Energy Fuels Inc. (NYSE:UUUU) Q2 2020 Earnings Conference Call August 5, 2020 11:00 AM ET Company Participants Mark Chalmers - President & Chief Executive Officer Dave Frydenlund - Chief Financial Officer & General Counsel Curtis Moore - Vice President of Marketing & Corporate Development Conference Call Participants Mark Reichman - Noble Capital Markets Heiko Ihle - HC Wainwright Joseph Reagor - ROTH Capital Partners Operator Good morning. My name's Colin, and I'll be your conference operator today. At thi ...

[PART I – FINANCIAL INFORMATION](index=8&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion for Energy Fuels Inc [ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=8&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Energy Fuels Inc. presents unaudited condensed consolidated financial statements for Q2 2020, detailing financial performance, position, and cash flows [Financial Performance](index=9&type=section&id=Financial%20Performance) Q2 2020 revenues were $0.40 million, with a net loss of $8.2 million, an improvement due to reduced inventory impairment | Financial Metric | Three Months Ended June 30, 2020 (USD) | Three Months Ended June 30, 2019 (USD) | Six Months Ended June 30, 2020 (USD) | Six Months Ended June 30, 2019 (USD) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $0.395 million | $3.071 million | $0.788 million | $4.741 million | | **Total Operating Loss** | ($6.470) million | ($11.504) million | ($14.276) million | ($21.626) million | | **Net Loss** | ($8.190) million | ($9.314) million | ($13.854) million | ($21.448) million | | **Basic and Diluted Loss Per Share** | ($0.08) | ($0.10) | ($0.12) | ($0.23) | - For the three and six months ended June 30, 2020, the company recorded inventory impairment losses of **$0.43 million** and **$1.51 million**, respectively, a significant reduction from the **$4.91 million** and **$6.08 million** impairments recorded in the same periods of 2019[42](index=42&type=chunk) [Financial Position](index=10&type=section&id=Financial%20Position) As of June 30, 2020, total assets increased to $188.1 million, driven by cash, while liabilities decreased, boosting equity | Balance Sheet Item | June 30, 2020 (USD) | December 31, 2019 (USD) | | :--- | :--- | :--- | | **Total Current Assets** | $57.020 million | $43.172 million | | Cash and cash equivalents | $26.635 million | $12.810 million | | Inventories, net (Current) | $26.576 million | $22.808 million | | **Total Assets** | $188.125 million | $175.720 million | | **Total Current Liabilities** | $18.977 million | $22.638 million | | **Total Liabilities** | $42.228 million | $45.113 million | | **Total Equity** | $145.897 million | $130.607 million | [Cash Flows](index=13&type=section&id=Cash%20Flows) Net cash used in operations was $15.8 million, offset by $27.1 million from financing activities, significantly increasing cash | Cash Flow Activity (Six Months Ended June 30) | 2020 (USD) | 2019 (USD) | | :--- | :--- | :--- | | **Net cash used in operating activities** | ($15.830) million | ($22.992) million | | **Net cash provided by investing activities** | $3.051 million | $16.116 million | | **Net cash provided by financing activities** | $27.096 million | $9.050 million | | **Change in Cash, Cash Equivalents and Restricted Cash** | $14.317 million | $2.174 million | [Notes to Financial Statements](index=14&type=section&id=Notes%20to%20Financial%20Statements) Notes detail the company's exploration status, Cdn$20.86 million debentures, legal challenges, and $20.24 million in surety bonds - The company is classified as an exploration stage mining company under U.S. SEC Industry Guide 7 as it has not established proven or probable reserves[33](index=33&type=chunk) - The company has **Cdn$20.86 million** in floating-rate convertible unsecured subordinated debentures maturing on December 31, 2020, with half (**Cdn$10.43 million**) redeemed on July 14, 2020[51](index=51&type=chunk)[55](index=55&type=chunk) - The company faces legal challenges from environmental and tribal groups regarding its White Mesa Mill license renewal and its Canyon Project operations[83](index=83&type=chunk)[84](index=84&type=chunk)[87](index=87&type=chunk) - As of June 30, 2020, the company has posted **$20.24 million** in surety bonds as collateral against a total undiscounted asset retirement obligation of **$41.75 million**[90](index=90&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=27&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses business strategy, recent developments, market outlook, and financial results, highlighting improved liquidity [Overview and Recent Developments](index=27&type=section&id=Overview%20and%20Recent%20Developments) The company leverages its White Mesa Mill for uranium and REE processing, acquired PFN technology, and monitors U.S. government initiatives - The company is evaluating processing Rare Earth Element (REE) ores at its White Mesa Mill to produce a commercially viable REE concentrate, providing a crucial link in a potential U.S. REE supply chain[110](index=110&type=chunk)[119](index=119&type=chunk)[121](index=121&type=chunk) - On July 14, 2020, the company redeemed **Cdn$10.43 million** of its outstanding convertible debentures to take advantage of favorable exchange rates and reduce interest payments[114](index=114&type=chunk) - The President's Budget for fiscal year 2021 proposes establishing a U.S. Uranium Reserve with appropriations of **$150 million** per year for 10 years to support domestic production[128](index=128&type=chunk) - The company acquired Prompt Fission Neutron (PFN) borehole logging technology and equipment, critical for accurately measuring uranium ore grades in ISR deposits[116](index=116&type=chunk) [Market and Operations Outlook](index=31&type=section&id=Market%20and%20Operations%20Outlook) Uranium spot prices rose 21% in Q2 2020, with the company producing U3O8 for inventory while most facilities remain on standby - Uranium spot prices increased by **21%** during Q2 2020, from **$27.30** to **$33.00 