X0306 4 2019-01-22 0 0001385849 ENERGY FUELS INC UUUU 0001729857 Tarnowski Matthew C/O ENERGY FUELS INC. 225 UNION BLVD., SUITE 600 LAKEWOOD CO 80228 0 1 0 1 Chief Accounting Officer and Controller Common Shares 2019-01-22 4 A 0 20238 2.92 A 80411 D Stock Appreciation Rights ("SARs") 2.92 2019-01-22 4 A 0 54842 0 A 2020-01-22 2024-01-22 Common Shares 54842 62392 D Stock Options 7.02 2019-01-23 4 E 0 2400 0 D 2014-01-23 2019-01-23 Common Shares 2400 59992 D 1. Addition of Common Shares reflects grant of 20,238 restricted stock units which vest as follows: 50% on 1/27/2020; 25% on 1/27/2021; and 25% on 1/27/2022. 2. SARs reflect grant of 54,842 stock appreciation rights which vest as follows: (a) as to one-third of the SARs granted, automatically upon the volume weighted average price ("VWAP") of the Issuer's common shares on the NYSE American equaling or exceeding US$5.00 for any continuous 90-day period; (b) as to an additional one-third of the SARs granted, automatically upon the VWAP of the Issuer's common shares on the NYSE American equaling or exceeding US$7.00 for any continuous 90-day period; and (c) as to the final one-third granted, automatically upon the VWAP of the Issuer's common shares on the NYSE American equaling or exceeding US$10.00 for any continuous 90-day period. 3. Notwithstanding any vesting of any SARs, no SARs may be exercised until January 22, 2020, being the date that is one year after the date of grant. 4. The additional 5,150 derivative securities to the SARs are in the form of stock options with an exercise price of $4.54, to expire 1/28/2020. Matthew J. Tarnowski 2019-01-23