Mr. Stephen Antony reports

ENERGY FUELS ANNOUNCES C$7.1 MILLION PRIVATE PLACEMENT

Energy Fuels Inc. has entered into an agreement with Dundee Securities Ltd. as lead agent on behalf of a syndicate of agents including Haywood Securities Inc., Scotiabank and Versant Partners Inc., under which the agents have agreed to offer for sale, on a best-efforts private placement basis, approximately 30.87 million non-transferrable subscription receipts of the company at a price of 23 cents per subscription receipt for total gross proceeds of approximately $7,100,100. The agents have been granted the option to sell up to an additional 15 per cent of the offering, exercisable in whole or in part at any time up to 48 hours before the closing of the offering, which is scheduled for on or about June 21, 2012.

Each subscription receipt shall be exchangeable for one unit of the company upon satisfaction of the escrow release conditions (defined below). Each unit shall consist of one common share of the company and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder thereof to acquire one additional share of the company at a price of 26.5 cents for a period of 36 months following the closing date. The warrants will not be listed for trading.

The company intends to use the net proceeds of the offering for working capital and general corporate purposes related to the operations of the United States-based mining assets that are being acquired from Denison Mines Corp., as announced on May 24, 2012. The gross proceeds of the offering shall be deposited in escrow on the closing date. The escrowed funds will be released from escrow to the company immediately prior to the closing of the transaction and receipt of all required third party and regulatory approvals. In the event that the escrow release conditions are not satisfied on or before July 31, 2012, the escrowed funds together with the accrued interest earned thereon will be returned to the holders of the subscription receipts and the subscription receipts will be cancelled.

In connection with the offering, the agents will receive a cash commission equal to 6 per cent of the gross proceeds raised pursuant to the offering (inclusive of the option), 50 per cent of which will be payable upon the closing date and the balance payable upon the satisfaction of the escrow release conditions.

All securities issued in connection with the offering will be subject to a statutory four-month hold period. The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.