per pound**, while long-term prices rose from **$34.00** to **$39.00 per pound**[132](index=132&type=chunk) - For the full year 2020, the company expects to recover between **125,000** and **175,000 pounds of U3O8**[140](index=140&type=chunk) - The company has no uranium sales commitments for 2020 and plans to add all production to its inventory, which is fully unhedged against future price increases[141](index=141&type=chunk)[151](index=151&type=chunk) - The Nichols Ranch ISR facility was placed on standby in Q1 2020, with other conventional mines and the Alta Mesa Project also remaining on standby pending improved market conditions or government action[136](index=136&type=chunk)[138](index=138&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q2 2020 revenues were $0.40 million, with a net loss of $8.2 million, an improvement due to reduced inventory impairment charges | Metric | Three Months Ended June 30, 2020 (USD) | Three Months Ended June 30, 2019 (USD) | | :--- | :--- | :--- | | **Total Revenues** | $0.40 million | $3.07 million | | **Impairment of Inventories** | $0.43 million | $4.91 million | | **Standby Costs** | $2.73 million | $1.25 million | | **General & Administration** | $3.17 million | $3.73 million | | **Net Loss** | ($8.19) million | ($9.31) million | - The decrease in revenue was due to the absence of any uranium or vanadium concentrate sales in Q2 2020[159](index=159&type=chunk)[164](index=164&type=chunk) - Standby costs increased to **$2.73 million** in Q2 2020 from **$1.25 million** in Q2 2019, primarily due to reduced recovery activities at the Nichols Ranch facility[171](index=171&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company's financial position strengthened in H1 2020 with $38.04 million net working capital and $26.64 million cash, funded by share issuances - At June 30, 2020, the company had net working capital of **$38.04 million**, including **$26.64 million** in cash and **$1.68 million** in marketable securities[183](index=183&type=chunk) - For the six months ended June 30, 2020, the company raised **$27.86 million** in net proceeds from the issuance of common shares[189](index=189&type=chunk) - The company holds approximately **575,000 pounds** of finished uranium inventory and **1,675,000 pounds** of finished vanadium inventory[183](index=183&type=chunk) - Subsequent to the quarter end, from July 1 to July 31, 2020, the company raised an additional **$8.5 million** in net proceeds from its ATM program[182](index=182&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=42&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces market risks from volatile commodity prices, interest rates on convertible debentures, and foreign currency exposure from Canadian dollar debt - The company is subject to commodity price risk as all future uranium sales will be at spot prices until new long-term contracts are secured[207](index=207&type=chunk) - Interest rate risk exists on the Convertible Debentures, where the annual interest rate fluctuates between **8.5%** and **13.5%** based on the spot price of U3O8[208](index=208&type=chunk)[209](index=209&type=chunk) - The company has foreign currency risk exposure on its Canadian Dollar denominated Convertible Debentures, with a total exposure of approximately **$10.9 million** as of June 30, 2020[210](index=210&type=chunk)[211](index=211&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=44&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls were ineffective as of June 30, 2020, due to a material weakness, with remediation expected by year-end - Management concluded that disclosure controls and procedures were not effective as of June 30, 2020, due to a material weakness in internal control over financial reporting disclosed in the 2019 Form 10-K[215](index=215&type=chunk) - The company expects to complete the remediation of this material weakness prior to the end of fiscal year 2020[217](index=217&type=chunk) [PART II – OTHER INFORMATION](index=45&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section covers other required disclosures, including legal proceedings, risk factors, unregistered equity sales, and mine safety [ITEM 1. LEGAL PROCEEDINGS](index=45&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) No new material legal proceedings are reported beyond those previously disclosed in the company's 2019 Form 10-K or this 10-Q - There are no new material legal proceedings to report that were not already disclosed in the Company's Form 10-K for the year ended December 31, 2019, or in this Form 10-Q[219](index=219&type=chunk) [ITEM 1A. RISK FACTORS](index=45&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes have occurred in the company's risk factors since those outlined in the 2019 Form 10-K - No material changes have occurred in the risk factors from those set forth in the Annual Report on Form 10-K for the year ended December 31, 2019[221](index=221&type=chunk) [Other Part II Items](index=45&type=section&id=Other%20Part%20II%20Items) This section covers no unregistered equity sales or senior security defaults, with mine safety disclosures in Exhibit 95.1 and a list of exhibits - The company reported no unregistered sales of equity securities or defaults on senior securities during the period[222](index=222&type=chunk)[224](index=224&type=chunk) - Mine safety disclosures are provided in Exhibit 95.1, as required by the Dodd-Frank Act[226](index=226&type=chunk)

