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Piñon Ridge Mill

FINAL STATE LICENSE GRANTED, MARCH 7, 2011

The Piñon Ridge Mill is a key component of Energy Fuels’ vertical integration strategy. This new facility will process uranium and vanadium ore from area mines and produce uranium oxide (also known as “yellowcake”) and vanadium pentoxide. Utilizing modern technologies and operating under a stringent regulatory environment, the Piñon Ridge Mill will be the first conventional uranium mill built in the US in 30 years. When finished, the Piñon Ridge Mill will be one of only two uranium mills operating in the US. The start-up of the Piñon Ridge Mill is anticipated in 2012 or 2013.

The Radioactive Materials License for the Piñon Ridge Mill was approved by the Colorado Department of Public Health and Environment (CDPHE) on January 5, 2011 and made final on March 7, 2011. The link below connects to the CDPHE website with Energy Fuels’ license and decision documents.

http://www.cdphe.state.co.us/hm/rad/energyfuels/index.htm

The Radioactive Materials License from CDPHE and the Special Use Permit granted by Montrose County in September of 2009 are the principal government approvals needed for Energy Fuels to construct and operate the Piñon Ridge Mill.

Energy Fuels acquired the property for the Piñon Ridge Mill in July of 2007. The site was selected, because it is very suitable for a new uranium mill. It is in the heart of the Uravan Mineral Belt, a historically significant uranium producing area. In fact, there are a number of recently producing mines within sight of the mill. The Piñon Ridge Mill is also located several miles from any population centers. Indeed, the nearest fulltime resident lives about 3-miles away. Lastly, the geology of the site is very suitable for a mill, underlain by deep salt formations and tiny quantities of isolated low-quality groundwater, laden with naturally-occurring uranium, salt, and other minerals.

Community support for the Piñon Ridge Mill has been very strong among the citizens of Montrose County. The high level of public support is high true among the people who live nearest to the mill site in the communities of Nucla, Naturita, and Paradox.

We thank the citizen and leaders of local communities for their overwhelming support of the Piñon Ridge Mill.

Location	12 miles west of Naturita, Montrose County, Colorado on Colo. Hwy. 90 in the heart of the Uravan Mineral Belt
Land Position	880 acres owned in fee by Energy Fuels
Licensed Capacity	500 tons per day (175,000 tons per year) producing 850,000 lbs./yr. U3O8 and 3,700,000 lbs./yr. V₂O₅
Expansion Potential	1000 tons per day (350,000 tons per year)
Water Source	Well field developed by Energy Fuels with back-up for full requirement committed for purchase by the Town of Naturita
Permit Status	Special Use Permit unanimously approved by Montrose Count Board of County Commissioners
License Status	Colorado Department of Public Health & Environment (CDPHE) granted Final Radioactive Materials License to Energy Fuels on March 7, 2011
Tailings Capacity	40 years at 500 tpd
Target Start-up	2012