ENERGY FUELS INC.

1. ENERGY FUELS INC. The Leading U.S. Conventional Uranium Producer November 2012

2. Forward Looking Statements Certain of the information contained in this presentation constitutes "forward-looking information" (as defined in the Securities Act (Ontario)) and "forward-looking statements" (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that are based on expectations, estimates and projections of management of Energy Fuels Inc. ("Energy Fuels“ or “EFR”) as of today's date. Such forward-looking information and forward-looking statements include but are not limited to: expected synergies resulting from the completion of the transaction with Denison Mines Corp (the “Transaction”); expected effects on value and opportunities resulting from the Transaction; the proposed business strategy for Energy Fuels following the Transaction; business plans; outlook; expectations as to the prices of U3O8 and V2O5; expectations as to reserves, resources, results of exploration and related expenses; estimated future production and costs; changes in project parameters; and the expected permitting and production time lines. All statements contained herein which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking information and forward-looking statements. Factors that could cause such differences, without limiting the generality of the foregoing include: risks that the synergies and effects on value described herein may not be achieved; risks inherent in exploration, development and production activities; volatility in market prices for uranium and vanadium; the impact of the sales volume of uranium and vanadium; the ability to sustain production from mines and the mill; competition; the impact of change in foreign currency exchange; imprecision in mineral resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; unexpected geological or hydrological conditions; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks. Although Energy Fuels believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this presentation. Energy Fuels does not undertake any obligation to publicly update or revise any forward-looking information or forward looking statements after the date of this presentation to conform such information to actual results or to changes in Energy Fuels’ expectations except as otherwise required by applicable legislation. Additional information about the material factors or assumptions on which forward looking information is based or the material risk factors that may affect results is contained under “Risk Factors” in Energy Fuels' annual information form for the year ended September 30, 2011. These documents are available on the SEDAR website at www.sedar.com.

3. Notice Regarding Technical Disclosure This presentation may use the terms "Measured", "Indicated“ and "Inferred" Resources. U.S. investors are advised that, while such terms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. "Inferred Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. Accordingly, U.S. investors that information regarding Mineral Resources contained in this presentation may not be comparable to similar information made public by United States companies. The technical information in this presentation regarding Energy Fuels’ Colorado Plateau properties was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101. The technical reports regarding this information are filed on EFR's SEDAR profile and are available for viewing at www.sedar.com. The technical information in this presentation regarding Arizona Strip and Henry Mountain Complex properties was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and is extracted from technical reports, which reports are filed on EFR’s SEDAR profile and are available for viewing at www.sedar.com. The technical information in this presentation regarding the Sheep Mountain Project was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and is extracted from the Preliminary Feasibility Study dated April 13, 2012 which is filed on EFR's SEDAR profile and is available for viewing at www.sedar.com. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered in the United States absent registration or an applicable exemption from such registration requirements.

4. Investment Highlights • Energy Fuels is the leading U.S.-based pure-play uranium mining and production company • The largest conventional producer of uranium, & one of the largest holders of NI 43-101 uranium resources, in the U.S. • Strategic Asset: The White Mesa Mill – the only operating uranium mill in the U.S. • Current focus on relatively lower-cost sources of production • Existing long-term sales contracts mitigate uranium price risk • Above spot market prices with multiple utility customers • Strong, experienced management team and board • Extensive uranium mining and production expertise with combined 9% equity ownership • Well-Capitalized with $60M(1) of net working capital • Including cash & marketable securities of about $31M(1) As of June 30, 2012

5. Overview of Energy Fuels Overview • LTM Price Performance • The largest conventional uranium and vanadium production company in the U.S., supplying nearly one-third of the uranium produced in the U.S. • Recently acquired the U.S. mining division of Denison Mines Corp., which includes the White Mesa uranium mill, and several producing mines in the western United States • Listed on the TSX (Ticker: EFR and EFR.DB) • Headquartered in Denver, CO, corporate offices in Toronto, and production facilities in UT and AZ. Capitalization Summary

