<SEC-DOCUMENT>0001062993-18-001901.txt : 20180503
<SEC-HEADER>0001062993-18-001901.hdr.sgml : 20180503
<ACCEPTANCE-DATETIME>20180503125601
ACCESSION NUMBER:		0001062993-18-001901
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180502
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180503
DATE AS OF CHANGE:		20180503

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36204
		FILM NUMBER:		18802794

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

	MAIL ADDRESS:	
		STREET 1:		225 UNION BLVD., SUITE 600
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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   <TITLE>Energy Fuels Holdings Corp. - Form 8-K - Filed by newsfilecorp.com</TITLE>
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<P align=center><B><FONT size=5>UNITED STATES</FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR>Washington, D.C.
20549</P>
<P align=center><B><FONT size=5>FORM 8-K</FONT></B></P>
<P align=center><B>CURRENT REPORT</B><BR><B>Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934 </B><BR></P>
<P align=center>Date of Report (Date of earliest event reported): <B><U>May 1,
2018 </U></B></P>
<P align=center><B><U><FONT size=5>ENERGY FUELS INC.</FONT></U></B><BR>(Exact
name of registrant as specified in its charter) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR vAlign=top>
    <TD align=center><B><U>Ontario </U></B></TD>
    <TD align=center width="33%"><B><U>001-36204 </U></B></TD>
    <TD align=center width="33%"><B><U>98-1067994 </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of incorporation) </TD>
    <TD align=center width="33%">(Commission File Number) </TD>
    <TD align=center width="33%">(I.R.S. Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="33%">Identification No.) </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=center><B>225 Union Blvd., Suite 600 </B></TD>
    <TD align=center width="33%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><U>Lakewood, Colorado </U></B></TD>
    <TD align=center width="33%" ><B><U>80228 </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(Address of principal executive offices) </TD>
    <TD align=center width="33%" >(Zip Code) </TD></TR></TABLE>
<P align=center><B><U>(303) 974-2140</U></B><BR>(Registrant&#146;s telephone number,
including area code) <BR></P>
<P align=center><B><U>N/A</U></B><BR>(Former name or former address, if changed
since last report) <BR></P>
<P align=justify>Check the appropriate box below if the Form 8-K is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:</P>
<P align=justify>[&nbsp;&nbsp; ] Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425) <BR>[&nbsp;&nbsp; ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a -12) <BR>[&nbsp; &nbsp;] Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b)) <BR>[&nbsp; &nbsp;]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e -4(c)) </P>
<P align=justify>Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of
this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b -2
of this chapter). </P>
<P align=right>Emerging growth company<B> </B>[X] </P>
<P align=justify>If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act.[&nbsp;&nbsp; ] </P>
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<P align=justify><B>Item 1.01 Entry into a Material Definitive Agreement.
</B></P>
<P align=justify>Uranerz Energy Corporation (&#147;<B>Borrower</B>&#148;), a Nevada
corporation and wholly owned subsidiary of Energy Fuels Inc. (the
&#147;<B>Company</B>&#148;), entered into a Consent, Waiver and Release Agreement and
Amendment to Financing Agreement (the &#147;<B>Agreement</B>&#148;) on March 14, 2018, by
and among Borrower, Johnson County Wyoming (the &#147;<B>Issuer</B>&#148;), a political
subdivision of the State of Wyoming, the State of Wyoming (the
&#147;<B>Purchaser</B>&#148;), acting by and through the Wyoming State Treasurer, Energy
Fuels Holdings Corporation, a Delaware corporation and wholly owned subsidiary
of the Company (&#147;<B>EFHC</B>&#148;), and UMB Bank, n.a. (the &#147;<B>Trustee</B>&#148;), a
national banking association duly organized and existing under the laws of the
United States of America.</P>
<P align=justify>The Agreement was effective as of May 1, 2018, the closing date
of a sales transaction between Borrower and Uranium Energy Corp. (&#147;<B>UEC</B>&#148;),
pursuant to which Borrower sold certain of its non-core uranium properties in
Wyoming (the &#147;<B>Subject Assets</B>&#148;) to UEC. The Subject Assets were a part of
the Collateral for the $20,000,000 Johnson County, Wyoming Taxable Industrial
Development Revenue Bond, Series 2013 dated November 26, 2013 under a Mortgage
dated November 26, 2013, which the Agreement amended. Such Mortgage, together
with the Assignment of Revenues, Security Agreement, Fixture Filing and
Financing Statement and the Assumption Agreement dated June 18, 2015, are
collectively referred to herein as the &#147;<B>Financing Documents</B>&#148;.</P>
<P align=justify>Under the Agreement, the Borrower agreed to deliver $2,940,000
million in cash and an additional $1,024,997.76 for a total of $3,964,997.76
(the &#147;<B>Replacement Collateral</B>&#148;) to the Trustee, and the Trustee agreed to
deposit such Replacement Collateral in the Debt Service Fund (the
&#147;<B>Fund</B>&#148;). Each of the Purchaser, Issuer and Trustee, as mortgagee, agreed,
in executing the Agreement, that effective on the closing of the sale of the
Subject Assets, the Subject Assets would thereby be released from the Mortgage
