X0306 4 2015-06-18 1 0001162324 URANERZ ENERGY CORP. URZ 0001135179 BELL PETER 105-3389 CAPILANO CRESCENT NORTH VANCOUVER BC Z4 V7R 4W7 CANADA (FEDERAL LEVEL) 1 0 0 0 Option 1.96 2015-06-18 4 D 0 150000 D 2006-05-23 2016-05-23 Common stock 150000 0 D Option 2.64 2015-06-18 4 D 0 35000 D 2008-01-07 2018-01-07 Common stock 35000 0 D Option 1.33 2015-06-18 4 D 0 25000 D 2010-01-05 2020-01-05 Common stock 25000 0 D Option 1.89 2015-06-18 4 D 0 27500 D 2011-12-12 2021-12-12 Common stock 27500 0 D Option 1.32 2015-06-18 4 D 0 27500 D 2012-12-17 2022-12-16 Common stock 27500 0 D Option 1.22 2015-06-18 4 D 0 65000 D 2013-07-12 2023-07-11 Common stock 65000 0 D Option 1.14 2015-06-18 4 D 0 34000 D 2015-01-17 2025-01-16 Common stock 34000 0 D This transaction reflects the disposition of the securities of the Issuer held by the reporting person pursuant to the Agreement and Plan of Merger dated January 4, 2015, as amended (the "Merger Agreement"), by and among the Issuer, Energy Fuels Inc. (the "Acquirer"), and EFR Nevada Corp. The parties completed the merger on June 18, 2015 (the "Closing Date"), with each share of common stock of the Issuer being exchanged for 0.255 shares of the Acquirer (the "Exchange Ratio"). According to the terms of the Merger Agreement, the reporting person, as a former director of the Acquirer who is not continuing as an officer or director of the Acquirer, this option will expire on the earlier of (i) the original expiry date for such option, and (ii) six months from the Closing Date. This option, which is fully vested and exercisable, was assumed by the Acquirer and replaced with an option to purchase shares of common stock of the Acquirer. Both the number of shares under the option and the exercise price are adjusted by the Exchange Ratio. /s/ Peter Bell 2015-06-26