6. Board of Directors & Management Management Board of Directors • J. Birks Bovaird – Chairman of the Board • Involved in the financial services industry since the early 1970s with extensive experience with public resource companies. • Serves on the Board of Directors of NunaMinerals, Noble Minerals, and GTA Resources and Mining, and was previously the VP, Corporate Finance of one of Canada’s major accounting firms • Paul Carroll – Director • A lengthy business career in the mining industry, both as a lawyer and director and/or officer of several companies involved in mineral exploration and the mining industry in Canada, the U.S. Mexico, Latin America, Africa, China, Russia and Kazakhstan. • Mark Goodman – Director • A member of the board of several public and private resource companies, including Cogitore Resources Inc., Odyssey Resources Ltd., Corona Gold Corp., Dia Bras Exploration Inc., Ryan Gold Corp. and the Dynamic Venture Opportunities Fund • Bruce Hansen – Director • Currently CEO of General Moly; previously CFO and Senior VP with Newmont Mining Corporation • Prior to Newmont, spent 12 years with Santa Fe Pacific Gold where he held roles including VP Corporate Development and VP Finance • Sheldon Inwentash – Director • Founder, Chairman and CEO of Pinetree Capital Ltd., a Canadian investment company with a large portfolio of investments primarily in the junior resource and energy sectors, with extensive uranium holdings • Richard Patricio – Director • Serves as Executive VP Corporate Affairs for Mega Uranium Ltd. and VP Corporate & Legal Affairs for Pinetree Capital, responsible for M&A activities, corporate transactions and overall administration • Larry Goldberg, CA – Director • Chartered Accountant, currently CFO and COO of Arcestra Inc., formerly CFO of ZENN Motor Company Inc., Executive VP and CFO of Pinetree Capital Ltd., CFO of Mega Uranium Ltd., and CFO of Brownstone Ventures Inc. • Ron Hochstein – Director • Currently President and CEO of Denison Mines Corp. Formerly served as President and COO of Denison • Robert Dengler – Director • Serves as a Corporate Director of Denison Mines Corp after retiring from his position as Non-Executive Vice-Chairman of Dynatec Corporation • Stephen P. Antony, MBA • President, CEO & Director • Registered professional engineer • Over 35 years experience in conventional and ISR mining and processing • Graham Moylan, CPA • CFO • Former investment banker with Dundee Securities with extensive transaction experience within the uranium sector • 11 years aggregate experience in capital markets, finance, accounting and auditing • Harold R. Roberts • Executive VP, COO • Formerly Executive VP of US Operations at Denison Mines Corp. since 2006 • From 2001 to 2006, served as VP of International Uranium Corporation • Gary R. Steele, P.Eng., MSc. • Sr. VP, Corporate Marketing • Over 20 years experience in the mining business, 6 years in utility fuel marketing and 10 years in investment management • Registered professional engineer and mineral economist

7. Two Global Commodities Vanadium Uranium Alloying agent for steel & titanium Emerging battery & renewable energy technologies NOT coupled to Uranium market Current Price ~ US$5.50/lb. Fuel for nuclear power Current long-term contract prices = ~US$60 per lb. Expected supply/demand imbalances Current Spot Price (U3O8) = US$41.00/lb. On many Colorado Plateau properties, vanadium occurs with uranium adding a significant ‘byproduct’ revenue stream for the company

8. Nuclear Industry Update • Existing, operable nuclear reactors(1): • United States – 104 • World – 434 • U.S. expansion plans(1): • 3 reactor under construction • 26 reactors are planned or proposed • Worldwide expansion plans(1): • 64 reactors under construction • 483 additional new reactors are now planned or proposed • More reactors planned now than before Fukushima(2): • 62 reactors under construction • 478 planned & proposed Current uranium prices are relatively low due to the slow pace of Japanese reactor restarts, plentiful uranium on the market & slow Worldwide economic growth • World Nuclear Association, World Nuclear Power Reactors & Uranium Requirements, October 2012 • World Nuclear Association, World Nuclear Power Reactors & Uranium Requirements, February 2011

9. Asset Summary 3Operating mines 2 Permitted mines on standby 5Permitted development projects 7Additional development projects • A dominant resource position in three of the most productive historical uranium districts in the U.S.: • Colorado Plateau • Arizona Strip • Wyoming • Largest compliant resource holder in the Uravan Mineral Belt • Significant vanadium by-product resources on the Colorado Plateau

10. Production & Development Assets Colorado Plateau Arizona Strip Henry Mountains Complex Producing Pandora Standby Beaver Daneros Development Whirlwind Energy Queen Sage Plain Sunday Complex Mines San Rafael 43-101 U3O8 Resource: 9.4 M lbs. M&I, 5.3M lbs. Inf. Producing Arizona 1 Pinenut Development Canyon EZ1/EZ2 DB1 43-101 U3O8 Resource: 5.5M lbs. Inf. Development Tony M-Southwest Copper Bench-Indian Bench 43-101 U3O8 Resource: 12.8M lbs. M&I, 8.1M lbs. Inf. Sheep Mountain Development Sheep Mountain 43-101 U3O8 Resource: 30.3M lbs. M&I

11. Resource Summary * Includes 43-101 resources from Willhunt, Farmer Girl, and Torbyn

12. The White Mesa Mill (Utah) – A Strategic Asset • The onlyconventional uranium mill operating in the U.S. • Licensed to process up to 2,000 tons of ore per day (producing up to 8M lbs. of U3O8/year) • Planned to produce about 1,100,000 lbs. U3O8 in FY-2013 • Completed $31 million refurbishment program in 2008 • Central location allows for processing of Arizona, Utah, Colorado, & New Mexico ores • Vanadium circuit allows for the recovery of vanadium from Colorado Plateau ores • Stand-alone alternate feed circuit allows for the low-cost processing of other uranium-bearing materials with no associated mining cost

