Energy Fuels Announces New Estimate for Uranium and Copper Resources at its Canyon Mine
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Energy Fuels Announces New Estimate for Uranium and Copper Resources at its
Canyon Mine
Lakewood, Colorado – August 23, 2017
• Total uranium resource s at Energy Fuels’ Canyon Mine increased by approximately 1 million
pounds of U3O8.
• Nearly all of the uranium resources upgraded from the inferred category to the measured and
indicated categories.
• Approximately 12 million pounds of measured and indicated copper resources identified in the
main zone of the deposit with an average grade of 5.9% Cu.
• The Canyon Mine is a fully-permitted, conventional uranium/copper mine located in Arizona with
all upfront development construction, including a production shaft, substantially completed.
• The Company’s 100% -owned White Mesa Mill, the only operating conventional uranium mill in
the U.S., is immediately available to recover uranium and has significant infrastructure in place
which can potentially be used for copper recovery.
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 the results of an independent mineral resource
estimate (the “Resource Estimate”) by Roscoe Postle Associates Inc. in accordance with CIM Definition
Standards (2014) in National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43-
101”) for its 100% -owned Canyon Mine Project located in Coconino County , Arizona (the “Canyon
Mine”). This Resource Estimate will be supported by a NI 43 -101 T echnical Report that will be filed
within 45 days under the Company’s SEDAR profile at www.sedar.com.
The Resource Estimate significantly increases the pounds of uranium contained in the Canyon Mine over
previously reported estimates. It also upgrades a large portion of the resources from the inferred
category to the measured and indicated categories . The Resource Estimate also quantifies significant
copper resources. In total, the Canyon Mine is estimated to contain 139,000 tons of Measured and
Indicated Mineral Resources with an average grade of 0.88% U 3O8 containing 2,43 4,000 pounds of
uranium. Additionally, the Resource Estimate identifies another 134,000 pounds of uranium in the
Inferred Mineral R esource category . The Company believes there is the strong potential to grow the
resources in the future through further underground drilling and evaluation. Please refer to the table
below for a full description of the resources at the Canyon Mine.
In t he zone containing both uranium and copper (the “ Main Zone ”), 101,000 tons of Measured and
Indicated Mineral Resources with an average grade of 0.86% U3O8 and 5.93% Cu , containing 1,725,000
pounds of uranium and 11,939,000 pounds of copper using a 0.36% U 3O8 equivalent cutoff grade have
been estimated. The uranium equivalent cutoff grade used for the Main Zone is different from the other
zones, as the presence of copper requires different methods of processing.
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The zones containing only uranium (the “Upper Zone” and the “Juniper Zone”) are estimated to contain
38,000 tons of Measured and I ndicated Mineral Resources with an average grade of 0.94% U 3O8
containing 709,000 pounds of U3O8, using a 0.29% U3O8 cutoff grade.
The Canyon Mine is a fully -permitted and substantially-developed uranium /copper mine located in
Northern Arizona. To date, substantially all surface development at the mine has been installed,
including a headframe, hoist, maintenance facility, ore pad and evaporation pond. In addition, the 8-foot
by 20 -foot production shaft has been completed to a depth of approximately 1,45 2-feet, and some
initial horizontal underground development has been constructed as shown in the figure below.
Note: East-west section looking north, no scale.
The Company’s 100% -owned White Mesa Mill, the only fully-permitted and operating conventional
uranium mill in the U.S., is currently available to process the uranium resources once the Canyon Mine
goes into production. Activities at the mine site are currently at reduced levels while final underground
mine planning and evaluation is being completed. When the mine goes into production in the future ,
the Company believes the Canyon Mine will have all- in cost s that are in -line with the lowest- cost
conventional uranium mines in the World today.
In addition, the Company believes it has identified reasonable options for processing the copper
resources from the Canyon Mine at its White Mesa Mill. The mineralized copper material is expected to
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be processed using acid leach ( the same method that is used for uranium) followed by one of several
options available to extract the copper out of solution and made into a saleable product. Copper
processing is expected to require some additional equipment and circuit modifications at the White
Mesa Mill, and depending on the option chosen, possibly some additional licensing actions. Bench-scale
metallurgical testing has been ongoing since January at Energy F uels' White Mesa Mill Laboratory , as
well as at ANSTO, an independent testing firm in Australia. Further metallurgical testing, optimization,
and evaluation is expected to continue into 2018. The copper resources have the significant potential to
add by-product credits and lower the U3O8 cost per pound at the Canyon Mine even further.
Stephen P. Antony, CEO of Energy Fuels stated: “ Today’s announced report confirms Energy Fuels’
belief that the Canyon Mine is a valuable low-cost uranium and copper project . Our investment in the
underground core drilling campaign completed in 2016 and early -2017 was highly successful, as we
were able to expand the estimated high-grade uranium resources by approximately 1 million pounds,
upgrade resources to the Measured and Indicated categories, and identify 12 million pounds of high-
grade copper resource s, the first ever for our company . In addition, the Canyon Mine is differentiated
from nearly every other pre -production uranium project in the World today, because all lice nsing and
permitting has been completed, up-front development has been substantially completed, and we own a
fully-licensed and operating uranium mill available to process the uranium resources once the mine goes
into production. We believe we are demonstr ating that the Canyon Mine is production -ready and
competitive with any conventional uranium mine globally.”
The following table provides a full summarization of the Canyon Mine Uranium and Copper Resource
Estimate by RPA that will be included in the new Technical Report. The effective date for th e Resource
Estimate is June 17, 2017.
