ENERGY FUELS INC

Basis of Pro Forma Presentation

The unaudited pro forma condensed combined financial information appearing below does not consider any potential effects of changes in market conditions on revenues or expense efficiencies, among other factors. In addition, as explained in more detail in the accompanying notes, the preliminary allocation of the pro forma purchase price reflected in the unaudited pro forma condensed combined financial information is subject to adjustment and may vary significantly from the actual purchase price allocation that will be recorded upon completion of the Business Combinations.

As described in the Introduction, Ara VAC IE Aggregator, LP is the majority owner of Ara VAC Dutch TopCo and Ara VAC US TopCo. The Ara VAC IE Aggregator, LP historical audited consolidated financial information and unaudited consolidated financial information include non-controlling interests attributable to Blocker and ARA HoldCo. The Ara VAC IE Aggregator, LP historical financial information serves as the basis of the VAC presentation in the pro forma financial information. Pro forma adjustments have been made to the Ara VAC IE Aggregator, LP historical financial statements to present the pro forma condensed combined financial information as if 100% of the Ara VAC Dutch TopCo is owned by Energy Fuels, consistent with the terms of the Merger, through the elimination of non-controlling interest to present combined consolidation pro forma financial statements of VAC.

The unaudited pro forma condensed combined financial information has been prepared based on the aforementioned historical consolidated financial statements and the assumptions and adjustments as described in the notes to the unaudited pro forma condensed combined financial information. The pro forma adjustments reflect transaction accounting adjustments related to the Business Combinations and the financing transactions, which are discussed in further detail below. Amounts presented reflect the accounting for the acquisition of ASM and VAC by Energy Fuels. These transaction accounting adjustments are preliminary, subject to further revision as additional information becomes available and additional analyses are performed and have been made solely for the purpose of providing the unaudited pro forma condensed combined financial information. Therefore, the unaudited pro forma condensed combined financial information is presented for illustrative purposes only and do not purport to represent the combined company's consolidated results of operations or consolidated financial position that would actually have occurred had the Business Combinations been consummated on the dates assumed or to project the combined company's consolidated results of operations or consolidated financial position for any future date or period.

In addition, for purposes of the unaudited pro forma condensed combined financial information, certain amounts within the applicable historical consolidated financial statements of ASM and VAC have been reclassified to align to the financial statement presentation of Energy Fuels, translated into USD. The applicable historical consolidated financial statements of ASM are prepared under the accounting standards issued by the AASB, which are consistent with IFRS. The applicable historical consolidated financial statements of VAC are prepared in accordance with IFRS.

Certain adjustments have been made to reflect ASM's and VAC's historical audited and unaudited consolidated financial statements on a U.S. GAAP basis for purposes of presenting the unaudited pro forma financial information and to align ASM's and VAC's historical significant accounting policies under IFRS to Energy Fuels' significant accounting policies under U.S. GAAP. As of the date of this filing, Energy Fuels has not identified all adjustments necessary to convert ASM's and VAC's historical audited and unaudited financial statements prepared in accordance with IFRS to U.S. GAAP and to conform to Energy Fuels' accounting policies. A more comprehensive comparison and assessment including review of the accounting policies of ASM and VAC is expected to occur, which may result in additional differences being identified. Additionally, Energy Fuels has included certain reclassifications for consistency in the financial statement presentation.

The unaudited pro forma condensed combined financial information does not reflect the costs of any integration activities or cost savings or synergies that may be achieved because of the Business Combinations.

Energy Fuels and ASM did not have any material relationships prior to the closing of the Deed. Accordingly, no pro forma adjustments were required to eliminate activities between the two companies.

Energy Fuels and VAC have not had any material relationships. Accordingly, no pro forma adjustments were required to eliminate activities between the two companies.

ASM and VAC have not had any material relationships. Accordingly, no pro forma adjustments were required to eliminate activities between the two companies.