seeing the wood for the trees, page-13

"A few things to ponder:
"Shootaring Mill is around 550 miles by road from Hansen/Taylor. That certainly doesn't appear convenient if you have to process ore,"



1) It is anticipated that Black Range will customise the Mill so it can preferentially receive high-grade concentrates from multiple projects across the US where it anticipates its proprietary Ablation mineral concentration technology will be utilised – thereby providing Black Range further leverage into opportunities that are amenable to Ablation;

2) On Completion of the Mill Acquisition, the JV Agreement will take effect, providing Black Range the right to earn up
to a 100% interest in the JV Assets, comprising a highly prospective portfolio of exploration and development
projects that encompass approximately 77,000 acres. This portfolio includes mineral resource estimates prepared
in accordance with NI 43-101 totalling approximately 8.9 million pounds of U3O8 at a grade of 0.19% across several
deposits.

3) There are currently approximately 85,000 tonnes of unprocessed surface stockpiles of uranium ore at the Mill. The historic mineral resource estimate for these stockpiles is approximately 250,000 lbs of U3O8 at a grade of 0.13%.
These provide the Company potential for near-term cash flow

4) Velvet-Wood Deposit, Utah
The Velvet-Wood Deposit in eastern Utah (see Figure 1) provides the Company a low-cost, near-term mining opportunity.
Between 1979 and 1984 approximately 400,000 tons of ore were mined from the Velvet Deposit at grades of 0.46% U3O8 and 0.64% V2O5 (recovering approximately 4 million lbs of U3O8 and 5 million lbs of V2O5). As such considerable underground infrastructure, including a 12’ x 9’ decline to the ore body, is in place.
The remaining mineral resources have been estimated under NI 43-10 to comprise 5.3 million pounds of U3O8 at a
grade of 0.26% U3O8 (see Table 2).
Previous mining studies suggest that mining operations could recommence at the Velvet Deposit with very low upfront
and sustaining capital costs (less than $10 million up-front capital). Production rates averaging approximately
700,000 lbs of U3O8 were anticipated, with estimated operating costs
It is anticipated that all permits required to recommence mining at the Velvet-Wood Deposit could be secured
within 12 months.
With limited work undertaken at the Velvet-Wood Deposit since 1984, considerable potential remains to delineate
additional mineral resources.

Immediately following Completion of the Acquisition, Black Range intends commissioning a detailed study into the
economics of recommencing mining at the Velvet-Wood Deposit. This study will, for the first time, include an
evaluation of utilising Ablation, which is expected to significantly reduce transport and processing costs.

5) Frank M Deposit, Utah
The Frank M Deposit is located approximately 12 km north of the Mill (see Figure 1). It contains a NI 43-101 mineral
resource estimate of approximately 2.3 million pounds of U3O8 at a grade of 0.10% U3O8 (see Table 2). It was
discovered in 1977 and subsequently defined with drilling on 45 metre centres. Permits for underground mining
operations were obtained, and initial development of a decline began. However in 1983 the project was abandoned
and the decline reclaimed.

Sandstone-hosted mineralisation at Frank M occurs in a 2,500 metre long corridor that is up to 700 metres wide.
The mineralised zone varies in depth from 70 to 160 metres.
The Frank M Deposit is located immediately adjacent to Energy Fuels Inc.’s Tony M mine and Copper Bench-Indian
Bench Deposits (see Figure 3), which host combined NI 43-101 mineral resource estimates of some 20 million
pounds of U3O8, illustrating the considerable prospectivity of this district. The close proximity of this deposit to the
Mill significantly simplifies the logistics of developing the Frank M Deposit and any additional mineral resources
discovered in its vicinity

6) Patty Ann Surface Ore Stockpile, Utah
The JV Assets include the Patty Ann surface ore stockpile in eastern Utah (see Figure 2). A historic mineral resource
estimate for these stockpiles is approximately 165,000 lbs of U3O8 at a grade of 0.09% U3O8 (see Table 3).
Under the terms of the JV Agreement Black Range has the right to purchase a 100% interest in this stockpile for
US$75,000, with a corresponding reduction in the expenditure required to complete the Initial Contribution under the JV Agreement. This opportunity provides the Company additional potential to generate significant cash flow in the near term.

7) Exploration Potential
The JV Assets comprise a highly prospective portfolio of exploration and development projects that encompass
approximately 77,000 acres. Aside from the deposits referred to above, this portfolio includes numerous advanced
projects where mineral resources are yet to be defined. There is considerable potential to delineate additional
mineral resources at the deposits as well as elsewhere within this portfolio.