Main Zone Upper +
Juniper Zones URANIUM
Total
COPPER
Total Cutoff Grade
0.36%
U3O8
equivalent
0.29%
U3O8
Measured
Tons 6,000 - 6,000 6,000
% U3O8 0.43% - 0.43% -
Lbs. U3O8 56,000 - 56,000 -
% Cu 9.29% - - 9.29%
Lbs. Cu 1,203,000 - - 1,203,000
Indicated
Tons 94,000 38,000 132,000 94,000
% U3O8 0.89% 0.94% 0.90% -
Lbs. U3O8 1,669,000 709,000 2,378,000 -
% Cu 5.70% - - 5.70%
Lbs. Cu 10,736,000 - - 10,736,000
Measured
+ Indicated
Tons 101,000 38,000 139,000 101,000
% U3O8 0.86% 0.94% 0.88% -
Lbs. U3O8 1,725,000 709,000 2,434,000 -
% Cu 5.93% - - 5.93%
Lbs. Cu 11,939,000 - - 11,939,000
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Inferred
Tons 5,000 13,000 18,000 5,000
% U3O8 0.20% 0.44% 0.38% -
Lbs. U3O8 20,000 114,000 134,000 -
% Cu 5.90% - - 5.90%
Lbs. Cu 570,000 - - 570,000
Notes:
1) CIM definitions (2014) were followed for mineral resources.
2) The metal prices used for this estimate were $60.00 per pound U3O8 and $3.50 per pound Cu.
3) Process recoveries used were 96% for U3O8 and 90% for Cu, based on preliminary metallurgical test work.
4) Copper grades were converted to U3O8 equivalent grades by dividing copper grades (Cu%) by 18.19.
5) U3O8 was estimated within a nominal 0.15% U 3O8 grade envelope, and Cu was estimated within a nominal 1.0% Cu
grade envelope.
6) No minimum mining width was used (4 ft3 blocks were used in the block model).
7) Bulk density is 0.082 tons/ft3 (12.2 ft3/ton or 2.63 t/m3).
8) Numbers may not add due to rounding.
Mark Mathisen, C.P.G. is a Principal Geologist , Valerie Wilson, M.Sc ., P. Geo is a Senior Geologist and Jeffrey
Woods, SME, MMSA is a Principal Consulting Metallurgist at Roscoe Postle Associates Inc. They are Qualified
Persons as defined by Canadian National Instrument 43 -101 and have reviewed and approved the technical
disclosure of the Mineral Resources contained in this news release.
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 M esa 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 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 from 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 STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain “Forward Looking Information” and “Forward Looking Statements” within the
meaning of applicable Canadian and United States securities legislation, which may include, but is not limited to,
statements with respect to: the Company’s expectations as to the evaluation and preparation of a revised NI 43 -
101 Technical Report for the Canyon Project; the resource estimates described in this press release; expectations
that there is a strong potential to grow the resources in the future through further underground drilling and
evaluation; the Company’s belief that it has identified reasonable options for processing the copper resources at its
White Mesa Mill; any additional licensing that may be required to process copper at the Mill and whether it can be
obtained in a timely manner; the expectation that the copper resources have the strong potential to add by -product
credits and lower the cost of production at the mine; expectations relating to mining costs at the Canyon Project
and t hat the mine is production– ready and competitive with any conventional uranium mine globally; a nd
expectations to become or maintain its position as a leading uranium company in the United States. Generally,
these forward -looking statements can be identifi ed 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 wor ds and phrases, or state that certain
actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “have the
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potential to”. All statements, other than statements of historical fact, herein are considered to be f orward-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, perfor mance 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’s expectations as to the evaluation and preparation of a revised NI 43 -101
Technical Report for the Canyon Project; the resource estimates described in this press release; expectations that
there is a strong potential to grow the resources in the future through further underground drilling and evaluation;
the Company’s belief that it has identified reasonable options for processing the copper resources at its White Mesa
Mill; any additional licensing that may be required to process copper at the Mill and whether it can be o btained in a
timely manner; the expectation that the copper resources have the strong potential to add by -product credits and
lower the cost of production at the mine; expectations relating to mining costs at the Canyon Project and that the
mine is product ion–ready and competitive with any conventional uranium mine globally; and expectations to
become or maintain its position as a leading uranium company in the United States; and the other factors described
under the caption “Risk Factors” in the Company’s Annual Report on Form 10 -K dated March 9, 2017, which is
available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company’s
website at www.energyfuels.com. 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 wil l 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.
Cautionary note to United States investors concerning estimates of measured, indicated and inferred
resources. This news release contains certain disclosure that has been prepared in accordance with the
requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless
otherwise indicated, all reserve and resource estimates included in this news release have been prepared in
accordance with NI 43 -101 and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) classification
system. Canadian standards, including NI 43 -101, differ significantly from the requirements of U.S. securities laws,
and reserve and resource info rmation contained in this news release may not be comparable to similar information
disclosed by companies reporting only under U.S. standards. In particular, the term “resource” does not equate to
the term “reserve” under SEC Industry Guide 7. United States investors are cautioned not to assume that all or
any of Measured or Indicated Mineral Resources will ever be converted into mineral reserves. Investors are
cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or
legally minable. Energy Fuels does not hold any Reserves as that term is defined by SEC Industry Guide 7. Please
refer to the section entitled “Cautionary Note to United States Investors Concerning Disclosure of Mineral
Resources” in the Company’s Annual Report on Form 10-K dated March 9, 2016 for further details.
Investor Inquiries:
Energy Fuels Inc.
Curtis Moore, VP – Marketing and Corporate Development
(303) 974-2140 or Toll free: (888) 864-2125
www.energyfuels.com