Energy Fuels Significantly Strengthens Uranium Position in Wyoming 

LAKEWOOD, CO - Energy Fuels Inc. has completed the acquisition from Excalibur Industries, royalties on the Company's 100%-owned Nichols Ranch in situ recovery (ISR) project in Wyoming (Nichols Ranch), along with royalties on several operating, standby, and advanced-stage ISR projects in Wyoming owned and operated by Power Resources, Inc., a wholly-owned subsidiary of Cameco Corporation (collectively, the "Royalties"). The Company has also provided the State of Wyoming with a notice of its intent to repay and retire its Wyoming Industrial Development Revenue Bond, which has a balance of $8.3 million as of the date of this release.

Mark S. Chalmers, President and CEO of Energy Fuels said, “We strengthened our position in Wyoming by adding to our assets and announcing our intent to retire debt. We believe today's acquisition of the Royalties will be extremely accretive for Energy Fuels as uranium prices rise, whether due to global supply and demand fundamentals or through remedies associated with the current U.S. government investigation into uranium imports into the U.S. As Energy Fuels increases production, the acquisition of the 6% - 8% royalty on Nichols Ranch together with our other Wyoming projects will significantly enhance our operating margins and cash flow profiles. Furthermore, the acquisition of the 4% gross production royalty on Cameco's properties, including North Butte which has an extensive production history and significant in-ground resources, should result in an attractive return on investment for Energy Fuels and our shareholders. Cameco has stated that all of their projects in Wyoming could achieve up to 4 million pounds of production per year within 18 – 24 months of a production decision. A significant portion of this production would likely come from the Cameco properties on which we now hold a royalty, resulting in a very rapid payback on this royalty in an improved market. Energy Fuels' leverage to increasing uranium prices just became much stronger with today's acquisition of the Royalties.

"In sum this quarter, Energy Fuels is deploying almost $12 million of capital into the State of Wyoming. Furthermore, by lowering the costs at our projects, we are in a position to make future investments in Wyoming sooner than we were before. We are committed to Wyoming and its people, and we look forward to continuing to operate responsibly in the State for many years to come."