and any other Encumbrances, as therein defined, under the Financing
Documents.</P>
<P align=justify>Under the Agreement, each of the Purchaser and Issuer waived
the requirements under the Financing Documents requiring Buyer to (i) deposit
the Securities Proceeds into the Debt Service Fund, and (ii) except as provided
in Section 5 of the Agreement, pay a Release Price to the Trustee for the
release of the Subject Assets and Securities Proceeds from the Mortgage. In
addition, pursuant to the terms of the Agreement, Item (4) under Section 5.06 of
the Financing Agreement dated November 26, 2013, by and between Johnson County,
Wyoming and Uranerz Energy Corporation (the &#147;<B>Financing Agreement</B>&#148;), a
copy of which is filed as Exhibit 1.1 to this Current Report on Form 8-K and
which is hereby incorporated by reference into this Item 1.01, shall not apply
to the transaction contemplated in the Agreement. Likewise, the Agreement
amended Section 7.07 of the Financing Agreement so that the updated valuations
of all Collateral securing the Loan that Borrower is to provide to the Issuer,
the Trustee and the Purchaser on the fifth anniversary of the Financing
Agreement shall now be due no later than May 31, 2018. </P>
<P align=justify>Except as expressly provided in the Agreement, the Financing
Documents remain unmodified and in full force and effect.</P>
<P align=justify>The foregoing descriptions of the Agreement and related
Replacement Collateral are qualified in their entirety by reference to the
Agreement, a copy of which is filed as Exhibit 1.2 to this Current Report on
Form 8-K and which is hereby incorporated by reference into this Item 1.01.</P>
<P align=justify><B>Item 9.01 - Financial Statements and Exhibits</B> </P>
<TABLE
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  <TR vAlign=top>
    <TD align=left><B><U>Exhibit</U></B> </TD>
    <TD align=left width="85%" >
      <P align=justify><B><U>Description</U></B> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
    <a href="http://www.sec.gov/Archives/edgar/data/1162324/000106299313006145/exhibit4-1.htm">1.1
    </a> </TD>
    <TD align=left width="85%" bgColor=#eeeeee >
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1162324/000106299313006145/exhibit4-1.htm">Financing Agreement between Johnson County, Wyoming and
      Uranerz Energy Corporation dated November 26, 2013 (incorporated by
      reference from the Form 8-K filed on December 3, 2013 by Uranerz Energy
      Corporation) </a> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="exhibit1-2.htm">1.2 </a></TD>
    <TD align=left width="85%" >
      <P align=justify><a href="exhibit1-2.htm">Consent, Waiver and Release Agreement and Amendment to
      Financing Agreement, dated March 14, 2018, by and between Uranerz Energy
      Corporation, Johnson County, Wyoming, the State of Wyoming, Energy Fuels
  Holdings Corp., and UMB Bank n.a. </a></P></TD></TR></TABLE>
<P align=center>2 </P>
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<P align=center><B>SIGNATURES </B></P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</P>
<TABLE
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  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%"><B>ENERGY FUELS INC. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">(Registrant) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dated: May 3, 2018 </TD>
    <TD align=left width="50%">By: <I><U>/s/ David C.
      Frydenlund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;</U></I></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Chief Financial Officer, General Counsel </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">and Corporate Secretary </TD></TR></TABLE>
<P align=center>3 </P>
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<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>2
<FILENAME>exhibit1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
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   <TITLE>Energy Fuels Holdings Corp. - Exhibit 1.2 - Filed by newsfilecorp.com</TITLE>
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<P align=center><B>CONSENT, WAIVER AND RELEASE AGREEMENT </B><BR><B>AND
AMENDMENT TO FINANCING AGREEMENT </B><BR></P>
<P align=justify style="text-indent: 5%">This Consent, Waiver and Release Agreement and Amendment to
Financing Agreement (the "Agreement"), dated March 14, 2018, is by and among
Uranerz Energy Corporation ("Borrower"), a Nevada corporation, Johnson County,
Wyoming ("Issuer"), a political subdivision of the State of Wyoming, the State
of Wyoming ("Purchaser"), acting by and through the Wyoming State Treasurer,
Energy Fuels Holdings Corp. ("Energy Fuels"), a Delaware corporation and wholly
owned subsidiary of Energy Fuels Inc., and UMB Bank, n.a. (&#147;Trustee&#148;), a
national banking association duly organized and existing under the laws of the
United States of America. </P>
<P align=center><U>Recitals</U> </P>
<P align=justify>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One (1)
$20,000,000 Johnson County, Wyoming, Taxable Industrial Development Revenue Bond
(Uranerz Energy Corporation Project), Series 2013 (the "Bond"), date November
26, 2013, was issued by the Issuer, pursuant to an Indenture of Trust dated as
of November 26, 2013 (the "Indenture") by and between the Issuer and the
Trustee. Purchaser purchased the Bond and is the current holder of the Bond. The
proceeds of the Bond were loaned by the Issuer to the Borrower pursuant to a
Financing Agreement dated as of November 26, 2013 (the "Financing Agreement").