PART I – FINANCIAL INFORMATION [Condensed Consolidated Financial Statements](index=8&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Energy Fuels Inc. reported a reduced **$5.7 million** net loss in Q1 2020, driven by lower operating costs and financial instrument gains, despite decreased revenue, and improved its balance sheet Condensed Consolidated Statements of Operations (Q1 2020 vs Q1 2019) | Financial Metric | Three months ended March 31, 2020 ($) | Three months ended March 31, 2019 ($) | | :--- | :--- | :--- | | Total Revenues | $393,000 | $1,670,000 | | Total operating loss | ($7,806,000) | ($10,122,000) | | Net loss | ($5,664,000) | ($12,134,000) | | Basic and diluted loss per share | ($0.05) | ($0.13) | Condensed Consolidated Balance Sheet Highlights | Balance Sheet Item | March 31, 2020 ($) | December 31, 2019 ($) | | :--- | :--- | :--- | | Cash and cash equivalents | $23,537,000 | $12,810,000 | | Total current assets | $53,504,000 | $43,172,000 | | Total assets | $184,928,000 | $175,720,000 | | Total current liabilities | $18,405,000 | $22,638,000 | | Total liabilities | $39,966,000 | $45,113,000 | | Total equity | $144,962,000 | $130,607,000 | Condensed Consolidated Statements of Cash Flows (Q1 2020 vs Q1 2019) | Cash Flow Activity | Three months ended March 31, 2020 ($) | Three months ended March 31, 2019 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | ($8,324,000) | ($11,553,000) | | Net cash provided by investing activities | $2,200,000 | $9,950,000 | | Net cash provided by financing activities | $18,572,000 | $2,511,000 | - In Q1 2020, the company recorded an inventory impairment loss of **$1.08 million**, compared to **$1.18 million** in Q1 2019[40](index=40&type=chunk) - The company completed a bought deal public offering of **11.30 million** common shares in February 2020, receiving net proceeds of **$15.14 million**; additionally, **2.39 million** shares were issued under the ATM program for net proceeds of **$3.96 million** in Q1 2020[59](index=59&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes the **$5.7 million** Q1 2020 net loss to low commodity prices, while pursuing rare earth element opportunities and engaging with the U.S. Uranium Reserve initiative, supported by **$19.1 million** in equity financing - The company is evaluating entry into the rare earth element (REE) market, leveraging the White Mesa Mill's capabilities to process REE-bearing ores and materials, potentially creating a domestic REE supply chain and reducing reliance on China[108](index=108&type=chunk)[110](index=110&type=chunk) - The U.S. President's 2021 Budget proposes creating a Uranium Reserve with **$150 million** in annual funding for **10 years** to purchase domestically produced uranium, a direct response to the company's Section 232 petition and the Nuclear Fuel Working Group's findings[114](index=114&type=chunk)[115](index=115&type=chunk) Uranium & Vanadium Production and Outlook | Metric | Q1 2020 Actual (lbs) | FY 2020 Guidance (lbs) | | :--- | :--- | :--- | | U3O8 Recovered | 5,900 | 125,000 - 175,000 | | V2O5 Recovered | 67,000 | N/A (Pond Return suspended) | - The company has no uranium sales commitments for 2020 and is fully unhedged, positioning it to benefit from potential price increases; all 2020 production is expected to be added to inventory[126](index=126&type=chunk)[136](index=136&type=chunk) - At March 31, 2020, the company had working capital of **$35.10 million**, including **$23.54 million** in cash and significant uranium and vanadium inventories; management believes it has sufficient resources for at least the next twelve months[160](index=160&type=chunk) [Recent Developments](index=25&type=section&id=Recent%20Developments) Recent developments include managing COVID-19 impacts, raising **$15.14 million** in financing, exploring rare earth element market entry, and noting progress on the U.S. Uranium Reserve initiative - The company believes it is well-capitalized to withstand potential facility shutdowns or depressed share prices resulting from the COVID-19 crisis for at least the next twelve months[106](index=106&type=chunk) - On February 20, 2020, the company closed a bought deal public offering, issuing **11.3 million** common shares at **$1.47 per share** for net proceeds of **$15.14 million**[107](index=107&type=chunk) - The company is exploring entry into the rare earth element (REE) market, leveraging its White Mesa Mill to potentially process ores and eliminate the need to ship them to China[108](index=108&type=chunk)[110](index=110&type=chunk) - The President's 2021 Budget proposes a **$150 million** annual appropriation for **10 years** to establish a U.S. Uranium Reserve, supporting domestic production; this action follows recommendations from the U.S. Nuclear Fuel Working Group[114](index=114&type=chunk) [Market Update](index=26&type=section&id=Market%20Update) Uranium spot prices rose **10%** in Q1 2020 to **$27.30 per pound** and continued climbing due to COVID-19 related production cuts, while vanadium prices also increased amid supply concerns Commodity Price Changes | Commodity | Q1 2020 Change | Price on April 30/May 1, 2020 ($/lb) | | :--- | :--- | :--- | | Uranium (U3O8) Spot | +10% (to $27.30/lb) | $33.75/lb | | Vanadium (V2O5) Europe | +5% (to $5.58/lb) | $6.88/lb | - Significant uranium production cuts were announced post-quarter in Canada, Kazakhstan, and Namibia due to the COVID-19 crisis, contributing to a price increase of over **30%** between March 1 and April 30, 2020[118](index=118&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q1 2020 net loss improved to **$5.7 million** from **$12.1 million** in Q1 2019, despite lower revenues, primarily due to reduced development expenses and a positive swing in other income from financial instrument gains - Revenues for Q1 2020 were **$0.39 million**, entirely from fees for receiving third-party ore, compared to **$1.67 million** in Q1 2019, which included **$1.17 million** from vanadium sales[144](index=144&type=chunk) - Development, permitting, and land holding costs decreased sharply to **$0.68 million** in Q1 2020 from **$4.34 million** in Q1 2019, as the prior year included costs for a V2O5 test-mining program and production ramp-up[147](index=147&type=chunk) - Standby costs increased to **$1.92 million** in Q1 2020 from **$1.08 million** in Q1 2019, mainly due to reduced recovery activities at the White Mesa Mill[150](index=150&type=chunk) - Other income was **$2.49 million** in Q1 2020, compared to a loss of **$1.68 million** in Q1 2019; the positive swing was mainly due to gains on the fair value of convertible debentures