Uranium Producer Seen as 'Top Leverage Pick to the Expected Uranium Price Recovery'


Additional Disclosures:

Disclosures from Cantor Fitzgerald, Energy Fuels Inc., Company Update, Aug. 8, 2017

Potential conflicts of interest: 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. Cantor 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.

Disclosures as of August 8, 2017: CFCC has provided investment banking services or received investment banking related compensation from Energy Fuels Inc. 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 Inc.

The analyst responsible for this report has visited the material operations of Energy Fuels Inc. including: White Mesa Mill, Pinenut Mine, Canyon Mine, Daneros Mine, Pandora Mine, Energy Queen Mine, Henry Mountains Mine, Nichols Ranch, Hank, and Jane Dough. No payment or reimbursement was received for the related travel costs.

Analyst certification: The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein.

Rodman & Renshaw, Energy Fuels Inc., Earnings Update, Aug. 4, 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 July 31, 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.