The obligations of the Borrower under the Financing Agreement are evidenced by
that certain promissory note in the principal amount of $20,000,000, dated as of
November 26, 2013 and due on October 1, 2020 (the "Note"). The Borrower's
obligations under the Note and the Financing Agreement are secured by (i) a
Mortgage, Assignment of Revenues, Security Agreement, Fixture Filing and
Financing Statement, dated as November 26, 2013 (the "Mortgage"), from the
Borrower, as mortgagor, to the Trustee, as mortgagee, relating to the Collateral
(as defined therein) for the benefit of the Purchaser, and (ii) an Assignment of
Product Sales Contracts and Processing Agreement, dated as of November 26, 2013
(the "Assignment"), by the Borrower to the Trustee. Borrower, Issuer, Purchaser,
Energy Fuels and Trustee also entered into a Covenant Agreement dated June 18,
2015 (the &#147;Covenant Agreement&#148;) and Borrower, Issuer, Purchaser and Trustee
entered into an Assumption Agreement dated June 18, 2015 (the &#147;Assumption
Agreement&#148;). The Bond, Indenture, Financing Agreement, Note, Mortgage,
Assignment, Covenant Agreement and Assumption Agreement are collectively
referred to as the &#147;Financing Documents.&#148; </P>
<P align=justify>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower
entered into an agreement to sell certain non-core uranium properties in Wyoming
(the &#147;Subject Assets&#148;) to Uranium Energy Corp. (&#147;UEC&#148;) for $5.39 million (the
&#147;Proceeds&#148;), including $2.94 million of cash (the &#147;Cash Proceeds&#148;) and $2.45
million of shares in UEC (the &#147;Securities Proceeds&#148;) that will be priced upon
the closing of the transaction (the &#147;Transaction&#148;). These Subject Assets, which
are described on Exhibit A attached hereto, are part of the Collateral for the
Bond under the Mortgage.</P>
<P align=justify>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower has
requested that Purchaser, Issuer and Trustee consent to the Transaction, release
the Subject Assets and the Securities Proceeds from the Mortgage and make
certain other agreements, confirmations and waivers concerning the Transaction
and Proceeds as set forth herein.</P>
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<P align=justify>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the
terms and conditions set forth herein, the Purchaser, Issuer and Trustee have
agreed to grant such requests of the Borrower.</P>
<P align=center><U>Agreement</U> </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In consideration of the agreements set forth herein and other good and valuable
consideration, the receipt, adequacy and sufficiency of which are hereby
acknowledged, the parties agree as follows: </P>
<P align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as
otherwise provided herein, all capitalized undefined terms used in this
Agreement shall have the meanings assigned thereto in the Financing Documents.
</P>
<P align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement
shall be effective as of the closing of the Transaction. If the Transaction does
not close, this Agreement shall be null and void. </P>
<P align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent
consent by the Purchaser, Issuer and Trustee is required under the Financing
Documents for the Transaction and the other provisions hereof, each of the
Purchaser, Issuer and Trustee consents to the Transaction and other provisions
hereof. In furtherance of the foregoing, each of the Purchaser, Issuer and
Trustee waives any breach or default under the Financing Documents solely as a
result of the Transaction and the other provisions hereof.</P>
<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of the
Purchaser, Issuer and Trustee, as mortgagee, agrees that the Subject Assets and
the Securities Proceeds are hereby released from the Mortgage and any other
Encumbrances under the Financing Documents. Within five (5) days following
closing of the Transaction, the Purchaser directs the Trustee, as mortgagee, to
execute the Partial Release from Mortgage in the form attached hereto as Exhibit
B. The Trustee, as mortgagee, does hereby consent to the recording of the
Partial Release from Mortgage by the mortgagor in the real property records of
the Campbell County Clerk and Recorder. </P>
<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower shall
deliver all Cash Proceeds and an additional $1,024,997.76 for a total of
$3,964,997.76<B> </B>to Trustee that Trustee shall deposit in the Debt Service
Fund as provided in Section 5.03 of the Indenture. The Issuer, Purchaser and
Borrower hereby instruct the Trustee to use the funds placed in the Debt Service
Fund pursuant to this Section 5 to make the payments under the Note due on the
first Business Day of July and October 2018 and the first Business Day of
January and April 2019.The monies added to the Debt Service Fund pursuant to
this Section 5 shall be invested as directed by the Borrower under the Indenture
and all investment income shall be credited to the Debt Service Fund. </P>
<P align=justify>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of the
Purchaser and Issuer waives the requirements under the Financing Documents
requiring Borrower to (i) deposit the Securities Proceeds into the Debt Service
Fund, and (ii) except as provided in Section 5 above, pay a Release Price to the
Trustee for the release of the Subject Assets and Securities Proceeds from the
Mortgage. In addition, item (4) under Section 5.06 of the Financing Agreement
shall not apply to this Transaction. </P>
<P align=justify>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.07 of
the Financing Agreement is hereby amended so that the updated valuations of all
Collateral securing the Loan that Borrower is to provide to the Issuer, the Trustee and the Purchaser on the fifth anniversary of the
Financing Agreement shall now be due no later than May 31, 2018. </P>
<P align=center>2 </P>
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<P align=justify>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as
expressly provided herein, the Financing Documents shall remain unmodified and
in full force and effect. Except as expressly set forth herein, this Agreement
shall not be deemed (i) to be a waiver of, or consent to, a modification of or
amendment of, any other term or condition of the Financing Documents, (ii) to
prejudice any other right or rights which the Purchaser, Issuer or Trustee may
now have or may have in the future under or in connection with the Financing
Documents or any of the instruments or agreements referred to therein, as the
