Energy Fuels Announces Final Receipt for Short Form Base Shelf Prospectus and Revised Corporate Presentation

DENVER, CO, Dec. 28, 2018 /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company"), is pleased to announce that today it received a final receipt from the Ontario Securities Commission (the "OSC") for a Short Form Base Shelf Prospectus (the "Prospectus") allowing the Company to issue common shares, warrants, subscription receipts, preferred shares, debt securities, or any combination of such securities as units, in amounts, and at prices, and on terms to be determined based on market conditions at the time of sale, and as set forth in an accompanying prospectus supplement, for an aggregate offering amount of up to US$150 million during the 25-month period that the statement remains effective.

The Prospectus was filed in Canada in conjunction with the filing of a similar base shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission on November 5, 2018, and allows the Company to more easily offer securities to shareholders in both countries in the event of any cross-border financings and also provides the Company with more flexibility to offer securities in Canada generally should the need arise.

Mark S. Chalmers, President and CEO of Energy Fuels stated: "The financial flexibility from filing this base shelf prospectus in Canada, together with our recently filed base shelf registration statement in the U.S., puts the Company in a stronger position to be able to increase uranium and vanadium production quickly in the event of a favorable determination under the Company's Petition to the U.S. Department of Commerce under Section 232 of the U.S. Trade Expansion Act of 1962 (as amended), and as may also be required in today's very strong vanadium market."

In addition, as a result of a review by staff of the Ontario Securities Commission, the Company also announces that it has revised its recent November 2018 Corporate Presentation, which is included on the Company's website at , by removing references to projected years of mine life, expected months to increase production, and annual production targets at a number of its operating mines and facilities, standby mines and facilities, and other projects in various stages of permitting, that are not supported by current technical reports. For those mines and facilities that have an operating history, the Company has replaced such disclosure with actual historical maximum annual production of U₃O₈ from each such facility since 2005, and for each project or facility that has a current Preliminary Economic Assessment or Pre-feasibility Study, the Company has replaced such disclosure with the annual future production estimates from those technical reports. While past production amounts are not necessarily representative of future results, they do provide actual data on historic production from those facilities and are not estimates.

About Energy Fuels: Energy Fuels is a leading integrated US-based uranium mining company, supplying U₃O₈ to major nuclear utilities. Its corporate offices are in Denver, Colorado, and all of its assets and employees are in the western United States. Energy Fuels holds three of America's key uranium production centers, the White Mesa Mill in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today and has a licensed capacity of over 8 million pounds of U₃O₈ per year. The Nichols Ranch Processing Facility is an ISR production center with a licensed capacity of 2 million pounds of U₃O₈ per year. Alta Mesa is an ISR production center currently on standby. Energy Fuels also has the largest National Instrument 43-101 compliant uranium resource portfolio in the U.S. among producers, and uranium mining projects located in a number of Western U.S. states, including one producing ISR project, mines on standby, and mineral properties in various stages of permitting and development. The Company also produces vanadium as a by-product of its uranium production from certain of its mines on the Colorado Plateau, as market conditions warrant. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU", and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR". Energy Fuels' website is .

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable securities legislation, which may include, but is not limited to, statements with respect to:  the Company being a leading producer of uranium in the U.S; whether or not any Securities may be issued under the Prospectus; any expectations with regard to the outcome of the Section 232 investigation, including any expectation that any remedy may be granted and the potential impacts of any such remedy; whether or not any expected financial flexibility from filing the Prospectus or otherwise will put the Company in a stronger position to be able to increase uranium and vanadium production quickly in the event of a favorable determination under the Section 232 investigation and/or favorable vanadium market conditions; and any other statements regarding Energy Fuels' future expectations, beliefs, goals or prospects; constitute forward-looking information within the meaning of applicable securities legislation (collectively, "forward-looking statements. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" "does not expect", "is expected", "is likely", "budget" "scheduled", "estimates", "forecasts", "intends", "anticipates", "does not anticipate", or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "have the potential to". All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with:  the Company being a leading producer of uranium in the U.S; whether or not any Securities may be issued under the Prospectus; any expectations with regard to the outcome of the Section 232 investigation, including any expectation that any remedy may be granted and the potential impacts of any such remedy; whether or not any expected financial flexibility from filing the Prospectus or otherwise will put the Company in a stronger position to be able to increase uranium and vanadium production quickly in the event of a favorable determination under the Section 232 investigation and/or favorable vanadium market conditions; and the other factors described under the caption "Risk Factors" in the Company's Annual Report on Form 10-K dated March 9, 2018, which is available for review on EDGAR at , on SEDAR at , and on the Company's website at . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

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SOURCE Energy Fuels Inc.