TECHNICAL REPORT ON LA SAL DISTRICT PROJECT (Including the Pandora, Beaver, and Energy Queen Projects) San Juan County, Utah, U.S.A. Prepared for Energy Fuels Inc. In Compliance with Canadian National Instrument 43-101 “Standards of Disclosure for Mineral Projects” Prepared by Douglas C. Peters, Certified Professional Geologist NI 43-101 Qualified Person Peters Geosciences Golden, Colorado Report Date: March 25, 2014 La Sal District Project NI43-101 Technical Report i Peters Geosciences March 2014 Table of Contents Table of Contents 1.0 Summary ................................................................................................................. 1 1.1 Land and Facility Status ....................................................................................... 1 1.2 History .................................................................................................................. 2 1.3 Geology and Mineralization ................................................................................. 3 1.4 Mineral Resources ................................................................................................ 4 1.5 Conclusions .......................................................................................................... 5 1.6 Recommendations ................................................................................................ 5 2.0 Introduction and Terms of Reference ..................................................................... 4 3.0 Reliance on Other Experts ...................................................................................... 5 4.0 Property Description and Location ......................................................................... 6 4.1 Claims Owned by EFR ......................................................................................... 8 4.1.1 Beaver/La Sal Area ....................................................................................... 8 4.1.2 Energy Queen Area ....................................................................................... 8 4.1.3 Pine Ridge Area ............................................................................................ 9 4.2 Claims Leased by EFR ......................................................................................... 9 4.2.1 Pandora Claims ............................................................................................. 9 4.2.2 Martha Claims ............................................................................................... 9 4.2.3 Mike Claims .................................................................................................. 9 4.2.4 Crested Claims ............................................................................................ 10 4.2.5 Claims Under Option to Lease .................................................................... 10 4.3 State of Utah School and Institutional Trust Lands Administration (SITLA) Mineral Leases .............................................................................................................. 10 4.3.1 ML-18301 ................................................................................................... 10 4.3.2 ML-27247 ................................................................................................... 11 4.3.3 ML-27248 ................................................................................................... 11 4.3.4 ML-49313 ................................................................................................... 12 4.3.5 ML-49314 ................................................................................................... 12 4.3.6 ML-49315 ................................................................................................... 12 4.3.7 ML-49596 ................................................................................................... 13 4.3.8 ML-51440 ................................................................................................... 13 4.4 Private Mineral Leases ....................................................................................... 13 4.4.1 Superior Uranium - Energy Queen Mining Lease ...................................... 14 4.4.2 Redd Royalties Block 1-A Mining Lease ................................................... 14 4.4.3 Redd Royalties Block 1-B Mining Lease ................................................... 15 4.4.4 Redd Royalties La Sal Unit Mining Lease ................................................. 15 4.4.5 Redd Royalties Pine Lodge Unit Mining Lease ......................................... 16 4.4.6 Redd Royalties West Pine Lodge Unit Mining Lease ................................ 16 4.4.7 Redd Royalties portion of Redd-Mullins Mining Lease ............................. 17 4.4.8 Crawford-Keller portion of Redd Mullins Land ......................................... 17 4.4.9 Barton Norton Estate portion of Redd-Mullins Land ................................. 18 4.4.10 San Juan County Mineral Lease ................................................................. 18 La Sal District Project NI43-101 Technical Report ii Peters Geosciences March 2014 5.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography ......... 20 5.1 Access................................................................................................................. 20 5.2 Climate ............................................................................................................... 20 5.3 Local Resources ................................................................................................. 20 5.4 Infrastructure ...................................................................................................... 21 5.5 Physiography ...................................................................................................... 21 6.0 History................................................................................................................... 23 7.0 Geologic Setting and Mineralization .................................................................... 27 7.1 Regional Geology ............................................................................................... 27 7.2 Local Geology Detail ......................................................................................... 28 7.2.1 Stratigraphy ................................................................................................. 28 7.2.2 Structural Geology ...................................................................................... 33 8.0 Deposit Type ......................................................................................................... 35 8.1 Deposit Type ...................................................................................................... 35 8.2 Mineralization .................................................................................................... 36 9.0 Exploration ............................................................................................................ 38 10.0 Drilling .................................................................................................................. 39 11.0 Sample Preparation, Analyses, Security ............................................................... 42 12.0 Data Verification ................................................................................................... 43 13.0 Mineral Processing and Metallurgical Testing ..................................................... 44 14.0 Mineral Resource and Mineral Reserve Estimates ............................................... 45 15.0 Mineral Reserve Estimates ................................................................................... 49 16.0 Mining Methods .................................................................................................... 50 17.0 Recovery Method .................................................................................................. 53 18.0 Project Infrastructure ............................................................................................ 54 18.1.1 Energy Queen Mine .................................................................................... 54 18.1.2 La Sal Mine ................................................................................................. 54 18.1.3 Beaver Shaft ................................................................................................ 55 18.1.4 Pandora Mine .............................................................................................. 55 18.1.5 Redd Block.................................................................................................. 55 19.0 Market Studies and Contracts ............................................................................... 56 20.0 Environmental Studies, Permitting and Social or Community Impact ................. 59 20.1 Energy Queen Permits .................................................................................... 59 20.2 La Sal Mines Complex (Pandora, La Sal, Snowball, and Beaver Shaft) ....... 60 20.3 Pine Ridge....................................................................................................... 62 20.4 Redd Block ..................................................................................................... 62 21.0 Capital and Operating Costs ................................................................................. 63 22.0 Economic Analysis ..............................................................................................