same may be amended, restated, supplemented or otherwise modified from time to
time, or (iii) to be a commitment or any other undertaking or expression of any
willingness to engage in any further discussion with the Borrower or any other
Person with respect to any waiver, amendment, modification or any other change
to the Financing Documents or any rights or remedies arising in favor of the
Purchaser, Issuer or Trustee under or with respect to any such Financing
Documents. </P>
<P align=justify>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of Borrower
and Energy Fuels certifies, represents and warrants to the Purchaser, Issuer and
Trustee that: </P>
<P style="MARGIN-LEFT: 5%" align=justify>(a) after giving effect to the
consents, waivers and agreements set forth herein, (i) each of its
representations and warranties set forth in the Financing Documents is true and
correct in all material respects as of the date hereof (except to the extent
that any such representation or warranty relates only to an earlier date, in
which case such representation or warranty shall remain true and correct as of
such earlier date), and (ii) that no Default or Event of Default has occurred or
is continuing under the Financing Documents; </P>
<P style="MARGIN-LEFT: 5%" align=justify>(b) it has the right, power and
authority and has taken all necessary corporate and other action to authorize
the execution, delivery and performance of this Agreement and each of the other
documents executed in connection herewith to which it is a party in accordance
with their respective terms and the transactions contemplated hereby; and, </P>
<P style="MARGIN-LEFT: 5%" align=justify>(c) this Agreement and each other
document executed in connection herewith has been duly executed and delivered by
its duly authorized officers, and each such document constitutes the legal,
valid and binding obligation of it, enforceable in accordance with its terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar state or federal debtor relief laws from time to time in effect which
affect the enforcement of creditors&#146; rights in general and the availability of
equitable remedies. </P>
<P align=justify>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of Borrower and Energy
Fuels (a) agrees that the transactions contemplated by this Agreement shall not
limit or diminish the obligations of it under, or release it from any
obligations under, the Financing Documents to which it is a party, (b) confirms
and reaffirms its obligations under the Financing Documents to which it is a
party and (c) agrees that the Financing Documents to which it is a party remain
in full force and effect and are hereby ratified and confirmed. Borrower agrees
that any proceeds from the sale of the Securities Proceeds shall be used for
operations and improvements at the Nichols Ranch Project, but not for additional
or increased compensation to its employees and executives, such as bonuses,
other than reasonable raises and bonuses given in the ordinary course of business and
in accordance with past practices. </P>
<P align=center>3 </P>
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<P align=justify>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All notices, demands,
requests or other communications required or permitted under this Agreement will
be deemed given (i) when delivered personally; (ii) five (5) days after having
been sent by registered or certified mail, return receipt requested, postage
prepaid; or (iii) one (1) business day after deposit with a commercial overnight
carrier, all with written verification of receipt in each case delivered or
sent, or (iv) when sent by facsimile or email, with written confirmation of
receipt by the sending facsimile machine, computer or other telecommunications
device. Notices, demands, requests or other communications shall be sent to the
address for each party as set forth below, as such address may be modified by a
party from time to time by notice given pursuant to this Section: </P>
<P style="MARGIN-LEFT: 5%" align=justify>If to the Borrower: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Uranerz Energy Corporation <BR>1701
East &#147;E&#148; Street <BR>P.O. Box 50850 <BR>Casper, Wyoming 82605 <BR>Attn: Paul
Goranson <BR></P>
<P style="MARGIN-LEFT: 5%" align=justify>If to the Issuer: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Johnson County, Wyoming <BR>c/o
Johnson County Clerk <BR>76 North Main <BR>Buffalo, Wyoming 82834 <BR>Attn:
Johnson County Clerk <BR></P>
<P style="MARGIN-LEFT: 5%" align=justify>If to the Purchaser: </P>
<P style="MARGIN-LEFT: 5%" align=justify>By US Mail: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Wyoming State Treasurer <BR>Capitol
Building <BR>200 West 24<SUP>th</SUP> Street, Room 122 <BR>Cheyenne, Wyoming
82002 <BR>Attn: Deputy State Treasurer <BR></P>
<P style="MARGIN-LEFT: 5%" align=justify>By hand or courier: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Wyoming State Treasurer <BR>2020 Carey
Avenue, 4<SUP>th</SUP> Floor <BR>Cheyenne, Wyoming 82002 <BR>Attn: Deputy State
Treasurer <BR></P>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P style="MARGIN-LEFT: 5%" align=justify>If to Energy Fuels: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Energy Fuels Holdings Corp. <BR>225
Union Blvd., Suite 600 <BR>Lakewood, CO, 80228 <BR>Attn: David C. Frydenlund
<BR></P>
<P style="MARGIN-LEFT: 5%" align=justify>If to Trustee: </P>
<P style="MARGIN-LEFT: 10%" align=justify>UMB Bank, n.a. <BR>1670 Broadway
<BR>Denver, Colorado 80202 <BR>Attn: Corporate Trust and Escrow Services
<BR></P>
<P align=justify>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None of the parties shall
make an assignment of this Agreement or any interest herein without the prior
written consent of all of the other parties. This Agreement will be binding upon
and inure to the benefit of the parties hereto and their respective legal
representatives, successors and permitted assigns.</P>
<P align=justify>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement constitutes
the entire agreement among the parties with respect to the subject matter hereof
and supersedes all prior agreements and understandings, both written and oral,
between the parties with respect to the subject matter hereof. This Agreement
may be amended by the parties hereto at any time by execution of an instrument
in writing signed on behalf of all of the parties hereto.</P>
<P align=justify>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be
executed in multiple counterparts, each of which shall be deemed to be an
original, and all of which, when taken together, shall constitute one and the
