Energy Fuels — An Analysis of Book Value at $65/lb U308

Updated (10-18-2018) Fahy Capital Management Valuation of Energy Fuels @ $65/lb. U308 & $29/lb. V205 w/ Initial Production from premium pond solutions (+La Sal [2.4M lbs./yr* w/ AISC of $9 and 8 yr. LOM]) = $16.74 | *Conservative

Energy Fuels Book Value

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