Tony M Mine

Mineral Resources: 

Notes:
1.    CIM (2014) definitions followed for all mineral resource classifications.
2.    Mineral resources were estimated at a cut-off grade of 0.14% eU3O8.
3.    Cut-off grade calculated using a US$65/pound uranium price.
4.    Past Production (1979-2008) removed from the Mineral Resource.
5.    Estimated mill recovery 96%
6.    Totals may not add due to rounding.
7.    Mineral Resources are 100 % attributable to Consolidated Uranium Inc.

The Tony M Mine is a large-scale, fully-developed and permitted underground mine located in the Henry Mountain Basin 5 miles north of Ticaboo, Utah and 127 miles west of the White Mesa Mill. It has excellent surface facilities and 17 miles of existing underground development. There is little refurbishment expected to be needed to bring it into production.

The mine was originally developed by Plateau Resources Ltd. in the late 1970s. Most recently, it was operated by Denison Mines Corp. from September 2007 to November 2008. It was acquired by Energy Fuels in 2012 and has been maintained in a ready state with all required permits in place to resume operations.

Tabular sandstone-hosted uranium deposits present in the lowermost sandstones of the Salt Wash Member of the Jurassic age Morrison Formation. Mineralization primarily consists of coffinite, with minor uraninite, which usually occurs in close association with vanadium mineralization.

The property hosts the Tony M and Southwest uranium deposit and strong exploration potential exists in direct proximity to the Tony M mine.