same instrument.</P>
<P align=justify>15.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;In the event any one or more
of the provisions of this Agreement shall for any reason be held to be invalid,
illegal or unenforceable, the remaining provisions of this Agreement shall be
unimpaired and the parties will substitute a new enforceable provision of like
economic intent and effect. </P>
<P align=justify>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement and any
disputes or issues arising out of, relating to or in connection with, this
Agreement shall be governed by, construed and enforced in accordance with the
internal laws of the State of Wyoming without regard to its provisions
concerning choice of laws, choice of forum or any principle that might otherwise
refer construction or interpretation of this Agreement to the substantive law of
another jurisdiction. The parties hereto consent and submit to the exclusive
jurisdiction of the federal or state courts located in Cheyenne, Wyoming to hear
any action or suit arising under this Agreement. None of the parties shall
raise, and the parties hereby waive, any defenses based upon venue,
inconvenience of forum, lack of personal jurisdiction, improper service of
process or the like in any such action or suit. </P>
<P align=justify>17.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;To the extent this Agreement
amends any of the Financing Documents, the terms and conditions of the Financing
Documents, including but not limited to sovereign immunity, shall remain in full
force and effect except as expressly modified by this Agreement; provided
however, no party waives any rights they may otherwise have to enforce
their rights under this Agreement in the event of a breach by the Issuer or the
Purchase of its obligations hereunder. </P>
<P align=center>5 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The parties hereof have caused this Agreement to be executed by their duly
authorized officers. </P>
<P align=justify>URANERZ ENERGY CORPORATION </P>
<P align=justify>Signature: <U>/s/ David C. Frydenlund</U> </P>
<P align=justify>Name: <U>David C. Frydenlund</U> </P>
<P align=justify>Title: <U>Chief Financial Officer</U> </P>
<P align=justify>&nbsp;</P>
<P align=justify>JOHNSON COUNTY, WYOMING </P>
<P align=justify>Signature: <U>/s/ William J. Novotny, III</U> </P>
<P align=justify>Name: <U>William J. Novotny, III</U> </P>
<P align=justify>Title: <U>Chairman</U></P>
<P align=justify>STATE OF WYOMING, acting by and through the Wyoming State
Treasurer </P>
<P align=justify>Signature: <U>/s/ Mark
Gordon</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mark Gordon, State Treasurer </P>
<P align=justify><BR>&nbsp;</P>
<P align=justify>ENERGY FUELS HOLDINGS CORP. </P>
<P align=justify>Signature: <U>/s/ David C. Frydenlund</U> </P>
<P align=justify>Name: <U>David C. Frydenlund</U> </P>
<P align=justify>Title: <U>Chief Financial Officer</U></P>
<P align=justify>UMB BANK, N.A., solely in its capacity as Trustee </P>
<P align=justify>Signature: <U>/s/ Patricia M. Peters</U> </P>
<P align=justify>Name: <U>Patricia M. Peters</U> </P>
<P align=justify>Title: <U>Vice President</U></P>
<P align=center>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_7></A>
<P align=center><B>EXHIBIT A </B><BR><B>Subject Assets </B><BR></P>
<P align=justify>Unpatented Claims, Surface Use Agreements, and Mineral Leases
subject to the Purchase Agreement (the &#147;<B>Agreement</B>&#148;) among Uranerz Energy
Corporation (&#147;<B>Seller</B>&#148;) and Uranium Energy Corporation (&#147;<B>Buyer</B>&#148;)
dated as of November 1, 2017. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    align=left bgcolor="#FFFFCC"
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Unpatented</B> <BR>
      <B>Mining</B> <BR><B>Claims</B> </TD>
    <TD width="8%"
    align=left bgcolor="#FFFFCC" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><BR>
      <BR><B>Project</B> </TD>
    <TD width="30%"
    align=left bgcolor="#FFFFCC" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><BR>
      <BR><B>Claim Name, Claim No.</B> </TD>
    <TD width="8%"
    align=left bgcolor="#FFFFCC" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><BR>
      <BR><B>State</B> </TD>
    <TD width="8%"
    align=left bgcolor="#FFFFCC" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><BR>
      <BR><B>County</B> </TD>
    <TD width="30%"
    align=left bgcolor="#FFFFCC"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><BR>
      <B>Township, Range, Sec.,</B> <BR><B>1/4
      1/4</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">Reno
      Creek </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">BFR, 1
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="8%">Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">T43N R73W Sec 31, NW &amp; NE and Sec. 30, SE &amp;
      SW </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">Reno
      Creek </TD>
    <TD width="30%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">BFR, 2    </TD>
    <TD width="8%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">WY </TD>
    <TD
      width="8%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">Campbell </TD>
    <TD width="30%"
    align=left bgcolor="#EEEEEE"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">T43N R73W Sec 31, NW &amp; NE (corrects erroneous
      designation R74W in original mortgage) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">Reno
      Creek </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">BFR, 3
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="8%">Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">T43N R73W Sec 31, NW &amp; NE (corrects erroneous
      designation R74W in original mortgage) </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#FFFFCC" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Surface Use</B> <BR>
      <B>Agreements</B> </TD>
    <TD
      width="8%" align=left bgcolor="#FFFFCC" style="BORDER-BOTTOM: #000000 1px solid"><B>Project</B> <BR></TD>
    <TD
      width="30%" align=left bgcolor="#FFFFCC" style="BORDER-BOTTOM: #000000 1px solid"><B>Agreement and Parties</B> <BR></TD>
    <TD
      width="8%" align=left bgcolor="#FFFFCC" style="BORDER-BOTTOM: #000000 1px solid"><B>State</B> <BR></TD>
    <TD
      width="8%" align=left bgcolor="#FFFFCC" style="BORDER-BOTTOM: #000000 1px solid"><B>County</B> <BR></TD>
    <TD width="30%"
    align=left bgcolor="#FFFFCC"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Township, Range, Sec.,</B> <BR>
      <B>1/4 1/4</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">Reno
