BR>
</p>
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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>exhibit23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
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<p align= left><IMG
src="exhibit23-11x1x1.jpg" border=0> </p>
<P align=center><B>CONSENT OF ROSCOE POSTLE ASSOCIATES INC. </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding (a) the
      technical report entitled &#147;Technical Report on the EZ1 and EZ2 Breccia
      Pipes, Arizona Strip District, U.S.A.&#148; dated June 27, 2012; (b) the
      technical report entitled &#147;Technical Report on the Henry Mountains Complex
      Uranium Property, Utah, U.S.A.&#148; dated June 27, 2012; (c) the &#147;Technical
      Report on the Roca Honda Project, McKinley County, State of New Mexico,
      U.S.A." dated October 27, 2016, and (d) the &#147;Technical Report on the
      Canyon Mine, Coconino County, Arizona, USA&#148; dated October 6, 2017
      (collectively, the &#147;Technical Disclosures&#148;), contained in the Annual
      Report on Form 10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of
      Energy Fuels Inc. (the &#147;Company&#148;) filed with the United States Securities
      and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosures in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of our name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ROSCOE POSTLE ASSOCIATES INC.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Deborah A.
      McCombe </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Deborah A. McCombe </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: President &amp; CEO </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=left width="15%"><B>www.rpacan.com</B> </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>6
<FILENAME>exhibit23-4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
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</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<p align= left><IMG
src="exhibit23-11x1x1.jpg" border=0> </p>
<P align=center><B>CONSENT OF WILLIAM E. ROSCOE </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      technical report entitled &#147;Technical Report on the Henry Mountains Complex
      Uranium Property, Utah, U.S.A.&#148; dated June 27, 2012 (the &#147;Technical
      Disclosure&#148;), contained in the Annual Report on Form 10-K for the period
      ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;)
      filed with the United States Securities and Exchange Commission (the
      &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ William E.
      Roscoe </TD></TR>
  <TR vAlign=top>
    <TD align=left>William E. Roscoe, Ph.D. </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=left width="15%"><B>www.rpacan.com</B> </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>7
<FILENAME>exhibit23-5.htm
<DESCRIPTION>EXHIBIT 23.5
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.5 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<p align= left><IMG
src="exhibit23-11x1x1.jpg" border=0> </p>
<P align=center><B>CONSENT OF DOUGLAS H. UNDERHILL </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      technical report entitled &#147;Technical Report on the Henry Mountains Complex
      Uranium Property, Utah, U.S.A.&#148; dated June 27, 2012 (the &#147;Technical
      Disclosure&#148;), contained in the Annual Report on Form 10-K for the period
      ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;)
      filed with the United States Securities and Exchange Commission (the
      &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Douglas H.
      Underhill </TD></TR>
  <TR vAlign=top>
    <TD align=left>Douglas H. Underhill, Ph.D., C.P.G </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=left width="15%"><B>www.rpacan.com</B> </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.6
<SEQUENCE>8
<FILENAME>exhibit23-6.htm
<DESCRIPTION>EXHIBIT 23.6
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.6 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<p align= left>
<IMG
src="exhibit23-11x1x1.jpg" border=0 width="206" height="111"> </p>
<P align=center><B>CONSENT OF THOMAS C. POOL </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the &#147;Technical Report on the Henry Mountains
      Complex Uranium Property, Utah, U.S.A.&#148; dated June 27, 2012, contained in
      the Annual Report on Form 10-K for the period ended December 31, 2017 (the
      &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the United States
      Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statements
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Thomas C. Pool
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Thomas C. Pool, P.E. </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=left width="15%"><B>www.rpacan.com</B> </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.7
<SEQUENCE>9
<FILENAME>exhibit23-7.htm
<DESCRIPTION>EXHIBIT 23.7
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.7 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<p align= left><IMG
src="exhibit23-11x1x1.jpg" border=0> </p>
<P align=center><B>CONSENT OF ROBERT L. MICHAUD </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      &#147;Technical Report on the Roca Honda Project, McKinley County, State of New
      Mexico, U.S.A." dated October 27, 2016 (the &#147;Technical Disclosure&#148;),
      contained in the Annual Report on Form 10-K for the period ended December
      31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the