and warrant liabilities, and foreign exchange gains[156](index=156&type=chunk)[157](index=157&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces market risks from unhedged uranium and vanadium commodity prices, interest rate fluctuations on convertible debentures tied to uranium prices, and Canadian dollar currency exposure - The company is fully exposed to uranium and vanadium spot prices as all long-term uranium contracts have expired and no new contracts are in place[187](index=187&type=chunk)[188](index=188&type=chunk) - Interest rate risk on the Convertible Debentures is tied to the UxC U3O8 price, ranging from **8.5%** annually for prices up to **$54.99/lb** to **13.5%** for prices at or above **$100/lb**[189](index=189&type=chunk)[190](index=190&type=chunk) - The company has a net exposure of approximately **($1.85) million** to the Canadian dollar as of March 31, 2020, primarily through its convertible debentures[192](index=192&type=chunk) [Controls and Procedures](index=39&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were not effective as of March 31, 2020, due to a material weakness, with a remediation plan underway for completion by fiscal year-end 2020 - The CEO and CFO concluded that disclosure controls and procedures were not effective as of March 31, 2020, due to a material weakness identified in the 2019 annual report[196](index=196&type=chunk) - A remediation plan is underway to address the material weakness, with completion expected prior to the end of fiscal 2020[198](index=198&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=40&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company reports no new material pending or threatened litigation beyond what was previously disclosed in its 2019 Form 10-K and current Form 10-Q - There are no new material legal proceedings that would likely have a material adverse effect on the company beyond those already disclosed[200](index=200&type=chunk) [Risk Factors](index=40&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2019 - No material changes from the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2019 have occurred[202](index=202&type=chunk) [Mine Safety Disclosure](index=40&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURE) Mine safety disclosures required by Regulation S-K Item 104 are included in Exhibit 95.1 of this quarterly report - Mine safety disclosures required by Regulation S-K Item 104 are included in Exhibit 95.1 of this report[207](index=207&type=chunk)

[Part I](index=18&type=section&id=PART%20I) [Item 1. Description of Business](index=18&type=section&id=ITEM%201.%20DESCRIPTION%20OF%20BUSINESS) Energy Fuels Inc. is a leading U.S. uranium and vanadium producer, operating key mills and ISR facilities, poised for market recovery * Energy Fuels is a **leading U.S. integrated uranium producer**, engaged in conventional and in-situ recovery (ISR) of uranium, and also produces vanadium. Key operational assets include the **White Mesa Mill** (conventional), the **Nichols Ranch Project** (ISR), and the **Alta Mesa Project** (ISR, on standby)[55](index=55&type=chunk) 2019 Production Summary | Facility / Source | Product | Pounds Recovered (lbs) | | :--- | :--- | :--- | | Nichols Ranch Project | U3O8 | 69,626 | | White Mesa Mill (Pond Solutions) | V2O5 | 1,807,732 | * The company's strategy focuses on maintaining **production scalability** to respond to improved market conditions, potentially driven by U.S. government initiatives like the President's Budget proposal for a **Uranium Reserve**. It also pursues revenue from **alternate feed processing** and potential **rare earth recovery**[82](index=82&type=chunk)[83](index=83&type=chunk) * The uranium market in 2019 remained **weak**, with spot prices **declining 8%** to **$24.85 per pound**. The company holds its produced uranium in inventory, anticipating future price increases, and has **no sales commitments for 2020**[86](index=86&type=chunk)[96](index=96&type=chunk) * Vanadium (V2O5) prices **fell sharply** in 2019 from **$15.50 to $5.33 per pound**. The company produced **~1.8 million lbs** and sold **~202,000 lbs**, holding the remaining **~1.6 million lbs** in inventory for potential future sales into stronger markets[106](index=106&type=chunk)[108](index=108&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces significant risks from volatile commodity prices, environmental regulations, litigation, and financial uncertainties, including internal control weaknesses * The company's profitability is **highly sensitive** to the cyclical and **volatile** market prices of uranium and vanadium. Many of the company's properties are **not economically viable** at current prices[135](index=135&type=chunk)[140](index=140&type=chunk) * The company's properties **do not contain any mineral reserves** under SEC Industry Guide 7, classifying it as an "**Exploration Stage**" company[140](index=140&type=chunk) * Operations are subject to **extensive and stringent** federal, state, and local environmental laws and regulations, which can **increase costs**, cause **delays**, and lead to **significant liabilities**[147](index=147&type=chunk)[175](index=175&type=chunk) * The outcome of the President's Budget proposal for a U.S. Uranium Reserve is **uncertain** and subject to Congressional appropriation. Failure to implement this support could **negatively impact** the company[156](index=156&type=chunk) * The company has **Cdn$20.87 million** in convertible debentures **maturing on December 31, 2020**, which may be retired with cash or through the issuance of common shares, **potentially causing dilution**[160](index=160&type=chunk) * **Material weaknesses** in internal controls over financial reporting have been identified, which could affect the **accuracy of financial reports** and **investor confidence**[208](index=208&type=chunk)[209](index=209&type=chunk) [Item 2. Description of Properties](index=58&type=section&id=ITEM%202.