      North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="30%">Surface Use Agreement dated September 18, 2008 between the
      Bernice Groves Trust and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="8%">Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">T43N R73W Sec. 22, Lots 11, 12, 13 and 14 (formerly
      SW); Sec.28, Lots 1, 2, 7, 8, 9, 10, 15 and 16 (formerly E/2); Sec. 33,
      Lots 11, 12, 13 and 14 (formerly SW) </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">Reno
      North </TD>
    <TD
      width="30%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">Surface Use Agreement dated March 12, 2009 between June
      Thielen and Uranerz Energy Corp. </TD>
    <TD width="8%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">WY </TD>
    <TD
      width="8%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">Campbell </TD>
    <TD width="30%"
    align=left bgcolor="#EEEEEE"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">T43N,R73W Sec. 21, Lots 9, 10, 11, 12, 13, 14, 15
      and 16 (formerly S/2) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">Reno
      North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="30%">Surface Use Agreement dated September 17, 2008 between the
      Drake Family Trust (surface interests deeded to JJLM Land, LLC) and Uranerz
      Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="8%">Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">T43N,R73W Sec.29, Lots 1, 2, 3, 4, 5, 6, 7 and 8
      (formerly NE) </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR>
    <TD bgcolor="#FFFFCC"
      style="BORDER-LEFT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"><BR>
      <B>Mineral</B>
      <BR><B>leases</B> </TD>
    <TD width="8%" bgcolor="#FFFFCC" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
      ><BR>
      <B>Project</B> <BR></TD>
    <TD width="30%" bgcolor="#FFFFCC" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
      ><BR>
      <BR></TD>
    <TD width="8%" bgcolor="#FFFFCC" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
      ><BR>
      <B>State</B> <BR></TD>
    <TD width="8%" bgcolor="#FFFFCC" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
      ><BR>
      <B>County</B> <BR></TD>
    <TD
    width="30%" bgcolor="#FFFFCC"
    style="BORDER-RIGHT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" ><BR>
      <B>Covering: Township,</B> <BR><B>Range,
      Sec., 1/4 1/4</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated April 11, 2006 between the Sinaden Family
      Trust and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N R73W Sec 31, Lots 5, 11 &amp; 12
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated April 4, 2006 between the
      Larry Ickes Trust and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4), 6<SUP>th</SUP> PM. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated April 4, 2006 between the Yvonne Phillips
      Trust (Brenda Cookson, Teresa L. Lederer and Tina M. Meyer, 8% x 1/2 each)
      and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated April 20, 2006 between
      Yvonne Phillips Trust (Brenda Cookson, Trustee) and Uranerz Energy Corp.
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated February 20, 2006 between June Thielen
      et. Al. (the Estate of John R. Thielen, deceased - June Thielen is
      executor, and John T. Jones) and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated April 6, 2006 between
      Larry Ickes and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4)</TD></TR></TABLE></DIV>
<P align=center>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-LEFT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="30%"
    >Mining Lease dated April 28, 2006 between Douglas Ickes and
      Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated May 10, 2006 between
      Jennifer Hanlin and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated May 1, 2006 between Timothy Ickes and
      Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated June 29, 2007 between
      Hancock Enterprises and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated September 18, 2008 between Bernice and
      Urban Groves and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec.29, Lots
      1,2,3,4,5,6,7,and 8 (fka N/2) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated February 13, 2009 between
      Robert Townsend III (and Marian Law, as co-trustees of the Townsend
      Revocable Trust) and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated February 16, 2009 between Diana Morehouse
      and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4)
  </TD></TR></TABLE></DIV>
<P align=center>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="8%" bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >Mining Lease dated
      April 14, 2009 between Judith Ickes and Uranerz Energy Corp. </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="8%" bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="8%" bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated April 16, 2009 between Cannon Wyoming
      Investment LLC and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Uranerz </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated April 22, 2009 between Melissa T. Frey
      and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated May 18, 2009 between
      William Randolph Townsend and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated June 15, 2009 between Fortin Enterprises,
      Inc. and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Arnold Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated September 25, 2008 between the Blanche
      Willard Trust (50% interest now with Drake Family LLC) and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N R73W Sec. 22, Lots 11,12,13, and
      14 (fka SW/4); Sec.28, Lots 1,2,7,8, 9, 10, 15, and 16 (fka E/2); Sec. 33, Lots 11,12,13,and 14 (fka SW/4)
  </TD></TR></TABLE></DIV>
<P align=center>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-LEFT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="8%"
    bgColor=#eeeeee>Reno North </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="30%"
    bgColor=#eeeeee>Mining Lease dated September 25, 2008 between the Blanche
      Willard Trust (50% interest now with Bernice Groves Revocable Trust) and
      Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="8%"
    bgColor=#eeeeee>WY </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="8%"
    bgColor=#eeeeee>Campbell </TD>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="30%" bgColor=#eeeeee>T43N R73W Sec. 22, Lots 11,12,13,
      and 14 (fka SW/4); Sec.28, Lots 1,2,7,8, 9, 10, 15, and 16 (fka E/2); Sec.