      United States Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Robert Michaud
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert Michaud, Professional Engineer </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=left width="15%"><B>www.rpacan.com</B> </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.8
<SEQUENCE>10
<FILENAME>exhibit23-8.htm
<DESCRIPTION>EXHIBIT 23.8
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.8 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<p align= left><IMG
src="exhibit23-11x1x1.jpg" border=0> </p>
<P align=center><B>CONSENT OF STUART E. COLLINS </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      &#147;Technical Report on the Roca Honda Project, McKinley County, State of New
      Mexico, U.S.A." dated October 27, 2016 (the &#147;Technical Disclosure&#148;),
      contained in the Annual Report on Form 10-K for the period ended December
      31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the
      United States Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;/s/ Stuart
      E. Collins </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Stuart E. Collins, Professional Engineer </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=left width="15%"><B>www.rpacan.com</B> </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.9
<SEQUENCE>11
<FILENAME>exhibit23-9.htm
<DESCRIPTION>EXHIBIT 23.9
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.9 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<p align= left><IMG
src="exhibit23-11x1x1.jpg" border=0> </p>
<P align=center><B>CONSENT OF MARK B. MATHISEN </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding (a) the
      &#147;Technical Report on the Roca Honda Project, McKinley County, State of New
      Mexico, U.S.A." dated October 27, 2016 (the &#147;Technical Disclosure&#148;), and
      (b) the &#147;Technical Report on the Canyon Mine, Coconino County, Arizona,
      USA&#148; dated October 6, 2017, contained in the Annual Report on Form 10- K
      for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc.
      (the &#147;Company&#148;) filed with the United States Securities and Exchange
      Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Mark B.
      Mathisen </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark B. Mathisen C.P.G </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=left width="15%"><B>www.rpacan.com</B> </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.10
<SEQUENCE>12
<FILENAME>exhibit23-10.htm
<DESCRIPTION>EXHIBIT 23.10
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.10 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF HAROLD R. ROBERTS </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      &#147;Technical Report on the Roca Honda Project, McKinley County, State of New
      Mexico, U.S.A." dated October 27, 2016 (the &#147;Technical Disclosure&#148;),
      contained in the Annual Report on Form 10-K for the period ended December
      31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the
      United States Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Harold R.
      Roberts </TD></TR>
  <TR vAlign=top>
    <TD align=left>Harold R. Roberts, P.E., </TD></TR>
  <TR vAlign=top>
    <TD align=left>Executive Vice President and Chief Operating Officer of
      Energy Fuels Inc. </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.11
<SEQUENCE>13
<FILENAME>exhibit23-11.htm
<DESCRIPTION>EXHIBIT 23.11
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.11 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<p align= left><IMG
src="exhibit23-11x1x1.jpg" border=0> </p>
<P align=center><B>CONSENT OF DAVID A. ROSS </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the &#147;Technical Report on the EZ1 and EZ2 Breccia
      Pipes, Arizona Strip District, U.S.A.&#148; dated June 27, 2012, contained in
      the Annual Report on Form 10-K for the period ended December 31, 2017 (the
      &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the United States
      Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ David A. Ross
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>David A. Ross, P.Geo. </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=left width="15%"><B>www.rpacan.com</B> </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.12
<SEQUENCE>14
<FILENAME>exhibit23-12.htm
<DESCRIPTION>EXHIBIT 23.12
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.12 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF PETERS GEOSCIENCES </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Updated Report on The
      Daneros Mine Project, San Juan County, Utah, U.S.A.&#148; dated March 2,
      2018;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Updated Technical Report
      on Energy Fuels Resources Corporation&#146;s Whirlwind Property (Including
      Whirlwind, Far West, and Crosswind Claim Groups and Utah State
      Metalliferous Minerals Lease ML-49312), Mesa County, Colorado and Grand
      County, Utah&#148;, dated March 15, 2011;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Updated Technical Report
      on Sage Plain Project (Including the Calliham Mine), San Juan County, Utah
      USA&#148; dated March 18, 2015; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Technical Report on Energy
      Fuels Inc.&#146;s La Sal District Project,&#148; dated March 25,
  2014,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>contained in the Annual Report on Form
10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc.