%20DESCRIPTION%20OF%20PROPERTIES) This section details Energy Fuels' U.S. uranium and vanadium properties, including ISR and conventional operations, with resource estimates primarily under NI 43-101 standards [Overview](index=59&type=section&id=Overview) This overview details Energy Fuels' conventional and ISR uranium extraction in the U.S., highlighting key assets and historical production figures Uranium and Vanadium Recovery History (2015-2019) | Year | Total U3O8 Recovered (000 lbs) | Total V2O5 Recovered (000 lbs) | | :--- | :--- | :--- | | 2019 | 70 | 1,807 | | 2018 | 917 | --- | | 2017 | 1,571 | --- | | 2016 | 1,015 | --- | | 2015 | 569 | --- | * In 2019, all **70,000 lbs of U3O8** recovered came from the **Nichols Ranch ISR project**. All **1,807,000 lbs of V2O5** recovered came from tailings solution recycling at the **White Mesa Mill**[238](index=238&type=chunk) [Summary of Mineral Reserves and Resources](index=61&type=section&id=Summary%20of%20Mineral%20Reserves%20and%20Resources) This section details the company's mineral asset portfolio as of December 31, 2019, under NI 43-101 standards, noting only Sheep Mountain holds 'Mineral Reserves' under these guidelines NI 43-101 Mineral Reserves & Resources Summary (as of Dec 31, 2019) | Category | Commodity | Contained Pounds (000) | | :--- | :--- | :--- | | **Probable Mineral Reserves** | Uranium (eU3O8) | 18,365 (at Sheep Mountain) | | **Measured & Indicated Resources** | Uranium (eU3O8) | 77,277 | | **Inferred Resources** | Uranium (eU3O8) | 48,996 | | **Measured & Indicated Resources** | Vanadium (V2O5) | 31,673 | | **Inferred Resources** | Vanadium (V2O5) | 8,562 | | **Measured & Indicated Resources** | Copper (Cu) | 11,939 | | **Inferred Resources** | Copper (Cu) | 570 | * The company explicitly states it **does not have any mineral 'reserves'** within the meaning of SEC Industry Guide 7[29](index=29&type=chunk) [The Nichols Ranch Project](index=65&type=section&id=The%20Nichols%20Ranch%20Project) The Nichols Ranch Project is an operating ISR uranium facility in Wyoming, which recovered 70,000 lbs of U3O8 in 2019, with future production contingent on market improvements * Recovered approximately **70,000 lbs of U3O8** in 2019[281](index=281&type=chunk) * Production from existing wellfields is **winding down** and expected to be **depleted by the end of Q1 2020**. Future production **requires capital expenditure** to develop new wellfields[329](index=329&type=chunk)[334](index=334&type=chunk) Nichols Ranch Remaining Mineral Resources (Energy Fuels' Share) | Classification | Pounds eU3O8 (000) | | :--- | :--- | | Measured & Indicated | 6,291 | | Inferred | 1,112 | [The Alta Mesa Project](index=75&type=section&id=The%20Alta%20Mesa%20Project) The Alta Mesa Project is a fully-licensed ISR uranium facility in South Texas, currently on standby, with a 1.5 million lbs/year capacity, ready to resume production within twelve months * A **fully licensed, constructed ISR facility** with a **1.5 million lbs/year capacity**, currently **on standby**[341](index=341&type=chunk)[368](index=368&type=chunk) * The project previously produced approximately **4.6 million pounds of U3O8** between 2005 and 2013[371](index=371&type=chunk)[381](index=381&type=chunk) Alta Mesa Mineral Resources | Classification | Pounds eU3O8 (000) | | :--- | :--- | | Measured & Indicated | 3,617 | | Inferred | 16,793 | [The White Mesa Mill](index=83&type=section&id=The%20White%20Mesa%20Mill) The White Mesa Mill in Utah is the only operational conventional U.S. uranium mill, licensed for 2,000 tons/day, focusing on vanadium in 2019, and facing ongoing legal challenges * The **only fully operational and licensed conventional uranium mill** in the U.S., with a licensed capacity of over **8.0 million pounds of U3O8 per year**[395](index=395&type=chunk)[396](index=396&type=chunk) * In 2019, the Mill recovered approximately **1,807,000 pounds of V2O5** from pond solutions and **no U3O8**[431](index=431&type=chunk) * The Mill is licensed to process '**alternate feed materials**', which provides a **key revenue stream**, sometimes with generators paying a recycling fee[402](index=402&type=chunk) * The Mill is subject to **legal challenges** from environmental groups and the Ute Mountain Ute tribe regarding its license renewals and a Corrective Action Plan for **groundwater contamination**[1109](index=1109&type=chunk)[1112](index=1112&type=chunk) [The Canyon Project](index=89&type=section&id=The%20Canyon%20Project) The Canyon Project is a high-grade, partially developed underground uranium project in Arizona, currently on standby, with significant copper co-product potential, facing ongoing legal challenges * A **fully constructed and partially developed underground project** with a completed shaft of approximately **1,470 feet**[441](index=441&type=chunk)[494](index=494&type=chunk) Canyon Project Mineral Resources (M&I + Inferred) | Commodity | Pounds (000) | | :--- | :--- | | Uranium (U3O8) | 2,568 | | Copper (Cu) | 12,509 | * The project is subject to **ongoing litigation** from environmental groups and the Havasupai Tribe, challenging its '**valid existing rights**' under the 2012 mineral withdrawal[812](index=812&type=chunk)[1114](index=1114&type=chunk) [The Roca Honda Project](index=97&type=section&id=The%20Roca%20Honda%20Project) The Roca Honda Project is a large, high-grade, advanced-stage underground uranium project in New Mexico, with permitting underway and a Final EIS/RoD anticipated in 2021 * An **advanced-stage underground uranium project** with **permitting underway**; a Final EIS and Record of Decision are **expected in 2021**[519](index=519&type=chunk)[521](index=521&type=chunk) Roca Honda Mineral Resources | Classification | Tons (000) | Grade % eU3O8 | Pounds eU3O8 (000) | | :--- | :--- | :--- | :--- | | Measured & Indicated | 1,511 | 0.482% | 14,564 | | Inferred | 1,198 | 0.468% | 11,206 | * The project includes an **existing 1,478-foot deep shaft** sunk by a previous owner, Kerr-McGee[508](index=508&type=chunk) [The Sheep Mountain Project](index=103&type=section&id=The%20Sheep%20Mountain%20Project) The Sheep Mountain