Energy Fuels Discovers More High-Grade Uranium & Copper Mineralization at Its Canyon Mine; Major Capital Development Expenditures Completed

LAKEWOOD, CO, May 11, 2017

The Company's resource evaluation program is continuing to identify areas of high-grade uranium mineralization at the Canyon Mine, which the Company expects will result in a larger recoverable uranium resource than what is currently described in the existing technical report for the Canyon Mine, prepared in accordance with National Instrument NI 43-101, Standards for Disclosure for Mineral Projects ("NI 43-101"). The Company is also continuing to evaluate additional zones of high-grade copper mineralization that reside both inside and outside the areas of potentially recoverable uranium mineralization. The additional uranium the Company is identifying has the potential to significantly lower the production costs of this nearly developed mine to a level that is in-line with the lowest-cost, 'tier one' conventional uranium mines operating in the world today. If the copper can be economically recovered as a byproduct of uranium recovery, production costs will drop even further.

Chemical assay analysis of the core samples generated from the underground drilling program is ongoing at the Company's laboratory at the White Mesa Mill. To date, approximately 95% of the core samples have been sampled and analyzed. This news release provides additional data for core that has been sampled and analyzed since the Company released its FY-2016 financial results on March 10, 2017.

The Company intends to utilize the data developed from the underground drilling program to prepare a new NI 43-101 mineral resource estimate for the Canyon Mine, which the Company expects to release in the 3^rd Quarter of 2017.  The Company expects to describe an expanded uranium resource estimate and, as more fully described below, a new copper resource estimate. In addition to expanding the size of the uranium resources, the Company also expects to upgrade a significant portion of the existing mineral resources from the inferred category to the measured and indicated categories.

The Company is also making progress toward determining whether copper can be economically recovered at the Company's White Mesa Mill. Through bench-scale testing, the Company has been able to place a significant percentage of the copper into solution. The Company is now determining whether the copper can be removed from solution and converted into a marketable copper product. If positive testing results continue, the Company also expects to include a copper resource estimate in the new NI 43-101 technical report in the 3^rd Quarter of 2017.

The table below summarizes the 10 best previously unreported uranium intercepts ranked by uranium grade times intercept length.  The associated copper results are also shown.