(the &#147;Company&#148;) filed with the United States Securities and Exchange Commission
(the &#147;SEC&#148;); </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%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of our name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left><B>PETERS GEOSCIENCES</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Douglas C.
      Peters </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Douglas C. Peters </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: President </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.13
<SEQUENCE>15
<FILENAME>exhibit23-13.htm
<DESCRIPTION>EXHIBIT 23.13
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.13 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF DOUGLAS C. PETERS </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Updated Report on The
      Daneros Mine Project, San Juan County, Utah, U.S.A.&#148; dated March 2,
      2018;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Updated Technical Report
      on Energy Fuels Resources Corporation&#146;s Whirlwind Property (Including
      Whirlwind, Far West, and Crosswind Claim Groups and Utah State
      Metalliferous Minerals Lease ML-49312), Mesa County, Colorado and Grand
      County, Utah&#148;, dated March 15, 2011;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Updated Technical Report
      on Sage Plain Project (Including the Calliham Mine), San Juan County, Utah
      USA&#148; dated March 18, 2015; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Technical Report on Energy
      Fuels Inc.&#146;s La Sal District Project,&#148; dated March 25,
  2014,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>contained in the Annual Report on Form
10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc.
(the &#147;Company&#148;) filed with the United States Securities and Exchange Commission
(the &#147;SEC&#148;); </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%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Douglas C.
      Peters </TD></TR>
  <TR vAlign=top>
    <TD align=left>Douglas C. Peters, Certified Professional Geologist </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.14
<SEQUENCE>16
<FILENAME>exhibit23-14.htm
<DESCRIPTION>EXHIBIT 23.14
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.14 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF BRS INC. </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding (a) the technical report entitled &#147;Sheep Mountain
      Uranium Project, Fremont County, Wyoming, USA, Updated Preliminary
      Feasibility Study, National Instrument 43-101 Technical Report&#148; dated
      April 13, 2012, (b) the technical report entitled &#147;Nichols Ranch Uranium
      Project, 43-101 Technical Report, Preliminary Economic Assessment&#148; dated
      February 28, 2015, (c) the &#147;Arkose Uranium Project, Mineral Resource and
      Exploration Target, 43-101 Technical Report&#148; dated February 28, 2015, and
      (d) the &#147;Alta Mesa Uranium Project, Alta Mesa and Meste&#241;a Grande Mineral
      Resources and Exploration Target, Technical Report National Instrument
      43-101&#148;, dated July 19, 2016, contained in the Annual Report on Form 10-K
      for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc.
      (the &#147;Company&#148;) filed with the United States Securities and Exchange
      Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of our name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left><B>BRS INC.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Douglas L.
      Beahm </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Douglas L. Beahm </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: President </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.15
<SEQUENCE>17
<FILENAME>exhibit23-15.htm
<DESCRIPTION>EXHIBIT 23.15
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.15 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF DOUGLAS L. BEAHM </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding (a) the technical report entitled &#147;Sheep Mountain
      Uranium Project, Fremont County, Wyoming, USA, Updated Preliminary
      Feasibility Study, National Instrument 43-101 Technical Report&#148; dated
      April 13, 2012, (b) the technical report entitled &#147;Nichols Ranch Uranium
      Project, 43-101 Technical Report, Preliminary Economic Assessment&#148; dated
      February 28, 2015, (c) the &#147;Arkose Uranium Project, Mineral Resource and
      Exploration Target, 43-101 Technical Report&#148; dated February 28, 2015, and
      (d) the &#147;Alta Mesa Uranium Project, Alta Mesa and Meste&#241;a Grande Mineral
      Resources and Exploration Target, Technical Report National Instrument
      43-101&#148;, dated July 19, 2016, contained in the Annual Report on Form 10-K
      for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc.
