ENERGY FUELS INC MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

The following discussion and analysis should be read in conjunction with our
unaudited condensed consolidated financial statements for the three and
six-month period ended June 30, 2022 (the "Quarter"), and the related notes
thereto, which have been prepared in accordance with U.S. GAAP. Additionally,
the following discussion and analysis should be read in conjunction with
Management's Discussion and Analysis of Financial Condition and Results of
Operations and the audited consolidated financial statements included in Part II
of our Annual Report on Form 10-K for the year ended December 31, 2021. This
Discussion and Analysis contains forward-looking statements and forward-looking
information that involve risks, uncertainties and assumptions. Our actual
results may differ materially from those anticipated in these forward-looking
statements as a result of many factors. See section heading "Cautionary
Statement Regarding Forward-Looking Statements," above.

While the Company has established the existence of multiple Mineral Resources
and extracts and processes saleable uranium from these operations, the Company
has only established Proven Mineral Reserves or Probable Mineral Reserves, as
defined under SEC S-K 1300, at its Sheep Mountain Project. As a result, the
Company is a "Development Stage Issuer" as defined by S-K 1300, as it is engaged
in the preparation of Mineral Reserves for extraction on at least one material
property. Under U.S. GAAP, for a property that has no Proven or Probable
Reserves, the Company capitalizes the cost of acquiring the property (including
mineral properties and rights) and expenses all costs related to the property
incurred subsequent to the acquisition of such property. Acquisition costs of a
property are depreciated over its estimated useful life for a revenue-generating
property or expensed if the property is sold or abandoned. Acquisition costs are
subject to impairment if so indicated.

All dollar amounts stated herein are in U.S. dollars, except share and per share
amounts and currency exchange rates unless specified otherwise. References to
Cdn$ refer to Canadian currency, and $ to United States currency.

Overview

We responsibly produce several of the raw materials needed for clean energy and
advanced technologies, including uranium, rare earth elements and vanadium.

Our primary product is U3O8 (also known as natural uranium concentrate or
yellowcake), which, when further processed, becomes the fuel for the generation
of clean nuclear energy. According to the Nuclear Energy Institute, nuclear
energy provides nearly 20% of the total electricity and more than 50% of the
clean, carbon-free electricity generated in the U.S. The Company generates
revenues from extracting and processing materials for the recovery of uranium,
vanadium and REEs for our own account, as well as from toll processing materials
for others.

Our natural uranium concentrate is produced from multiple sources:

•Conventional recovery operations at the Mill, including:

•Processing ore from uranium mines; and

•Recycling of Alternate Feed Materials, which are uranium-bearing materials that
are not derived from conventional ore; and

•ISR operations.

The Company also has a long history of conventional vanadium recovery at the
Mill when vanadium prices support those activities. The Company holds several
existing mines that contain vanadium resources, and the Mill has produced
considerable quantities of vanadium from area mines during its operating
history. From late 2018 to early 2020, the Company completed a campaign to
recover vanadium from solutions in the tailings management system at the Mill
("Pond Return") from which it recovered over 1.8 million pounds of high-purity
V2O5. The Company has also recovered uranium from Pond Return since 2015 and
continues to evaluate opportunities for copper recovery from our Pinyon Plain
Project.

The Company is also currently producing an intermediate REE product called mixed
RE Carbonate. In 2020, the Company began evaluating the potential to recover
REEs at the Mill. By October 2020, the Company had produced a mixed RE
Carbonate, ready for separation, on a pilot scale from natural monazite sands.
In December 2020, the Company entered into a contract to acquire natural
monazite sands from a heavy mineral sands operation in Georgia, for the recovery
of uranium and production of a commercially salable mixed RE Carbonate
containing approximately 71% total rare earth oxide ("TREO") on a dry basis. In
March 2021, the Company began ramping up commercial-scale production of mixed RE
Carbonate from these natural monazite sands. In July 2021, the Company announced
the signing of a definitive supply agreement and began commercial shipments of
RE Carbonate to...