ENERGY FUELS INC

2. ASM Reclassification Adjustments

ASM's historical balances were derived from ASM's historical consolidated financial statements described above and are presented under the accounting standards of the AASB, which are consistent with IFRS and converted from AUD to USD based on the historical exchange rates presented above in Note 1.

During the preparation of the unaudited pro forma condensed combined financial information, Energy Fuels performed a preliminary review of ASM's financial statements to identify differences in financial statement presentation as compared to the presentation of Energy Fuels. Based on the information currently available, certain reclassifications have been made to ASM's historical consolidated financial statements to conform to Energy Fuels' presentation. Further review of ASM's financial statements may result in additional reclassifications, which could be materially different from the amounts set forth in the unaudited pro forma condensed combined financial information presented herein.

Refer to the table below for a preliminary reconciliation of the historical consolidated financial statements of ASM to Energy Fuels' presentation:

(a) Biological assets were reclassified to prepaid expenses and other current assets and non-current other assets to conform with Energy Fuels presentation.

(b) Exploration and evaluation assets were reclassified to mineral properties to conform with Energy Fuels presentation.

(c) Provisions were reclassified to accounts payable and accrued liabilities to conform with Energy Fuels presentation.

(d) Current lease liabilities within current interest bearing liabilities were reclassified to current other liabilities; short term borrowings within current interest bearing liabilities were reclassified to the current borrowings - both in order to conform with Energy Fuels presentation.

(e) Non-current interest bearing liabilities, relating solely to leases, were reclassified to non-current other liabilities to conform with Energy Fuels presentation.

(f) Provisions for employee benefit liabilities were reclassified to non-current employee benefit obligations to conform with Energy Fuels presentation.

(g) Provisions for decommissioning was reclassified to asset retirement obligations to conform with Energy Fuels presentation.

(h) Other equity was reclassified to share capital to conform with Energy Fuels presentation.

(i) Capital contribution reserves and share-based payments were reclassified from reserves to share capital to conform with Energy Fuels presentation. Foreign currency translation reserve and retirement benefit obligation reserve have been reclassified from reserves to accumulated other comprehensive income to conform with Energy Fuels presentation.

(a) Fair value movement in biological assets, finance costs, and net foreign exchange gain/(loss) were reclassified to other income (loss) to conform with Energy Fuels presentation.

(b) Operating expenses, along with depreciation and amortization expense, were reclassified to exploration, development and processing to conform with Energy Fuels presentation.

(c) Professional fees and consulting services, employee renumeration, shared-based payments, directors' fees and salaries, general and administration expenses, and pastoral company expenses have been reclassified to selling, general and administration to conform with Energy Fuels presentation.

(a) Fair value movement in biological assets, finance costs, and net foreign exchange gain were reclassified to other income (loss) to conform with Energy Fuels presentation.

(b) Operating expenses, along with depreciation and amortization expense, were reclassified to exploration, development and processing to conform with Energy Fuels presentation.

(c) Professional fees and consulting services, employee renumeration, share-based payments, directors' fees and salaries, general and administration expenses, and pastoral company expenses were reclassified to selling, general and administration to conform with Energy Fuels presentation.