      (the &#147;Company&#148;) filed with the United States Securities and Exchange
      Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      filed with the SEC, and any amendments thereto (the &#147;S-8&#148;); and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Douglas L.
      Beahm </TD></TR>
  <TR vAlign=top>
    <TD align=left>Douglas L. Beahm, P.E., P.G. </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.16
<SEQUENCE>18
<FILENAME>exhibit23-16.htm
<DESCRIPTION>EXHIBIT 23.16
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.16 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF WILLIAM PAUL GORANSON </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the &#147;Nichols Ranch Uranium Project, 43-101
      Technical Report, Preliminary Economic Assessment&#148; dated February 28,
      2015, contained in the Annual Report on Form 10-K for the period ended
      December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed
      with the United States Securities and Exchange Commission (the
    &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ William Paul
      Goranson </TD></TR>
  <TR vAlign=top>
    <TD align=left>William Paul Goranson, P.E </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.17
<SEQUENCE>19
<FILENAME>exhibit23-17.htm
<DESCRIPTION>EXHIBIY 23.17
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.17 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF DOUGLASS H. GRAVES </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding (a) the technical report entitled &#147;Technical
      Report, North Rolling Pin Property, Campbell County, Wyoming, U.S.A.&#148;
      dated June 4, 2010, and (b) the technical report entitled &#147;Technical
      Report, West North Butte Satellite Properties, Campbell County, Wyoming,
      U.S.A.&#148; dated December 9, 2008, contained in the Annual Report on Form
      10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels
      Inc. (the &#147;Company&#148;) filed with the United States Securities and Exchange
      Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Douglass H.
      Graves </TD></TR>
  <TR vAlign=top>
    <TD align=left>Douglass H. Graves, P.E. </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.18
<SEQUENCE>20
<FILENAME>exhibit23-18.htm
<DESCRIPTION>EXHIBIT 23.18
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.18 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF JOHN H. WHITE </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding certain
      scientific or technical information concerning mineral projects (the
      &#147;Technical Disclosure&#148;) contained in the Annual Report on Form 10-K for
      the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the
      &#147;Company&#148;) filed with the United States Securities and Exchange Commission
      (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-right-style:none; border-right-width:medium" align=left width="222" nowrap>/s/ John H. White
    </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left width="222" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="222" style="border-right-style: none; border-right-width: medium" nowrap>John H. White, P.E., </TD>
    <TD align=left width="222" style="border-style: none; border-width: medium" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="222" nowrap>Vice President, Technical Services of Energy Fuels Inc.
  </TD>
    <TD align=left width="222" nowrap style="border-top-style: none; border-top-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD width="222" nowrap>&nbsp; </TD>
    <TD width="222" nowrap>&nbsp;</TD></TR>
  <TR>
    <TD width="222" nowrap>&nbsp; </TD>
    <TD width="222" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="222" nowrap>Date: August 7, 2018 </TD>
    <TD align=left width="222" nowrap>&nbsp;</TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.19
<SEQUENCE>21
<FILENAME>exhibit23-19.htm
<DESCRIPTION>EXHIBIT 23.19
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.19 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF DON R. WOODY </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the &#147;Technical Report, West North Butte Satellite
      Properties, Campbell County, Wyoming, U.S.A.&#148; dated December 9, 2008,
      contained in the Annual Report on Form 10-K for the period ended December
      31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the
      United States Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Don R. Woody
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Don R. Woody </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.20
<SEQUENCE>22
<FILENAME>exhibit23-20.htm
<DESCRIPTION>EXHIBIT 23.20
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.20 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF TREC, INC. </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding (a) the technical report entitled &#147;Technical
      Report, North Rolling Pin Property, Campbell County, Wyoming, U.S.A.&#148;
      dated June 4, 2010, and (b) the technical report entitled &#147;Technical
      Report, West North Butte Satellite Properties, Campbell County, Wyoming,
      U.S.A.&#148; dated December 9, 2008, contained in the Annual Report on Form
      10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels
      Inc. (the &#147;Company&#148;) filed with the United States Securities and Exchange
      Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of our name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left><B>TREC, INC.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Douglass H.
