Energy Fuels Issues Letter to Shareholders

Dear Fellow Shareholder: With great enthusiasm, Energy Fuels completed our acquisition of Uranerz Energy Corporation on June 18, 2015, with the common shares of Energy Fuels continuing to trade under the symbol "UUUU" on the NYSE MKT and "EFR" on the Toronto Stock Exchange. By adding Uranerz to our corporate family, we believe Energy Fuels has clearly emerged as the leading uranium production company focused on the U.S. This is an exciting time to be a shareholder of Energy Fuels as we work toward achieving our goal of becoming the largest uranium producer in the largest uranium market: the United States. I'm proud to say that we are now the only company with both conventional and ISR uranium production in the U.S. In addition, we have a leading portfolio of uranium development projects, a robust book of premium-priced sales contracts with major nuclear utility customers with over 2 million pounds of deliveries through 2020, and the largest NI 43-101 compliant uranium resource portfolio in the U.S. among all producers. Indeed, we believe that we have created a much stronger company from the perspective of production, uranium resources, diversification, production scalability, growth potential, and market capitalization. Energy Fuels is now the largest publicly-traded uranium company by market capitalization operationally focused and listed in the U.S. We expect this to increase our exposure to institutional and retail investors globally. In fact, on June 29, 2015, Energy Fuels became a member of the Russell 2000®, Russell 3000®, Russell Global® and Russell Microcap® Indexes, and liquidity in our stock has increased substantially. The U.S. is currently the largest consumer of uranium globally, with 99 nuclear reactors in operation, five under construction, and several more in the planning stages. Yet despite being the World's dominant producer of uranium as recently as the early 1980s, the U.S. is heavily reliant on imported uranium to fuel our reactor fleet. Right now, Energy Fuels is well-positioned as the 2nd largest supplier of uranium within the U.S. With our recent acquisition of Uranerz, our annual licensed production capacity has increased to 10 million pounds of U3O8 from our two production centers, the White Mesa conventional uranium mill and the Nichols Ranch ISR mine and plant. As I stated above, Energy Fuels' primary goal is to become the leading uranium mining company in the U.S., strategically supplying the domestic American nuclear power market. Our acquisition of Uranerz was a major step towards achieving that goal. In 2014, Energy Fuels accounted for about 20% of all U.S. uranium production from our wholly-owned White Mesa uranium mill, the only licensed and operating conventional uranium mill in the U.S. Through our acquisition of Uranerz, we have added current ISR uranium production at Nichols Ranch, which is located in the productive Powder River Basin of Wyoming where large multi-national companies such as Cameco Corporation have nearby operations. We believe the newly combined asset base of the Company, anchored by two distinct production centers and our existing book of sales contracts, only reinforces our belief that Energy Fuels is better positioned than our peers to create shareholder value in the current low uranium price environment. We also believe that our substantial organic production growth potential places us at the top of the heap in terms of our potential to capitalize on the increasing uranium prices we see ahead. I'd be remiss if I didn't mention that we believe we are observing positive developments in global uranium markets. China is aggressively building new reactors, with 26 under construction today and possibly 150 - 200 reactors in operation by 2030. Uranium production is being cut at major mines around the World. We expect Japan to return to the nuclear family and restart a majority of their operable reactors. Finally, as the World gets more serious about addressing air pollution and global climate change, the nuclear industry, which has a very small carbon footprint, could experience strong growth - and uranium producers like Energy Fuels would be expected to benefit. As a result of all of this, we believe Energy Fuels offers shareholders like you and me sector-leading leverage to improving nuclear markets and rising uranium prices. Finally, I would like thank all of our investors for their continued support of Energy Fuels' growth strategy. I'd also like to take the opportunity to extend a warm welcome to our new shareholders by way of the Uranerz transaction. I'm happy to say our acquisition is already off to a great start, and our management team is excited about the many opportunities that lie ahead as we continue to build the dominant U.S. uranium mining company. For more information, we encourage you to call us at 888-864-2125, send an email to us at investorinfo@energyfuels.com, or visit our web site at www.energyfuels.com. I'd also invite you to follow us on Twitter (@Energy_Fuels) and LinkedIn to receive additional updates and information. Warm regards, Stephen P. Antony, President and Chief Executive Officer