Energy Fuels Inc.

Development of the Business Corporate Structure Energy Fuels Inc. is an Ontario corporation with its corporate offices located in Lakewood, Colorado (a city in the Denver metropolitan area). It was incorporated on June 24, 1987 in the Province of Alberta under the name 368408 Alberta Inc. In October 1987, 368408 Alberta Inc. changed its name to Trevco Oil & Gas Ltd. In May 1990, Trevco Oil & Gas Ltd. changed its name to Trev Corp. In August 1994, Trev Corp. changed its name to Orogrande Resources Inc. In April 2001, Orogrande Resources Inc. changed its name to Volcanic Metals Exploration Inc. On September 2, 2005, the Company was continued under the OBCA. On March 26, 2006, Volcanic Metals Exploration Inc. acquired 100% of the outstanding shares of Energy Fuels Resources Corporation. On May 26, 2006, Volcanic Metals Exploration Inc. changed its name to Energy Fuels Inc. On November 5, 2013, the Company amended its Articles of Incorporation to consolidate its issued and outstanding, freely tradable Common Shares on the basis of one post-consolidation Common Share for every 50 pre-consolidation Common Shares. The Company’s U.S.-based assets, which include uranium, vanadium and REE extraction, recovery, permitting, evaluation and exploration assets, are held directly and indirectly by the Company’s wholly owned subsidiaries Energy Fuels Holdings Corp. ( EF Holdings ) and Strathmore Minerals Corp. ( Strathmore ).