      33, Lots 11,12,13,and 14 (fka SW/4) </TD></TR></TABLE></DIV>
<P align=center>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P align=center><B>Exhibit B </B></P>
<P align=center><B>PARTIAL RELEASE OF MORTGAGE </B></P>
<P align=justify>KNOW ALL PERSONS BY THESE PRESENTS, that UMB Bank, n.a., as
trustee and mortgagee (&#147;Mortgagee&#148;), does hereby agree and certify that:</P>
<P align=justify>1.&nbsp;&nbsp; A certain Mortgage, Assignment of Revenues,
Security Agreement, Fixture Filing and Financing Statement dated as of November
26, 2013 (the &#147;Mortgage&#148;) was executed by Uranerz Energy Corporation, as
mortgagor (&#147;Mortgagor&#148;), and the Mortgagee, conveying certain unpatented mining
claims, mineral rights, leasehold and other rights and interests in Johnson
County, Wyoming, and Campbell County, Wyoming, as further described therein (the
&#147;Collateral&#148;), as security for the payment of a certain Promissory Note dated
November 26, 2013, from Mortgagor, in the original principal amount of
$20,000,000, which Mortgage was recorded in (i) the official records of Johnson
County, State of Wyoming, on November 26, 2013, Document Number 134336, Book
351, pages 119-191, and (ii) the official records of Campbell County, State of
Wyoming, on November 26, 2013, Document Number 99520, Book 2833of PHOTOS, pages
448-520; and </P>
<P align=justify>2.&nbsp;&nbsp; The portion of the Collateral described on
Schedule 1 attached hereto and incorporated herein (the &#147;Released Interests&#148;) is
hereby released from the Mortgage to the extent Mortgagee has an interest in the
Released Interests; and in consideration thereof, the Mortgagee does hereby
release and quitclaim unto the Mortgagor the Released Interests without recourse
or warranty; provided, however, that the Mortgage shall remain in full force and
effect as to the remainder of the Collateral as originally described in said
Mortgage.</P>
<P align=justify>IN WITNESS WHEREOF, the Mortgagee has caused this Partial
Release of Mortgage to be executed as of ____________________, 2018. </P>
<P align=justify>UMB Bank, n.a. </P>
<P align=justify>By: ______________________________________________<BR>Title:
_____________________________________________<BR>Name:
____________________________________________</P>
<P align=justify><BR>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>STATE OF _______________________________</TD>
    <TD align=left width="5%" >&nbsp;&nbsp;&nbsp;&nbsp; ) </TD>
    <TD align=left width="55%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp;&nbsp;&nbsp;&nbsp; )ss. </TD>
    <TD align=left width="55%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>COUNTY OF ______________________________</TD>
    <TD align=left width="5%" >&nbsp;&nbsp;&nbsp;&nbsp; ) </TD>
    <TD align=left width="55%"
>&nbsp;</TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;This instrument was acknowledged before me on _______________,
2018, by ____________________, as _____________________ of UMB Bank, n.a. </P>
<P align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Notary Public </TD></TR>
  <TR vAlign=top>
    <TD align=left >Seal (if any) </TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">My commission expires:
      ________________________________________</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<P align=center>Schedule 1 </P>
<P align=center>Released Interests </P>
<P align=center>Unpatented Claims, Surface Use Agreements, and Mineral Leases
subject to the Purchase Agreement (the &#147;<B>Agreement</B>&#148;) among Uranerz Energy
Corporation (&#147;<B>Seller</B>&#148;) and Uranium Energy Corporation (&#147;<B>Buyer</B>&#148;)
dated as of November 1, 2017.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    align=left bgcolor="#FFFFCC"
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Unpatented</B> <BR>
      <B>Mining</B> <BR><B>Claims</B> </TD>
    <TD width="8%"
    align=left bgcolor="#FFFFCC" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><BR>
      <BR><B>Project</B> </TD>
    <TD width="30%"
    align=left bgcolor="#FFFFCC" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><BR>
      <BR><B>Claim Name, Claim No.</B> </TD>
    <TD width="8%"
    align=left bgcolor="#FFFFCC" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><BR>
      <BR><B>State</B> </TD>
    <TD width="8%"
    align=left bgcolor="#FFFFCC" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><BR>
      <BR><B>County</B> </TD>
    <TD width="30%"
    align=left bgcolor="#FFFFCC"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><BR>
      <B>Township, Range, Sec.,</B> <BR><B>1/4
      1/4</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">Reno
      Creek </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">BFR, 1
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="8%">Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">T43N R73W Sec 31, NW &amp; NE and Sec. 30, SE &amp;
      SW </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>Reno Creek </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee>BFR, 2 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee>T43N R73W Sec 31, NW &amp; NE
      (corrects erroneous designation R74W in original mortgage) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">Reno
      Creek </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">BFR, 3
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="8%">Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">T43N R73W Sec 31, NW &amp; NE (corrects erroneous
      designation R74W in original mortgage) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#FFFFCC><B>Surface Use</B> <B>Agreements</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#FFFFCC><B>Project</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#FFFFCC><B>Agreement and Parties</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#FFFFCC><B>State</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#FFFFCC><B>County</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#FFFFCC><B>Township, Range, Sec.,</B>
      <B>1/4 1/4</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">Reno
      North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="30%">Surface Use Agreement dated September 18, 2008 between the
      Bernice Groves Trust and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="8%">Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">T43N R73W Sec. 22, Lots 11, 12, 13 and 14 (formerly
      SW); Sec.28, Lots 1, 2, 7, 8, 9, 10, 15 and 16 (formerly E/2); Sec. 33,
      Lots 11, 12, 13 and 14 (formerly SW) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee>Surface Use Agreement dated March 12, 2009 between June
      Thielen and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee>T43N,R73W Sec. 21, Lots 9, 10, 11,
      12, 13, 14, 15 and 16 (formerly S/2) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">Reno North
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="30%">Surface Use Agreement dated September 17, 2008 between
      Drake Family Trust (surface interests deeded to JJLM Land, LLC)and Uranerz
      Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="8%">Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">T43N,R73W Sec.29, Lots 1, 2, 3, 4, 5, 6, 7 and 8
      (formerly NE) </TD></TR></TABLE></DIV>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    align=left bgcolor="#FFFFCC" style="BORDER-LEFT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"><B>Mineral</B> <B>leases</B> </TD>
