Energy Fuels Inc. · TSX:EFR
Energy Fuels — Investor Presentation (November 2010)
26 slides from Energy Fuels's investor presentation, November 2010
Slide 1: Energy Fuels Inc. – Advancing Toward Production
Energy Fuels Inc. TSX: EFR Advancing Toward Production November 2010 Energy Fuels has leveraged its property portfolio with an experienced management team to re-open US uranium mines and develop the first new uranium mill to be built in the US in 30 years
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 expect
Slide 3: Highlights
Highlights EFR has consolidated the highest grade conventional uranium resource properties in the U.S., fully permitted two mines in an established uranium district, consolidated resource, and will license a new mill in early 2011. The Company is positioned to be the lowest risk, sustainable uranium
Slide 4: Corporate Financial Overview
Corporate Financial Overview Capitalized to advance the goals of the company Ticker TSX: EFR US Pink Sheet: EFRFF 52 Week Range $0.13 - $0.75 Mkt. Cap- $66 million Shares Outstanding 96.6 M (Basic) Major Institutional Holders Warrants None Dundee Resources 19.2 M 19.8% Pinetree Capital 4.5 M 4.6% Op
Slide 5: Management Team
Management Team Highly experienced in uranium and mineral production Stephen P. Antony, MBA, • Over 30 years experience in conventional and ISL mining and processing with Mobil, Power Resources and Energy Fuels Nuclear Inc. P. Eng • Registered professional engineer President & CEO • Graduate of Colo
Slide 6: Board of Directors
Board of Directors Experienced uranium and mining Board J. Birks Bovaird • Financial advisory consulting to financial services industry since early 1970’s (Chairman) Bruce Hansen, MBA • Chief Executive Officer of General Moly Inc. and former CFO, Newmont Mining Corp. Various senior management roles
Slide 7: Energy Fuels – Attractive Risk Profile
Energy Fuels – Attractive Risk Profile EFR’s risk profile is among the lowest in the uranium sector • Energy Fuels is uniquely positioned to minimize the risks in a uranium mining investment Reserve and • Regional mining history coupled with the well documented reserve base in the area reduce reserv
Slide 8: EFR – A Two Commodity Mining Company
EFR – A Two Commodity Mining Company Company provides exposure to Uranium and Vanadium Uranium Vanadium • A global utility fuel market • A global steel industry market as an • Typically bought on contracts alloying agent (92% of V demand) • Terms of several years to assure • Growing potential as a l
Slide 9: Energy Fuels' District Focus
Energy Fuels’ District Focus Focused on the states of CO, UT, and AZ October 2010 8
Slide 10: Geologic and Resource Environment
Geologic and Resource Environment Developing properties in a prolific and established uranium region • Energy Fuels’ properties and mill site strategically located • Operations in one of the historically highest producing regions in the US • Highest grade uranium deposits available in the US • An en
Slide 11: District Production History
District Production History Long history in the district of significant uranium production • Between 1948 and 1990, ~250 million pounds U3O8 produced from Colorado and Utah; averaging ~6 million pounds per year • Production ceased due to falling U3O8 prices, not resource depletion • Conventional und
Slide 12: U3O8 Resource Status (Colorado Plateau)
U3O8 Resource Status (Colorado Plateau) Significant low risk resource with upside potential 43-101 43-101 Additional Resource Area Measured & Indicated Inferred Historical Resource (lbs.) (lbs.) (lbs.) 1. Whirlwind Mine 860,000 2,000,000 2,300,000 Energy Queen Mine 1,215,000 222,000 750,000 San Rafa
Slide 13: Other Resource (not included in 43-101)
Other Resource (not included in 43-101) 17M lbs of U3O8 resource convertible to 43-101 at low cost Equivalent Equivalent Additional Resource Area Measured & Indicated Inferred Historical Resource (lbs.) (lbs.) (lbs.) 1. Additive to filed 43-101 lbs. (WW, Torbyn, FG, 365,200 350,000 3,450,000 Willhun
