US Uranium Company Advances Its Assets

Disclosures from Rodman & Renshaw, Energy Fuels Inc., Company Update, July 10, 2017

I, Heiko F. Ihle, CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst’s household has a financial interest in the securities of Energy Fuels Inc. (including, without limitation, any option, right, warrant, future, long or short position).

As of June 30, 2017, neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Energy Fuels Inc.

Neither the research analyst nor the Firm has any material conflict of interest in of which the research analyst knows or has reason to know at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The Firm or its affiliates did receive compensation from Energy Fuels Inc. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

The Firm does not make a market in Energy Fuels Inc. as of the date of this research report.