The Energy Report

Energy Fuels Inc. TICKER: EFR:TSX Visit Company Website Energy Fuels is consolidating uranium mining in western Colorado's Uravan Mineral Belt and eastern Utah. Its Piñon Ridge Mill will help return the region to its former prominent position as a uranium source to fuel the U.S. nuclear power industry. The company is actively seeking properties with known resources near Piñon Ridge to expand its resource base. Energy Fuel's 2009 merger with Magnum Uranium and the addition of its properties was one result of this strategic effort. CDPHE Mill Licensing Documents (12/21/10)

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

MJ Clark, Wyoming Business Report (2/6/12) "Energy Fuels Inc. signed a letter of intent with Titan Uranium Inc. to acquire all outstanding common shares of Titan, which owns 100% of the Sheep Mountain uranium deposit in Fremont County, Wyoming. The transaction is expected to close this month. . .Energy Fuels is working to build a uranium mill on 30 acres 60 miles west of Telluride, near the Utah border. . .it cleared its latest hurdle in the regulatory process in October, when the Environmental Protection Agency granted a permit for the mill's uranium tailings pond."

The Energy Report Interview with Geordie Mark (11/15/11) "Consolidation is probably the name of the game in the uranium space. . .there is the potential merger of Energy Fuels Inc. and Titan Uranium Inc., announced at the end of October. . .I felt it was a positive move for Energy Fuels, in that it gives the company access to a broader resource base, particularly in the uranium mining state of Wyoming. Energy Fuels has potential access to future production through its planned Piñon Ridge uranium-vanadium mill. The Sheep Mountain uranium project in Wyoming is a moderate-sized, defined resource of more than 30 Mlb uranium, and Titan's management team has a clear objective of progressing the project through permitting and development over the next several years."

The Energy Report Interview with Rob Chang (11/1/11) "Energy Fuels Inc. recently announced that it has purchased the Skidmore Lease in southeast Utah's Sage Plain District from a private company. This lease contains 921 Klb of historic resources that need to be proven up. More importantly, that lease is located near EFR's current Calliham, Crain, Sage and other nearby leases, which enables the company to continue its strategy of consolidating the area. It can now start the permitting process for their third potential mine behind its Whirlwind and Energy Queen Mines, which are already waiting to go." More >

Geordie Mark, Haywood Securities (10/27/11) "Energy Fuels Inc. received U.S. EPA approval for construction of Trailings Pond at Pinon Ridge. The planned Pinon Ridge uranium/vanadium mill in the Uravan Mineral Belt, Colorado now awaits a single construction permit from the state level, ahead of being able to break ground. . .[this] marks another derisking event for the mill as the company advances toward a construction decision, and is quite positive."

Dorothy Kosich, Mineweb (10/26/11) "Energy Fuels Inc. and explorer Titan Uranium have signed a letter of intent to draft a plan of arrangement to allow Energy Fuels to acquire Titan in an all-stock US$25.2M transaction. . .Titan's flagship asset is its Sheep Mountain uranium project in Crooks Gap, Fremont County, Wyoming. The project has a Measured and Indicated resource of 4.3 Mlb U308. . .Energy Fuels and Titan said the proposed merger would enhance the near-term production profile, focus on low-risk U.S. production, provide greater financial strength and create a strong platform for continued uranium consolidation within the U.S."

• Corporate Presentation (10/12/11)
• Read about the Piñon Ridge Mill in The Daily Sentinel (5/31/11)
• EFR featured inThe Daily Sentinel (5/29/11)

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