Energy Fuels Inc. · TSX:EFR
Energy Fuels — PDAC 2012
27 slides from Energy Fuels's conference presentation, March 2012
Slide 1: Advancing One of North America's Largest Portfolios of Uranium & Vanadium Resources to Production
ENERGY LS INC. TSX: EFR www.energyfuels.com Advancing One of North America’s Largest Portfolios of Uranium & Vanadium Resources to Production
Slide 2: Forward Looking Statements
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 Private Securities Litigation Reform Act of 1995) that are based on expectat
Slide 3: Investment Highlights
Investment Highlights • Recent accretive acquisition positions Energy Fuels as one of the largest holders of 43-101 uranium resources and the lead uranium consolidator in the U.S. • Updated Sheep Mountain PFS demonstrates robust project economics with initial capex of only $60M for open-pit mining •
Slide 4: Financial Overview
Financial Overview Ticker TSX: EFR U.S. Pink Sheet: EFRFF 52 Week Range $0.20 - $1.25 (Cdn) Mkt. Cap: $77.1 million (Cdn) (at 3/1/2012) Shares Outstanding 214.3 M (Basic) Warrants 28 M Options 6.6 M Major Institutional Holders Shares Outstanding 248.9 M (Fully Diluted) Dundee Resources Insider Share
Slide 5: Well-Positioned within the Uranium Sector
Well-Positioned within the Uranium Sector • Regional mining history coupled with well documented resource base in project Attractive Resource Base areas reduce resource and grade risk • Conventional open pit and underground mining techniques coupled with proven Proven Process milling processes minim
Slide 6: Stock Price vs. Milestones Achieved
Stock Price vs. Milestones Achieved Mill License Appeal by SMA Japan Earthquake NI 43-101 Resources Mill SUP Challenge Final Mill Increased by 27% by SMA Denied $2.00 License Issued Capital Raise $100.00 of $11.5M NESHAPS Approval Draft Mill License by EPA Issued Mill SUP $1.50 $75.00 Titan Uranium
Slide 7: Geographic Focus
Geographic Focus • A dominant resource position in two of the most productive historical uranium districts in the U.S.: • Wyoming • The Colorado Plateau • Largest compliant resource holder in the Uravan Mineral Belt • Two commodities being developed and produced simultaneously • Uranium • Vanadium •
Slide 8: One of the largest holders of U3O8 and V2O5 resources in North America
Energy Fuels – One of the largest holders of U 3 O 8 and V 2 O 5 resources in North America • Energy Fuels’ NI 43-101 compliant resource holdings in Colorado, Utah & Wyoming*: – Uranium Resources and Reserves (U3O8): • 39.7 million lbs. Measured & Indicated Resource • 4.6 million lbs. Inferred Resou
Slide 9: The Sheep Mountain Project
The Sheep Mountain Project Existing Sheep Mountain Portals • “Brown-field” project with existing mine permit in historic mining district – Profitably operated by Phelps-Dodge, Continental and Western Nuclear from the mid 1950’s to 1982 • Permitting Schedule: Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13
Slide 10: Sheep Mountain Prefeasibility Study Results
Sheep Mountain Prefeasibility Study Results • Revised Prefeasibility Study (PFS) completed February 2012 – Results of PFS are based on $65/lb. U3O8 price and are summarized below – NI 43-101 PFS to be submitted by BRS, Inc., Riverton, WY – Douglas L. Beahm, Q.P. Internal PV at 7% PV at 10% Initial R
Slide 11: Management Team
Management Team Stephen P. Antony, MBA • Over 35 years mining industry experience with Mobil, Power Resources and Energy Fuels Nuclear Inc. President & CEO • Registered professional engineer • Graduate of Colorado School of Mines and the University of Denver Gary R. Steele, MS, P. Eng. • Over 20 yea
Slide 12: Board of Directors
Board of Directors J. Birks Bovaird • Experienced within the financial services and resource sectors. Years of board contribution at the chair and committee levels in both the public and private sectors Chairman Sheldon Inwentash • Chairman and CEO of Pinetree Capital Ltd. Also a director and/or off
Slide 13: A Two Commodity Mining Company
A Two Commodity Mining Company Uranium Vanadium • Global utility fuel market • A global steel industry market as an • Primarily long-term contract business alloying agent (92% of V demand) • Terms of several years to assure supply • Potential for emerging battery technologies – renewable energy • Co