      Graves </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Douglass H. Graves </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: President </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.21
<SEQUENCE>23
<FILENAME>exhibit23-21.htm
<DESCRIPTION>EXHIBIT 23.21
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.21 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF WOODY ENTERPRISES </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the &#147;Technical Report, West North Butte Satellite
      Properties, Campbell County, Wyoming, U.S.A.&#148; dated December 9, 2008,
      contained in the Annual Report on Form 10-K for the period ended December
      31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the
      United States Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of our name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left><B>WOODY ENTERPRISES</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Don R. Woody
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Don R. Woody </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.22
<SEQUENCE>24
<FILENAME>exhibit23-22.htm
<DESCRIPTION>EXHIBIT 23.22
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.22 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF ALLAN MORAN </B></P>
<P align=justify>The undersigned hereby consents to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      technical report entitled &#147;NI 43-101 Technical Report on Resources Wate
      Uranium Breccia Pipe - Northern Arizona, USA&#148; dated March 10, 2015 (the
      &#147;Technical Disclosure&#148;), contained in the Annual Report on Form 10-K for
      the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the
      &#147;Company&#148;) filed with the United States Securities and Exchange Commission
      (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Allan Moran
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Allan Moran </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.23
<SEQUENCE>25
<FILENAME>exhibit23-23.htm
<DESCRIPTION>EXHIBIT 23.23
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.23 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF FRANK A. DAVIESS </B></P>
<P align=justify>The undersigned hereby consents to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      technical report entitled &#147;NI 43-101 Technical Report on Resources Wate
      Uranium Breccia Pipe - Northern Arizona, USA&#148; dated March 10, 2015 (the
      &#147;Technical Disclosure&#148;), contained in the Annual Report on Form 10-K for
      the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the
      &#147;Company&#148;) filed with the United States Securities and Exchange Commission
      (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Frank A.
      Daviess </TD></TR>
  <TR vAlign=top>
    <TD align=left>Frank A. Daviess </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.29
<SEQUENCE>26
<FILENAME>exhibit23-29.htm
<DESCRIPTION>EXHIBIT 23.29
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.29 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<p align="center"><img border="0" src="exhibi1.jpg" width="575" height="91"></p>
<p align="center"><b>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p>
<p>The Board of Directors Energy Fuels Inc.</p>
<p align="justify">We consent to the incorporation by reference in the
registration statement on Form S-8 of Energy Fuels Inc. of our report dated
March 8, 2017, with respect to the consolidated balance sheet of Energy Fuels
Inc. as of December 31, 2016, and the related consolidated statements of
operations and comprehensive loss, changes in equity and cash flows for each of
the years in the two-year period ended December 31, 2016, which report appears
in the December 31, 2017 Annual Report on Form 10-K of Energy Fuels Inc.</p>
<p><img border="0" src="exhibi3.gif" width="167" height="61"></p>
<p>Chartered Professional Accountants, Licensed Public Accountants <br>
August 7, 2018<br>
Toronto, Canada</p>
<p>&nbsp;</p>
<p align="center"><img border="0" src="exhibi2.gif" width="240" height="56"><BR>
</p>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.24
<SEQUENCE>27
<FILENAME>exhibit23-24.htm
<DESCRIPTION>EXHIBIT 23.24
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.24 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF SRK CONSULTING (U.S.) INC. </B></P>
<P align=justify>The undersigned hereby consents to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      technical report entitled &#147;NI 43-101 Technical Report on Resources Wate
      Uranium Breccia Pipe - Northern Arizona, USA&#148; dated March 10, 2015 (the
      &#147;Technical Disclosure&#148;), contained in the Annual Report on Form 10-K for
      the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the
      &#147;Company&#148;) filed with the United States Securities and Exchange Commission
      (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of our name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left>SRK CONSULTING (U.S.) INC. </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Corolla Hoag