13. White Mesa Mill (Utah) – A Strategic Asset • Reliable US-based supplier of U3O8& V2O5, supported by highly experienced staff, leading technology, and a strong commitment to safety • Proven chemical processes result in high-quality products Ore Delivered to Stockpile Semi-Autogenous Grinding (SAG) Mill Alternate Feed Circuit Mill Laboratory Counter-Current Decantation (CCD) Packaged U3O8 Ready for Delivery 13

14. Marketing Strengths That Create & Preserve Value • Energy Fuels’ White Mesa Mill is a reliable U3O8 supplier with over 3.5 million lbs. of on-time deliveries since 2008 • An attractive supplier/partner for customers who require a secure, mid- to long-term source of supply • Energy Fuels currently has existing term contracts with three major utilities: • Two domestic and one overseas • Contracts have remaining terms between 3 and 5 years • Each of the contracts have prices significantly above the current spot market • Existing contracts mitigate the impact of the relatively low current spot price for U3O8 • Energy Fuels is a major supplier of V2O5 • Purchase commitments for V2O5 from a major U.S. aircraft alloy manufacturer • Domestic customer • Very high purity threshold • High probability of ongoing deliveries 14

15. Mines - Colorado Plateau Whirlwind Mine* La Sal Complex* Energy Queen Mine* • All permits in place • Mine rehabilitation complete • All Environmental permit facilities & mine related construction complete • 151 Miles to White Mesa • Internal PEA completed • All permits in place • Detailed capital cost estimate developed • 59 Miles to White Mesa • Adjoins La Sal Project • Recent production from Beaver & Pandora Mines (placed on standby Oct. 2012) • 5-Year Production History1 – 379,717 tons averaging 0.22% U3O8 and 1.18% V2O5 • 54 Miles to White Mesa • Also includes the LaSal& Snowball Mines Sage Plain Project* • Rehabilitation of historic Calliham & Sage Mines • 54 Miles to White Mesa • Projected permitting by April 2013 * Both U3O8 and V2O5 Production (1) Through December 31, 2011

16. Daneros Mine (Utah) • Recently producing uranium mine in Utah’s White Canyon District (placed on standby in October 2012) • 65 miles to the White Mesa Mill, along County Roads and State Highways • Production History: • 2010: 46,150 tons (0.31% U3O8) • 2011: 34,368 tons (0.28% U3O8)

17. Arizona Strip Mines • High-grade production from breccia pipe deposits (0.65% avg. grade) • Current production at Arizona 1 mine (anticipated through 2013) • 2nd mine (Pinenut) recently opened – production expected by December 2012 • 3rd mine (Canyon) shaft sinking in progress • EZ1 and EZ2 progressing through permitting • Additional exploration potential in region EZ1 & EZ2 ARIZONA 1 PINENUT CANYON Canyon Mine Arizona 1 Mine Northern Arizona

18. Mines - Henry Mountains Complex (Utah) Henry Mountain Complex • Consisting of the Tony M, Indian Bench, Copper Bench and Southwest deposits • Tony M Mine contains approximately 17-miles of existing underground workings • Large resource base (12.8M lbs. Indicated, 8.1M lbs. Inferred) • Currently on care & maintenance • Production-ready – permitted in September 2007 • Excellent infrastructure, including county road access, onsite power generation, fuel storage facilities, evaporation pond, maintenance building and offices.

19. Sheep Mountain Project (Wyoming) • Over 30 million lbs. of NI 43-101 Measured & Indicated uranium resource • Stand-alone brown-field project with current WDEQ mine permit in historic uranium mining jurisdiction • BLM Plan of Operations in progress (Expected 2014) • US NRC Radioactive Materials License application initiated (Expected in 2015) • Pre-Feasibility Study completed March 2012: • Production of 1.5M lbs./yr. & 15 yr. mine life • Combination of open-pit and underground mining • Low-cost heap leach recovery Existing Portals Existing Open Pit 1 Based on a uranium price of $65 per lb. U3O8

20. Energy Fuels: In Summary • Uniquely Positioned • The only conventional uranium production company in the United States • Strategic Uranium Production Assets • The White Mesa Mill, a proven, reliable supplier of uranium and vanadium • Producing and production-ready mines in close proximity to White Mesa • High-Purity Vanadium Production • V2O5 is a byproduct of Colorado Plateau uranium production • Vanadium-production is an additional revenue source unrelated to the nuclear industry • Alternate Feed Processing • A low-cost source of uranium production • Existing Uranium Sales Contracts • With multiple utilities that diminishes the impact of lower uranium spot prices • The Sheep Mountain Project • A 30m lb. stand-alone conventional uranium project located in mining-friendly Wyoming • Well Capitalized • ~$60M in working capital(1) (1) As at June 30, 2012 pro forma for the convertible debenture offering 20

21. Summary of Analyst Coverage • Energy Fuels is currently covered by three equity research analysts: 21

22. Contact Info Energy Fuels Inc. Suite 500 – 2 Toronto St. Toronto, ON M5C 2B6 Stephen Antony President & CEO Tel: (303) 974-2140 Toll-Free: (888) 864-2125 s.antony@energyfuels.com www.energyfuels.com