Slide 14: Key Property – Whirlwind Mine
Key Property – Whirlwind Mine Fully-permitted past producing mine • Mine Fully Permitted • Mesa County Conditional Use Permit 12/18/07 • DRMS 112d (State of Colorado) – 2/21/08 • BLM Plan of Operations (FONSI) – 9/8/08 • All environmental and permit related construction complete • Drilling to-date:
Slide 15: Key Property – Energy Queen Mine
Key Property – Energy Queen Mine Fully-permitted past producing mine • Mine rehabilitation underway • Detailed Capital Cost Estimate developed for rehabilitation • Mining and water discharge permits in place • Utah DOGM Permit transferred from Denison and amended for current compliance • Obtained su
Slide 16: Key Property – San Rafael District
Key Property – San Rafael District Two past producing mines with significant resources • 2 Deposits Acquired with Magnum Uranium; 132 Miles from Piñon Ridge Mill • NI 43-101 U3O8- 1.4 million lbs. M&I @ 0.21% & 1.3 million lbs. Inf. @ 0.22% • Deep Gold Deposit • Discovery by Pioneer Uravan- late 70’
Slide 17: Exploration Properties
Exploration Properties 4,000 Acre Position in Arizona Strip; under-explored growth area • Historical “Strip” production in excess of 20 million lbs. • Historical grades average 0.65% U3O8 • EFR controls 24 targets – 5 with confirmed breccia pipe structures • Proprietary database and strong technical
Slide 18: Energy Fuels' Piñon Ridge Mill
Energy Fuels’ Piñon Ridge Mill The key to commercial production • Uranium and vanadium circuits • 500 tpd licensed capacity • 850,000 lbs. / year U3O8 • 3,700,000 lbs. / year V2O5 Evaporation Ponds Admin Building Tailings Cells Ore Pads Mill N October 2010 17
Slide 19: Mill Location
Mill Location In the heart of the Uravan Mineral Belt Utah Colorado October 2010 18
Slide 20: Piñon Ridge Mill Schedule
Piñon Ridge Mill Schedule On track for first uranium production by 2012 Q4- 09 Q1- 10 Q2- 10 Q3- 10 Q4- 10 Q1- 11 Q2- 11 Q3- 11 Q4- 11 Q1- 12 License Application Submitted CDPHE License Application Review Detailed Engineering License Approval Expected (1/17/11) Mill Construction Mill Commissioning R
Slide 21: Radioactive Material License Application
Radioactive Material License Application • Submitted to CDPHE on November 18, 2009 • Submitted to CDPHE on November 18, 2009 • Determined to be complete on December 18, 2009 • Determined to be complete on December 18, 2009 October 2010 20
Slide 22: Additional Mill Feed in the District
Additional Mill Feed in the District (Ex DML) Significant opportunity to process feed from third party mines • 23 permitted uranium mines, many with previous production history, within 180 miles of the Piñon Ridge mill site – ~3.7 million tons of uranium ore – mill feed for 21 years at 500 tpd • In
Slide 23: Piñon Ridge Mill Economics
Piñon Ridge Mill Economics Driver of EFR’s value • Grades in the district average 0.25% U3O8 (5 lbs. per ton) and 1.25% V2O5 (25 lbs. per ton) • Recoveries at the Piñon Ridge Mill are engineered to be 96% for U3O8 (4.8 lbs. per ton) and 85% for V2O5 (21.3 lbs. per ton) • At current commodity prices
Slide 24: Piñon Ridge Mill – Key Points
Piñon Ridge Mill – Key Points • Lead licensing agency- CDPHE; NOT the US NRC • Unanimous approval of County Special Use Permit on 9/30/2009 • License application submitted to CDPHE, November 18, 2009 • License application deemed complete by CDPHE, December 18, 2009 • Major community support • Signif
Slide 25: Energy Fuels
Energy Fuels A low-priced, low-risk call on: • The first new uranium mill to be built in the US in more than 25 years • The highest grade uranium resource available globally, outside northern Saskatchewan • A low-cost vanadium by-product stream • A proven management and technical team • The future o
Slide 26: 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: investorinfo@energyfuels.com Web Site: www.energyfuels.com October 2010 25