Project in Wyoming is a permitted conventional uranium project, the company's only property with NI 43-101 compliant Mineral Reserves totaling 18.4 million pounds of U3O8, currently on standby Sheep Mountain NI 43-101 Mineral Reserves & Resources | Category | Tons (000) | Grade % eU3O8 | Pounds eU3O8 (000) | | :--- | :--- | :--- | :--- | | **Probable Mineral Reserves** | 7,453 | 0.123% | 18,365 | | **Indicated Mineral Resources** | 11,663 | 0.120% | 27,935 | * The project is **fully permitted** for mining operations (open pit and underground) via a Record of Decision from the BLM issued in January 2017[575](index=575&type=chunk) * An on-site processing (heap leach) facility is **not yet licensed**. The project is **on standby** pending a decision on processing options and improved market conditions[577](index=577&type=chunk)[615](index=615&type=chunk) [The Henry Mountains Complex](index=110&type=section&id=The%20Henry%20Mountains%20Complex) The Henry Mountains Complex in Utah is an underground uranium project, including the Tony M mine with existing infrastructure, currently on standby, holding significant uranium and some vanadium resources * The Tony M mine was **operated from 2007-2008** and is currently **on care and maintenance**[638](index=638&type=chunk)[654](index=654&type=chunk) Henry Mountains Complex Mineral Resources | Classification | Tons (000) | Grade % eU3O8 | Pounds eU3O8 (000) | | :--- | :--- | :--- | :--- | | Indicated | 2,410 | 0.27% | 12,800 | | Inferred | 1,610 | 0.25% | 8,080 | * The project is currently **on standby**, with **no work planned for 2020** beyond care and maintenance, pending improved market conditions[657](index=657&type=chunk) [The La Sal Project](index=116&type=section&id=The%20La%20Sal%20Project) The La Sal Project is a complex of four underground uranium-vanadium mines in Utah, on standby, which underwent a test-mining program in 2018-2019 and holds significant resources * In 2018-2019, the company conducted a test-mining program, extracting **~12,000 tons of ore** and rehabilitating portions of the La Sal and Pandora mines. The project was **placed back on standby in January 2020**[688](index=688&type=chunk)[705](index=705&type=chunk)[710](index=710&type=chunk) La Sal Project Mineral Resources (Measured & Indicated) | Commodity | Pounds (000) | | :--- | :--- | | Uranium (U3O8) | 4,100 | | Vanadium (V2O5) | 21,525 | * The project has a **high vanadium-to-uranium ratio**, estimated at **5.25:1** based on historical milling[697](index=697&type=chunk) [The Daneros Project](index=124&type=section&id=The%20Daneros%20Project) The Daneros Project is a permitted underground uranium mine in Utah, on standby since 2012, with a permit modification for expansion currently under appeal at the IBLA * The project has been **on standby since October 2012** after producing **629,000 pounds of uranium** between 2009 and 2013[716](index=716&type=chunk)[753](index=753&type=chunk) * A permit modification to expand the mine is **under appeal at the IBLA** following its approval by the BLM[733](index=733&type=chunk)[815](index=815&type=chunk) Daneros Mineral Resources | Classification | Pounds eU3O8 (000) | | :--- | :--- | | Indicated | 142 | | Inferred | 52 | [Non-Material Mineral Properties](index=133&type=section&id=Non-Material%20Mineral%20Properties) This section details the company's non-material ISR and conventional properties, including the Arkose Joint Venture and other holdings with additional uranium, vanadium, and copper resources * The company holds an **81% interest** in the **Arkose Joint Venture** in Wyoming, which has **3.3 million pounds of inferred U3O8 resources** (company's share)[778](index=778&type=chunk)[787](index=787&type=chunk) * Other wholly-owned ISR properties in the Powder River Basin contain **3.5 million pounds of M&I** and **2.7 million pounds of inferred U3O8 resources**[775](index=775&type=chunk) * Non-material conventional properties in the Arizona Strip and Colorado Plateau add **further uranium and vanadium resources** to the company's portfolio[792](index=792&type=chunk)[802](index=802&type=chunk) [Item 3. Legal Proceedings](index=140&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) Energy Fuels is involved in several material legal proceedings concerning its key properties, including challenges to the White Mesa Mill, Canyon Project, and Daneros Mine permits * **White Mesa Mill:** The mill's renewed license and groundwater permit are being **challenged** by the Grand Canyon Trust, Ute Mountain Ute Tribe, and Uranium Watch. Discussions to settle are **ongoing**[810](index=810&type=chunk)[1112](index=1112&type=chunk) * **Canyon Project:** A lawsuit filed by the Havasupai Tribe and environmental groups is **ongoing**. The Ninth Circuit Court of Appeals **remanded** one claim regarding the project's 'valid existing rights' back to the District Court, where it is currently **awaiting a decision**[811](index=811&type=chunk)[812](index=812&type=chunk) * **Daneros Mine:** The BLM's 2018 approval of the mine's plan of operations modification is **under appeal at the Interior Board of Land Appeals (IBLA)** by the Southern Utah Wilderness Alliance and Grand Canyon Trust[815](index=815&type=chunk)[1116](index=1116&type=chunk) [Item 4. Mine Safety Disclosure](index=142&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURE) Mine safety disclosures required by the Dodd-Frank Act and Regulation S-K are provided in Exhibit 95.1 of the Annual Report * Mine safety disclosures are included in **Exhibit 95.1** of this Annual Report[817](index=817&type=chunk) [Part II](index=143&type=section&id=PART%20II) [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=143&type=section&id=ITEM%205.