    <TD width="8%" align=left bgcolor="#FFFFCC" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    ><B>Project</B> </TD>
    <TD width="30%" align=left bgcolor="#FFFFCC" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    >&nbsp;&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#FFFFCC" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    ><B>State</B> </TD>
    <TD width="8%" align=left bgcolor="#FFFFCC" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    ><B>County</B> </TD>
    <TD width="30%"
    align=left bgcolor="#FFFFCC"
    style="BORDER-RIGHT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" ><B>Covering: Township,</B> <B>Range,
      Sec., 1/4 1/4</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated April 11, 2006 between the Sinaden Family
      Trust and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N R73W Sec 31, Lots 5, 11 &amp; 12    </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated April 4, 2006 between the
      Larry Ickes Trust and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4), 6<SUP>th</SUP> PM. </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated April 4, 2006 between the Yvonne Phillips
      Trust (Brenda Cookson, Teresa L. Lederer and Tina M. Meyer, 8% x 1/2 each)
      and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated April 20, 2006 between
      Yvonne Phillips Trust (Brenda Cookson, Trustee) and Uranerz Energy Corp.    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated February 20, 2006 between June Thielen
      et. Al. (the Estate of John R. Thielen, deceased - June Thielen is
      executor, and John T. Jones) and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated April 6, 2006 between
      Larry Ickes and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots
      1,2,7,8 (fka NE/4) </TD>
</TR></TABLE></DIV>
<P align=center>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-LEFT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="30%"
    >Mining Lease dated April 28, 2006 between Douglas Ickes and
      Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated May 10, 2006 between
      Jennifer Hanlin and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated May 1, 2006 between Timothy Ickes and
      Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated June 29, 2007 between
      Hancock Enterprises and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated September 18, 2008 between Bernice and
      Urban Groves and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec.29, Lots
      1,2,3,4,5,6,7,and 8 (fka N/2) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee >Mining Lease dated February 13, 2009 between
      Robert Townsend III (and Marian Law, as co-trustees of the Townsend
      Revocable Trust) and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee >T43N,R73W Sec. 21
      Lots 9, 10, 11, 12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8
      (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Mining Lease dated February 16, 2009 between Diana Morehouse
      and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" >T43N,R73W Sec. 21 Lots 9, 10, 11, 12,
      13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4)
  </TD></TR></TABLE></DIV>
<P align=center>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="8%" bgColor=#eeeeee>Reno North </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee>Mining Lease dated April 14, 2009
      between Judith Ickes and Uranerz Energy Corp. </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="8%" bgColor=#eeeeee>WY </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="8%" bgColor=#eeeeee>Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee>T43N,R73W Sec. 21 Lots 9, 10, 11,
      12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">Reno
      North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">Mining
      Lease dated April 16, 2009 between Cannon Wyoming Investment LLC and
      Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="8%">Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">T43N,R73W Sec. 21 Lots 9, 10, 11, 12, 13, 14, 15,
      and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee>Uranerz </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee>T43N,R73W Sec. 21 Lots 9, 10, 11,
      12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">Reno
      North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">Mining
      Lease dated April 22, 2009 between Melissa T. Frey and Uranerz Energy
      Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="8%">Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">T43N,R73W Sec. 21 Lots 9, 10, 11, 12, 13, 14, 15,
      and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee>Mining Lease dated May 18, 2009 between William Randolph
      Townsend and Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee>T43N,R73W Sec. 21 Lots 9, 10, 11,
      12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">Reno
      North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">Mining
      Lease dated June 15, 2009 between Fortin Enterprises, Inc. and Uranerz
      Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="8%">Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">T43N,R73W Sec. 21 Lots 9, 10, 11, 12, 13, 14, 15,
      and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>Reno North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    bgColor=#eeeeee>Arnold Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#eeeeee>Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" bgColor=#eeeeee>T43N,R73W Sec. 21 Lots 9, 10, 11,
      12, 13, 14, 15, and 16.( fka S/2); Sec. 29 Lots 1,2,7,8 (fka NE/4) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">Reno
      North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">Mining
      Lease dated September 25, 2008 between the Blanche Willard Trust (50%
      interest now with Drake Family LLC) and Uranerz Energy Corp. <BR><BR> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">WY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="8%">Campbell </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">T43N R73W Sec. 22, Lots 11,12,13, and 14 (fka
      SW/4); Sec.28, Lots 1,2,7,8, 9, 10, 15, and 16 (fka E/2); Sec. 33, Lots
      11,12,13,and 14 (fka SW/4) <BR><BR> </TD></TR></TABLE></DIV>
<P align=center>16 </P>
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noShade SIZE=5>
<A name=page_17></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-LEFT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left bgColor=#eeeeee>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="8%"
    bgColor=#eeeeee>Reno North </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="30%"
    bgColor=#eeeeee>Mining Lease dated September 25, 2008 between the Blanche
      Willard Trust (50% interest now with Bernice Groves Revocable Trust) and
      Uranerz Energy Corp. </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="8%"
    bgColor=#eeeeee>WY </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="8%"
    bgColor=#eeeeee>Campbell </TD>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="30%" bgColor=#eeeeee>T43N R73W Sec. 22, Lots 11,12,13,
      and 14 (fka SW/4); Sec.28, Lots 1,2,7,8, 9, 10, 15, and 16 (fka E/2); Sec.
      33, Lots 11,12,13,and 14 (fka SW/4) </TD></TR></TABLE></DIV>
<P align=center>17 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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