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Corolla Hoag </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: Practice Leader </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.25
<SEQUENCE>28
<FILENAME>exhibit23-25.htm
<DESCRIPTION>EXHIBIT 23.25
<TEXT>
<HTML>
<HEAD>
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<p align= left><IMG
src="exhibit23-11x1x1.jpg" border=0> </p>
<P align=center><B>CONSENT OF CHRISTOPHER MORETON </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the &#147;Technical Report on the EZ1 and EZ2 Breccia
      Pipes, Arizona Strip District, U.S.A.&#148; dated June 27, 2012, contained in
      the Annual Report on Form 10-K for the period ended December 31, 2017 (the
      &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the United States
      Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Christopher
      Moreton </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Christopher Moreton, P.E. </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=left width="15%"><B>www.rpacan.com</B> </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-23.26
<SEQUENCE>29
<FILENAME>exhibit23-26.htm
<DESCRIPTION>EXHIBIT 23.26
<TEXT>
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<P align=center><B>CONSENT OF VALERIE WILSON </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      &#147;Technical Report on the Canyon Mine, Coconino County, Arizona, USA&#148; dated
      October 6, 2017 (the &#147;Technical Disclosure&#148;), contained in the Annual
      Report on Form 10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of
      Energy Fuels Inc. (the &#147;Company&#148;) filed with the United States Securities
      and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Valerie Wilson
    </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Valerie Wilson, M.Sc., P.Geo. </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=left width="15%"><B>www.rpacan.com</B> </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-23.27
<SEQUENCE>30
<FILENAME>exhibit23-27.htm
<DESCRIPTION>EXHIBIT 23.27
<TEXT>
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<P align=center><B>CONSENT OF JEFFREY L. WOODS </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      &#147;Technical Report on the Canyon Mine, Coconino County, Arizona, USA&#148; dated
      October 6, 2017 (the &#147;Technical Disclosure&#148;), contained in the Annual
      Report on Form 10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of
      Energy Fuels Inc. (the &#147;Company&#148;) filed with the United States Securities
      and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Jeffrey L.
      Woods </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Jeffrey L. Woods, SME, QP MMSA </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: August 7, 2018 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=left width="15%"><B>www.rpacan.com</B> </TD></TR></TABLE><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.28
<SEQUENCE>31
<FILENAME>exhibit23-28.htm
<DESCRIPTION>EXHIBIT 23.28
<TEXT>
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   <TITLE>Energy Fuels Inc.: Exhibit 23.28 - Filed by newsfilecorp.com</TITLE>
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<P align=center><B>CONSENT OF MARK S. CHALMERS </B></P>
<P align=justify>The undersigned hereby consents to:</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%">&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the filing of the technical disclosure regarding the
      properties of the Energy Fuels Inc. (the &#147;Company&#148;), including sampling,
      analytical and test data underlying such disclosure (the &#147;Technical
      Information&#148;), contained in the Quarterly Reports on Form 10-Q for the
      quarters ended March 31, 2018 and June 30, 2018 (collectively, the &#147;10-
      Q&#148;) of the Company filed with the United States Securities and Exchange
      Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Information in the 10-Q into the Company&#146;s Form S-8 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-8&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-Q and the
  S-8.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium"
      align=left width="50%" nowrap>&nbsp;&nbsp;&nbsp;/s/ Mark S. Chalmers</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium"
      align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="50%" style="border-right-style: none; border-right-width: medium" nowrap>Name: Mark S. Chalmers </TD>
    <TD align=left width="50%" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="50%" nowrap>Title: President and Chief Executive Officer, Energy Fuels
      Inc. </TD>
    <TD align=left width="50%" style="border-top-style: none; border-top-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="50%" nowrap>Date: August 7, 2018 </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE></DIV><BR>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>32
<FILENAME>exhibit5-1x1x1.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