%20MARKET%20FOR%20THE%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) This section details the market for Energy Fuels' common shares on NYSE American and TSX, dividend policy, equity compensation plan, and stock performance * The company's common shares are listed on the **NYSE American (UUUU)** and the **Toronto Stock Exchange (EFR)**[821](index=821&type=chunk) * The company has **never declared cash dividends** and does not expect to in the foreseeable future[822](index=822&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2019) | Plan Category | Shares to be Issued Upon Exercise | Weighted-Average Exercise Price (USD) | Shares Remaining for Future Issuance | | :--- | :--- | :--- | :--- | | Total | 4,968,478 | $5.74 | 5,567,674 | [Item 6. Selected Financial Data](index=147&type=section&id=ITEM%206.%20SELECTED%20FINANCIAL%20DATA) This section presents a five-year summary of key financial data, showing a significant decline in 2019 revenue to $5.87 million and an increased net loss of $38.09 million Selected Financial Data (in $000s, except per share data) | | 2019 | 2018 | 2017 | 2016 | 2015 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total revenues | $5,865 | $31,721 | $31,046 | $54,552 | $61,351 | | Net loss | $(38,094) | $(25,362) | $(27,990) | $(39,864) | $(82,357) | | Basic and diluted net loss per share | $(0.40) | $(0.30) | $(0.39) | $(0.70) | $(2.46) | | Total assets (at Dec 31) | $175,720 | $196,766 | $185,338 | $196,457 | $192,280 | | Total long-term obligations (at Dec 31) | $22,475 | $43,059 | $48,175 | $46,487 | $38,937 | [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=149&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) In 2019, revenue decreased to $5.9 million due to contract completion, resulting in a $38.1 million net loss, including a $14.4 million inventory impairment, while the company evaluates a production ramp-up and maintains liquidity Results of Operations Comparison (in $ millions) | | 2019 | 2018 | 2017 | | :--- | :--- | :--- | | Total revenues | $5.9 | $31.7 | $31.0 | | Gross profit (loss) | $(12.4) | $12.4 | $8.3 | | Total operating loss | $(40.6) | $(21.3) | $(28.5) | | Net loss | $(38.1) | $(25.4) | $(28.0) | | Basic and diluted net loss per share | $(0.40) | $(0.30) | $(0.39) | * The **significant decrease** in 2019 revenue was due to the **completion of all long-term uranium sales contracts** in 2018. 2019 revenue was primarily from **vanadium sales and alternate feed processing fees**[886](index=886&type=chunk)[887](index=887&type=chunk)[888](index=888&type=chunk) * The company recorded a **$14.35 million impairment of inventories** in 2019 due to lower uranium and vanadium prices compared to production costs[900](index=900&type=chunk) * The company is **evaluating an increase in uranium production** in response to the President's Budget proposal to create a **$1.5 billion U.S. Uranium Reserve** over 10 years[855](index=855&type=chunk)[876](index=876&type=chunk) * As of December 31, 2019, the company had working capital of **$20.53 million**. In early 2020, it raised an additional **$15.07 million** from a bought deal financing and **$3.96 million** from its ATM program[926](index=926&type=chunk)[875](index=875&type=chunk)[1146](index=1146&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=166&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is primarily exposed to market risks from commodity prices, interest rates, and currency fluctuations, with all future uranium sales at spot prices and convertible debenture interest tied to uranium prices and Canadian dollar exchange rates * **Commodity Price Risk:** The company is **fully exposed to spot market prices** for uranium, as all long-term contracts expired in 2018[950](index=950&type=chunk) * **Interest Rate Risk:** The interest rate on the company's convertible debentures is **tied to the UxC U3O8 weekly indicator price**, ranging from **8.5%** (for prices up to $54.99/lb) to **13.5%** (for prices $100/lb and above)[951](index=951&type=chunk)[954](index=954&type=chunk) * **Currency Risk:** The company's convertible debentures are denominated in **Canadian dollars**, creating exposure to foreign exchange risk. A 1% change in the U.S. dollar exchange rate would affect net earnings by approximately **$211,000**[955](index=955&type=chunk)[957](index=957&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=169&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section contains the company's audited consolidated financial statements and notes, with KPMG LLP issuing an unqualified opinion on statements but an adverse opinion on internal controls due to material weaknesses [Report of Independent Registered Public Accounting Firm](index=171&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) KPMG LLP issued an unqualified opinion on the consolidated financial statements but an adverse opinion on the effectiveness of internal control over financial reporting due to material weaknesses * The auditor issued an **unqualified opinion** on the consolidated financial statements[963](index=963&type=chunk) * The auditor issued an **adverse opinion** on the company's internal control over financial reporting[972](index=972&type=chunk) * **Material weaknesses** were identified related to: the risk assessment process, general information technology controls (GITCs), segregation of duties over general ledger entries, and controls over the accuracy of the statement of cash flows[974](index=974&type=chunk)[976](index=976&type=chunk) [Consolidated Financial Statements](index=174&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show 2019 total revenues of $5.87 million, a net loss of $38.09 million, total assets of $175.72 million, and negative cash flow from operations of ($44.38) million Key Financial Statement Figures (Year Ended Dec 31, 2019, in $ thousands) | Statement | Line Item | Amount | | :--- | :--- | :--- | | **Operations** | Total Revenues | $5,865 | | | Net Loss | $(38,094) | | **Balance Sheet** | Total Assets | $175,720 | | | Total Liabilities | $45,113 | | | Total Equity | $130,607 | | **Cash Flows** | Net Cash Used in Operating Activities | $(44,378) | [Notes to the Consolidated Financial Statements](index=180&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including 'Exploration Stage' status, a $14.35 million inventory impairment, Cdn$16.1 million