Energy Fuels Files Two Technical Reports

LAKEWOOD, CO – Energy Fuels Inc. has filed an updated mineral resource estimate on its 100% owned La Sal Project, increasing the Company’s measured and indicated uranium and vanadium resources by about 2.7 million and 15.5 million pounds, respectively, and an updated mineral resource estimate and preliminary economic assessment on its 100% owned Juniper Ridge Project, increasing the Company’s indicated uranium resources by nearly 1 million pounds.

The Company has filed on SEDAR a report titled, "Technical Report on La Sal District Project (Including the Pandora, Beaver, and Energy Queen Projects), San Juan County, Utah, U.S.A.", which includes an updated NI 43-101 mineral resource estimate (the "La Sal Technical Report"), prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administration ("NI 43-101"). The La Sal Technical Report was prepared by Douglas C. Peters, CPG, who is a "qualified person" and "independent" of the Company within the meaning of NI 43-101. The La Sal Technical Report replaces the March 15, 2011 technical report on the Energy Queen project.

The La Sal Project consists of a series of uranium-vanadium mines along an 11-mile mineral trend located in southeastern Utah. The Pandora/Snowball mines and the Beaver/LaSal mines are fully permitted and fully developed mines, which were in production by Energy Fuels as recently as the Fall of 2012. The Company is currently maintaining these mines on standby, so they can be placed back into production with minimal time or cost, as uranium market conditions warrant. In addition, the La Sal Project includes the Company’s fully permitted and partially developed Energy Queen project, along with an adjacent property known as the Redd Block property.

The La Sal Technical Report increases the Company’s measured and indicated uranium resources by approximately 2.7 million pounds, and its measured and indicated vanadium resources by approximately 15.5 million pounds, compared to the previous Energy Queen technical report. According to the La Sal Technical Report, the project contains 1.14 million tons of Measured and Indicated Mineral Resources with approximately 4.1 million pounds of uranium and 21.5 million pounds of vanadium at average grades of 0.18% U3O8 and 0.94% V2O5, respectively. In addition, the project contains approximately 0.2 million tons of Inferred Mineral Resources with 0.4 million pounds of uranium and 1.9 million pounds of vanadium at average grades of 0.10% U3O8 and 0.51% V2O5, respectively.

Stephen P. Antony, President and CEO of Energy Fuels stated: "The La Sal Project is one of Energy Fuels’ key uranium and vanadium production sources, as it has the potential to contribute to our near-term production optionality. Two mines in the project, the Beaver mine and the Pandora mine, were in production as recently as late 2012. We continue to maintain these mines on standby, so we can bring them back into production within just a few months’ time with minimal upfront cost, once market conditions improve to suitable levels."

The Company also filed on SEDAR a report titled, "Juniper Ridge Uranium Project, Carbon County, Wyoming," which includes an updated NI 43-101 mineral resource estimate and a preliminary economic assessment (the "Juniper Ridge Technical Report") prepared in accordance with NI 43-101.

The Juniper Ridge Technical Report increases the mineral resource estimate for the project by nearly 20% in comparison to the previous technical report. The new resource estimate for the Juniper Ridge project shows the project having a total of approximately 5.2 million tons of Indicated Mineral Resources containing 6.1 million pounds of uranium with an average grade of 0.06% eU3O8. In addition, the project is estimated to have an additional 107,000 tons of Inferred Mineral Resources containing 182,000 pounds of uranium with an average grade of 0.09% eU3O8.

Under the base-case scenario in the preliminary economic assessment (PEA), the Company anticipates utilizing open pit mining in conjunction with on-site heap leach recovery that produces an intermediate uranium concentrate in the form of loaded resin, which could be shipped to Energy Fuels’ 100% owned White Mesa Mill near Blanding, Utah (or other regional facilities) for final processing. Historic mining at the project occurred in the 1950’s and 1960’s, during which time significant uranium was produced.

Under the base-case scenario in the PEA, the Juniper Ridge Project is expected to produce a little over 500,000 pounds of U3O8 per year over a 10-year mine life. The project is expected to require initial capital expenditures of $37.5 million, and to generate an after-tax internal rate of return of 22% and net present value of $21.3 million, applying an 8% discount rate. In addition, the direct cash cost of production, including processing and royalties, is expected to total $38.84 per pound. The PEA assumes a constant uranium price of $65/pound over the 10-year life of the project.