Copper Discovery Improves Economics of High-Grade Canyon Uranium Mine

Dundee Capital Markets, Energy Fuels Inc., Oct. 27, 2016 and Oct. 31, 2016

Research Analyst Certification: Each Research Analyst involved in the preparation of this research report hereby certifies that: (1) the views and recommendations expressed herein accurately reflect his/her personal views about any and all of the securities or issuers that are the subject matter of this research report; and (2) his/her compensation is not and will not be directly related to the specific recommendations or views expressed by the Research Analyst in this research report. The Research Analyst involved in the preparation of this research report does not have authority whatsoever (actual, implied or apparent) to act on behalf of any issuer mentioned in this research report.

Dundee Capital Markets may have had, and may in the future have, long or short positions in the securities discussed in this research report and, from time to time, may have executed or may execute transactions on behalf of the issuer of such securities or its clients.

Cantor Fitzgerald, Energy Fuels Inc., Oct. 27, 2016 and Oct. 31, 2016

The author of this report is compensated based in part on the overall revenues of CFCC, a portion of which are generated by investment banking activities. CFCC may have had, or seek to have, an investment banking relationship with companies mentioned in this report. CFCC and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although CFCC makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

CFCC has provided investment banking services or received investment banking related compensation from Energy Fuels within the past 12 months.

The analysts responsible for this research report have, either directly or indirectly, a long or short position in the shares or options of Energy Fuels.

Haywood Securities, Energy Fuels Inc., Oct. 28. 2016

I, Colin Healey, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.

--Haywood Securities, Inc. has reviewed lead projects of Energy Fuels Inc. (EFR-T) and a portion of the expenses for this travel may have been reimbursed by the issuer.

--Haywood Securities, Inc. or an Affiliate has managed or co-managed or participated as selling group in a public offering of securities for Energy Fuels Inc. (EFR-T) in the last 12 months.

--Haywood Securities, Inc. or an Affiliate has received compensation for investment banking services from Energy Fuels Inc.(EFR-T) in the past 12 months.