convertible debentures, asset retirement obligations, and subsequent equity raises * **Note 3:** The company is an '**Exploration Stage**' company under SEC Industry Guide 7 because it has not established proven or probable reserves[992](index=992&type=chunk)[999](index=999&type=chunk) * **Note 6:** An inventory impairment loss of **$14.35 million** was recorded for the year ended Dec 31, 2019[1053](index=1053&type=chunk) * **Note 11:** Convertible Debentures with a face value of **Cdn$16.06 million** **mature on December 31, 2020**. The company has the option to repay in cash or common shares[1065](index=1065&type=chunk)[1066](index=1066&type=chunk)[1070](index=1070&type=chunk) * **Note 18:** The company has undiscounted asset retirement obligations of **$41.75 million**, secured by **$20.08 million** in surety bonds and collateral[1061](index=1061&type=chunk)[1119](index=1119&type=chunk) * **Note 23:** Subsequent to year-end, the company raised **$15.07 million** through a public offering and **$3.96 million** through its ATM program[1146](index=1146&type=chunk)[1147](index=1147&type=chunk) [Item 9A. Controls and Procedures](index=215&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were not effective as of December 31, 2019, due to identified material weaknesses in internal control over financial reporting, for which a remediation plan is underway * The CEO and CFO concluded that disclosure controls and procedures were **not effective** as of December 31, 2019[1151](index=1151&type=chunk) * Management's report on internal control over financial reporting concluded that controls were **not effective** due to **material weaknesses**[1156](index=1156&type=chunk) * Identified **material weaknesses** include deficiencies in: risk assessment, IT general controls (user access, change management), segregation of duties, and controls over the statement of cash flows[1157](index=1157&type=chunk)[1159](index=1159&type=chunk)[1160](index=1160&type=chunk) * A detailed **remediation plan is underway** to address the identified material weaknesses[1164](index=1164&type=chunk) [Part III](index=218&type=section&id=PART%20III) Items 10 through 14, covering governance, compensation, security ownership, and related party transactions, are incorporated by reference from the 2020 Annual Meeting of Shareholders proxy statement [Item 10. Directors, Executive Officers and Corporate Governance](index=218&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information is incorporated by reference from the registrant's definitive proxy statement for the 2020 Annual Meeting of Shareholders * Information required for this item is **incorporated by reference** to the registrant's definitive proxy statement for the 2020 Annual Meeting of Shareholders[1169](index=1169&type=chunk) [Item 11. Executive Compensation](index=218&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) Information is incorporated by reference from the registrant's definitive proxy statement for the 2020 Annual Meeting of Shareholders * Information required for this item is **incorporated by reference** to the registrant's definitive proxy statement for the 2020 Annual Meeting of Shareholders[1171](index=1171&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=218&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Information is incorporated by reference from the registrant's definitive proxy statement for the 2020 Annual Meeting of Shareholders * Information required for this item is **incorporated by reference** to the registrant's definitive proxy statement for the 2020 Annual Meeting of Shareholders[1172](index=1172&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=218&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%20AND%20DIRECTOR%20INDEPENDENCE) Information is incorporated by reference from the registrant's definitive proxy statement for the 2020 Annual Meeting of Shareholders * Information required for this item is **incorporated by reference** to the registrant's definitive proxy statement for the 2020 Annual Meeting of Shareholders[1173](index=1173&type=chunk) [Item 14. Principal Accountant Fees and Services](index=218&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Information is incorporated by reference from the registrant's definitive proxy statement for the 2020 Annual Meeting of Shareholders * Information required for this item is **incorporated by reference** to the registrant's definitive proxy statement for the 2020 Annual Meeting of Shareholders[1175](index=1175&type=chunk) [Part IV](index=218&type=section&id=PART%20IV) This part lists the financial statements, financial statement schedules, and exhibits filed as part of the Form 10-K, including consolidated financial statements, consents, and certifications [Item 15. Exhibits and Financial Statement Schedules](index=218&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists all documents filed as part of the report, including consolidated financial statements, corporate governance documents, material contracts, and certifications * Lists the **financial statements, schedules, and exhibits** filed with the report[1177](index=1177&type=chunk) * Exhibits include **Articles of Incorporation, bylaws, debt indentures, equity incentive plans, material agreements, consents of experts, and CEO/CFO certifications**[1181](index=1181&type=chunk)[1183](index=1183&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36204 ENERGY FUELS INC. (Exact name of registrant as specified in its charter) Ontario, Canada 98-1067994 (S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36204 ENERGY FUELS INC. (Exact name of registrant as specified in its charter) Ontario, Canada 98-1067994 (State ...

Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 001-36204 Energy Fuels Inc. (Exact Name of Registrant as Specified in its Charter) Ontario 98-1067994 (I.R.S. Employ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission file number: 001-36204 ENERGY FUELS INC. (Exact Name of Registrant as Specified in its Charter) Ontario, Canada 98-1 ...