Slide 14: Colorado/Utah/Wyoming Production History
Colorado/Utah/Wyoming Production History • Between 1948 and 1990, ~250 million lbs. U3O8 produced from Colorado and Utah; averaging ~6 million lbs. per year • Wyoming has produced ~193 million lbs. U3O8 since the 1950’s and has been the leading U.S. producer of uranium since 1995 • Production ceased
Slide 15: Energy Fuels' U3O8 Resource Status
Energy Fuels’ U 3 O 8 Resource Status Resource Data supported by current NI 43-101 Technical Reports: Measured & Indicated Inferred Property Tons Grade Lbs. Tons Grade Lbs. Sheep Mtn Project* 12,895,000 0.12% 30,285,000 -- -- -- Whirlwind Mine 169,129 0.30% 1,095,422 437,100 0.23% 2,000,000 Energy Q
Slide 16: Energy Fuels' V2O5 Resource Status
Energy Fuels’ V 2 O 5 Resource Status ( C o l orado P l a te au) Resource Data supported by current NI 43-101 Technical Reports: Measured & Indicated Inferred Property Tons Grade Lbs. Tons Grade Lbs. Sheep Mtn Project -- -- -- -- -- -- Whirlwind Mine 169,129 0.97% 3,293,338 437,100 0.72% 6,472,000 E
Slide 17: Fully Permitted Mines
Fully Permitted Mines Whirlwind Mine Energy Queen Mine • Mine Permits in Place: • Mine Permits in Place: – EPA Radon Emissions Permit — Utah DOGM Mining Permit – Mesa County Conditional Use — EPA Radon Emissions Permit Permit – DRMS 112d (State of — Surface water discharge Colorado) permit – BLM Pla
Slide 18: Sheep Mountain – Development
Sheep Mountain – Development • Mining Sequence: • Open Pit operation for 1st five years • Underground development begins in year 5 — Production methods run concurrently until depletion of resource • Planned production rate = 1.5m lbs. U3O8 per year • Permitting Status: • Existing Wyoming Mine Permit
Slide 19: Colorado Plateau Mines In Permitting Phase
Colorado Plateau Mines In Permitting Phase • Sage Plain Project: • Rehabilitation of historic Calliham & Sage Mines • Location: — 15 miles northeast of Monticello, Utah — 76 miles to Piñon Ridge Mill — 54 Miles to existing White Mesa Mill • NI 43-101 Technical Report completed December 2012 • Consid
Slide 20: Other Colorado Plateau Uranium Projects
Other Colorado Plateau Uranium Projects • The San Rafael Project: • Rehabilitation of historic Deep Gold and Down Yonder Uranium Deposits • Location: — 14 miles west of Green River, Utah — 132 miles to Piñon Ridge Mill • NI 43-101 M&I Resource - 758,050 tons — 0.23% U3O8 (3.4 million lbs.) — 0.30% V
Slide 21: Arizona Strip Exploration Properties
Arizona Strip Exploration Properties • Acreage available for exploration reduced by ~1.1 million acres due to Federal withdrawal — Energy Fuels controls many properties not affected by withdrawal • Historical “Strip” production in excess of 20 million lbs. • Historical grades average 0.65% U3O8 • Pr
Slide 22: Energy Fuels' Piñon Ridge Mill
Energy Fuels’ Piñon Ridge Mill • Uranium and vanadium circuits • 500 tpd licensed capacity • Updated Capex study – Sept. 2011 Evaporation Ponds Admin Building Tailings Cells Ore Pads Mill March 2012 21
Slide 23: Mill Location
Mill Location Sage Plain Project March 2012 22
Slide 24: Piñon Ridge Mill Schedule
Piñon Ridge Mill Schedule Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 CDPHE License Application Review License Approved (1/05/11) License Appeal Process Detailed Engineering Mill Construction** Mill Commissioning and Production • Radioactive Materials Li
Slide 25: Piñon Ridge Mill – Key Points
Piñon Ridge Mill – Key Points • Radioactive Materials License received by Energy Fuels on March 7, 2011 • County Special Use Permit upheld by District Court on February 3, 2011, and affirmed by Colorado Court of Appeals on December 8, 2011 • Site centrally located in Uravan Mineral Belt • 500 tpd li
Slide 26: Energy Fuels Is:
Energy Fuels Is: A low-priced, low-risk call on: • An economic 9 million lb. uranium reserve recoverable by open-pit mining • The first new uranium mill to be built in the U.S. in 30 years • Among the highest grade uranium resources available globally, outside northern Saskatchewan • A low-cost vana
Slide 27: Contact
Contact Suite 500 - 2 Toronto Street 44 Union Blvd., Suite 600 Toronto, Ontario Lakewood, Colorado M5C 2B6 80228 Gary Steele, Investor Relations Telephone (303) 974-2140 Toll-Free (888) 864-2125 Email: g.steele@energyfuels.com Web Site: www.energyfuels.com March 2012 26