Energy Fuels Announces Commitment of Additional Large Shareholders to Serve on Board of Directors
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Energy Fuels Announces Commitment of Additional Large Shareholders to Serve
on Board of Directors
Lakewood, Colorado – May 9, 2017
Energy Fuels Inc. (NYSE MKT: UUUU; TSX: EFR) (“Energy Fuels” or the “Company”), a leading producer of
uranium in the United States , is pleased to announce that two representatives of large shareholders of
the Company’s stock have expressed an interest in joining the Company’s Board of Directors (the
“Board”). Both persons bring successful track -records of achieving financial profitability , while leading
and operating oil, natural gas, and uranium mining enterprises.
As these two individuals expressed their desire to join the Board after publica tion of the Company’s
current Proxy Statement for its upcoming Annual General Meeting to be held on May 17, 2017 (the
“AGM”), these individuals were not included in the Proxy Statement and , as a result , will not be
nominated for election by the shareholder s at the AGM. Rather, they will be considered for
appointment to the Board following the AGM, pursuant to the Board’s power to increase the size of the
Board by up to one-third in number between annual meetings of shareholders.
We believe these two individuals will bring new perspectives and leadership to the Company as we
navigate a promising, yet challenging uranium market. Their interest in serving on the Board also
demonstrates continuing support of some of the Company’s largest shareholders, as well as the
Company’s comprehensive focus on, and commitment to, operating for the benefit of shareholders.
Mr. Benjamin Eshleman III became a shareholder of Energy Fuels through the Company’s acquisition of
Mesteña Uranium LLC (now Alta Mesa LLC ) in June 2016. Mr. Eshleman, along with the other former
owners of Alta Mesa , own s a total of 4 .3 million common shares (or approximately 6.1%) of Energy
Fuels. Mr. Eshleman brings extensive financial and natural resources experience to Energy Fuels ’ Board.
In addition to his experience in oil and gas operations, he also has significant experience in situ uranium
recovery (“ISR”) operations. Under the ownership of Mr. Eshleman and his associates and affiliates, the
Alta Mesa ISR Project (“Alta Mesa”) in Texas produced approximately 4.6 million pounds of uranium
between 2005 and 2013 at attractive costs per pound. Alta Mesa was acquired by the Company in 2016,
and it is currently being maintained by the Company on standby to enable it to rapidly restart operations
as market conditions warrant.
Mr. Robert W. Kirkwood is principal of the Kirkwood Companies, including Kirkwood Oil and Gas LLC, All
Energy LLC, and United Nuclear LLC. Mr. Kirkwood brings extensive energy experience to the Company’s
Board. Mr. Kirkwood, through his affiliated companies, became a shareholder of the Company by
transferring an 81% interest in the Arkose Joint Venture to the Company in 2008 for cash and shares .
One of those properties was a portion of the Jane Dough property, w hich is adjacent to the Company’s
currently operating Nichols Ranch ISR project . The Jane Dough property was recently fully licensed by
the U.S. Nuclear Regulatory Commission and the State of Wyoming Department of Environmental
Quality. It is currently exp ected to be mined after the Nichols Ranch wellfields, as market conditions
warrant. As of the date of this news release, Mr. Kirkwood and his affiliated companies and associates
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hold 1.1 million (or approximately 1.6%) of the common shares of Energy Fuels, and a 19% interest in
the Arkose Joint Venture.
Upon the appointment of Messrs. Eshleman and Kirkwood, the Board and Management of Energy Fuels
will hold or represent approximately 11.7% of the issued and outstanding shares of the Company.
Stephen P. Antony, President and CEO of Energy Fuels stated: “We are very pleased that Mr. Eshleman
and Mr. Kirkwood have expressed an interest in serving as members of the Board of Directors of Energy
Fuels. In addition to their deep knowledge and experience in running profitable energy companies in the
United States, their interest in serving on the Board demonstrates their commitment to the Company as
two of our largest shareholders. Further, the addition of large shareholders to our Board will help ensure
that the Company’s objectives continue to address the interests of our shareholders. Share appreciation
is of ultimate importance at Energy Fuels, as we continue to cut costs, lower our overall cost of capital,
focus only on accretive transactions, and maintain the flexibility to respond to improving uranium
market conditions. With the appointment of Messrs. Eshleman and Kirkwood following the AGM , our
Board and Management will own, exercise control over, be affiliated with or represent approximately
11.7% of the issued and outstanding shares of the Company . We look forward to benefiting from the
perspectives and leadership of these two highly-qualified shareholders.”
About Energy Fuels: Energy Fuels is a leading integrated US -based uranium mining company, supplying U 3O8 to
major nuclear utilities. 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 U 3O8 per year. Alta Mesa is an ISR production center currently on care and maintenance .
Energy Fuels also has the largest NI 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 co -product of its uranium production f rom certain of its mines on the Colorado Plateau, as market
conditions warrant. The Company’s common shares are listed on the NYSE MKT under the trading symbol “UUUU”,
and on the Toronto Stock Exchange under the trading symbol “EFR”.
Cautionary Note Regarding Forward -Looking Statements: Certain information contained in this news release,
including any information relating to : the Company being a leading producer of uranium in the U.S. ; Messrs.
Eshleman and Kirkwood being appointed as directors of the Company following the AGM; the skills and experiences
Messrs. Eshleman and Kirkwood may bring to the Board, as well as the benefits expected from adding them to the
Board, including helping to ensure that the interests of the Board are aligned with the interests of shareholders; the
Company’s ability to continue to cut costs, to lower the Company’s overall cost of capital, to focus only on accretive
transactions, and to maintain the flexibility to respond to improving uranium 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"). All
statements i n this news release that are not statements of historical fact (including statements containing the
words "expects", "does not expect", "plans", "anticipates", "does not anticipate", "believes", "intends", "estimates",
"projects", "potential", "scheduled", "forecast", "budget" and similar expressions) should be considered forward-
looking statements. All such forward- looking statements are subject to important risk factors and uncertainties,
many of which are beyond Energy Fuels’ ability to control or predic t. A number of important factors could cause
actual results or events to differ materially from those indicated or implied by such forward- looking statements,
including without limitation factors relating to : the Company being a leading producer of uranium in the U.S. ;
Messrs. Eshleman and Kirkwood being appointed as directors of the Company following the AGM; the skills and
experiences Messrs. Eshleman and Kirkwood may bring to the Board, as well as the benefits expected from adding
them to the Board, incl uding helping to ensur e that the interests of the Board are aligned with the interests of
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shareholders; the Company’s ability to continue to cut costs, to lower the Company’s overall cost of capital, to focus
only on accretive transactions, and to maintain the flexibility to respond to improving uranium market conditions ;
and other risk factors as described in Energy Fuels’ most recent annual report on Form 10 -K and quarterly financial
reports. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise
required by law. Additional information identifying risks and uncertainties is contained in Energy Fuels’ filings with
the various securities commissions which are available online at www.sec.gov and www.sedar.com. Forward -
looking statements are provided for the purpose of providing information about the current expectations, beliefs
and plans of the management of Energy Fuels relating to the future. Readers are cautioned that such statements
may not be appropriate f or other purposes. Readers are also cautioned not to place undue reliance on these
forward-looking statements, that speak only as of the date hereof.
Energy Fuels Inc.
Curtis Moore – VP – Marketing & Corporate Development
(303) 974-2140 or Toll free: (888) 864-2125
www.energyfuels.com